Higher spending does not automatically lead to greater overall efficiency or consistent on-pitch success, according to new research that examined Premier League clubs over a ten-season period. The study, led by the University of Bristol, is published in Socio-Economic Planning Sciences.

The researchers analysed all 20 English Premier League (EPL) clubs between the 2014/15 and 2023/24 seasons, focusing on how effectively clubs convert their resources into sporting performance, fan engagement and revenue generation over time.

What makes the study different is that it did not treat club performance as something static or fixed in a single season. Instead, it tracked, using a novel Dynamic Network Data Envelopment Analysis (DNDEA) model under the Variable Returns to Scale (VRS) assumption, how efficiency changes over time and identified where clubs improve, decline or struggle in the process.

The model also broke club performance into two connected stages: first, how clubs convert spending and resources into sporting and social outcomes, and second, how those outcomes are translated into revenue generation.

The findings revealed two clear patterns within the EPL. Some clubs consistently achieved strong sporting and commercial outcomes despite operating with relatively limited financial resources. Others, while commercially powerful and highly successful at generating revenue, were less efficient at converting heavy investment into consistent on-pitch success.

The study also found that the biggest challenge for many clubs was not generating revenue itself but converting financial investment into sporting success and fan engagement in the first place.

Dr Marios Kremantzis, Senior Lecturer in Business Analytics in the University of Bristol Business School and a corresponding author, said: “Our findings suggest that efficiency in football is about far more than simply spending more money.

“Some clubs are exceptionally effective at turning limited resources into positive outcomes, while others generate enormous revenues but do not always convert investment into proportionate sporting success.”

While previous research has recognised that football clubs operate across sporting, financial and social dimensions simultaneously, far less was known about how these relationships evolve over time.

The study wanted to address that gap by examining not only seasonal performance, but also how clubs sustain, or lose, efficiency across multiple years.

Among the most striking findings was the performance of several clubs operating with significantly smaller financial resources. Clubs including Nottingham Forest, Fulham and Leicester City* emerged as highly efficient across the study period.

The researchers stress that efficiency should not be confused with being the “best” club in a conventional sense. Instead, the analysis focused on how effectively clubs transformed available resources into measurable sporting and commercial outcomes.

The study carries important implications for football governance and strategic decision-making. The findings suggest clubs may benefit from more disciplined recruitment and investment strategies, with greater emphasis on spending that supports both sporting performance and long-term commercial sustainability. The research also highlights fan engagement as a critical component of sustainable success rather than a secondary consideration.

The research team believe the findings could help clubs, executives and policymakers better understand how sustainable performance is built in elite football, particularly during a period of increasing financial scrutiny across the game.