September 7: Football club M&A activity hit a five-year high in 2025, with 78 deals completed globally, up from 62 deals in 2024.
Law firm Norton Rose Fulbright in the seventh edition of its annual report, Keeping Possession: Ownership Trends in English Premier League Football, finds that more than 50% of all football M&A deals by 2025 involved US investors.
Twelve Premier League clubs now have majority ownership structures involving US investors, while US capital figures in more than half of all football M&A transactions completed globally in 2025, according to the report.
US interest is not limited to the Premier League, with the report highlighting that investors are increasingly acquiring minority stakes “further down the football pyramid. This trend reflects the growing maturity of the football investment market and continued confidence in the long-term commercial potential of the sport”.
Half of all M&A deals in English football involved clubs in League Two or lower
Stephen Rigby, corporate partner and leader of Norton Rose Fulbright’s sports law practice, said: “The story continues with record deal volumes and increased US investment. What is changing is how investors approach the market. Minority investments and consortium structures are becoming more common as investors look for different routes into the game while navigating a more demanding regulatory landscape.”
Within the investments made, a trend towards majority participation has been observed, with an increase in majority acquisitions from 35 to 50 year-on-year operations.
The report said the increase in takeover volume “was driven by a combination of factors, including increased interest from US investors, the growth of multi-club ownership groups and increased investment in lower league clubs”.
There is also a “pick-up boost” in investment activity in women’s football.
All of this new investment comes at an interesting regulatory time in the UK and appears to be unaffected by the ongoing implementation of the Football Governance Act 2025 and the new regulatory framework for clubs in the top five tiers of English men’s football being put in place by the Independent Football Regulator.
“Clubs will be subject to new licensing, governance, financial resilience and fan engagement requirements, while prospective owners and senior executives will have to pass enhanced suitability assessments,” the report said.
Matthew Gregory, financial services and regulatory partner at Norton Rose, said: “Football remains an attractive investment proposition, but it is becoming a more regulated one. Ownership structures, governance arrangements and fan engagement are subject to greater scrutiny than ever before, and investors increasingly need to take regulatory considerations into account when making strategic decisions from the outset.
“The growth of multi-club ownership groups and the introduction of new regulatory frameworks have added further complexity to the landscape. While these developments aim to strengthen the game, they also create practical challenges that clubs and investors must navigate carefully.”
To view the full report click here.
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