Cost of Empty Seats: How much revenue are the world’s most valuable football teams losing?

Football is an expensive business, and according to the University of Liverpool's football finance expert Kieran Maguire, current Premier League club debt levels are approximately £3.6 billion1.
Cost of Empty Seats: How much revenue are the world’s most valuable football teams losing?
Steve Madgwick
Steve Madgwick Editor-In-Chief

Editor-In-Chief with 20 years experience covering the betting angles to breaking news stories. Daily slots player, Portsmouth fan and League Snooker Player

With football game attendance on the rise, it is easy to think that fans are more engaged than ever. Season ticket waiting lists are a mile long, and fans are further interested through betting sites, which often offer free bets. But just how much revenue do the world’s most valuable football teams lose at every home game due to empty seats?

We took a list of Forbes' world’s most valuable football teams and explored a range of factors, including match-day revenue, average attendance levels between 2023 and 2024, and home stadium capacity. Using these figures, we determined how much money teams are losing due to empty seats. We also looked at annual search volumes for football teams with the most in-demand tickets.

Atletico de Madrid is losing out on the most money from empty seats, with estimated losses of almost £32 million in 2024

teams losing out on the most money

1. Atletico de Madrid, Civitas Metropolitano

Empty seat cost score: 8.95 /10

Atletico de Madrid lost the most money on empty seats in the 2023/24 season, with average attendance figures at 59,731, which is a little below 11,000 short of the stadium’s maximum capacity.

Metropolitano Stadium, also referred to as Cívitas Metropolitano for sponsorship reasons, in Madrid, has been the home stadium of Atlético Madrid since the 2017/18 season. So far this season, the club has fallen short of maxing out its capacity on matchdays and missed out on approximately £31.6 (€37.4) million during the 2023/24 season.

2. Liverpool, Anfield

Empty seat cost score: 7.24 /10

Liverpool is second among teams that lost out on the most revenue due to empty seats during the 2023/24 season. Anfield, which was originally the ground of Merseyside rivals Everton [1884 to 1891] until a dispute over rent, had a capacity of 60,725 during the 2023/24 season. However, the upper tiers of the Anfield Road stand were closed during the season, which impacted attendance numbers, as expansion works were happening to increase the stadium capacity to 61,276.

Liverpool averaged 5,206 empty seats each game during the 2023/24 season including during the Premier League, which was club legend Jurgen Klopp’s final season as manager. This means that they missed out on around £42.2 (€50.0) million in matchday revenue over the course of the season.

3. Real Madrid, Santiago Bernabéu

Empty seat cost score: 7.24 /10

Sharing second place with Liverpool are European giants Real Madrid, of who, during the 2023/24 season, managed an average attendance of 72,061 at the Santiago Bernabéu. As such, attendance figures suggest that 8,983 of the 81,044 seats in the La Liga stadium were empty. The Santiago Bernabéu’s only nine in ten (88.92%) seats being full on average, saw the club miss out on approximately £84.8 (€100.5) million in matchday revenue during the season.

The Santiago Bernabéu also went through massive renovations over the last couple of years, adding the new East Stand and a fully retractable roof to keep rain off the pitch and stands. For a large part of the season, some of the lower stands had covered seats, rendering them unusable as the renovations were being carried out even into late 2023.

RankTeamHome stadiumCountryMatchday revenue (£)Full stadium matchday revenue (£)Lost revenue through empty seats (£)Average home match attendance 23/24Average home match attendance (%)Stadium CapacityAverage home match empty seatsAnnual global searchesEmpty seat cost score (/10)
1Atletico de MadridCivitas MetropolitanoSpain£176.3M£207.9M£31.6M59,73184.77%70,46010,729213.2K8.95
2Real MadridSantiago BernabéuSpain£680.5M£765.3M£84.8M72,06188.92%81,0448,9831.9M7.24
2LiverpoolAnfieldEngland£479.7M£521.9M£42.2M55,80991.90%60,7254,9161.4M7.24
4JuventusAllianz StadiumItaly£198.2M£209.1M£10.9M39,34594.79%41,5072,162250.2K6.71
5AC MilanStadio Giuseppe Meazza (San Siro)Italy£205.5M£216.6M£11.1M72,00094.83%75,9233,923629.7K6.45
6Tottenham HotspurTottenham Hotspur StadiumEngland£484.2M£495.1M£10.9M61,45997.79%62,8501,391153.1K6.19
7Inter MilanStadio Giuseppe Meazza (San Siro)Italy£163.5M£170.3M£6.9M72,83895.94%75,9233,085256.5K6.05
8Fulham FCCraven CottageEngland£43.5M£46.0M£2.5M24,30194.56%25,7001,399269.8K5.79
9Paris Saint-GermainParc des Princes France£637.7M£656.4M£18.7M47,19997.15%48,5831,384375.2K5.66
10Manchester CityEtihad Stadium England£350.6M£361.9M£11.3M53,28896.86%55,0171,729908.7K5.53

Atletico de Madrid has the most empty seats, with more than 10,000 empty at the Civitas Metropolitano

teams most empty seats

1. Atletico de Madrid, Civitas Metropolitano

Average home match empty seats: 10,729

The team that’s losing the most money to empty seats is also the team with the most empty seats during home games. On average, during the 2023/24 season, the Civitas Metropolitano had more than 10,000 empty seats. Their smallest home game attendance for the season was against Rayo Vallecano in La Liga, a game Atletico won 2-1 after a late goal from Memphis Depay.

2. Real Madrid, Santiago Bernabéu

Average home match empty seats: 8,983

The Santiago Bernabéu, home of Real Madrid, is the stadium with the second-highest number of empty seats. Their smallest home game attendance during the season was in a La Liga game against Las Palmas, where 65,017 spectators watched Madrid win 2-0. Since the Bernabéu has a capacity of 81,044, there were more than 15,000 empty seats that game.

3. Liverpool, Anfield

Average home match empty seats: 5,206

And in third place, we have Liverpool, with Anfield having an average of 5,206 empty seats during the 2023/24 season. As previously mentioned, the upper tier of the Anfield Road stand was closed for the majority of the season, only opening back up for their final home game against Wolverhampton.

RankTeamHome stadiumCountryAverage home match attendance 23/24Average home match attendance (%)Stadium CapacityAverage home match empty seats
1Atletico de MadridCivitas MetropolitanoSpain59,73184.77%70,46010,729
2Real MadridSantiago BernabéuSpain72,06188.92%81,0448,983
3LiverpoolAnfieldEngland55,80991.90%60,7254,916
4AC MilanStadio Giuseppe Meazza (San Siro)Italy72,00094.83%75,9233,923
5Inter MilanStadio Giuseppe Meazza (San Siro)Italy72,83895.94%75,9233,085
6JuventusAllianz StadiumItaly39,34594.79%41,5072,162
7Manchester CityEtihad Stadium England53,28896.86%55,0171,729
8Fulham FCCraven CottageEngland24,30194.56%25,7001,399
9Tottenham HotspurTottenham Hotspur StadiumEngland61,45997.79%62,8501,391
10Paris Saint-GermainParc des Princes France47,19997.15%48,5831,384

Bayern Munich have the most packed stadium, with an average of just 24 empty seats at the Allianz

most packed stadium

1. Bayern Munich, Allianz Arena

Average home match empty seats: 24

Bayern Munich are the team with the fewest empty seats, as the Allianz Arena averaged just 24 empty seats during the 2023/24 season. Each of their home games was reported to have an attendance of 75,000 during the season, just 24 seats short of a full house for the Bundesliga giants.

2. West Ham United, London Stadium

Average home match empty seats: 60

Premier League team West Ham United takes second place. Their stadium, aptly named the London Stadium, had an average of 60 empty seats during the 2023/24 season. They recorded multiple high attendances during the season, including the second leg of their Europa League semi-final game against Bayern Leverkusen, which had an attendance of 62,473, leaving just 27 seats vacant.

2. Borussia Dortmund, Signal Iduna Park

Average home match empty seats: 60

Sharing second place with West Ham is Borussia Dortmund, a club with a great reputation for its stadium’s atmosphere, created by its fans and known as “The Yellow Wall.” Their ground, the Signal Iduna Park, also known as Westfalenstadion, is the third-largest stadium among top-flight European clubs, after the Camp Nou and Santiago Bernabéu. Their average attendance of 81,305 beats the record for average stadium attendance among European clubs, which Borussia Dortmund previously set in 2011/12.

RankTeamHome stadiumCountryAverage home match attendance 23/24Average home match attendance (%)Stadium CapacityAverage home match empty seats
1Bayern MunichAllianz ArenaGermany75,00099.97%75,02424
2West Ham UnitedLondon Stadium West Ham UnitedEngland62,44099.90%62,50060
2Borussia DortmundSignal Iduna ParkGermany81,30599.93%81,36560
4Newcastle UnitedSt James' ParkEngland52,15399.65%52,338185
5Brighton & Hove AlbionAMEX StadiumEngland31,54399.19%31,800257
6ArsenalEmirates Stadium England60,23699.23%60,704468
7Aston VillaVilla Park England41,92198.22%42,682761
8Crystal PalaceSelhurst ParkEngland24,88195.52%26,0471,166
9ChelseaStamford BridgeEngland39,57696.87%40,8531,277
10Manchester UnitedOld TraffordEngland73,53498.20%74,8791,345

Fans search for Real Madrid tickets the most, with almost 1.9 million annual Google searches

most searched tickets

1. Real Madrid, Santiago Bernabéu

Number of annual searches: 1,896,500

When it comes to tickets that fans want to get their hands on among the most valuable football teams in the world, Real Madrid is at the pinnacle. Between September 2023 and August 2024, there were almost 1.9 million Google searches for “Real Madrid tickets.”

2. Manchester United, Old Trafford

Number of annual searches: 1,863,000

Despite a rather tumultuous season, Manchester United takes the second spot for the most searched-for tickets in the last 12 months. The club saw a huge string of inconsistencies in performances during the 2023/24 season, recording their worst-ever performance in a Champions League group stage but then beating Manchester City 2-1 in the FA Cup final. Talk of a new Man Utd manager is on the table.

3. Arsenal, Emirates Stadium

Number of annual searches: 1,596,500

And rounding out the top three most desired tickets among football's highest-valued clubs, we have Arsenal, with almost 1.6 million Google searches over the last 12 months. They finished last season as runners-up to Manchester City in the Premier League title race but have begun the 2024/25 season strong in an attempt to push City for the title again.

RankTeamHome stadiumCountryAnnual global searches
1Real MadridSantiago BernabéuSpain1.90M
2Manchester UnitedOld TraffordEngland1.86M
3ArsenalEmirates Stadium England1.60M
4LiverpoolAnfieldEngland1.43M
5Manchester CityEtihad Stadium England908.7K
6ChelseaStamford BridgeEngland879.6K
7AC MilanStadio Giuseppe Meazza (San Siro)Italy629.7K
8Aston VillaVilla Park England519.1K
9Paris Saint-GermainParc des Princes France375.2K
10Fulham FCCraven CottageEngland269.8K

Author Commentary

“OLBG’s latest study takes inspiration from Forbes’ World’s Most Valuable Soccer Teams in 2024, where revenues of the games' greatest superpowers have been analysed. From Real Madrid to Liverpool, the clubs in question are with billions, and generate hundreds of millions of pounds in revenue. But, which teams could be making even more by filling their stadium?

“Filling seats isn’t too much of an issue for some of the clubs in question as fans flock from all over the world, but continued expansion is always an aim and stocking stadiums to capacity is paramount. For example, from our findings, we’ve learnt that Atletico Madrid may have missed out on more than £31 million in revenue due to empty seats in their Civitas Metropolitano stadium last season.

“It’s always important to consider any stadium closures that impact these attendance figures, and despite playing in the best football stadiums in the world, with expansion often comes disruption. FC Barcelona are currently playing away from their famous Camp Nou as it undergoes renovation, whilst Real Madrid and Liverpool both played in front of limited crowds throughout the 2023/2024 season due to ongoing expansion works at the Santiago Bernabéu and Anfield respectively. 

During our research, we found some interesting conclusions. First, Bayern Munich was just 24 seats short of a full house at the 75,000-seater Allianz Arena, while a staggering 1.89 million Google searches were imputed for ‘Real Madrid tickets’ last year. 

Methodology

We took the most valuable football teams in the world according to Forbes’ World’s Most Valuable Soccer Teams.

Using Transfermarkt, we found each team’s average 2023/24 attendance. We used the same source to find each team's home stadium’s capacity and calculated the percentage difference.

We then used Forbes’ World’s Most Valuable Soccer Teams to find each team’s matchday revenue for the 2022-23 season and applied the percentage above to estimate how much the revenue could potentially have been had the stadium been full for every game.

To convert the currencies from USD to GBP and EUR, we used Google Finance. All currency conversions were done on 10/09/2024.

We also used Google Ads Keyword Planner to determine each team's number of searches for “[Team] tickets” between September 2023 and August 2024.

NOTE: The following teams had partially closed stadiums (stand(s) closed) during the 2023/24 season; Liverpool, Real Madrid, Barcelona, Juventus, Fulham FC.

All data was collected on 10/09/2024 and is correct as of then.

References:

  1. https://www.bbc.co.uk/sport/football/68713522

  2. https://www.skysports.com/football/news/11095/12896864/future-of-football-attendances-on-the-rise-but-how-big-could-stadiums-actually-get

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