Historically, a football club always used to be perceived as the ultimate trophy asset – big on prestige, sure, but the financial returns associated with such investment were less clear cut. However, investment in football clubs has come of age, as the types of investors putting their money into the beautiful game evolve and the returns become less about ego and more about ROI.

“The sorts of people buying football clubs decades ago might have been local business owners or people with a personal connection to a town. In part, it may have been viewed as a status symbol and perhaps a chance to give something back to their community,” says Nick Barlow, a Partner at PwC. 

Barlow leads the Retail, Consumer and Leisure team of PwC’s UK Valuations practice in London, advising clients on valuations of business, assets and shares for the purposes of transactions, disputes, financial reporting and tax. He has worked with clubs in the Premier League, Championship, League One, and in Europe, as well as carrying out valuations for sports organisations. 

Fertile ground for investment opportunities

“If you look at the people buying into clubs now, it’s private equity, sovereign wealth funds and globalised investors. And they are certainly looking at these opportunities through a rational, return-orientated lens,” he says.

The vast sums on the balance sheet certainly make for tantalising reading and underscore why football remains a fertile ground for pioneering investment opportunities. According to Deloitte’s 2024 Annual Review of Football Finance, average Premier League club revenues rose by 11% to surpass £300m for the first time. It also says that the ‘Lionesses lift’, following the team’s historic triumph at UEFA Women’s EURO 2022, contributed to a 50% rise in Women’s Super League club revenues.

Meanwhile, PwC’s most recent Global Sports Survey finds that football clubs and leagues are still the premier assets for investment over the forthcoming three to five years, according to 41% of the experts surveyed, while 85% predict that women’s sport will experience double-digit growth in the near future.

Valuation complexities

However, the highly unpredictable nature of football and its reliance on factors, including how the team performs on the day, adds a certain complexity to the valuations process. This hinges on properly understanding the opportunities for growth in football clubs, Barlow says: “The fundamental methodology of valuing a football club is no different from any other business. Valuation is a forward-looking exercise. So it’s about how much revenue/profit the business will make in the future and understanding the wide range of potential outcomes – including the best case and the downside risks.”

It’s about thinking through the potential upside beyond what the club is already doing, he says, including opportunities to improve the operations of the club itself, building new commercial partnerships, creating the environment to maximise the chances of on-pitch success and generate new value within the club.

Investment interest outside Premiership

Football clubs have grown hugely in value over the years. But with price tags for the top teams continuing to increase, investors are showing interest across the spectrum, in lower divisions outside the Premiership, Barlow says. “With the lower division teams, they’re not necessarily buying a global profile, but they’re buying the potential to create that profile if they’re successful – and with the right ownership, the right investment, and a bit of luck, a football ‘brand’ can truly flourish.

“It’s also an interesting investment opportunity, because you can buy in at a lower division and if you can successfully win promotion (and remain in the Premier League), the value upside is significant.”