PitchBook分析师注：欧洲足球中的私人资本：第三部分（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchNalin Patel Director of Research, EMEA Private CapitalInstitutional Research GroupAnalysisNicolas Moura, CFA, CAIA Senior Research Analyst, EMEA Private Capital nicolas.moura@pitchbook.comDataCharlie Farber Manager, Data AnalysisOscar Allaway Data Analyst pbinstitutionalresearch@pitchbook.comPublishingDesigned by Drew SandersPublished on 15 August 2025ContentsPrivate Capital in European Football: Part III An update on the positive and negative flows of private capital in Europe’s Big Five leagues since 2023PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways1. Since 2023, dealmaking in European football has involved ownership changes in 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 benchmark for football club valuations, marking the highest ever recorded in the sport at €5.8 billion. 2. Private credit is becoming an increasingly attractive route into European football for top-tier sponsors. Firms such as Oaktree Capital Management, Carlyle, Apollo Global Management, Ares Management, and Sixth Street have structured asset-backed loans to clubs including Inter Milan, Atalanta BC, Chelsea FC, Nottingham Forest FC, and Olympique Lyonnais—securing exposure to rising valuations and stable cash flows while limiting downside. Backed by tangible assets such as stadiums and broadcasting rights and supported by strong revenue growth, these deals offer compelling returns with relatively low risk, making private debt a focused but powerful strategy for the most sophisticated investors.3. As of the start of the 2025-2026 season, 36.5% of Big Five clubs have PE, VC, or private debt participation, whether it is a minority or majority stake. This is a small increase from the 35.7% we reported two seasons ago. The majority of the clubs 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 ownership level, up from 34.7% two seasons ago. Of the 37 clubs with US investor participation, 24 are also PE backed, showing the correlation between US ownership and PE financing. This is particularly the case in the Premier League and 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 in being part of an MCO structure for the benefits we outlined in our second note. Recent additions include Le Havre AC, RCD Espanyol de Barcelona, Real Oviedo, Paris FC, Udinese Calcio, and Sunderland A