Olivia Smith: What first £1m transfer means for the women’s game

Maguire attributes the rapid financial improvements in English women’s football in recent years to the England’s Euro 2022 triumph, which helped to spark interest in the domestic game and entice a “different demographic”.

The Lionesses’ performance at the 2023 World Cup, in which they were beaten in the final by Spain, helped to continue the momentum.

Revenues for clubs increased by 34% across the 2023-24 season, with Deloitte’s Sport Business Group forecasting revenues to top £100m across the league at the end of the 2025-26 campaign.

“The Lionesses winning was a shot in the arm for the game,” Maguire added. “That’s encouraged a different demographic and if you take a look at the people that go to watch women’s football they tend to be younger, there tends to be more women watching, they tend to have a different mindset.”

European football has also played a significant role in increasing the amount clubs spend, both in terms of how much they can afford, and the levels of expenditure needed to increase.

“[The £1m fee] reflects the step up you get in revenue from qualifying for the Champions League.

“It’s now allowing clubs, if they’ve been successful, to spend money, or if they want to get into the Champions League then they realise that they have to invest in their squads, just like all forms of elite sport.”

“It’s no surprise that five of the game’s biggest transfers have come since 2024: to be able to compete, clubs need to spend an ever-increasing amount.

“There’s a premium,” said Maguire. “Arsene Wenger always used to say that to get a 1% better player you had to pay 10% higher in wages and 20% extra in transfer fees and I think that’s reflected in the women’s game as it should be.

“If you really want to have the best teams then it comes at a fiscal cost.”