Women's football: €100 million transfers? "The transfer market will explode"

It could be expensive for clubs looking for world-class female footballers in the future. Very expensive, in fact. "I think the transfer market will explode," says UEFA Director Nadine Keßler about the future of women's football. "It's enormous, rapid growth. I don't know when we'll break the 100 million mark, but if it continues at this pace, it won't be too long." The market is developing rapidly—and not always in a positive direction.

"The FIFA transfer system was introduced in 2018. And we're now seeing roughly tenfold growth compared to seven years ago," Keßler explains. This summer, eight players from the German European Championship squad alone transferred clubs: Jule Brand, Sophia Kleinherne, Kathrin Hendrich, Stina Johannes, Sara Däbritz, Carlotta Wamser, Sydney Lohmann, and Cora Zicai.

The willingness to pay transfer fees for players is growing – especially at English clubs. "The English have the money, but clubs like Galatasaray, Parma, and Como are also investing. They seem to offer good salaries," says Jasmina Covic, who, as head of the Women's Football Agency, manages national team player Laura Freigang. This summer, transfer fees were paid for two WFA players. "That only happened once in the previous ten years."

The consulting industry is also changing rapidly. "Ten years ago, there were fewer than ten consultants in Europe; now there are over 300 in the top leagues alone—at least," says Covic. "Extreme competition has emerged." What strikes her is that "out of 300 consultants, approximately 295 are male." Covic says she is the only woman to head an agency.

"Nowadays, all professional female players have an agent. In the top leagues like England, Germany, Spain, and France, this applies all the way down to the U16 level," says Covic. Young stars like Switzerland's Sydney Schertenleib, Spain's Vicky López (both 18), and Alice Sombath (21) of Germany's quarterfinal opponent France indicate the great potential of these long-ridiculed female footballers. Top international teams are also seeing this.

"In Europe, we're talking about big money at Olympique Lyon, Paris Saint-Germain, FC Barcelona, and top English clubs. Real Madrid will also get involved," explains player agent Jörg Neblung. Former national goalkeeper Merle Frohms (Wolfsburg) and Däbritz (Lyon) joined the Royal Club this summer. Outside Germany, "earnings are twice as high," says Neblung. "Lyon can sometimes offer three times what VfL Wolfsburg, for example."

Neblung's clients include international players such as Klara Bühl, Selina Cerci, and Elisa Senß. According to Neblung, attacking star Bühl could have earned double that amount if she had moved abroad. Several top clubs were interested, including Barcelona. "But she has decided to stay in Munich for now."

In the long run, the industry expects a development similar to that of the men's game – including exorbitant transfer fees. Former World Player of the Year Keßler sees both advantages and disadvantages in this. For the clubs, these sums will be "an important source of income" in the future, which is naturally good. And also "because all the media like to report on it and it makes a nice headline."

At the same time, caution is advised. "Simply paying large sums and hyping them up in the press naturally attracts a bit of attention," warns Keßler. "But at the end of the day, we have to make women's football financially sustainable so that it will still be there in ten years." Transfer fees should therefore be "proportionate to the financial reality in which these clubs operate."

To date, two transfers with transfer fees of just over one million euros each have been recorded in the history of women's football: Canadian Olivia Smith from Liverpool FC to Arsenal WFC, and American Naomi Girma from San Diego to Chelsea WFC, where the new DFB vice-captain Sjoeke Nüsken is under contract. Also set to play there in the future are 19-year-old DFB talent Mara Alber from Hoffenheim and Swiss European Championship goalkeeper Livia Peng (most recently with Werder Bremen).

"There's suddenly a lot of momentum in the transfer market," says Neblung. "It's also not impossible that players will be set for the future with a big contract."

In Germany too? It will take some time, at least, until the first multi-million-dollar transfer in the Bundesliga, Covic speculates. "Only Bayern have the means to do that—but they often try to get players for free. Lena Oberdorf was an exception." The 23-year-old arrived in 2024 for the German record transfer fee of €400,000 from VfL Wolfsburg, a club that has been losing top players for years. Eintracht Frankfurt is currently in the same situation.

Demand is driving prices up. "In Germany, we have to make sure we don't allow the gap to the top international clubs to widen even further. Especially since investors are now also buying into women's clubs," says Neblung. The best example: the London City Lionesses. Michele Kang, who, in addition to the Lionesses, also owns Lyon's women's team and the US club Washington Spirit, has just led the capital club into England's top-flight Women's Super League.

Covic points out the downsides of the promised land of European women's football. While everything is lavish, "the pitches are top-notch, with dedicated chefs for the women's team. Many clubs offer top-notch conditions," it's often forgotten "that you also need top-notch staff and leadership." This is what's lacking, including the human element: "It's tough there," says Covic. Anyone who doesn't perform is immediately dismissed: "Like a product. The atmosphere in England is colder than here."