PitchBook分析师注_欧洲足球中的私人资本_第三部分（英）-2025_12页_848kb

The PitchBook report analyzes private capital investment in European football since 2023, highlighting key trends and risks.

Sponsors remain active in European football, with ownership changes at 19 clubs since 2023. Notable deals include the £1.45 billion minority investment in Manchester United, which set a record valuation of €5.8 billion, and club sales involving PE and VC firms like Nottingham Forest FC and Genoa CFC. US investors are increasing their participation, with 38.5% of Big Five clubs now owned by US capital, up from 34.7%. MCO (multiclub ownership) structures are expanding, with 47.9% of Big Five clubs involved, particularly in the Premier League.

Private investment methods include minority stakes in premium clubs, private debt deals with firms like Oaktree and Apollo, and opportunistic acquisitions. Minority investments and debt financing are favored for their lower risk and high return potential, while lower-division clubs offer turnaround opportunities but with higher risks.

However, recent events raise caution: the collapse of 777 Partners exposed governance and financial risks in MCOs. Stricter UEFA regulations for the 2025-2026 season impose tighter spending caps and financial audits, fining Chelsea FC €31.1 million. Ligue 1's broadcasting revenues have halved due to rights deal failures, destabilizing clubs and undermining media income. German football resists foreign investment due to the 50+1 rule, while Serie A and Premier League show stronger US investor activity.

Despite challenges, the core investment thesis endures: European football's limited supply, global demand, and growing monetization drive investments. Private capital is adapting by focusing on structured deals and professionalizing its approach, but risks like regulatory changes and revenue volatility require careful diligence. Overall, interest persists but with heightened awareness of potential pitfalls.

Key Statistics from the Report:

• 36.5% of Big Five clubs have private capital participation (up from 35.7% two seasons ago).
• 38.5% of Big Five clubs have US investor ownership (up from 34.7%).
• 47.9% of Big Five clubs are part of an MCO (up from 41.7%).