The scale of this gap is also evident when looking at average revenue per club. Premier League teams recorded average revenue of €405 million, compared with €150 million for Serie A and €120 million for Ligue 1. This is not simply a difference in size, but also reflects each competition’s ability to turn broadcasting rights, commercial activity and the matchday experience into revenue. In this context, television rights remain one of the main engines of professional football in Europe, although each market’s development is shaped by very different circumstances.

Broadcasting rights highlight the gap between the three leagues

Broadcasting rights were the main source of revenue for the Premier League and Serie A during the season analyzed. The English competition generated €4.003 billion through this channel, while the Italian league reached €1.507 billion. The difference helps explain part of the enormous gap between the two leagues and reflects the international value that the Premier League product has built, allowing it to generate broadcasting revenue far above that of its European competitors. In Italy, the figure could also change in the coming years amid interest in exploring the sale of a minority stake of up to 49.9% in its broadcasting rights to investment funds through a multi-year agreement.

The situation in France is considerably different. Ligue 1 generated just €286 million from broadcasting rights, amid the crisis that has affected this market since its split with Mediapro in 2021. Since then, the competition has gone through different operators, including Amazon, Canal+ and DAZN, while seeking to stabilize a key source of revenue for its clubs. The creation of its own OTT platform is also part of this search for alternatives, in a market where the value of television rights remains far below that of England and Italy.

Commercial business and ‘matchday’ revenue widen the gap

Commercial activity represents another key component of the three competitions’ accounts. The Premier League is approaching €3 billion in annual revenue from this area, while Serie A reaches €1.048 billion and Ligue 1 €734 million. In all three cases, commercial revenue accounts for approximately 35% of total business, although the English competition is looking to expand this area even further. Its new commercial plan includes centralizing a significant portion of stadium advertising sales and increasing the number of top-tier global partners, a strategy that could generate up to an additional €850 million.

This push takes on particular relevance with the disappearance of betting company sponsors from the front of Premier League clubs’ shirts from the 2026-27 season. The change ends more than two decades of involvement from the sector and represents an estimated impact of around £100 million, approximately €115 million, for English football. Added to this is the importance of ‘matchday’ revenue, which generated €1.24 billion in the United Kingdom, €452 million in Italy and €286 million in France. The in-person experience therefore remains significant: in Italy, for example, Serie A recorded an average stadium occupancy of more than 87% during the first 11 rounds of the 2025-26 season, while in the United Kingdom, fan spending on Premier League and Women’s Super League matchdays reached €2.6 billion.

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The decision comes after years of negotiations driven by concerns over the financial stability of many English football clubs. The Covid-19 pandemic exposed the economic vulnerability of numerous EFL teams, while the continued growth of Premier League revenues reignited the debate over the need for a fairer distribution of financial resources. Although the proposal still needs to be reviewed by the EFL board, the unanimous backing from Premier League clubs represents the most significant breakthrough in the process to date.

A new distribution model to strengthen English football

The plan approved by the Premier League includes an additional £1.5 billion for EFL clubs over the next decade. This funding would be added to the approximately £1.6 billion already distributed every three years to clubs and communities, significantly increasing the financial support available for the lower tiers of professional English football.

The proposal also introduces specific mechanisms to address different needs across the football pyramid. Part of the funding would be allocated to a rescue fund for clubs in financial crisis, while another portion would support infrastructure projects aimed at improving stadiums, training facilities and other essential sporting venues. The objective is to provide clubs with tools not only to overcome immediate financial challenges but also to strengthen their long-term sustainability.

Club consensus and the next steps of the proposal

To finance this increase in investment, Premier League clubs agreed to raise the transfer levy applied to deals between top-flight clubs from 4% to 6%. The measure required broad consensus among the clubs, particularly as some had previously expressed concerns about increasing the levy during the early stages of negotiations.

Following the unanimous vote, the Premier League confirmed that it will formally submit the proposal to the EFL for consideration by its board. Representatives of the organization that oversees the 72 clubs in the Championship, League One, and League Two said they will carefully assess the proposal’s benefits, implications, and long-term impact before continuing discussions with the Premier League. The process is also taking place under the oversight of the Independent Football Regulator (IFAR), which was created to safeguard the sustainability of the sport and has the authority to impose a settlement if the two parties fail to reach an agreement.

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The proposal, known as the “New Deal,” includes an estimated €1.7 billion investment over the next ten years and aims to establish a fairer model for professional football in England. Beyond the numbers, the initiative seeks to address a challenge that has gained momentum in recent years: ensuring a fairer distribution of financial resources so that the Premier League’s economic growth also benefits the divisions where players are developed, coaches are trained, and thousands of supporters keep football traditions alive every weekend.

A new redistribution model to balance English football

For the agreement to come into effect, at least 14 of the 20 Premier League clubs must vote in favor of the proposal. One of the key changes would increase the transfer levy from 4% to 6%. As a result, the clubs that are most active in the transfer market would bear a larger share of the financial contribution, generating additional revenue for the lower divisions.

The plan also introduces a contribution system inspired by the distribution of television rights revenue. Under this mechanism, clubs with greater financial capacity would contribute proportionally more, placing Arsenal FC, Chelsea FC, and Manchester City FC among the largest contributors to the project. The aim is to create a more sustainable system, in which the commercial success of the top division directly supports the development of the rest of English football’s pyramid.

Another key element of the agreement is the gradual reduction of the so-called “parachute payments,” the financial support provided to clubs relegated from the Premier League for three seasons. Although this mechanism was designed to soften the financial impact of relegation, it has also been criticized for creating significant competitive imbalances within the Championship, where recipient clubs often enjoy substantially larger budgets than their rivals.

Infrastructure, financial stability, and long-term sustainability

The “New Deal” is not only intended to increase the financial resources available to the lower leagues but also to establish clear rules on how those funds can be used. At least 20% of the money received by EFL clubs would have to be invested in infrastructure, including stadiums, training facilities, and operational venues. The objective is to ensure that a significant portion of the funding creates a lasting impact rather than being spent entirely on player transfers and wages.

The proposal also includes the creation of an emergency fund worth £20 million (€23 million) for clubs facing severe financial difficulties or entering administration. This mechanism would serve as a safety net for historic institutions that, despite their sporting and social importance, encounter critical financial challenges.

If the agreement receives the necessary support, the measures would take effect starting with the 2026-2027 season. The first annual payment would be less than £100 million, rising above £130 million in the second financial year and reaching £160 million from the third year onward, with that amount remaining in place for the rest of the agreement. The timeline reflects a gradual transition that will allow clubs to adapt their financial planning while the new system begins reshaping the economics of English football.

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In this new scenario, where financial rules have tightened and sporting sanctions are no longer a distant threat, several teams have turned to unconventional solutions. Far from cutting back their sporting ambition, they have activated mechanisms that allow them to keep investing without breaching regulations: the sale of assets to their own owners. From women’s football to real estate infrastructure, these operations have generated hundreds of millions in extraordinary income that, rather than solving the underlying problem, buy time in an increasingly demanding environment.

Financial engineering: selling without losing control

Clubs such as Chelsea FC, Newcastle United, Aston Villa and Everton FC have led a trend that is reshaping financial management in elite football. Together, they have moved close to €700 million through the sale of assets to entities linked to their own ownership groups. This is not a real transfer of control, but a bookkeeping reconfiguration that allows clubs to generate capital gains and smooth their balance sheets in the short term.

The case of Chelsea is particularly illustrative. Under the structure of BlueCo 22, the club has transferred assets such as a hotel and its women’s team, generating key income to balance its accounts. These operations are not aimed at attracting new investors or transforming the business, but at addressing an immediate need: complying with regulations without sacrificing competitiveness. In essence, the asset changes hands but remains within the same financial ecosystem, highlighting an increasing sophistication in how clubs manage their constraints.

From women’s football to real estate: the system’s new levers

The use of women’s football and real estate as financial tools reflects both creativity and urgency. Clubs like Everton have replicated the model by transferring their women’s team to significantly reduce losses, while Newcastle has gone further by transferring ownership of its stadium, St. James’ Park, to a company linked to its owners. These decisions, while legal under the current framework, raise questions about the true sustainability of the system.

At the same time, the Premier League is trying to adjust its regulatory framework to anticipate these moves. With new rules that will cap squad costs at 85% of total revenue and introduce more frequent in-season controls, the goal is to intervene before imbalances become irreversible. However, voices like Javier Tebas warn of a potential inflationary effect on the European market, suggesting that these practices could be fueling a bubble that extends beyond England and reshapes the economic balance of global football.

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The roadmap has included a 9% reduction in operating expenses, which fell to €396.7 million, along with a sustained cut in personnel costs. In the second quarter alone, these expenses decreased by £7.4 million compared to the same period last season. From the executive offices, the message is clear: austerity, control and more surgical management to curb the deterioration accumulated since the pandemic.

Television support and strain on traditional business

In this adjustment process, the structural strength of the Premier League has acted as a safety net. The broadcasting revenue-sharing model —with a narrower gap between clubs— and the growth in the value of international media rights have cushioned the impact of not competing in UEFA tournaments. From television alone, United generated €105.6 million during the semester, just 1% less year-on-year, a stability that has served as a buffer in a challenging context.

However, other revenue streams reflect the sporting cost of missing out on Europe. Matchday income fell by 3.6% to €86.7 million due to a reduced schedule at Old Trafford. In the commercial area, despite remaining the club’s main source of income, there was also a decline: €186.4 million between July and December, down 4.5% year-on-year. The departure of Tezos as the training kit sponsor left a vacant asset, an unusual image for a club of its global stature.

The transfer market as a financial lever

The path toward break-even has not relied solely on internal cuts. The club has intensified its activity in the transfer market with a different logic than in previous seasons: selling players to generate capital gains and ease pressure on the balance sheet. Last summer, profits from player sales reached €55.2 million, 33% higher than a year earlier, helping to reduce part of the €465 million hole accumulated since the pandemic.

Behind this strategy is CEO Omar Berrada, appointed in 2024 from Manchester City. His plan combines budget discipline, structural reorganization and more active management of sporting assets, in an effort to rebuild financial stability without disconnecting the club from the competitive demands that define its history.

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In parallel, the sustained growth of unlicensed betting has reinforced this dynamic, creating an increasingly close relationship between illegal sports streaming and the gambling black market. Recent reports accuse the Gambling Commission of underestimating the scale of the problem, while illegal operators expand their influence by exploiting regulatory gaps, fiscal changes, and the enormous popularity of British sport.

Sports piracy: an illicit business on a massive scale

The number of illegal streams of sporting events in Great Britain has more than doubled in just three years, rising from 1.8 billion in 2022 to 3.6 billion in 2024. The 2024–25 national report by the Campaign for Fairer Gambling, produced in collaboration with market intelligence platform Yield Sec, illustrates a problem that even surpasses the U.S. market, where 4.2 billion illegal sports streams were identified in a much larger country. In relative terms, the prevalence of sports piracy is almost four times higher in the United Kingdom.

Beyond the figures, the report underscores a disturbing reality: the direct link between piracy and illegal betting. As many as 89% of illegal streams include advertising from black-market betting operators, showing that illegal streaming is no longer just content theft, but a deliberate tool to normalize access to unlicensed gambling platforms, expanding their reach to the general public.

Illegal betting and criticism of the regulatory response

The growth of unlicensed gambling has been dramatic over the past four years. In the first half of 2025 alone, illegal operators generated an estimated £379 million in profits, accounting for 9% of an online gambling market valued at £8.2 billion. In 2022, that share stood at just 2%, reflecting the rapid expansion of the black market, which is raising concern among both the regulated industry and policymakers.

Although the government announced an additional £26 million in funding for the Gambling Commission to tackle the black market, industry voices warn that the response remains insufficient. Figures such as Derek Webb, founder of the Campaign for Fairer Gambling, have highlighted the system’s growing vulnerability, worsened by outdated legislation and a planned increase in the online gambling tax—factors that could further push users toward unlicensed platforms and deepen a problem that already strikes at the economic and symbolic heart of British sport.

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There are competitions that choose to stop and accept that rest is also part of high performance In this case, the engines of Formula 1 and MotoGP, among others, are switched off. So too are major competitions such as LaLiga, the Diamond League, major pool events, gymnastics, combat sports in the rings… It is not only a physical issue, but a cultural one: athletes, coaches and sports workers share the same work-life balance needs as the rest of society. In that gesture, there is a form of respect for shared time.

Other sports, on the other hand, find in these dates a unique opportunity: more free time, concentrated audiences, shared consumption. The best examples are the NFL, NBA or the Premier League. Sport then becomes part of the Christmas ritual, a natural extension of long lunches and the television left on. It does not compete against other events, but against silence itself.

From a Christmas Formula 1 GP to the Finalissima

And that is where the inevitable question arises: what would happen if a major sport decided to break that silence consciously? Not with an exhibition, but with real competition, titles at stake and intact hierarchies. A hypothetical Christmas Grand Prix, a speed final, a global match designed specifically for these days… Because, seeing how professional sport is evolving, it would not be far-fetched to see it happen in a few years.

Imagination offers almost impossible scenarios: Formula 1 in a Christmas time slot, MotoGP in frozen landscapes, a Christmas 100 metres sprint, a 50m freestyle swimming final decided on one of the last afternoons of the year, a football Finalissima (in this case Spain-Argentina) between continents when the world seems to stand still… Not as an empty spectacle, but as a central event.

The idea comes close to a kind of Christmas Olympic Games, compressed and selective. Few events, the most recognisable ones, only finals and only stars. A format designed to capture attention without diluting sporting value or turning competition into a caricature.

Do not confuse celebration with show

The risk is clear: trivialising effort, confusing celebration with show (as in the recent Battle of the Sexes) and a call to ‘anything goes’. But there is also the opposite opportunity: giving new prestige to competing on these dates, making winning at Christmas carry a different, almost symbolic meaning, without losing rigour.

In the end, Christmas works as a mirror of modern sport. It reflects its relationship with rest, with audiences and with its own ambition to grow. Perhaps it is not about choosing between stopping or competing, but about understanding when silence protects and when, precisely, it needs to be broken.

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What a year ago seemed like a one-off decision is now a statement of intent. The NFL has identified a territory unoccupied by other sports on a global scale: Christmas Day (in competitions such as LaLiga, the league even stops its matchday before Christmas and does not resume until the first days of the following year). And it has transformed it into a premium product distributed by Netflix, a platform with 300 million subscribers and cultural reach across all continents.

And, speaking of culture, the announcement that also supports the expectation of matching or even surpassing last year’s audience is the following: “Everybody put your hands up because Snoop Dogg will perform at the NFL #ChristmasGameday! The legendary Doggfather will perform live during halftime of Lions vs. Vikings on December 25, joined by very special guests.” Netflix thus presented its intention to turn Christmas into a global spectacle where sport and music share the stage. Last year, the halftime performance was led by the also world-renowned Beyoncé.

The power of uniting sport and pop culture

“The NFL, Netflix and your uncle Snoop on Christmas? We bring music, love and good vibes so everyone can enjoy. That’s the Christmas magic that not even Santa can fit in a bag.” explained Snoop Dogg. His appearance is not a mere addition to the game but a global conversation driver that places the event at the center of pop culture. In addition to the previously mentioned Lions–Vikings matchup, there will also be a Christmas Cowboys–Commanders game from Maryland and the Lions–Vikings on December 25.

In this way, the NFL strengthens its identity as a truly international competition, supported by an economic muscle exceeding 23 billion euros, double that of the NBA and equivalent to the combined income of Europe’s major football leagues.

What other major sports can learn

The question inevitably arises. Can the NBA, the Premier League, LaLiga or even Formula 1 replicate a move like this? The inspiration is evident, but the outcome is not guaranteed. The NFL’s strategy works due to three factors that not all competitions can replicate:

• An adaptable calendar that allows a tradition to be created without altering its historical structure.
• A total entertainment approach in which the game is part of the show, not the sole attraction.
• A global narrative amplified by a platform with immediate planet-wide reach

The uncertainty for the future is whether this type of agreement will influence the negotiation of broadcast contracts for other competitions. The NFL’s move suggests a new scenario: global platforms that not only distribute sport but also shape how it is consumed on key dates.

The consolidation of a new tradition

The NFL has understood something essential: in the entertainment industry, owning a date means owning a habit. And no habit is more valuable than the one repeated every Christmas. They know it well, since on Thanksgiving Day in the US, everyone knows it’s about family, food, drinks… and the NFL on television.

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Beyond Palace, other clubs such as Drogheda and Dunajska Streda also faced sanctions, being excluded from European competitions. This scenario has put UEFA under pressure to evaluate whether the March 1 deadline to separate ownership structures should be postponed, as the organization seeks to balance competition integrity with the viability of multiclub investment models.

Controversy over deadlines and blind trusts

The debate revolves around the early March 1 deadline, which replaced the previous June 1 date. Clubs argue that this change was decisive for their European competition outcomes, while UEFA emphasizes the need to ensure compliance with MCO rules. Cases like Nottingham Forest, which benefited from Palace’s issues by ascending to the Europa League, have raised questions about the effectiveness of mechanisms such as blind trusts to separate owners from direct club management.

Sources from multiclub operations claim these strategies do not always fully disconnect owners from their teams. The lack of clarity and the rapid enforcement of rules cause confusion, especially for smaller clubs, which are most affected by strict deadlines and requirements. This situation has led UEFA and the European Club Association to consider potential adjustments to prevent the issues seen last summer.

New multiclub models and the professionalization of the sector

Meanwhile, investors like Xander Czaikowski, CEO of Estrella Football Group, are pursuing a more collaborative, horizontal approach to managing minority stakes in multiple clubs. The goal is to generate value through similarly sized operations without focusing solely on the sporting results of a single team, marking a shift from the traditional vertical, controlling MCO model.

However, existing models will remain under intense scrutiny. Fan groups such as Ultra Boys 90 of Racing Strasbourg continue to question the influence of holdings on club management, while UEFA seeks a balance between investment and governance. Educating investors and ensuring clubs’ financial sustainability remain central challenges for the future of European football.

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Inspired by the NFL’s “red zone” format, this feature will allow viewers to follow the action on multiple pitches at the same time, with images switching to where the most relevant plays occur. With this technological bet, Sky aims to offer a more immersive experience while combating piracy and adapting to a constantly evolving media landscape.

How the new “Multiview” from Sky Sports will work

The multiview option will be activated when Sky holds the rights to broadcast up to five matches in parallel, something that will mainly happen on Sundays due to schedule adjustments for European competitions. On screen, viewers will see a main match accompanied by three smaller windows, while a team of commentators rotates coverage between the games. Each match will also be available separately on different channels, and the format could also be used for WSL coverage this same season.

Sky’s Director of Football, Gary Hughes, highlighted that this tool offers “the best way to maximize resources” and expand fan options, although he acknowledged it “could be a bit chaotic.” In addition, the broadcaster is strengthening its lineup with the addition of Mark Chapman as presenter alongside Kelly Cates, the launch of a new Sunday analysis show with Jamie Carragher, and the return of formats such as Goals on Sunday and Sunday Supplement. All this comes within the framework of a four-year rights deal worth £6.7 billion, taking place in a context of falling sports rights values across Europe and the challenge of curbing digital piracy.

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