欧洲足球中的私人资本：第三部分

Private Capital in EuropeanFootball: Part III PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research An update on the positive and negative flows of privatecapital in Europe’s Big Five leagues since 2023 Nalin PatelDirector of Research, EMEAPrivate Capital Institutional Research Group PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Analysis Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com Key takeaways Data Charlie FarberManager, Data Analysis 1.Since 2023, dealmaking in European football has involved ownership changesin 19 clubs, 13 of which had participation from either a PE firm or a VC firm,pointing to sponsors’ continued interest in European football.Additionally,the 2024 minority investment in Manchester United set a new benchmarkfor football club valuations, marking the highest ever recorded in the sport at€5.8 billion. Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com PublishingDesigned byDrew Sanders 2.Private credit is becoming an increasingly attractive route into European footballfor top-tier sponsors.Firms such as Oaktree Capital Management, Carlyle, ApolloGlobal Management, Ares Management, and Sixth Street have structured asset-backed loans to clubs including Inter Milan, Atalanta BC, Chelsea FC, NottinghamForest FC, and Olympique Lyonnais—securing exposure to rising valuations andstable cash flows while limiting downside. Backed by tangible assets such asstadiums and broadcasting rights and supported by strong revenue growth, thesedeals offer compelling returns with relatively low risk, making private debt afocused but powerful strategy for the most sophisticated investors. Published on 15 August 2025 Contents Key takeaways1Introduction2Are private capital investors and sponsorsstill attracted to European football?3How are private capital sponsors investing?5How much private capital—and USinvestor interest—is currently in the BigFive leagues?6Is the MCO model, akin to the buy-and-build PE playbook, still preferred?7What lessons have been learned since2023? What scepticism has the currentstrategy raised?9Conclusion12 3.As of the start of the 2025-2026 season, 36.5% of Big Five clubs have PE, VC, orprivate debt participation, whether it is a minority or majority stake.This is asmall increase from the 35.7% we reported two seasons ago. The majority of theclubs in the English Premier League now have PE, VC, or private debt participation. 4.38.5% of Big Five clubs have US-based capital participation at the ownershiplevel, up from 34.7% two seasons ago.Of the 37 clubs with US investorparticipation, 24 are also PE backed, showing the correlation between USownership and PE financing. This is particularly the case in the Premier Leagueand the Serie A, which now have a majority of clubs with US investors. 5.47.9% of Big Five clubs are part of an MCO, up from 41.7% two seasons ago.Continued additions to MCOs show that owners are still very much interested inbeing part of an MCO structure for the benefits we outlined inour second note.Recent additions include Le Havre AC, RCD Espanyol de Barcelona, Real Oviedo,Paris FC, Udinese Calcio, and Sunderland AFC. The MCO structure has becomemore prevalent in every league of the Big Five except for the Bundesliga. 6.Recent events highlight the caution required by investors in football. The collapse of 777 Partners has left seven clubs without a stable owner,throwing them into legal and financial limbo and revealing the systemic risksof overleveraged, opaque ownership models. Meanwhile, the dramatic fall inLigue 1’s broadcasting revenues—now less than half of their previous peak—hasdestabilised club finances and exposed the vulnerability of one of football’smost important revenue pillars. For PE firms such as CVC Capital Partners,which invested in a minority stake in the league’s commercial arm, this hasraised serious questions around return prospects and the reliability of growthassumptions. 7.Football’s regulatory environment is entering a far stricter phase.UEFA’s FinancialSustainability Regulations, now in full effect for the 2025-2026 season, imposehard limits on squad costs, overdue payables, and cumulative losses. Enforcementhas already begun: Crystal Palace FC was barred from the Europa League due to aconflict in its MCO, while Chelsea FC received a record €31.1 million fine for breachingspending rules. Investors must now contend with a football landscape whereregulatory compliance is no longer optional but fundamental to value preservation. Introduction We published our initial two notes on private capital in European football two yearsago as the 2023-2024 season was beginning.1As the 2025-2026 season kicks off, wepublish our third note in the series, which will seek