There’s a lot to applaud in women’s football right now. The talent is top-tier, the Lionesses are still box office, and public sentiment couldn’t be more supportive. But behind the feel-good headlines, the business side is starting to creak.
Yes, the game is growing. But so are the costs – which are now outstripping revenues. That could be manageable if the commercial model was solid. It isn’t.
Too many clubs are following the men’s football playbook – despite it being one that’s riddled with financial fragility. Some estimates suggest over half of the UK’s 92 professional clubs are technically insolvent. Why on earth would you emulate that?
It’s textbook insanity: repeat the same thing and expect a different outcome.
Some club owners know they’re sitting on a valuable asset (and a handy sponsorship tickbox) but seem reluctant to do anything meaningful with it. They won’t invest properly, but they won’t sell either. The logic? Don’t cash out too soon in case it’s worth more later. It’s a holding pattern masquerading as strategy – with the result that it’s stalling progress.
The smarter money treats women’s football like a start-up: one that needs time, cash, and a toleration of early losses knowing that it will come good at some point. This isn’t about charity, it’s business – however, clubs don’t operate in a vacuum, those who run the game need to be onside too (which is my cue to plead for more women on boards – 5% in the EFL and 10% in the EPL is clearly not enough).
Without fresh thinking on governance, media, matchdays, formats, and partnerships, it’s hard to see how to make the move from promise to profit.
The women’s game deserves more than Ctrl+C economics. If you want to unlock real value, maybe don’t just build the same thing in pink.
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