Free-to-air football under scrutiny: how investment funds are changing the game

Modern football is undergoing a profound transformation: from a traditional sport to a global media business capable of attracting international capital and operating in the digital entertainment industry. Clubs are no longer valued solely for sporting performance but for their ability to generate content, reach worldwide audiences, and monetize a brand that extends far beyond the pitch.

Why investors are targeting football

Clubs are increasingly seen as media companies with key strategic assets including:

• exclusive rights to events and content;
• internationally recognized brands;
• global fan communities; and
• the ability to generate visibility, data, and diversified commercial revenues.

Recent high‑profile investments in European football clubs reflect the growing interest amongst institutional investors and private funds.

The rise of the 'free content' model

The decline of the traditional pay‑TV subscription model, and its limited appeal among younger audiences, is driving a shift toward free and widely accessible streaming content. This approach enhances:

• brand visibility;
• sponsor value; and
• data collection capabilities,

making free content a powerful engine of commercial expansion when structured strategically.

Two emerging business models

The industry is split between two main models:

The Single Name Model

Major metropolitan clubs function as IP‑driven media companies; leveraging global brand power, modern stadiums, and participation in elite competitions such as the Champions League.

The Multi Club Ownership (MCO) Model

Platforms that integrate multiple mid‑sized clubs through buy‑and‑build strategies, characterized by:

• shared infrastructures and know‑how;
• player development supported by an internal transfer ecosystem; and
• revenue streams driven largely by player trading.

The MCO Model appeals to private credit funds for its inherent geographical diversification.

The role of infrastructure

Stadium ownership remains valuable, especially in large markets, but it is not the only determining factor of a club’s worth. For many organizations, renting a stadium can be more efficient. What truly drives sustainable value are:

• high‑quality training centers;
• technical facilities; and
• advanced data‑analysis systems.

New regulatory risks

Recent European legal developments, such as the 'Diarra' ruling, have weakened clubs’ contractual control over players, in turn increasing uncertainty in asset valuation. As a result, release clauses negotiated directly with players are expected to become more common.

Why Italian clubs remain attractive

Although Serie A has lost ground in international rankings, Italian clubs continue to attract foreign, particularly American, investors due to:

• lower valuations compared to other leagues such as the Premier League;
• growth opportunities for top clubs operating as media companies; and
• strong talent development capabilities among mid‑sized clubs.

The key challenge lies in converting financial investment into strategic, culturally attuned governance within a rapidly evolving industry.

Read the full interview on the topic recently published by BeBeez on 31/01/2026.