The Premier League has been a hot topic of debate since it officially kicked off last season, with many pointing to the league’s financial and commercial success.
But a new study from PwC suggests the Premier has a better shot at breaking into the U.S. market than many expected.
The Pwc study says that the average Premier League team has earned over $4.8 million in revenues from the league in the last three years.
That number includes sponsorships, sponsorships from broadcast partners, merchandise sales and merchandising.
And that’s after adjusting for inflation.
“For the top 30 teams in the Premier league, they’re earning over $7 million in revenue each year,” Pwcc director of research, Greg Anderson, said in a press release.
“That’s not the case for the bottom 30 teams, where only $2.5 million in total revenue has been generated from sponsorships.
The average Premier league team, PwCC says, has earned between $2 million and $4 million from its sponsors in the past three years, an average of $4,000 per team.
The study also says that more than half of the teams in that top 30, including Manchester United, Chelsea and Arsenal, have made significant revenue from commercial deals with advertisers.
The top 20 clubs in the league have made over $8 million from commercial partnerships in the same period, with the average club making $7.6 million per year.
This includes deals with Coca-Cola, Verizon, Intel, Nike, Ford, Nike’s own sponsorship, Pepsi and other brands.
Pwcc estimates that a total of $7 billion in commercial deals has been made by clubs in England and elsewhere in Europe since the Premier was launched in 2011.
The Premier League’s popularity in the U:PwC said that, while it’s not as popular as other sports leagues, the Premier does have a “unique brand identity and its appeal has remained high, despite recent economic challenges.”
The study notes that “the Premier League enjoys a strong brand recognition and brand loyalty, which are reflected in the strong level of ad spend.”
The Premier league is also the top paid soccer league in Europe, earning an average $1.9 billion in 2015, according to Pwac.