Women’s elite sports: Breaking the billion-dollar barrier

Interest from fans, broadcasters, and commercial partners is driving rapid growth in the revenues of women’s elite sport. How can organizations continue to accelerate growth?

Jennifer Haskel

United Kingdom

Paul Lee

United Kingdom

Amy Clarke

United Kingdom

Pete Giorgio

United States

Deloitte predicts that in 2024, revenue generated by women’s elite sports will surpass US$1 billion for the first time, with US$1.28 billion in total forecast revenues (figure 1). This total is projected to be at least 300% higher than when we last wrote our prediction on this topic in 2021. Our forecast is composed of commercial (US$696 million, 55%), broadcast (US$340 million, 27%), and matchday (US$240 million, 18%) revenues.

A sharp increase in commercial revenue is the major growth driver, followed by income from broadcast and matchday sources. The largest geographical markets are forecast to be North America (US$670 million, 52%) and Europe (US$181 million, 14%) while the two most valuable sports are projected to be football/soccer (US$555 million, 43%) and basketball (US$354 million, 28%). Global competitions such as the FIFA Women’s World Cup, Ladies Professional Golf Association (LPGA) tour, and Women’s Tennis Association (WTA) tour, are expected to contribute US$425 million (33%) of the forecast total. 

As an indicator of the potential in, and momentum behind, women’s elite sports, Deloitte expects valuations for teams and leagues to continue to rise, with several teams’ values predicted to exceed US$100 million in 2024. The allure for investors could be the opportunity to buy into a growing sector for a modest outlay relative to other elite sports properties. Spending by new and established investors is likely to fund increased professionalization and commercialization across women’s elite sports, which in turn could lead to more spectacular playing performances, increased spectator interest, and thus potentially higher returns on investment. The experience of the 2023 FIFA Women’s World Cup was a testament to the continuing improvement in the technical capability of the players, coaches, and referees. As one example of the increasing prowess of female athletes, in the 2023 FIFA Women’s World Cup, England’s Chloe Kelly’s penalty kick peaked at 111 km/h, a speed higher than every kick speed recorded in the 2022-2023 men’s England Premier League season.1

Surpassing the billion-dollar revenue milestone is expected to be significant, especially given the turbulence of recent years for elite sports. In 2024, women’s elite sports should continue to bask in the multi-faceted success of the 2023 FIFA Women’s World Cup which generated more than US$570 million in revenue.2 Women’s elite sport is developing swiftly in stature, but is also still nascent, with many of the major leagues only established in the last decade, and many territories yet to establish a mainstream culture around women’s elite sports.

Revenues: breaking down the billion dollars

The three main revenue categories for women’s and men’s elite sports are the same (matchday, broadcast, and commercial), but at this stage of the evolution of women’s sports, it’s commercial revenues that represent the largest share, according to Deloitte’s analysis. In the men’s game, revenue generated from the sale of broadcast rights is the primary contributor.3

Commercial: the major driver of revenue growth

Deloitte expects commercial income to have the biggest impact on revenues for women’s elite sport in the near term. Commercial includes club sponsorship and partnership arrangements; central sponsorship revenue, retail, and merchandising sales; licensing; and all other non-matchday or broadcast revenues.

Sponsorships

The value of sponsorship in women’s elite sport is likely to grow rapidly in 2024, encouraged by impressive recent evidence of returns on investment.

According to one study, for every dollar spent by a corporate sponsor in women’s sports, more than seven dollars is generated in “customer value for that organization.”4 Some sponsors of the Ladies Professional Golf Association (LPGA) reported up to 400% return in media value on their investment.5 Between 2019 and 2023, the LPGA doubled the number of active brands on its sponsorship roster, and the number of sponsors passed 1,000 for the first time in June 2023.  

Sponsors of women’s sports organizations and athletes are often attracted by the chance to associate their brands with themes of female strength, empowerment, and gender parity, among other factors. The UK’s Women’s Sport Trust found that 29% of consumers think more favorably of companies or brands that support women’s sport through their sponsorship, 12% higher than for campaigns supporting men’s sport.6

Sponsorship of leagues: renewals at higher values

In 2024, we expect league sponsorships to be renewed at higher values. This would follow the example of Barclays and the Football Association (FA) Women’s Super League (WSL), the premier English women’s football (soccer) league, which doubled to £30 million (US$ 37 million) upon renewal for 2022–2025.7 The new sponsorship additionally included the Women’s Championship (second-tier league) and support for the FA Girls’ Football School Partnership.8

Club and team sponsorship: the era of unbundling

In 2024, we expect to see growth in standalone sponsorship deals for women’s teams, especially in women’s football (soccer). Historically, and more commonly in Europe, these were typically bundled with their affiliated men’s team. This can make it difficult to quantify the specific financial value of the women’s team.

The unbundling of rights will likely galvanize investment and brand activation into women’s teams. As of 2023, just seven of the top-tier Deloitte (UK) Football Money League clubs negotiated the shirt sponsor of the women’s side separately.9 The main sponsor for 38% of all global professional women’s football clubs is for the women’s team only, and a quarter of all kit sponsors are only for the women’s team.10 We expect the proportion of women’s only agreements to increase in 2024 and in the medium term. The optimal timing for unbundling varies by club, with key considerations such as club size, fan preferences, partner attributes and scale of commercial arrangement.

Opportunities for women’s club partnerships are continuing to develop. In September 2023, Manchester City Women named baby gear brand, Joie, as the first stadium naming rights sponsor of a WSL club.11 In October 2023, Arsenal FC Women debuted their away kit, in collaboration with Adidas and Stella McCartney, distinct from their men’s counterparts.12 As the sport professionalizes, this may create new and specific sponsorship opportunities unique to the women’s game.

Competition sponsorship: over US$300 million for the 2023 FIFA Women’s World Cup and possibly more in 2027

We expect sponsorship revenues for the 2027 Women’s World Cup cycle to outperform the 2023 event, as FIFA and global brands are likely to have more developed sponsorship strategies dedicated to women’s football and new commercial partners looking to leverage the opportunity.

The 2023 FIFA Women’s World Cup saw FIFA unbundle the commercial rights to the competition for the first time, netting US$308m in sponsorship revenue and fulfilling its entire sponsorship inventory for the tournament.13 Under a new commercial partnership structure allowing brands to sign sponsorship deals specifically for women’s football, FIFA secured 30 partners for the tournament, a 150% increase on the 2019 edition.14

Athlete sponsorship: Women athletes can command millions of dollars per year

Individual sponsorship in women’s elite sport is likely to remain a key income source for athletes, with many likely to generate millions of dollars in sponsorship revenue in the lead-up to the Paris 2024 Olympic Games.

Alex Morgan, a US Women’s National Team and National Women’s Soccer League (NWSL) star, earned US$6.3 million in off-field earnings in 2022.15 Her playing salary was US$800,000.

Leah Williamson, captain of the England Lionesses during their European Championships win, became the first female football player to partner with Italian fashion house, Gucci.16

As the visibility of women’s sports rises, sponsorships should become more valuable, driving further professionalization.

Shift in sports sponsorship spend to women’s sports

We expect some companies to rebalance their sponsorship spending more towards women’s sports. For example, in 2022, Ally Financial, a digital financial services company headquartered in the United States pledged to spend equally in paid media across men’s and women’s sports by 2027.

As the NWSL’s title sponsor, Ally has collaborated with media companies to increase the league’s visibility. Ally’s increased advertising spend with TV network CBS was contingent on the 2022 NWSL championship game being shown in a prime-time broadcast slot for the first time.17 The Portland Thorns’ win over the Kansas City Current generated a record audience of 915,000, a 71% year-over-year increase on the 2021 final.18

Broadcast: visibility, viability, and consistency

The number two revenue stream in women’s elite sports in 2024 is forecast to be broadcast revenue.

Women’s sport is currently balancing the benefits of free-to-air (FTA) transmission, which offers greater visibility, versus the higher fees, but lower addressable audience via pay TV.

In the 2023/2024 season, UEFA Women’s Champions League matches will be mostly paywalled following two seasons of free-to-view games on DAZN’s YouTube channel.19 Several major broadcast deals in major women’s sports leagues will be renewed in the near term (figure 2), expected to deliver significant uplifts on the value of previous deals. The National Collegiate Athletic Association (NCAA) March Madness women’s basketball tournament in the United States, will reportedly be worth a standalone value of over US$100 million versus the current US$34 million contract (expiring August 2024) which includes all 29 women’s sports championships.20

The NWSL announced in November 2023 a new four-year ‘record-breaking’ broadcast deal commencing in 2024 with coverage across four different platforms: CBS, ESPN, Scripps Sports, and Amazon.21 The deal is reported to be worth US$240 million over the period, or $US60 million per year, significantly higher than the prior deal.22

The profile of the NCAA tournament can have a significant impact on both the perception of women’s basketball and the valuation of the tournament’s stars in the United States. Following the 2023 tournament, Caitlin Clark (Iowa) and Angel Reece (Louisiana State University) both agreed to major sponsorship deals.23 The increased profile should bolster sponsorship values for female athletes and boost matchday revenues: Iowa women’s basketball sold out the entire 2023/24 season with more than 15,000 tickets sold compared to only 6,500 tickets sold in the 2022/23 season.24

Making viewing habitual: increasing consumption between the peaks

A focus in 2024 and the following years will likely be to make viewing habitual, rather than occasional. In recent years, women’s elite sports have enjoyed ratings that rank among the most watched programs in some markets, but these are mostly for finals and semi-finals.

Deloitte expects that in 2024, women’s elite sports will continue to be given more prime time slots, becoming easier to find for both casual and avid fans. Roku, the streaming company, introduced the Women’s Sports Zone in 2023, a new centralized in-app location for US users to access live women’s sports content.25

Matchday: women’s sports moving to the main stadiums

Matchday revenues are forecast to be the third-largest source of revenue in 2024.

The increasing use of major stadiums to host matches will allow more fans to experience women’s elite sport firsthand, leading to increased attendance and in turn, greater matchday revenue. Higher ticket prices, from a low base, should also have a marked impact on income. In 2024, it’s likely that very high attendance (more than 60,000) will be achieved for certain marquee matches, with records likely to be broken, as they were in both 2022 and 2023 (figure 3).

In the NCAA, Nebraska’s women’s volleyball hosted a game at the school’s American football stadium with 92,003 fans attending.26 The August 2023 event shattered the previous NCAA attendance record for women’s volleyball, also held by Nebraska, of about 18,000 attendees.27

An American Football stadium was also the venue for the Iowa women’s basketball team’s record-breaking attendance for an exhibition game, in October 2023, with more than 55,000 tickets sold as of mid-October 2023, breaking the previous record of just under 30,000.28

The confidence to host women’s matches in major stadiums can be boosted by the regularity of large audiences across a range of sports. For the 2023 women’s Ashes, a contest between England and Australia’s women’s cricket teams, ticket sales increased 450% from the 2019 series, with 110,000 fans in attendance. The newly established T20 Cricket Women’s Premier League (WPL) in India, had an average per match attendance of up to 13,000 across its inaugural 20-match cricket season.29

For women’s football teams that are affiliated with men’s clubs, we expect to see a greater share of the season’s matches played at the main stadium. For example, in the 2023/24 season, Arsenal Women are scheduled to play five (up from three) WSL games at the Emirates Stadium, which has capacity for 60,000 fans,30 thirteen times greater than the women’s team’s home stadium capacity of 4,500.31

In the prior season, Arsenal Women hosted eight games in total at Emirates: five Union of European Football Associations (UEFA) Women’s Champions League matches as well as three WSL fixtures. The team’s UEFA Champions League semi-final, second-leg matchup against Wolfsburg sold out with a crowd of 60,000.32

In Mexico, clubs in Liga MX Femenil already play all matches in the same stadium as the affiliated men’s team.33 Larger stadiums help facilitate higher attendance, while also providing fans with familiar grounds and ease of access to attend games. It also means that women’s teams across the league can benefit from the same field conditions as their male counterparts.

Differentiating the experience

Women’s sport organizations are becoming more creative with their ticketing schemes and fan activations. For example, the AIG Women’s Open, one of five major championships in women’s professional golf, featured a fan village offering Q&As with women in sport, business and entertainment, big screens to watch the action, and live music.34 Neither live music nor a festival atmosphere are traditional to the men’s game.

Chelsea Women FC’s 2023/24 matches at Stamford Bridge, the club’s main stadium, will have options for live music and entertainment areas, family centers and supporter group sections.35

Women’s elite sports’ modest ticket prices make it an affordable experience for families and widens the age mix at games. For the 2023-2024 season, ticket prices for leading teams such as Chelsea Women FC start at £15 (US$19) per game;36 for FC Barcelona Femení from about €14 (US$15),37 depending on the fixture; for the Chicago Sky, from $15 per seat.38 As organizations continue to grow and professionalize, the price of tickets will be a lever for increased matchday revenues, leading many to increase prices over the next few seasons.

In the upcoming seasons, we expect to see the demand for women’s elite sports events grow, which will require careful planning and strategy from organizations. While attendance records for specific events could be broken, the next step on the path toward long-term success will be consistency in attendance for regular matches and creation of a distinctive experience at events.

As momentum builds, investment and valuations continue to grow

Deloitte expects women’s elite sports team valuations to continue rising in 2024, with further clubs exceeding the US$100 million threshold. Investment models are creating new channels for investment, including private equity funds which have supported the recent growth in values of men’s elite sports teams. However, the club structures in Europe, with women’s teams often attached to men’s, may make independent valuations more complex in the short term.

Deloitte expects the most significant deals to be in the United States and Europe, as was the case in 2023.

The ownership group of the NBA’s Golden State Warriors have reportedly agreed to pay a league-record $50 million expansion fee to bring a WNBA team to California’s Bay Area, the league announced in October 2023.39 This is the first expansion of the league in more than a decade.40

In April 2023, Sixth Street Partners committed US$125 million to the new women’s soccer club Bay FC.41 This included a US$53 million expansion fee, paid to enlarge the size of the league. The expansion fee is ten times that paid in 2020 when Los Angeles and San Diego joined the league. Angel City FC, the Los Angeles franchise, has grown to be valued at more than US$100 million in April 2021.42 With additional expansion teams on the horizon for the NWSL, the next cohort of clubs is likely to attract record-breaking valuations.

Investor appetite has also spread to Europe, where investment in women’s elite football clubs is more complex due to the affiliation with men’s teams. In May 2023, Michele Kang, who acquired the NWSL’s Washington Spirit in 2022,43 announced her intent to acquire a 52% stake in eight-time UEFA Women’s Champions League winners Olympique Lyonnais Feminin.44 This transaction created the first global, multi-club ownership model dedicated to women’s soccer and fueled a discussion about valuing a women’s team separately from their male counterparts, that will likely continue into 2024.

In 2023, the Women’s Tennis Association (WTA) announced a strategic partnership with CVC Capital Partners (CVC) to accelerate the growth of women’s tennis.45 This agreement will include CVC acting as a catalyst to drive growth in the sport by providing increased access to the sport, the Tour’s brands, and building athlete profiles.

There may be no major women’s cricket deals in 2024, but in 2023, season one of the Women’s Premier League (WPL) saw five teams sold for a cumulative US$572 million.46 Fifteen years ago, at the inaugural season of the men’s Indian Premier League (IPL), eight franchises were bought for approximately US$724 million.47 The average team value for the WPL auction was higher than for the men’s, at US$114 million for WPL versus US$90.5 million for IPL.48

Celebrity ownership

A common theme across global sport, including the NWSL in the United States, is celebrity ownership groups. Celebrity ownership raises the profile of leagues and clubs, and in turn, increases the commercial appeal of these properties. Angel City FC’s owners include entrepreneur Alexis Ohanian, actresses Jennifer Garner and Natalie Portman, and athletes Mia Hamm and Serena Williams. Kansas City Current’s ownership group includes NFL Superbowl-winning quarterback Patrick Mahomes and his wife Brittany Mahomes. Former NBA All-Star Dwyane Wade joined the ownership group of the WNBA’s Chicago Sky in July 2023.49 Kevin Durant, a current NBA player, contributed to a US$30 million capital raise for Athletes Unlimited, a women’s sports league run by and for the athletes.50 We expect this trend to continue in the near term, with additional celebrities in entertainment, sport, and fashion industries entering women’s sports ownership conglomerates.

Women’s sports focused investment

The introduction of dedicated investment funds for women’s sports sets up further opportunities to grow women’s elite sport. The Monarch Collective and Mercury 13 are both female-led, US$100 million funds that will invest solely in women’s sports properties. The Monarch Collective made its first investment in the NWSL’s Boston expansion franchise in September 2023.51 Mercury 13 plans to make its first investment in Lewes FC, an English FA Women’s Championship club known for its gender equality practices.52

The virtuous circle of investment

More investment is likely to lead to better teams and a better product, which in turn often becomes more valuable (figure 4).

One benefit of investment is better facilities. The Las Vegas Aces in the WNBA recently unveiled a new practice facility and headquarters which, alongside multiple courts, features dedicated locker rooms, treatment areas, and cold tubs.53 The increasing demands on athletes of women’s elite sports will require investment in performance-focused facilities and staffing. The Kansas City Current in the NWSL is set to open the first stadium built specifically for a women’s sports team, following the opening of their own US$18 million training facility.54

The bottom line

The impending billion-dollar milestone should be celebrated, but women’s sports—at elite and grassroots levels—should be nurtured and invested in, both in 2024 and in the years to come. In the near term, our recommendations for women’s elite sport to achieve its potential include the following considerations:

Women’s elite sport should be developed as a product distinct from men’s elite sport. Women’s sports should not simply duplicate men’s sports, but rather adapt and innovate to suit athletes and fans. In this nascent phase, women’s sports can test new technologies, activations, and partnerships. It can forge its own path.

Develop the pipeline of talent. As women’s elite sports become more visible, young girls will likely be inspired to participate. From school to the major stage, the industry should lower barriers to entry for young women. Increased visibility and investment in grassroots programs can provide girls with the opportunity to engage with sport, build confidence from a young age, and increase social connection by playing sport with others. Expanding the image of what female athletes look like, using inclusive imagery and storytelling to create a wide range of role models, could inspire higher participation rates by girls and women. One country that has committed to its pipeline is Australia, which used it’s cohosting of the 2023 FIFA Women’s World Cup to announce a A$200 million (US$ 128 million) program to “promote equal access, build more suitable facilities, and support grassroots initiatives to get women and girls to engage, stay, and participate in sport throughout their lives.”55 Girls who grow up playing sports can become more engaged sports fans as an adult, creating an additional incentive for leagues, governing bodies, and countries to invest in the pipeline.

Protect athletes, reduce injuries. The rapid professionalization of women’s sports has led to increased intensity, frequency of training, and reduced recovery time between each match. Since 2021, at least 87 players in eight of the world’s top women’s football (soccer) leagues have torn their anterior cruciate ligaments (ACL).56 More investment in research and women-specific medical staff should be considered to understand female athletes’ specific needs with regards to injury prevention. There’s still much progress to be made: According to the third edition of FIFA’s Women’s Benchmarking Report, under half of the more than 200 football clubs surveyed employed a sports scientist, psychologist, nutritionist, and massage therapist.57

Raise all profiles, nurture legends. To attract new fans and increase participation, organizations should focus on telling female athletes’ stories outside of the pitch, court, and field of play. Digital platforms, particularly streaming sites and social media platforms, can play a role in engaging fans outside of major events. Increasing the awareness and viewing of women’s sports depends on growing the media coverage of women’s leagues, teams, and athletes. Online distribution is likely to be critical.

Grow the infrastructure for women’s teams. Women’s teams are often confined to minor stadiums that can be difficult to get to through public transit. They often share practice facilities and have antiquated medical rooms. Investment into modern facilities will likely bolster performance and product. As the infrastructure in women’s elite sports improves, it is expected that so too will the on-field or on-court product, further incentivizing fan engagement.

Share the success. The top clubs in each league and the top leagues in each country are thriving. But this may put them out of reach of other leagues and teams. The top four revenue-generating clubs in the WSL (Arsenal, Chelsea, Manchester City, and Manchester United) accounted for 70% of the leagues’ revenue, among a league with 12 clubs.58 This polarization within the leagues often extends to the availability of support and medical staff, investment in facilities, and other important aspects that allow athletes to perform at the highest level.

At the 2023 FIFA Women’s World Cup, there were signs of a diversification in success:

  • Spain won for the first time, beating England’s Lionesses who themselves had reached the finals for the first time.59 
  • Colombia became the first South American country to qualify for the quarterfinals since 2011.60
  • Morocco’s FIFA Women’s World Cup debut was a first for any Arab country.61
  • Jamaica’s team, which crowdsourced to help fund its trip to the 2023 FIFA Women’s World Cup62 reached the knockout stages for the first time and was the first Caribbean country to make it to the Round of 16. The team held traditional powerhouses France and Brazil to goalless draws.

Women leaders in sport. Women hold the minority of management, coaching, and ownership positions within the sports industry.63 The proportion of women in executive, decision-making positions within sport lags progress made in other industries. In coaching and scouting, more opportunities for women to learn and participate should occur to ensure more diversity at the top levels of the sport. In July 2023, Washington Spirit announced its inaugural Coaching Mentorship program to help elevate and support female coaches in its region, the first program of its kind to create access for the next generation of female coaches.64

Consistency is key. Record-breaking spikes in viewership and attendance, although impressive, are likely needed to prove reliable for major changes to be made in broadcast valuations and stadium considerations.

Forecast methodology

This publication contains a variety of information derived from publicly available or other direct sources. This includes analysis from various leagues and geographies but is not to be considered comprehensive of all leagues, clubs, and women’s sports organizations.

 

Our projected results are based on a combination of upcoming figures known to us and other—in our view—reasonable assumptions. We have not performed any verification work or audited any of the financial information contained in any articles or references for the purpose of this publication.

 

In relation to estimates and projections, actual results are likely to be different from those projected because events and circumstances frequently do not occur as expected, and those differences may be material. Deloitte can give no assurance as to whether, or how closely, the actual results ultimately achieved will correspond to those projected and no reliance should be placed on such projections.

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By

Jennifer Haskel

United Kingdom

Paul Lee

United Kingdom

Amy Clarke

United Kingdom

Pete Giorgio

United States

Endnotes

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  3. For example, for the ‘big five’ European football/soccer men’s leagues, broadcasting revenue dominates and are typically over half the revenue. See – Deloitte, A balancing act: Annual Review of Football Finance 2023, June 2023.

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  5. Sponsor United, LPGA marketing partnerships report 2022-23, accessed November 14, 2023.

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  38. Ibid.

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  43. Reuters, “Washington Spirit and Lyon owners join to form global women's soccer group,” ESPN, May 17, 2023.

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  45. Women's Tennis Association, “WTA announces strategic partnership with CVC to accelerate growth of women's sports,” press release, March 7, 2023.

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  47. ESPN cricinfo, “Big business and Bollywood grab stakes in IPL,” January 24, 2008.

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  50. Cassandra Negley, “Kevin Durant again invests in women's sports as part of Athletes Unlimited's $30 million capital,” Yahoo News, September 29, 2022.

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Acknowledgments

Authors would like to thank Pete Giorgio, Tim Bridge, Lizzie Tantam, Dhruv Garg, Izzy Wray, Ben Stanton, Maxine Saunders, Eliza Pierce, Rupert Darbyshire, Tamara Gaynor, Chris Hanson.

Cover image by: Manya Kuzemchenko