How Football’s Economic Model Is Evolving into a Global Asset
The football industry has entered a phase of profound transformation. Until a decade ago, clubs operated primarily as sports organizations focused on competition and the sale of broadcasting rights. Today, they are increasingly adopting business models akin to global entertainment and technology corporations.
In 2024, the global football market reached an estimated value of €55 billion, with an average annual growth rate of 7% since 2020. However, growth drivers are no longer limited to traditional revenue streams such as TV rights and sponsorships. The industry is shifting toward direct monetization, multi-club strategies, sophisticated financial investments, and integrated ESG practices.
This report examines the four main trends reshaping football into a global economic ecosystem—and their implications for clubs, investors, and stakeholders over the medium to long term.
1. Beyond Broadcasting Rights: Direct Monetization and Data-Driven Business Models
For decades, football’s main source of revenue has been television rights. Yet by 2024, the landscape has changed dramatically: sports content consumption has become increasingly digital-first, with fans seeking personalized and interactive experiences.
Evolution of the sports media market
- In 2015, TV rights represented over 60% of revenues for major European clubs. By 2024, that share had dropped to 48%, as new revenue streams grew rapidly.
- OTT (Over-the-Top) services like DAZN and Amazon Prime are gaining ground, while clubs are experimenting with DTC (Direct-to-Consumer) platforms to monetize their fanbase directly.
Case Study: Benfica Play and the OTT Model
Benfica was among the first clubs to launch its own streaming platform, Benfica Play, offering exclusive content to subscribers. The initiative allowed the club to:
- Reduce dependence on traditional TV rights;
- Increase digital engagement and fan loyalty;
- Create a recurring revenue channel with a 12% annual growth rate over the past three years.
➜ Outlook
By 2028, more than 30% of top-tier European clubs are expected to operate proprietary content platforms, reducing reliance on broadcasters and improving direct fan monetization.
2. Multi-Club Networks and Global Expansion
The traditional concept of a local football club is giving way to a corporate-style model: multi-club networks, in which investor groups own and manage several teams across different leagues and continents.
Growth of the multi-club model
According to FIFA, there are currently 81 ownership groups controlling more than one club worldwide—a 300% increase over the past decade. The main advantage of this model lies in operational synergies, talent development, shared resources, and reduced scouting and development costs.
Case Study: City Football Group (CFG) and the Multi-Club Model
CFG currently owns 13 clubs around the world, including Manchester City (Premier League), New York City FC (MLS), and Mumbai City FC (India). This structure has enabled CFG to:
- Develop players within satellite clubs before integrating them into the main team;
- Build a global brand and expand its international fanbase;
- Grow its commercial network by attracting local sponsors across different markets.
3. The Rising Role of Investors and the Private Equity Model
In recent years, private equity funds have poured into European football, turning it into a sophisticated financial asset class. This influx of capital has driven new management approaches and redefined ownership structures.
Investment growth in European football
- In 2023, private equity funds invested €4.9 billion across Europe’s top five leagues—a dramatic rise from €66.7 million in 2018.
- During the 2024–2025 season, 41.7% of clubs in Europe’s top leagues had financial investors (including private equity), up from 36.7% just two seasons prior.
Recent acquisitions and investments
- Hellas Verona & Presidio Investors: In 2024, Texas-based Presidio Investors launched a €75 million fund to acquire a stake in Serie A’s Hellas Verona, aiming to strengthen the club’s position through new infrastructure and innovative commercial strategies.
- Brera Holdings and the Multi-Club Strategy: Founded in 2022, Brera Holdings has adopted a multi-ownership approach, acquiring clubs such as FK Akademija Pandev (North Macedonia) and Brera Tchumene FC (Mozambique). The goal is to build synergies and enhance emerging talent across markets.
4. ESG and Sustainability: The New Strategic Imperative
Sustainability has become a core strategic pillar for football organizations, with growing emphasis on transparent governance, environmental responsibility, and social inclusion.
The importance of ESG in football
- 70% of global sponsors prefer to partner with clubs that have strong ESG policies;
- FIFA and UEFA are introducing regulations promoting financial and environmental sustainability.
Case Study: Forest Green Rovers – The World’s First Carbon-Neutral Club
Forest Green Rovers (English League Two) is the first club certified carbon neutral by FIFA. The club’s initiatives include:
- Stadiums powered by solar and wind energy;
- Circular economy waste management strategies;
- Educational programs promoting sustainability in football.
Conclusions: Football as a Corporate Ecosystem
The football industry is evolving into a complex, globally integrated business ecosystem. Clubs that innovate, diversify revenue streams, and embed sustainability into their strategy will be best positioned to lead the next phase of growth.