With revenues on the rise, new sources of monetization, and clubs treated as scarce assets, institutional investors have been expanding their presence in the world's most popular sport. In the 2025/26 season, more than 36% of clubs in the five major European leagues already had some link to the capital market, according to an estimate by PitchBook cited in a UBS report.

In recent decades, the acquisition of controlling stakes in smaller (or highly indebted) clubs for turnaround purposes has become standard practice in this industry. Paris FC, acquired by the billionaire LVMH , and Birmingham City FC, bought by Knighthead Capital, are examples.

In Brazil, similar cases occurred with the restructuring of Botafogo and Cruzeiro , after they were bought by 777 and former player Ronaldo , respectively.

UBS, however, points out that the participation of large investors in football has diversified and gone far beyond the purchase of controlling stakes.

“Increasingly, capital is being allocated through a variety of structures – including minority stakes, structured finance, and hybrid transactions,” says UBS. “Recent transactions highlight this growing diversity.”

Among these alternatives, minority stakes have gained ground among elite clubs seeking to raise capital without relinquishing control.

The report cites as examples the investment by the Qatari fund Arctos Partners in Paris Saint-Germain in 2023, and Juventus, which last year received an investment from Tether, the company behind the stablecoin USDT, for a stake in the club.

The investments are not merely support for the sport. According to a UBS report, based on the Deloitte Football Money League, the 20 highest-earning clubs in the world reached €12.4 billion in the 2024/25 season, an 11% increase compared to the previous year. On average, the revenue of these clubs went from €417 million in 2018 to €620 million in 2025, driven mainly by commercial and broadcasting activities.

With more money circulating, debt-backed financing is another structure that is gaining traction in football.

The model, UBS points out, was used by major European clubs such as Barcelona , Atalanta, and Olympique Lyonnais, who raised funds from investors like Ares, Carlyle, and Apollo.

Similar formats are also being used more frequently in Brazilian football. Here, São Paulo Futebol Clube has adopted a similar strategy through a structured FIDC (Investment Fund in Receivables) with Galápagos.

Established in October 2024 and with approximately R$ 200 million in net assets, the fund aims to invest resources in credit rights and financial assets linked to São Paulo. With this vehicle, for example, the club can anticipate payments made in installments, such as advertising or broadcasting rights.

According to UBS, another approach that has brought the financial market closer to football — and which has already been tested in Brazil — is revenue sharing.

The example cited by the bank is the partnership between the American investment firm Sixth Street and Real Madrid for the renovation of the Santiago Bernabéu stadium in exchange for a share of the revenue from events unrelated to football.

The agreement that opened the eyes of the global market to the business model was finalized in 2022. More than ten years earlier, in 2010, a partnership between WTorre and Palmeiras culminated in the renovation of the club's old stadium, Palestra Itália.

Although one of the pioneers in this format, the agreement between Palmeiras and WTorre was marked by years of disputes over payments and use of the arena, which were only resolved in 2024 with a financial agreement of R$ 117.1 million.

Nevertheless, the renovation solidified the stadium as one of the most important arenas in the country, generating revenue far beyond football.