Manchester United Women earned revenues of £7m last year – more than the average men’s professional team in League Two.
Turnover increased by almost £2m year-on-year, thanks to higher crowds and more income from sponsorship deals, Companies House filings show.
That put them ahead of the average men’s team in the fourth tier, which had revenues of £5m in 2021-22, according to Deloitte.
The figures are the latest sign of growth in women’s football, which is beginning to close the significant financial gap to the men’s game.
Manchester United Women, who currently lie fourth in the Women’s Super League table, are the second highest earning women’s side in Europe, after Barcelona Femeni.
Their revenue also puts them above the average women’s club in the USA, which has been the most commercially developed market for many years.
They saw all three main income streams increase, with commercial – sponsorship and other marketing deals – generating the lion’s share at 74 per cent (£5.2m).
Matchday earnings, which include tickets and spending at games, contributed £1.1m and broadcast contracts £0.7m.
Manchester United Women were involved in the best-attended WSL fixture yet when they lost 3-1 against Arsenal at Emirates Stadium on Saturday.
Wage costs rocketed by almost 50 per cent to £3.5m as Manchester United Women made a minimal operating profit which became a loss after interest.
The team’s revenue made up just over one per cent of Manchester United’s total club revenue for 2022-23.