West Ham United's wage bill leapt to a new high of 74% of the club's turnover in 2025, according to the latest Deloitte Football Money League.
The latest figures from Deloitte, whose annual report lists football clubs in order of their operating revenue confirmed West Ham's wage bill rose from 58% of annual turnover in 2024 by an additional 16% last year, as the club tried to come to terms with falling revenue as a result of no longer being in European competition.
Falling from 17th place to 20th in the Money League, the club's lowest position since 2021, West Ham recorded a turnover of £240.4million in 2025, down by approximately 15% on the previous year. Also down on last year was broadcasting revenue from TV companies, with income falling from £170m in 2024 to £137.6m - a drop of some 19%.
However there was marginally better news on the commercial front, with the Hammers making £61.8million - narrowly down on last year's £66.2m (a drop of 7%) - and ticket sales/matchday revenue, which were down from £45.3million last year to £40.9million (down 10% on 2025's figures).
Meanwhile the Hammers have dropped to ninth place in the list of Premier League clubs, one lower than last year, as a result of falling below Aston Villa, who rose to 14th place in the list as the result of their rise to European challengers.
Topping this year's list once again were Real Madrid, who become the first club to generate more than £1billion of revenue in a calendar year. Meanwhile the highest-ranked English club are Liverpool, who rose from 8th to 5th in the table having generated a turnover of £728.2million.
The combined revenue of the top 20 Money League clubs grew by 11%, rising to €12.4 billion (2023/24: €11.2 billion) - a new record. Matchday (€2.4 billion), broadcast (€4.7 billion) and commercial (€5.3 billion) revenues all grew to record levels, as the latter became the first revenue stream to exceed €5 billion.
For the third consecutive year, commercial revenue represented the most significant proportion of total revenue for Money League clubs, generating an average of €265m (2025: €244m).
The key drivers for this included improved retail performance, increasing sponsorship revenue, as well as the use of stadia and surrounds on non-matchdays - avenues not open to West Ham United due to the limitations and restrictions imposed by the deal regarding the London Olympic Stadium.
On-site breweries, restaurants, hotels, and other offerings are becoming more common, demonstrating the importance to clubs of broadening their revenue generating opportunities, highlighting that the brand and venues of football clubs continue to evolve, and now goes far beyond what just happens on the pitch.
Deloitte Money League Top 30
Last year's position in brackets.
1. (1) Real Madrid: €1,161m (£1,011.1m)
2. (6) Barcelona: €974.8m (£849m)
3. (5) Bayern Munich: €860.6m (£749.5m)
4. (3) Paris Saint-Germain: €837m (£729m)
5. (8) Liverpool: €836.1m (£728.2m)
6. (2) Manchester City: €829.3m (£722.3m)
7. (7) Arsenal: €821.7m (£715.6m)
8. (4) Manchester Utd: €793.1m (£690.7m)
9. (9) Tottenham Hotspur: €672.6m (£585.8m)
10. (10) Chelsea: €584.1m (£508.7m)
11. (14) Inter Milan: €527.5m (£459.4m)
12. (11) Borussia Dortmund: €531.5m (£462.9m)
13. (12) Atletico Madrid: €454.5m (£395.8m)
14. (18) Aston Villa: €450.2m (£392.1m)
15. (13) AC Milan: €410.4m (£357.4m)
16. (16) Juventus: €401.7m (£349.8m)
17. (15) Newcastle United: €398.4m (£347m)
18. (-) VFB Stuttgart: €296.3m (£258m)
19. (25) Benfica: €283.4m (£246.8m)
20. (17) WEST HAM UNITED: €276m (£240.4m)
21. (24) Eintracht Frankfurt: €293.5m (£255.6m)
22. (21) Brighton & Hove Albion: €231.3m (£201.4m)
23. (-) Real Betis: €242.3 (£211m)
24. (27) Everton: € 234.0m (£203.8m)
25. (26) Crystal Palace: €232.5m (£202.5m)
26. (-) AFC Bournemouth: €218.5m (£190.3m)
27. (23) AS Roma: €214.9m (£183.9m)
28. (29) Wolves: €206.4m (£179.8m)
29. (-) Brentford: €206m (£179.4m)
30. (30) Flamengo: €202.7m (£176.5m)
Dropping out of the top 30 this year: Marseille (19th); ; Lyon (20th); Napoli (22nd); Fulham (28th).
West Ham's Annual Deloitte ranking - historical performance
Key: Deloitte ranking, Premier League ranking (revenue)
2026 (Stratford): 20th, 14th (£240.4m)
Broadcast: 57.3% (£137.6m); Commercial: 25.7% (£61.8m); Matchday: 17% (£41m); Wages/revenue: 74%
2025 (Stratford): 17th, 14th (£280.6m)
Broadcast: 60% (£170m); Commercial: 24% (£66.2m); Matchday: 16% (£45.3m); Wages/revenue: 58%
2024 (Stratford): 18th, 9th (£239.5m)
Broadcast: 62% (£148m); Commercial: 21% (£50.5m); Matchday: 17% (£41m); Wages/revenue: 57%
2023 (Stratford): 15th, 7th (£262.3m)
Broadcast: 64% (£168m); Commercial: 20% (£51.4m); Matchday: 16.3% (£42.7m); Wages/revenue: 53%
2022 (Stratford): 16th, 8th (£196.1m)
Broadcast: 83% (£163.1m); Commercial: 17% (£32.5m); Matchday: 0% (£0.6m); Wages/revenue: 66%
2021 (Stratford): 26th, 10th (£138m)
2020 (Stratford): 18th, 7th (£190.7m)
Broadcast: 67% (£127.4m); Commercial: 19% (£36.2m); Matchday: 14% (£27.1m)
2019 (Stratford): 20th, 9th (£197.9m)
Broadcast: 68% (£118.5m); Commercial: 18% (£32.2m); Matchday: 14% (£24.5m)
2018 (Stratford): 17th, 8th (£183.8m)
Broadcast: 65% (£119.3m); Commercial: 19% (£35.4m); Matchday: 16% (£28.6m)
2017 (Upton Park/Stratford): 18th, 7th (£143.8m)
Broadcast: 60% (£86.7m); Commercial: 21% (£30.2m); Matchday: 19% (£26.9m)
2016 (Upton Park): 20th, 9th (£122.4m)
Broadcast: 65% (£79.0m); Commercial: 19% (£23.5m); Matchday: 16% (£19.9m)
2015 (Upton Park): 21st, 9th (£106.6m)
2014 (Upton Park): 29th, 8th (£87.1m)
2013 (Upton Park): Not included in top 30
2012 (Upton Park): 29th, 10th (£74.4m)
2011 (Upton Park): 30th, 10th (£73m)
2010 (Upton Park): 29th, 10th (£73m)
2009 (Upton Park): Not included in top 20
2008 (Upton Park): Not included in top 20
2007 (Upton Park): 19th, 8th (£59.1m)
2006 (Upton Park): Not included in top 25
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