Private equity and US investors are reshaping European soccer, as revenues across the continent’s top five leagues soared to €20.4bn ($23.7bn) in the 2023-24 season, a 750% increase since the late 1990s, according to a report by CNBC.

US ownership now dominates the English Premier League, with Arsenal, Liverpool, Chelsea, and Manchester United among the clubs backed by American capital. Manchester United, bought by the Glazer family for $1.07bn in 2005, was valued at around £5bn ($6.4bn) last year following a minority stake sale to Jim Ratcliffe.

More than 36 clubs in Europe’s biggest leagues now have private equity, venture capital, or private debt participation, according to PitchBook. Deal activity has accelerated sharply, with M&A in European soccer climbing from just €66.7m in 2018 to nearly €2.2bn in 2024.

Private equity firms and US investors are increasingly embracing multi-club ownership models, aiming to boost value through marketing and synergies. However, regulators have begun pushing back. UEFA blocked Crystal Palace from the Europa League this year due to conflicts linked to American investor John Textor’s holdings in both the English club and France’s Lyon.

With growth in broadcast rights slowing, clubs are turning to commercial revenues and international expansion. Spain’s La Liga will stage its first regular-season match in Miami this year, while Italy’s Serie A has approved a game in Australia. The Premier League has yet to commit, but analysts say overseas fixtures could be inevitable as competition for global fans intensifies.

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