What makes European football such an attractive asset class?
The sale in August of around a third of Liverpool FC’s capital to a Jeff Bezos-backed consortium, valuing the Premier League club at more than $7bn, underscored the continued strength of investor appetite for European football. A wave of private capital deals has also involved clubs in Italy, Spain and France, with US investors leading the charge, drawn by relatively low valuations and less restrictive ownership rules than in their home market.
Yet the investment case comes with a paradox: most European clubs are loss-making. According to UEFA, clubs in Europe’s top leagues lost more than €1bn combined in the 2024-25 season, despite rising revenues. For investors, however, the opportunity increasingly extends beyond the club itself. As broadcast income slows and financial regulation tightens, clubs are seeking new sources of revenue and rethinking their commercial models. New and renovated stadiums are central to this strategy, becoming multi-purpose destinations capable of generating income from sports, entertainment, leisure and hospitality seven days a week.
Are these new revenue streams the key to unlocking sustainable long-term returns? In an exclusive webinar ahead of the Business of Football Summit 2027, the Financial Times, in partnership with Clifford Chance, will bring together investors and industry experts to examine where the major opportunities lie, how risks are being managed, and the extent to which private capital is taking a long-term view of European football.
Key Discussion Points
The investment case
What makes European football attractive to investors, despite clubs’ historically weak financial returns and an intensely competitive operating environment?
Financing the deal
From majority equity stakes to debt, preferred equity and revenue-sharing joint ventures, how are investors structuring deals, and what do these approaches mean for financial stability, exit strategies and the need for patient capital?
Beyond matchday revenue
As clubs diversify beyond football and reposition themselves as broader commercial and entertainment businesses, which models offer the greatest potential for sustainable growth?
Stadiums as assets
Which financing structures are proving most effective as private and institutional capital moves deeper into stadium investment? How are wider infrastructure developments changing clubs’ exposure to real asset markets?
Balancing risk and return
New stadiums can transform revenues but also bring higher debt and operating costs, while relegation can significantly reduce media and matchday income. How can investors mitigate these risks?
Continue the conversation in February
Business of Football Summit
24-25 February 2027 | London & Online
The global gathering of leaders in football and finance
Join us at The Peninsula London on 24-25 February for the biggest edition yet of the FT Business of Football Summit. Hear from football and finance leaders as they examine the strategic, commercial and regulatory issues shaping the future of the game, alongside a brand-new Tech Assembly exploring how data and AI are transforming football.