When news of Olivia Smith's record-breaking £1 million transfer made headlines last week – making the 20-year-old the most expensive player in the history of women's football – it didn’t just mark a win for the Gunners. It signalled a clear gear shift in the sport, one that has been building steadily since the Lionesses' historic EURO 2022 triumph.
With Smith's move from Liverpool to Arsenal complete on July 18, and England's penalty win against Sweden last night in this year's tournament, women's football has the world sitting up and paying attention again. But for those who've long watched the game be overlooked and understated, the question lingers: is this another one-off moment, or the beginning of something much bigger for the sport?
According to football finance expert Kieran Maguire, the transfer is less of a 'market correction' and more of a natural progression. 'The £1m fee reflects the increased success of the game and the importance of competing in, and success of European Football,' he says. Looking back at recent transfer activity, this is particularly true.
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Before Smith’s move, some of the highest transfer fees in women’s football occurred between 2024 and 2025. Players like Tarciane (£650,000 from Houston Dash to Lyon), Racheal Kundananji (£685,000 from Madrid CFF to Bay FC) and Naomi Girma (£883,000 from San Diego Wave to Chelsea) have all proved that clubs are paying big, and show no sign of slowing down.
It's what many, including Maguire, believe is a statement of confidence in women’s football, as well as financial growth in the sport - and top teams like Arsenal tell a similar story. 'The team's revenue has increased from £340,000 in 2018 to over £15.2 million in 2024,' and major leaps like this are occurring across the Women's Super League (WSL).
While the WSL may still have a long way to go, it's already stamping its mark in the game. 'Not only is it the highest sum paid in the women's game, but it’s greater than probably 40 or more teams in the men's game too,' says McGuire. A benefit to the players too, competitive fees provide the players with more autonomy.
As they secure longer contracts, this directly contributes to higher transfer fees. 'It's mirroring trends in the men’s game,' says Dr. Christina Philippu, a women's football finance expert. This shows just how much the women's game is aligning with the broader football market. A critical shift, which has seen surges in new levels of investment, not just from clubs, but from commercial sponsors, broadcasters, and investors who see a bigger, more profitable future ahead.
Take Brazilian American international Catarina Macario, for example. Earlier this month her landmark Nike deal was further proof that women's football is reaching new heights. The football star signed a 10-year, £10 million deal with the sportswear giant.
Putting it into perspective, most top-tier female footballers earn around £60,000 to £70,000 a year in sponsorships, while a few elite players make upwards of £800,000, as reported by Forbes. Macario's deal isn't just big for women's football on the pitch, it shows that there's money off it, too.
'Commercial is the largest chunk of club income, mainly as a result of new partners coming into the women's football space that had not previously been interested in football: sports bras and period pants and makeup brands. This has pushed up how much is available to spend on players,' says Philippou.
On the ground, football fans are playing their part in the uptick too. Visa's recent figures show that interest in women's football is going from strength to strength. Across Europe and the UK, the tournament has attracted a 12% year-on-year increase in travellers to Switzerland.
As the revenue and commercial opportunities grow, the sport's global reach is expanding faster than anyone could have imagined a decade ago.
Now, between waiting to see if competing teams will follow suit and watching the Lionesses' hopeful journey to becoming two-time EURO champions, one thing that is certain is women’s football is entering what feels like the second phase of a transformative era, and that is largely thanks to elite players like Smith.
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