Football M&A shake-up as investors swap mega-deals for lower league takeovers
Football’s M&A market has seen a drop in mega-deals as investors have turned their attention to lower leagues, expanding multi-club networks and strategic minority acquisitions.
A new report by independent consultancy Football Benchmark said its analysis of the 76 deals to take place so far this year reflected “a maturing market”.
While recent years have seen Chelsea acquired for £2.5bn and Sir Jim Ratcliffe invest in Manchester United at a valuation of around £5bn, transactions in 2025 have been far smaller.
Woody Johnson’s £175m purchase of a 43 per cent stake in Crystal Palace from fellow American John Textor remains the biggest football club deal to happen this year.
The next most valuable was Burnley owner ALK Capital’s cash-plus-equity takeover of Spanish side Espanyol, followed by the US-led majority buyout of Rangers in Scotland.
Mooted deals for Tottenham Hotspur and Wolves have failed to materialise.
“The activity observed this year points to a market in evolution,” the report says. “Established investment hubs such as England and Italy continue to lead in volume, yet growing interest in lower divisions and multi-club networks signals a widening scope of opportunity.”
European football M&A trends
English clubs continue to be the most attractive M&A targets, accounting for more than a quarter of all investments in 2025, but most came outside the Premier League.
New owners arrived at Reading and Leyton Orient, Swansea welcomed Luka Modric and Snoop Dogg as minority investors, and half of all English deals involved teams in League Two or below.
Owners of English sides also grew their multi-club portfolios, with Leeds and Brighton adding partner teams in Scotland, Burnley and Brentford in Spain, and Bournemouth in Croatia.
Foreign investors were behind 72 per cent of all European club transactions, with the trend of US money accounting for the majority of cross-border transactions continuing.
“European football’s investment landscape in 2025 reflects a market entering a more mature and diversified phase,” the Football Benchmark report added.
“The volume of transactions remains relatively stable, but recent deals demonstrate a broader mix of minority investments, multi-club expansion, and lower-tier acquisitions.
“Investor strategies are becoming more targeted, with growing interest in portfolio building and long-term value creation across the football pyramid and diverse markets.
“American investors remain the dominant force in European club ownership, while activity from Asia, the Middle East and Latin America underlines football’s globalisation as an investment asset.
“Parallel growth in women’s football further signals how capital in the game is deepening and diversifying.”