By Marta Elena Casanova
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30In recent years, we’ve witnessed a silent invasion in the world of football: the rise of investment funds. Historic clubs have been bought by financial companies, with billion-euro deals between Europe and the United States, and a new vision of football as a long-term economic asset. But why are funds betting so heavily on football? What do they gain? And what risks do fans face?
Funds in football: a growing trend
Since 2020, European football has become fertile ground for investment funds, private equity, and major financial groups. In Italy’s Serie A, we’ve seen Oaktree take control of Inter, RedBird acquire AC Milan, and 777 Partners buy Genoa. In France, PSG has long been owned by Qatar’s sovereign wealth fund, and the Premier League is no exception, with nearly half of the clubs under financial ownership.
This boom isn’t a coincidence. Funds see football as a unique opportunity. Clubs are often in debt but have strong fan bases and commercial potential, making them attractive as turnaround investments. Restructure, grow the value, and sell — a classic investment strategy.
Why does football attract investment funds?
There are at least three key reasons. First, brand value and global fanbases: a football club isn’t just a team, it’s a brand. Clubs like Milan, Inter, and Roma have millions of fans worldwide — a goldmine for merchandising, media rights, and sponsorships.
Second, asset appreciation: a fund can raise a club’s value by fixing finances, building a stadium, investing in social media or new channels like streaming and NFTs. In 5 to 10 years, the club could double in value.
Lastly, long-term stability: despite economic crises, football remains one of the few industries with a loyal, consistent audience. Investors seek low-volatility assets — and fans are more loyal than typical customers.
The risk of debt: Bordeaux, Málaga, and Genoa
The downside is how some funds operate: aggressive debt-financing without a sustainable sporting plan. Some cases have become cautionary tales:
- Girondins de Bordeaux: acquired in 2018 by U.S. fund GACP, the club accumulated over €60 million in debt in just two years. Post-COVID, it couldn’t cover costs and nearly faced administrative relegation. It was briefly saved by another fund (King Street), which later pulled out. In July 2024, the club was declared bankrupt and relegated to France’s third tier.
- Málaga CF: bought in 2010 by Qatari investors led by Sheikh Abdullah Al-Thani, the club had a golden period (Champions League semifinal in 2013) but lacked a solid financial structure. Within five years, debts rose to nearly €100 million. The best players were sold, and the club dropped to Spain’s second division. It is now under judicial administration.
- Genoa CFC: an Italian example. 777 Partners took over in 2021, inheriting around €30 million in debt. They injected capital to stabilize operations, but without sporting success, the model proved risky. In 2024, just over three years after taking over from Enrico Preziosi, 777 declared bankruptcy. Genoa was one of several clubs under the fund, including Vasco da Gama, Standard Liège, and Hertha Berlin. The club was later acquired by Romanian businessman Dan Șucu.
A new kind of football?
The football of the future may increasingly resemble a financial platform: global brands, satellite clubs, data analytics, and ROI-driven strategies. Fans may become more spectators than participants. The downside is a loss of passion and identity. It’s all about numbers — and that doesn’t always lead to better results.
Still, it’s not all bad: if managed well, funds can bring financial stability, modern infrastructure, and more professional management.
Investment funds are changing the rules of the game. Behind the flags, there are now balance sheets and global strategies. Understanding this phenomenon — through the cases of Bordeaux, Málaga, Genoa, and others — is essential for anyone who loves football and wants to know who really runs the game today.
By Marta Elena Casanova
