Buyers entered 2026 expecting distress. Rising squad costs, a softer domestic rights round in two of the big five leagues, and the end of cheap acquisition debt all pointed the same way. It has not happened.
Across the 34 transactions we track, the median enterprise value settled at 4.8× trailing revenue — within ten basis points of where it sat a year ago. What has changed is the composition of the buyer pool.
Who is actually buying
North American ownership groups accounted for 41% of deployed capital, up nine points year on year. They are underwriting matchday and hospitality upside that domestic buyers have historically discounted.
“European clubs are no longer assets you hold. They are businesses you operate.”
The operating plan is now the price. Buyers who can show one are paying above the median and still clearing their return hurdle.
For sellers the implication is straightforward: the premium sits with whoever can show an operating plan, not a trophy cabinet.
