European football has become a booming business, with clubs across the continent’s five top leagues generating €20.4 billion ($23.7 billion) in revenue during the 2023–24 season.

That figure, 750% higher than the €2.5 billion recorded in 1996–97, has made the sport irresistible to American investors eager to claim a stake in one of the world’s fastest-growing entertainment industries.

U.S. Ownership on the Rise

In England, U.S. investors now control, fully or in part, a majority of Premier League clubs — including four of the so-called “Big Six”: Chelsea, Liverpool, Manchester United and Arsenal. The trend reflects a wider movement across Europe, where more than 36 clubs in the top five leagues have attracted private equity, venture capital, or private debt participation, according to PitchBook data.

Kieran Maguire, associate professor of football finance at the University of Liverpool, said the logic was simple:

It’s actually a bit of a no brainer … you can only have so many helicopters, you can only have so many super yachts

High valuations have reinforced the appeal. When the Glazer family bought Manchester United for £790 million ($1.07 billion) in 2005, the club was already a global brand. In 2024, a minority stake sale to billionaire Jim Ratcliffe valued United at around £5 billion, the highest valuation in world football.

Private Equity and Multi-Club Models

Deal activity in European soccer has surged, climbing from €66.7 million in 2018 to nearly €2.2 billion in 2024. Much of that growth is tied to the “multi-club ownership” model, in which investors hold stakes in multiple teams across different leagues. Proponents say the strategy allows for brand synergy, cross-marketing, and financial efficiency.

But regulators are pushing back. This summer, Crystal Palace was barred from competing in the UEFA Europa League due to its links with French club Lyon, both partly owned by American businessman John Textor. UEFA has signaled that it will tighten oversight as multi-club structures become more common in top divisions.

Nicolas Moura, senior private capital analyst at PitchBook, told CNBC the model remains attractive despite the risks.

Lots of U.S. investors want to build a variety of different football clubs. But UEFA is starting to crack down

Slowing Growth, Shifting Strategies

While the money flowing into European soccer remains vast, growth is beginning to cool. Deloitte projects revenues plateauing in the 2025–26 season, driven by slower growth in media rights, long the sport’s financial engine.

Clubs are increasingly turning to commercial and matchday revenues. Sponsorship deals rose 6% in 2023–24, and stadiums are being repurposed for concerts and non-sporting events to diversify income. “Lots of U.S. private equity investors are looking to develop entire stadiums,” Moura explained, “as a way to move away from reliance on broadcast income.”

Taking the Game Abroad

One of the most contentious frontiers is international expansion. Spain’s La Liga will stage its first regular season match outside Europe this season, with Barcelona set to face Villarreal in Miami. Italy’s Serie A has already approved plans to play in Australia.

The Premier League has resisted the idea for now, but analysts believe it is only a matter of time. “The money generated will mean games are sold to the fan base as a fait accompli,” Maguire predicted.

Premier League CEO Richard Masters told CNBC that the league remains “very different” from U.S. sports in its approach to international games. Still, with billions at stake and American investors now shaping the future of the sport, even England’s most traditional league may eventually follow Europe’s lead.