Private capital is increasingly flowing into digital-first, small-sided football leagues as investors seek exposure to shifting sports consumption trends, according to a Reuters report.

US-based Alignment Growth recently led a $63m funding round for the seven-a-side Kings League, taking total funding for the Spanish-founded competition to more than $160m since its 2023 launch.

The league, founded by former Spain international Gerard Piqué, is expanding internationally, including into the US market. Typical investment for each domestic launch ranges between €5m and €7m, equivalent to approximately $5.4m to $7.6m. The US expansion is expected to require more capital.

The six-a-side Baller League has also attracted institutional backing. EQT Ventures led a $25m funding round in December 2024. The competition is launching in the US and has expanded into the UK, although its German format has been paused.

Tom Mendoza, partner at EQT Ventures, told Reuters: “The upcoming U.S. launch and the CBS Sports broadcast deal represents global consumer appetite for the format and a world-dominating ambition from the team that is hungry to leave an impression on the biggest sport on Earth.”

The investment thesis reflects broader shifts in sports consumption. Deloitte estimates that around 90% of Generation Z and Millennials consume sport via social media.

Private equity participation in traditional sports assets has also surged. According to Oaklins, there were 192 private equity sports transactions in 2025, compared with 54 in 2019. The Ross-Arctos Sports Franchise Index rose 5.2% in the third quarter, bringing year-to-date gains to 16.9%.

While investor enthusiasm is rising, questions remain over the long-term commercial sustainability of alternative formats. However, for private equity and venture capital firms, the rapid growth in audience engagement and international scalability presents a high-risk, high-upside opportunity within the broader sports investment landscape.

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