Private Capital in European Sports

Early Movers and Market Trends

Private equity investment in European sports is no longer a novel concept, but its influence continues to expand. CVC Capital Partners’ recent consolidation of its sports investments under a newly formed entity, Global Sport Group, reportedly valued at $13.6 billion, signals a long-term commitment to sports as a scalable asset class and demonstrates the growing institutionalization of sports investment. Apollo Global Management has also recently launched a €5 billion permanent capital vehicle dedicated to sports, with a strong European focus. Apollo’s fund has already deployed capital through a £80 million private credit facility to Nottingham Forest Football Club (FC) and is understood to be in talks to acquire a minority stake in Atlético de Madrid, with sources suggesting the club is valued at €3 billion. We are seeing the scale and structure of investments continue to evolve, reflecting a maturing asset class rather than an entirely new frontier.

Recent high-profile transactions illustrate the increasing role of private capital in European sports:

European Football

• Everton FC secured a £350 million long-term financing deal for the new Bramley-Moore Dock stadium, following its takeover by The Friedkin Group in 2024.
• Chelsea FC’s ownership group, BlueCo, which is led by Clearlake Capital and Todd Boehly, has pursued a multi-club strategy since acquiring the club in 2022, beginning with the acquisition of Racing Club de Strasbourg Alsace in France. The group has stated its intention to expand this network further through additional acquisitions, with targets reportedly explored in markets such as Portugal, Belgium, and Brazil.
• Ares Management has provided significant financing to Atlético de Madrid, highlighting private credit as a viable entry point for investors.
• Oaktree Capital Management took control of Inter Milan after the club’s majority shareholder defaulted on a loan, showcasing the role of debt financing in sports investments.

Other European Sports Investments

• Oakley Capital has acquired a majority stake in NOX, a leading padel brand, highlighting the increasing appetite for niche sports with global expansion potential.
• Velocity Capital Management recently invested more than $100 million in Unique Sports Group, a London-based football agency, underscoring a shift toward adjacent services such as talent representation and sponsorship brokering.
• Goldman Sachs is reportedly in late-stage talks to acquire Excel Sports Management, showing that private capital is increasingly targeting the broader sports framework — not just clubs but also the commercial infrastructure around them.

All these investments highlight the broadening interest in European sports, with capital being deployed across multiple touchpoints within the ecosystem and providing further opportunities for structured and value-driven investments.

Why Sports? The Unique Appeal to Private Equity

Sports as an asset class is increasingly attractive due to its inherent characteristics: limited supply, high levels of consumer engagement, and multiple revenue streams. Unlike traditional corporate investments, sports teams benefit from deep-rooted loyalty, stable brand equity, and an expanding global audience.

Additionally, technological advancements have created new monetization channels. Digital streaming, data analytics, and direct-to-fan engagement strategies are opening revenue streams that were previously untapped. Investors that understand these dynamics can unlock significant value through operational enhancements and strategic partnerships.

Beyond club ownership, private equity firms are increasingly targeting scalable platforms across the broader sports environment. Sectors such as sports media, gaming, and merchandising provide further avenues for private equity involvement. Meanwhile, the growing sophistication of financial structures, including revenue-sharing agreements and structured debt, allows for a variety of investment strategies beyond straightforward equity purchases.

For example, recent transactions highlight the growing appeal of talent representation and sponsorship brokering. These businesses offer consistent revenue, brand adjacency, and access to high-profile athletes, making them attractive assets in a high-growth market. As the sector develops, investors are recognizing the value of operational infrastructure that supports the commercialization of sports, including media rights, data analytics, and fan engagement platforms. Apple’s recent acquisition of exclusive US Formula 1 media rights signals a broader trend toward streaming-first exploitation strategies that are reshaping European broadcasting valuations. As digital platforms increasingly dominate content distribution, investors are recalibrating their valuation models to reflect recurring revenue potential and global reach.

The emergence of sports tech and digital media as investment verticals further expands the opportunity set. Platforms that enable direct-to-consumer engagement, streaming monetization, and artificial intelligence–driven performance analytics are increasingly viewed as high-growth assets. These technologies not only enhance the fan experience but also provide clubs and agencies with new revenue streams and operational efficiencies. For private equity, this represents a shift from asset-heavy investments to scalable, tech-enabled models that can deliver outsized returns.

These developments are also complemented by a growing interest in women’s sports, in which valuations are accelerating. European women’s football is seeing increased investment, sponsorship, and broadcast visibility, with some analysts projecting billion-dollar valuations within the decade. For private equity, this represents a high-growth, undercapitalized segment with strong brand equity and expanding fan bases.

Lessons From US Sports for European Investors

While European sports have more recently embraced private capital, the US provides a useful comparison for understanding the trajectory of sports investment. Traditionally, US leagues such as the NFL, NBA, and MLB maintained exclusive ownership models, but in recent years, private equity has gained greater access through structured investment vehicles. The NBA, for example, has allowed private equity firms to acquire minority stakes in teams, a model that European leagues may increasingly adopt.

Additionally, US sports have demonstrated how media rights, stadium and stadium-adjacent revenues, sponsorship models, and franchise valuations can appreciate significantly under professional management and strategic investment. The growth of the regulated sports betting market in the US has also created lucrative opportunities, a trend that European investors are beginning to explore more aggressively. The lessons learned from private capital’s role in US sports may inform how European investors structure deals, maximize growth, and mitigate risks in this evolving space.

Challenges and Considerations for Investors

Despite the strong growth trajectory, investing in sports is not without challenges. Unlike traditional corporate acquisitions, sports investments often come with regulatory restrictions, unpredictable on-field performance, and strong emotional ties from fan bases that can influence business decisions.

The regulatory landscape is evolving rapidly. In the UK, the Football Governance Act 2025 has introduced the Independent Football Regulator (IFR), tasked with overseeing financial sustainability, ownership suitability, and fan engagement. The IFR now holds the power to enforce licensing regimes, block leveraged buyouts, and conduct fit-and-proper ownership tests. The reform was designed to tackle and avert financial collapses exemplified by Sheffield Wednesday FC’s administration, which exposed critical vulnerabilities in governance and oversight structures.

These changes are expected to impact multi-club ownership models and private equity strategies, particularly when cross-border holdings and debt structures are involved. Investors must now navigate a more complex compliance environment, balancing commercial ambition with regulatory scrutiny.

Furthermore, governance structures in European sports can be complex, with league-specific rules on financial fair play and ownership models that differ across jurisdictions.

The European relegation system, which introduces additional financial risk, is a key differentiator from US sports. Unlike franchise-based leagues in the US, European clubs face the possibility of dropping to a lower division, which can have significant commercial and operational implications for investors. Investors must navigate these intricacies to ensure sustainable long-term returns, and this has, in part, given rise to the multi-club ownership model to diversify investments and mitigate against the relegation of a single franchise.

Economic cycles and media rights valuations also play critical roles. While broadcasting deals have historically driven significant revenue growth, shifts in consumer behavior toward digital streaming platforms require new strategies to obtain a return on investment. Investors must be adaptable and forward-thinking in their approaches.

Investment Beyond Elite Clubs: A Broader Opportunity

While much attention is given to investments in elite clubs competing in top leagues, recent high-profile acquisitions have demonstrated that value can also be found further down the football pyramid. Actors Ryan Reynolds and Rob McElhenney’s investment in Wrexham Association Football Club (AFC), a club in the lower tiers of English football, has shown how strategic marketing, enhanced global appeal, and effective club management can drive commercial success. Similarly, NFL legend Tom Brady’s minority stake in Birmingham City FC underscores how leveraging an individual’s personal brand and sports expertise can add value beyond financial capital.

Fan-led storytelling and digital branding are proving to be powerful tools for lower-tier clubs. The success of Wrexham AFC, driven by narrative marketing and global fan engagement, has become a replicable model. These lower-tier clubs offer investors the chance to acquire undervalued assets, modernize operations, and unlock commercial potential through strategic media and community engagement. As regulatory scrutiny increases, particularly concerning ownership transparency and financial sustainability, this model offers a more resilient and adaptable approach to sports investment.

Investing in clubs outside the traditional powerhouses allows private equity firms to acquire assets at lower valuations while implementing modernized business strategies. There is often also significant untapped potential in the club’s stadium and surrounding real estate.

These clubs often benefit from strong local support, untapped commercial potential, and opportunities to climb divisions that enhance long-term valuation. This approach provides an alternative pathway to returns.

Multi-club ownership is also maturing as a strategic model. More than 125 multi-club groups now oversee approximately 380 clubs globally, with Europe serving as the strategic core. Groups such as City Football Group have demonstrated how feeder clubs can be used for talent development, brand expansion, and operational synergies. These structures allow investors to diversify risk, particularly in leagues with relegation systems, while building vertically integrated football ecosystems.

Looking Ahead

European sports are undergoing a significant period of transformation, with private equity playing an increasingly active role. As financial structures evolve and commercial opportunities expand, the sector presents a range of compelling options for investors.

The next phase of sports investment in Europe will be defined by convergence — of capital, technology, and governance. The increasing professionalization of sports management, coupled with technological innovation and global expansion, provides multiple paths to value creation. Whether through direct equity stakes, strategic financing, or adjacent industries such as media and entertainment, private capital has an opportunity to shape the future of the industry.

While the market remains dynamic, those who engage early with well-structured and sophisticated strategies will be best positioned to benefit from long-term industry trends. As regulatory frameworks tighten and digital transformation accelerates, investors that combine operational expertise with compliance foresight will shape the future of European sports. The shift toward private capital is well underway — no longer a disrupter but a cornerstone of the industry’s evolution.

This informational piece, which may be considered advertising under the ethical rules of certain jurisdictions, is provided on the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin or its lawyers. Prior results do not guarantee similar outcomes.