Recent rumours surrounding Apollo Global Management’s potential acquisition of part or all of Ares Management’s stake in Atlético HoldCo, the holding company that owns Spanish football club Atlético de Madrid, have reignited interest in football as an investment opportunity, particularly among private equity (“PE”) firms. 

According to PitchBook data, more than 36 percent of ownership across clubs in Europe’s five major leagues (the Premier League, Bundesliga, La Liga, Serie A and Ligue 1) was held by private equity firms at the start of the 2025 - 26 season. Notably 40 percent of these clubs have some level of US investor involvement. Why? 

One answer lies in revenue growth. The Premier League generated EUR 4.4 billion in the 2014 - 15 season, surging to EUR 7.5 billion by 2024 – 25, an increase of more than 70 percent. Football clubs are no longer seen simply as sporting institutions; they are media properties and global brands capable of generating lucrative commercial and broadcasting revenues.  

This is illustrated by the Premier League’s latest broadcasting deal with Sky and TNT. Covering the 2025 - 2028 seasons, it is valued at GBP 6.7 billion, 34 percent higher than the previous agreement. Such figures suggest the commercial trajectory of top European leagues remains highly attractive to investors. 

However, the motivations behind PE investments in football are not solely financial. As one industry source revealed, “It seems to be a case of FOMO [fear of missing out] for US funds...they invest more as a vanity play.” Some investors are motivated as much by prestige as by financial logic, treating ownership stakes as status symbols.  

Yet operational realities of football ownership are complex. US investors frequently look to replicate American-style fan engagement strategies, such as in-stadium apps for food and beverage delivery, but the European market has proven resistant. A FIFA and FA registered football agent observed, “The American market is very different to the European market...Clubs are trying to increase revenue with fan engagement, but the [UK/ Europe] fan is very different.”  

In many cases, investor concerns relate more to real estate and debt structures. A football M&A advisor observed, “Real estate is a big part of these investments. It is the biggest conversation we have at the start, ‘do you own your stadium,’ ‘are there any debts’ etc.” Stadium ownership, leases and redevelopment opportunities are central to valuations, offering tangible assets that can stabilise an otherwise volatile business. 

“Real estate is a big part of these investments. It is the biggest conversation we have at the start, ‘do you own your stadium,’ ‘are there any debts’ etc.”

Football M&A advisor, Europe

Indeed, the buying and selling of players, inherently risky but potentially lucrative, remains a crucial factor in financial performance. Clubs like Benfica have demonstrated how consistent transfer market success yields significant returns. Its minority sale to US investor Lenore Sports Partners was driven in part by the club’s reputation for “mak[ing] a fortune out of trading players,” remarked the football agent.  

Still, questions remain over whether PE firms are equipped to operate football clubs effectively. The football advisor bluntly stated, “Do they know how to operate a football club? No.” Unlike traditional businesses, clubs face passionate fan bases and unpredictable sporting outcomes, complicating standard PE strategies. The failed attempt to create the European Super League underscored how fan sentiment can override financial logic. 

Another issue is exit strategy. PE firms typically invests with a three-to-five-year horizon, yet football ownership rarely aligns neatly with such timeframes. “What is their exit strategy? Who is the next buyer? What returns are they expecting to make?” asked the advisor. With limited secondary buyers, especially for minority stakes, PE firms may find themselves holding assets longer than intended.  

Nevertheless, some investors justify these acquisitions as defensive positions. As one source noted, “Football doesn’t suffer from recession at all,” suggesting clubs may serve as stable, if low-yield, portfolio diversifiers. 

“Football doesn’t suffer from recession at all.”

FIFA & FA registered football agent , Europe

In this light, Apollo’s potential acquisition of Atlético de Madrid should be seen within the broader landscape of private equity strategies in sport. Initially structured as a loan, the deal exemplifies how investors often enter football indirectly before converting debt into equity. 

What is clear is that football remains the crown jewel of European sports investment, thanks to its global reach, media revenues and cultural prestige. However, as competition emerges from other sports and as fan resistance to purely financial motives grows, PE firms may find that their foray into football offers as many challenges as it does opportunities.