The phrase "the big four" has done a lot of work in Women's Super League coverage over the years. Arsenal, Chelsea, Manchester City and Manchester United — the quartet that has shared every major domestic trophy since 2014 — have long been grouped together as the division's elite. But a deep dive into eight seasons of WSL financial accounts tells a rather different story. Off the pitch, there is no big four. There is a big two, and the gap to everyone else is considerable.

Arsenal and Chelsea combined to record more revenue in 2024-25 than the remaining clubs in the division put together. That is not a quirk of one good year — it reflects a sustained financial advantage that has widened steadily as wages and turnover have climbed across the board. Both clubs are the only WSL sides whose wage bills exceeded £10 million, and each recorded turnover roughly twice that of Manchester City and Manchester United.

Losses Mount Across the Division

Rising revenues have not translated into financial stability for most clubs. WSL sides have collectively posted post-tax losses of more than £111 million since the league moved to a winter calendar in the summer of 2017. The spending to remain competitive is considerable, and owner funding is propping up the majority of clubs in the division.

Chelsea are the single biggest loss-maker, having shed more than £36 million over that timeframe — a figure inflated in 2024-25 by their purchase of former home ground Kingsmeadow from their parent club for around £12 million. Brighton, Leicester City, Manchester City and Tottenham Hotspur have each recorded eight-figure cumulative losses across the same period.

The one outlier is Manchester United, who have posted a profit of £1.34 million since relaunching their senior women's team in 2018. That achievement looks even more striking when set against the division's broader financial picture, and it reflects a deliberate model. United have this summer signalled a shift toward youth development, publicly stating that current transfer market spending is unsustainable. In 2022-23, when they finished second and came within a result of the WSL title, their wages came to under half of their revenue — a season when Manchester City, Tottenham and Brighton all spent more on wages than they brought in.

Wages Soaring, Gate Receipts Growing

Wage inflation across the WSL has been dramatic. On average, player wages quadrupled between 2019 and 2025. Across the 2023-24 to 2024-25 seasons alone, wages rose by 28.2% on average, while post-tax losses jumped by more than 53%. That trend mirrors patterns seen elsewhere — a Deloitte report this year found that 13 men's Championship clubs spent more on wages than their total revenue in 2024-25, with that division's collective wage bill reaching 96% of turnover.

Arsenal's matchday growth is one of the more eye-catching numbers in the data. Gate receipts at the club stood at just £45,000 per season nine years ago. By 2024-25 they had climbed to nearly £6 million — a transformation that reflects both their on-pitch success and the growing appetite among supporters for women's football.

Chelsea's wage bill was more than five times that of Everton, who finished eighth in the WSL last season, and just under three times that of Manchester United, who came third. The scale of that disparity underlines why the idea of a competitive big four, in financial terms at least, is difficult to sustain.

A New Force on the Horizon?

The financial landscape may be about to shift, however. London City Lionesses have made a string of high-profile transfer moves and are being watched closely as a potential new power in the division. Whether their investment translates into a genuine challenge to Arsenal and Chelsea's dominance — both on the pitch and in the accounts — remains to be seen, but the noises out of the club suggest serious ambition.

For now, the data is clear. The WSL is growing, revenues are rising and interest in the game has never been higher. But financially, it remains a division with two clubs in a different tier entirely — and a long tail trying to keep pace while absorbing substantial losses year on year.

FAQs

Frequently asked

Which WSL clubs make the most money?
Arsenal and Chelsea are by far the highest-earning clubs in the Women's Super League. In 2024-25 they combined to generate more revenue than the rest of the division put together, with both clubs among the only two whose wage bills exceeded £10 million.
Are WSL clubs making a profit?
Most are not. WSL clubs have collectively posted post-tax losses exceeding £111 million since 2017. Manchester United are the notable exception, recording a small cumulative profit since relaunching their women's team in 2018. Chelsea are the biggest loss-maker, with cumulative losses of more than £36 million.
How fast are WSL player wages rising?
Very quickly. On average, wages across the WSL quadrupled between 2019 and 2025. Between the 2023-24 and 2024-25 seasons alone, wages rose by an average of 28.2% across the clubs for which data is available.