Private equity and football: An adult in the room

19 December 2022

CVC Capital Partners has acquired stakes in the top Spanish and French football leagues, and has been in talks with Germany’s and Italy’s alongside other private equity (PE) firms.

Clubs are after an immediate post-Covid capital injection, and the steady cashflows from media rights are attractive to PE firms. CVC has gained management influence, and tighter cost control should help channel the money into clubs’ stadiums and academies.

Even if the stakes were sold from a position of weakness, PE could help to align the traditionally fractious clubs with the leagues, bringing about a more robust approach across rights deals and investment in commercial potential.

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