Canada’s Olivia Smith has become the first £1 million player in women’s football, completing a record-breaking transfer from Liverpool to Arsenal on 17 July.
The 20-year-old forward, who debuted internationally at age 15, signed a four-year deal with the reigning UEFA Women’s Champions League winners.
Smith’s move surpasses the previous record set by Chelsea’s £900,000 acquisition of Naomi Girma in January.
Liverpool, who signed Smith from Sporting CP for £210,000 in 2024, now nets nearly £800,000. The fee will be paid in instalments, with a sell-on clause included.
Smith scored nine goals in 25 appearances for Liverpool last season and was named their Player of the Season.
Arsenal head coach Renee Slegers praised her mentality and character, noting her success in two European leagues at such a young age.
Smith’s transfer is emblematic of the women's football economy's accelerating growth. Deloitte predicts elite women’s sports are projected to generate $2.35 billion globally by 2025, with football leading at $555 million.
The Women’s Super League (WSL) alone saw a 34% revenue increase in 2023/24, reaching £65 million, with matchday income up 73% and commercial revenue up 53%.
Investment opportunities abound. Club valuations are rising, with several expected to exceed $100 million.
Strategic sponsorships, digital fan engagement, and infrastructure development drive this momentum.
Arsenal’s £1m outlay signals a new era of financial ambition, while Liverpool’s reinvestment strategy highlights the maturing transfer market.
For investors, brands, and clubs, Smith’s transfer is more than a headline — it’s a benchmark for the sport’s commercial viability and future scalability.
