US investors have been buying European football clubs, particularly those with a strong history that have yet to maximise their commercial potential.

Legacy clubs, which have a rich history and significant achievements in the world’s most popular sport, known as soccer in the US, are particularly attractive. However, women’s teams and multi-club ownership (MCO) strategies have also been driving the Transatlantic trend.

US investors have completed 11 in-bound deals for European football clubs in the year to date (YTD), the second-highest total since YTD19, according to Mergermarket data. Activity began to soar in YTD22, with the high watermark coming in YTD23.

Notably, the data excludes situations where a financial sponsor acts as the acquirer, such as the acquisition of AC Milan by RedBird Capital Partners in 2022. The firm is headquartered in New York.

Among the nearly 70 transactions since 2019, predominantly strategic acquisitions, the interest spans both men’s and women’s football, elite and grassroots levels, and a range of geographies, including Belgium, Denmark, France, Italy, Slovenia, Spain, and the UK.

“The market for these deals is running hot right now,” said Patrick Mitchell, London entertainment, media & sports partner at Latham & Watkins.

The firm is seeing premium plays, buy-and-build opportunities, and specific revenue streams, Mitchell said, adding that deals span majority and minority stakes, pure debt plays, and beyond.

Hector Sants, London corporate partner at Latham & Watkins, added: “This sustained interest highlights the strategic value and growth potential that investors perceive in European football, despite broader economic challenges.”

One of the most significant deals of the year so far has been the acquisition of a majority stake in one of Scotland’s most storied football institutions, Rangers Football Club (FC), by a consortium led by 49ers Enterprises and financier Andrew Cavenagh.

The agreement, which was announced on 30 May, includes an immediate capital injection of approximately GBP 20m, subject to shareholder approval, earmarked for squad investment, infrastructure improvements, and strategic modernisation.

The Rangers deal also exemplifies how US sports investors continue to expand their European portfolios, often through MCO models, where investors seek synergies in scouting, player development, commercial growth, and global brand expansion. 49ers Enterprises already owns English club Leeds United.

Friedkin Group has led the way with investments in AS Roma, Cannes, and Everton FC, highlighting a deliberate expansion across geographies and leagues.

Pool of targets shrinks

While the appetite among US investors for investing in European football remains “very strong”, there are fewer clubs available for investment, Mark Yeo, partner at Squire Patton Boggs, said. Despite fewer assets on the market than before, there are still plenty available, especially in Southern Europe and second-tier leagues, which are of particular interest to investors seeking to adopt an MCO model, he added.

Although activity is likely to continue, MCO deals risk seeing yellow cards under financial fair-play rules. The sport’s ruling bodies, the Union of European Football Associations (UEFA) and International Federation of Association Football (FIFA), have typically banned individuals or entities from controlling two clubs that compete in the same European competitions.

The rules have been relaxed to allow clubs under common ownership to participate in different UEFA tournaments. However, same-competition participation still requires structural separation, like blind trusts or caps on voting/governance rights.

Due to these regulations, American investor John Textor (Eagle Football Holdings) was recently forced to sell more than 40% stake in Crystal Palace FC to compatriot businessman Robert Wood Johnson, owner of the New York Jets, to avoid breaching regulations that would have otherwise barred the English club and his French club Olympique Lyonnais (Lyon) from competing in the Europa League. In an unrelated twist, Lyon was later relegated to the second tier of French football for violating financial regulations.

The MCO market is in a “holding pattern” right now, Mitchell said. “There needs to be a solution that works for the market without compromising competition and integrity,” he said, adding that different regulations from different bodies complicate issues.

Yeo noted that these regulatory hurdles haven’t stopped deals yet, but they are starting to have an impact. “It is making investors more strategic about how they structure deals and control levels, ensuring compliance with regulations,” he said.

“What may slow down deals is when investors face uncertainty about future rule changes, which makes it harder to commit capital if they’re unsure about potential regulatory risks down the line. So, investors in multi-club models tend to be more cautious about acquisitions and structuring to future-proof investments.”

As a result of the uncertainties, US investors are also increasingly targeting women’s clubs and undercapitalized assets across Europe, where valuations are still modest but commercial potential is rising. “We continue to see heightened interest and growing valuations in women’s football franchises, closing the gap to the US women’s game,” Sants said.

Recent deals include minority stake acquisition in English club Chelsea FC Women by Alexis Ohanian, co-founder of Reddit, as well as Michele Kang acquiring Olympique Lyonnais Féminin and Ballard Capital taking over Danish club HB Køge Women. Going forward, US investors may also find opportunities in “undercapitalized clubs with strong brand potential or in leagues with more favourable regulatory environments,” Sants added.

Open goals

Several European clubs are either seeking investors or could come on the block in the months ahead, with turnaround candidate Malaga Club de Futbol leading the charts on Mergermarket‘s Likely to Exit (LTE)* predictive algorithm with a score of 65 out of 100.

The second-tier Spanish football club is under judicial administration and reportedly attracting interest from Liverpool FC owner Fenway Sports Group (FSG), a Massachusetts-based multinational sports holding conglomerate, and Qatar Sports Investments, a Qatari government-operated sports investor and operator.

English Premier League giants Chelsea FC and Newcastle United also feature high on the LTE list, with scores of 51 and 45, respectively, largely driven by the time these investments have been held by their sponsors.

Chelsea FC was acquired by a consortium of US investor Todd Boehly and Clearlake Capital for USD 5.3bn in 2022 in the aftermath of Russian businessman Roman Abramovich being forced to sell the club at the onset of the Ukraine war. In 2023, the club also secured a USD 500m capital injection from Ares Management in a preferred equity deal. However, over the past year, there have been reports have both Boehly and Clearlake could be looking to buy each other out.

Meanwhile, Newcastle United was acquired by a consortium led by Saudi Arabia’s Public Investment Fund in 2021, and the latter has been increasing its stake in the club since, most recently raising it to 85% in July 2024. The remaining 15% is owned by RB Sports & Media, an offshoot of private equity and investment operation, Reuben Brothers, owned by British billionaires David and Simon Reuben.

Mergermarket’s auctions-tracking tool also lists at least four live auctions in the European football market: Wrexham Athletic FC, OGC Nice, Brentford FC, and Blackpool FC.

With 11 deals already closed in 2025 and more expected, US investment in European football shows no signs of slowing. As the pitch gets more crowded, investors will need sharper execution and regulatory clarity, but they don’t seem anywhere close to blowing the final whistle just yet.