By Andrea Caropreso
Index
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Do you remember when Serie A was run by iconic Italian owners who were the biggest fans of their own clubs? From Berlusconi to Moratti, including Agnelli and Della Valle. Well, those days are long gone. In today’s football, where business and international competitiveness reign supreme, it’s nearly impossible for even wealthy families to manage a top-level club on their own.
That’s where, especially in the last decade, dollars from across the ocean have come into play. While in leagues like the Premier League or Ligue 1, oil-rich Arab investors have taken over, in Serie A, it’s been the American greenbacks extending a hand to struggling Italian owners. But is this really the future?
The Stars and Stripes Ownerships
With Zhang’s departure from Inter and the club now in the hands of the American fund Oaktree, there are now 8 American-owned clubs in Serie A.
Among the first were Roma, first with Pallotta and now the Friedkin family. Then came Milan, first under the Elliott fund and now under the much-criticized Gerry Cardinale.
The list continues with Fiorentina, owned by Rocco Commisso; Atalanta, which sold a majority stake to Italian-American Stephen Pagliuca; Parma, bought by Kyle Krause; Venezia, owned by Joe Tacopina; and Genoa, which was recently sold by 777 Partners to Romanian entrepreneur Dan Sucu. Hellas Verona also joined the list after president Setti sold to the U.S. fund Presidio Investors. That brings the total to 8 out of 20 Serie A clubs now in American hands.
Add to that other foreign ownerships like Bologna, owned by Canadian Joey Saputo, and Como, owned by the Hartono billionaires.
Why Americans Are Investing in Football
The common belief is that Americans have turned their eyes to European football because it’s no longer just a game—it’s a business. And where there’s big money, American investors are never far behind. But this explanation only scratches the surface.
As mentioned earlier, another truth lies in the fact that Italian owners can no longer afford to keep their clubs competitive. Just to compare: in the past 10 years, American investors have poured nearly $5 billion into the Premier League (see Manchester United as the prime example). In Serie A, the numbers are lower, but still significant: around $2 billion between 2018 and 2024.
This money has not only gone toward signing players, but also toward balancing books, growing club brands, and developing infrastructure. Stadium projects, in particular, are now top priority for Inter, Milan, and Roma.
The Results
Despite the influx of capital, sporting success has not always followed—quite the opposite, in fact. One key reason may be cultural: Americans see sports through a different lens. Passion and desire for trophies often take a back seat to financial sustainability.
American owners have introduced a corporate approach. Their focus lies on keeping the club (the company) stable, increasing revenues (like merchandising), building the brand globally, investing in infrastructure, and player trading strategies (buy low, sell high for profit).
Thus, two worlds clash. The European model, where fans still long for personal, passionate owners like Berlusconi and Moratti. And the American model, dominated by algorithms, profit-driven trading, and cold hard cash. This may well be the only sustainable future for football—but perhaps it’s time foreign investors also adapt a little more to the context they’re entering.
By Andrea Caropreso
