Private Capital in European Football: Part III

This document is an analyst note that provides an update on the flows of private capital in European football, specifically focusing on the Big Five leagues. It outlines the significant ownership changes that have occurred since 2023, with 19 clubs experiencing ownership transitions, 13 of which involved private equity (PE) or venture capital (VC) firms. The note highlights the increasing attractiveness of private credit as a funding route for clubs, detailing how firms like Oaktree Capital and Carlyle have structured loans to various teams, securing exposure to rising valuations. The analysis also notes that as of the 2025-2026 season, 36.5% of Big Five clubs have some form of private capital participation. Furthermore, it discusses the regulatory environment, emphasizing UEFA's Financial Sustainability Regulations that impose strict limits on club finances. The document raises concerns about the systemic risks associated with overleveraged ownership models, particularly in light of recent financial collapses in the sector.