Investing in football clubs: A guide for US investors

Start with the ownership thesis

Before reviewing an opportunity, define what ownership is meant to achieve. That is more useful than starting with a league table or a headline valuation. A client may be seeking a single-club position with deep local roots, a strategic investment alongside an established owner, or a platform that could support a wider multi-club strategy. Those are very different mandates, and they should produce different shortlists, diligence priorities and governance expectations.

The thesis should be specific enough to guide decisions. It needs a preferred geography, competition level, ownership structure, expected holding period, appetite for capital expenditure and a clear view of where the investor will add value. The Ninety Project approach begins with this framing because it prevents a wide market scan from becoming a collection of interesting but unsuitable clubs.

A good thesis also distinguishes between a reason to look and a reason to buy. A well-known name, an attractive stadium or a historic supporter base can make a club compelling. None of those factors, on their own, establish whether the current ownership situation, cost base, leadership team and next stage of development support the investment case.

Understand the market before you price the club

European football is not one market. Revenue models, media arrangements, promotion and relegation risk, ownership rules, supporter expectations and stadium economics vary materially between countries and competitions. That variation is central to the opportunity. It is also why a valuation discussion without a market view is incomplete.

UEFA's European club finance and investment analysis reported record club revenue and rising investment activity across the game. The broad direction is useful context, but a client still needs to identify the revenue lines a particular club can actually influence. Matchday income, commercial partnerships, media distributions, player trading, hospitality, academy development and stadium use do not carry the same weight at every club.

That is where comparative context matters. Look at the club against the right peer set, not only against the largest teams in its country. A club may have a strong local position but a weak stadium footprint. It may generate meaningful commercial revenue but carry an unsustainable wage bill. It may be competitive on the pitch without a durable route to grow off it. Each situation calls for a different plan and a different price discipline.

Separate the purchase price from the capital plan

The amount paid for shares is only one part of the commitment. A buyer also needs to understand the capital the club will require after completion, including working capital, player-related obligations, existing debt, infrastructure needs and the funding available for a difficult sporting outcome. A low entry price can be attractive, but it can also be a signal that significant investment is required before the club has a stable route forward.

Build the ownership case around total capital, not a headline number. That means mapping known cash needs, contingent obligations and realistic investment priorities over a multi-year period. Transfer instalments and sell-on clauses can affect the timing of cash movements. Contract renewals, promotion bonuses, relegation-related changes and facility maintenance can materially change the capital requirement. The aim is to understand the shape of the commitment, not to make an optimistic forecast appear precise.

Funding should also match the club's decision cycle. Player recruitment, facility projects and commercial investment do not always arrive in neat annual intervals. An ownership group that has agreed its decision rights, funding process and reserves before those moments arise can act with greater confidence, while protecting the discipline that made the opportunity attractive in the first place. Cash timing matters.

There is also a clear distinction between capital that protects the existing operation and capital that creates new value. Covering a seasonal shortfall is different from funding a stadium hospitality programme, a recruitment capability or an academy upgrade. Both may be appropriate, but they should be approved against different objectives and tracked separately once ownership begins. The European football facts and figures provide useful market context, while the club's own operating reality determines the capital plan.

Test the sporting plan as carefully as the financial plan

Football performance affects almost every operating line. League position can influence prize money, media distributions, player recruitment, commercial appeal and supporter confidence. That does not mean a buyer should underwrite a plan around a single result or an optimistic promotion outcome. It means the sporting model needs to be understood as a core part of the business.

Ask how the club identifies and develops players, who makes recruitment decisions, how the academy is connected to the first team, and whether the wage structure can absorb a difficult season. Consider the contract profile, the concentration of player value, the use of loans, the medical and performance setup, and the credibility of the football leadership. FIFA reported 78,742 international transfers in 2024, a reminder that player movement is both a major opportunity and a material source of operating volatility.

A practical way to assess this is to work through two or three realistic sporting scenarios. What does the club look like after a stable season, a disappointing season and an exceptional one? How do revenues, player trading needs, cash requirements and leadership decisions change in each case? The aim is not to forecast football with false precision. It is to understand where the plan is robust and where it depends on assumptions that need more work.

Look beyond the income statement

Financial statements tell an important story, but they are not the whole story. A club's economic position can be shaped by its stadium lease, training-ground ownership, local planning position, related-party arrangements, deferred transfer payments, contingent liabilities, tax issues and commitments embedded in player and staff contracts. The diligence needs to connect those facts to the operating plan rather than treating them as a separate legal exercise.

Infrastructure deserves particular attention. A stadium can be a source of matchday income, premium hospitality, events revenue and long-term identity. It can also be a constraint, whether through condition, capacity, transport, lease terms or the cost of redevelopment. Training facilities, academy provision and digital capability should be considered in the same way: not as a checklist, but as assets that either support the intended strategy or require further capital.

Clients should also separate recurring operating needs from strategic investment. Improving a stadium, refreshing a training base or strengthening the academy may be sensible long-term decisions. They should not be confused with the cash needed simply to run the club through a normal season. The distinction informs both the acquisition structure and the capital plan after completion.

Find the commercial story that the club can actually deliver

Commercial potential is often described in broad terms: a large catchment area, an international following, a strong brand or an underused stadium. Those can be real advantages, but each needs to be tested against the club's current capability. Who sells partnerships? What rights are available? Which relationships are tied to individuals? How strong is the matchday product? What does the supporter data show? These questions reveal whether the opportunity is operationally ready or whether it requires a substantial build-out.

It is useful to separate immediate revenue opportunities from longer-term positioning. A better hospitality offer or a clearer local partnership programme may have a near-term impact. Building a credible international commercial platform takes time, rights, distribution and consistent sporting relevance. Neither should be ignored, but a sensible investment case should not rely on the second to fund the first.

Commercial work also has to respect the club's identity. The strongest partnerships fit the club, its supporters and its market. An ownership group that understands the local proposition is better placed to protect trust while broadening the audience. That is a more durable approach than treating the supporter base as a captive revenue line.

Map the approval route early

Football ownership is regulated, and the exact route depends on the club, league and country. Approval is not an administrative detail to leave until the end. It can shape transaction timing, investor disclosures, funding evidence and the composition of the proposed ownership group.

In England, for example, the Premier League has an Owners' and Directors' Test that applies to relevant owners and directors. The English Football League also maintains rules around changes of control. The details and thresholds differ across competitions, so a client should take specialist legal advice in the relevant jurisdiction and build the likely approval path into the first transaction plan.

Early work here should identify the entities and individuals who will hold an interest, the source and flow of funds, the proposed governance model, and any other interests that could need disclosure or approval. This is one reason a clear ownership structure is more than a legal diagram. It is a practical tool for avoiding late surprises when an opportunity becomes live.

Decide how the investor will govern, not just what they will own

Control on paper and influence in practice are not always the same. A majority investment may come with legacy arrangements, minority protections or a board structure that changes how decisions are made. A minority position can be effective when governance rights, reporting and capital obligations are properly agreed. Full ownership brings greater control, but it also brings the full responsibility for leadership, funding and the choices made during a difficult season.

Before making an offer, clients should be clear about board composition, decision rights, reserved matters, management reporting, budget approval, future funding, exit rights and the role of any continuing shareholders. This work is not about creating unnecessary complexity. It is about matching the ownership structure to the level of involvement the investor expects to have.

The advisory work around an opportunity should keep the sporting, commercial and ownership questions connected. A governance model that works for a portfolio investor may not work for an owner-operator. A strong club chief executive may need a different mandate from a founder-led business. The structure should give the club enough room to operate while retaining the discipline the investment case requires.

Use the right team around the transaction

A football acquisition needs specialist input, but the work is most effective when each adviser is answering the same commercial questions. Legal counsel can explain the ownership and regulatory route. Financial and tax advisers can test the historic numbers and transaction structure. Sporting specialists can assess the football operation. Operational and commercial advisers can test how the plan will work in practice. The investor still needs one clear decision view across all of it.

Set the decision timetable early. Identify the questions that are genuinely deal-critical, the points that can be resolved after exclusivity, and the issues that should change price, structure or the willingness to proceed. This gives the ownership group a disciplined way to use advisers without allowing a long list of observations to obscure the material risks.

Confidentiality also matters. Club opportunities often involve sensitive relationships, employees, supporters and ongoing sporting decisions. A careful process protects the integrity of the conversation and makes it easier for the relevant parties to engage with the level of detail a serious buyer needs.

Set the investment boundaries before the pressure builds

Every serious buyer needs clear boundaries before an opportunity becomes competitive. These should cover the maximum all-in capital commitment, the minimum governance rights, the sporting and commercial assumptions that must hold true, and the risks that would cause the group to step back. The purpose is not to make a rigid checklist that ignores judgement. It is to make sure that urgency, enthusiasm or fear of missing out does not quietly replace the original ownership thesis.

Write down the assumptions that matter most, then test them as information arrives. Is the club genuinely able to retain its stadium rights? Does the projected cash requirement depend on a promotion outcome? Can the proposed leadership team deliver the plan? Is there a credible route to regulatory approval? When an assumption weakens, the response should be deliberate: adjust the price, change the structure, increase the capital reserve, seek stronger protections or decline the opportunity.

Agreeing these boundaries also improves the quality of the first approach. A prospective seller or adviser does not need every detail of a buyer's model, but they do need confidence that the group is credible, prepared and able to move through the process. Clear authority, available funding and a thoughtful rationale help distinguish serious interest from a speculative enquiry.

This discipline is especially valuable in a relationship-led market, where access can feel scarce and conversations move quickly. The right opportunity will stand up to clear questions. The wrong one does not become right because it has a famous name, a compelling story or a short timetable.

Plan for supporters, place and reputation

Football clubs are not interchangeable assets. Supporters, staff, local partners and the wider community will judge a new owner by decisions as much as by declarations. A club's history and identity can be one of its strongest commercial advantages, but only when they are understood and respected.

This does not mean every decision is driven by sentiment. It means a practical ownership plan considers how change will be received, what needs to be protected, and where the club can build trust through action. Communication, leadership appointments, investment in facilities, treatment of the academy and the approach to the women's team can all carry significance beyond their immediate financial line.

Clients should ask what the club means in its city or region, who its stakeholders are, and where its reputation is strongest or most fragile. The answers can influence commercial relationships, regulatory scrutiny, recruitment and the pace at which a new ownership group can make change. The club perspective needs to sit alongside the capital perspective from the beginning.

Build a diligence process that answers the investment case

Diligence should be designed around the decisions the investor needs to make, not around a generic document list. Start with the core hypotheses in the ownership thesis. If the case depends on stadium growth, test the physical condition, legal rights, planning context, delivery cost and operational disruption. If it depends on player trading, examine the recruitment process, contract portfolio, academy pipeline and the club's ability to retain key people.

Workstreams will usually include financial, tax, legal, commercial, sporting, operational and regulatory review. The important point is how those workstreams meet. A tax issue may affect available cash. A player contract may affect the wage bill and sporting plan. A stadium restriction may change the commercial assumptions. Senior decision-makers need a joined-up view, with the most material risks, dependencies and choices clear enough to act on.

The typical process provides a useful sequence: define the brief, map the relevant opportunity, assess strategic fit, shape the approach, support diligence and plan beyond completion. A disciplined process does not eliminate risk. It makes risk visible early enough for the investor to price it, structure around it or walk away.

Think beyond completion from day one

Completion is not the end of the ownership decision. It is the point at which the operating plan meets the realities of the club. The first 100 days should not be treated as a presentation exercise. They should establish how the owner will work with management, which decisions need to be taken first, what capital is committed and how progress will be measured.

Priorities may include governance, leadership continuity, working-capital planning, recruitment policy, supporter engagement, commercial partnerships, infrastructure investment and a longer-term strategic roadmap. The right order is club-specific. What matters is that the ownership group has considered the choices before the transaction closes, rather than discovering them in the first transfer window or the first difficult run of results.

For clients considering European football, the opportunity can be substantial, but it rewards patience, preparation and the right relationships. The most durable ownership stories start with a clear thesis, test the full reality of the club and arrive with a credible plan for what comes next.