Having the right owners can make a lot of difference for a football club. Sometimes it can be the answer to fans’ prayers, like with Wrexham. Other times, the club is brought into immense debts with no trophies to show for it. Regulations ensure that not just anyone can become an owner or of as many clubs as they desire. Much needed, as football clubs are increasingly seen as interesting investment opportunities by investors. Resulting in an increase in number of multi-club investments, which has its advantages and challenges.
As part of Eagle Football Holdings Limited, Crystal Palace found out the hard way. By winning their inaugural FA Cup in 2024/25, they qualified for the Europa League. Yet, violation of multi-club ownership regulation has seen them demoted to the play-off round of the 2025/26 Conference League. A tough break, both sporting and financially wise.
So, how common has multi-club ownership become? And what kind of regulation is in place to protect the sport and clubs?
The rise of multi-club ownership
Multi-club ownership has become increasingly popular during the last decade. By the end of 2024, 342 clubs worldwide were part of a multi-club investment structure. While this was fewer than 60 a decade earlier.1 17 percent of UEFA topflight clubs (123 clubs) had investors who also invested in at least one other club in 2024.
Multi-club investors especially see potential in European clubs and seem to build their portfolio around them. With 57 percent of the clubs that were part of a multi-club investment structure in 2023 playing in UEFA’s first and second tiers. Another 16 percent were active in UEFA’s lower tiers.2
In 2024, there were 26 multi-club investments transaction by investment groups having at least one UEFA club in their portfolio. Although lower than in previous years, it remains above pre-pandemic levels. Between 2020 and 2024, 221 such transactions were recorded. Over twice as much as the 103 recorded during the five years prior.
Especially the number of controlling stake acquisitions in topflight clubs was lower in 2024 (23) compared to previous years (2023: 44). With fewer attractive majority investment opportunities, investors have opted for alternatives like minority investments and investments in second-tier clubs.
It makes that ownership structures have become complex and often involve multiple holding companies. In turn making it difficult (for regulators) to identify the owners who benefit financially and/or are in control of decisions. City Football Group’s portfolio, for example, contains 13 clubs, including Premier League club Manchester City, La Liga club Girona, and MLS side New York City FC. This is an outlier though. By the end of 2023, 74 percent of multi-club investment groups had no more than three clubs in their portfolio. While 58 percent had invested in two clubs.
Multi-club ownership common in biggest leagues
Investors are interested in clubs from the highest revenue generating leagues. In 2024, in four of the Big 5 leagues, as well as Belgium and Portugal, more than a third of all clubs were part of a multi-club investment portfolio. Especially Premier League clubs, who generated £316 million in revenue on average in 2023/24, are popular.
16 Premier League clubs had cross-ownership or multi-club investment ties in 2024 (2023: 15). The most amongst all UEFA topflight leagues and ahead of topflight leagues in France (13), Spain (nine), and Italy (seven).1
Multi-club investors in the Premier League
With valuations for the Top Six ranging between $3.25 billion (Chelsea) and $6.6 billion (Manchester United), it is no surprise that these clubs are sought after by (multi-club) investors. Yet, as there are a limited number of Premier League clubs and even fewer who are (partly) for sale, prices are high. In recent years, multiple minority and majority stake investments have been completed by wealthy investors who already owned or subsequently acquired shares in other clubs.
Chelsea, for example, was sold to BlueCo – a consortium led by amongst others Todd Boehly and Clearlake Capital – for £4.25 billion in May 2022. A year later, the holding company reportedly paid €75 million for a close to 100 percent ownership stake in Ligue 1 side RC Strasbourg Alsace.
While Sir Jim Ratcliffe bough a 27.7 percent stake in Manchester United in a deal worth £1.25 billion in February 2024. The stake has since increased to 28.94 percent with his company INEOS having control of sporting decisions. They also own Ligue 1 side Nice (since 2019) and Swiss Super League club Lausanne-Sport (since 2017).
Liverpool is indirectly also part of a multi-club model. As owners Fenway Sports Group sold a 11 percent stake in their holding company – which also owns MLB side Boston Red Sox and NHL side Pittsburgh Penguins – to RedBird Capital Partners in 2021. With the latter becoming the controlling owner of AC Milan for €1.2 billion in 2022.
In December 2024, it was Everton who became part of a multi-club investment portfolio when the Friedkin Group – who also owns Serie A club AS Roma and French side AS Cannes – bought 99.5 percent of the club’s shares for reportedly over £400 million.
While in May 2024, multi-club investor Red Bull took a minority ownership stake in Leeds United. The conglomerate already owned clubs in Leipzig, Salzburg, New York and Bragantino. The stake has since reduced to below 10 percent – with 49ers Enterprises owning the rest – after Red Bull declined to invest in newly issued shares ahead of Leeds’ promotion.
Selection of recent Premier League clubs’ stake acquisitions by multi-club investors
| Club | When | Multi-club investor (share) | Other clubs |
|---|---|---|---|
| Liverpool | 2021 | RedBird Capital Partners (indirect – 11% holding company FSG) | AC Milan (ITA) |
| Chelsea | 2022 | BlueCo (100%) | RC Strasbourg Alsace (FRA) |
| Manchester United | 2024 | Sir Jim Ratcliffe (28.94%) | Nice (FRA) & Lausanne-Sport (SUI) |
| Leeds United | 2024 | Red Bull (<10%) | RB Leipzig (GER), RB Salzburg (AUT), New York Red Bulls (USA) & RB Bragantino (BRA) |
| Everton | 2024 | Friedkin Group (99.5%) | AS Roma (ITA) & AS Cannes (FRA) |
Multi-club ownership causing problems
Multi-club investments can have great advantages for investors. However, its effect on the sport and clubs are not merely positive. The biggest concern is that multi-club ownership poses a threat to the sport’s integrity. Especially when two clubs participate in the same competition.
It has resulted in governing bodies implementing regulations. By 2023, 39 out 55 UEFA member countries had rules prohibiting or limiting multi-club ownership at domestic level.2
UEFA’s regulations stipulate that a party cannot have influence and decision-making power over more than one club participating in the same UEFA club competition.
To ensure compliance with UEFA’s regulations and for their clubs Manchester City and Girona to both play in the 2024/25 Champions League, the City Football Group put their shareholding in the Spanish club in a blind trust between 1 July 2024 and 30 June 2025.
To further proof independence, City and Girona also committed to extra measures – like not transferring players to each other for over a year and not using any joint scouting or player database. As did United and Nice for the 2024/25 Europa League, Brighton and Royal Union Saint-Gilloise for the 2023/24 Europa League, and Aston Villa and Vitória Sport Clube for the 2023/24 Conference League.
Selection of Premier League clubs who had to adjust their multi-club ownership structure to play in Europe
| Club | Competition | Other clubs |
|---|---|---|
| Brighton & Hove Albion | 2023/24 Europa League | Royal Union Saint-Gilloise |
| Aston Villa | 2023/24 Conference League | Vitória Sport Clube |
| Manchester City | 2024/25 Champions League | Girona |
| Manchester United | 2024/25 Europa League | Nice |
In 2022, the Premier League considered implementing a temporary ban on loan deals between associated clubs. It would have meant that Newcastle United, for example, could not loan players to or from PIF’s Saudi Arabian teams. However, in the end they were one vote short of a ban with only 13 clubs in favour.
Palace left it too late
Contrary to many other teams, Crystal Palace left it too late. By the deadline day of 1 March – brought forward last season from 1 June as it was too close to the qualifying rounds – the London club did not comply with UEFA’s multi-club ownership regulations. Explainable, as the club did not expect to qualify for European football as they ranked 12th in the league. Eventually, they qualified for the Europa League by securing their first FA Cup title on 17 May.
Their regulation violation related to John Textor’s Eagle Football Holdings Limited, who held a 43 percent stake in Palace, also holding a controlling stake in Lyon. Both teams qualified for the Europa League, with rules dictating that the lowest ranked team is demoted to a lower league – in this case Palace to the Conference League’s play-off round. There was some hope for Palace, as Lyon was relegated due to financial issues. However, the French club successfully appealed that decision.
In July 2025, Woody Johnson – who previously tried to buy Chelsea – acquired Textor’s shares in Palace for a reported £190 million. With no other football club in his portfolio his ownership does not violate UEFA’s regulations. But the deadline had passed, and the London club unsuccessfully appealed their demotion at CAS.
Nottingham Forest – who has taken Palace’s place in the Europa League – did change their ownership structure in time. With owner Evangelos Marinakis putting his Forest shares into a blind trust in case Forest and Greek side Olympiakos, which he also owns, had both qualified for the Champions League.
It shows that planning ahead can make all the difference in successfully owning multiple clubs. Furthermore, it begs the question whether the regulations are fit for purpose with loopholes, like temporary blind trusts, solving the issue. Especially in a market where there is increasingly more multi-club ownership and thus such conflicting situations.
Sources:
- UEFA The European Club Finance and Investment Landscape 2024
- UEFA The European Club Finance and Investment Landscape 2023