The $100 Million Question: What It Actually Takes to Own a Football Club (And Why Most Investors Get It Wrong)
Football club ownership attracts billionaires, celebrities, sovereign wealth funds, and private equity. Some build empires. Others lose fortunes. The difference between success and catastrophe often comes down to understanding what business you’re actually in.
When Todd Boehly’s consortium purchased Chelsea FC for £4.25 billion in 2022, it was the most expensive sports franchise acquisition in history. When Ryan Reynolds and Rob McElhenney bought Wrexham AFC for about £2 million, it looked like a charming vanity project that might backfire.
Three years later, Chelsea has spent over £1 billion with limited on-field results, while Wrexham has achieved back-to-back promotions, 400% revenue growth, and a global following. The contrast reveals a deeper truth: success in football ownership requires more than money—it requires understanding football as an ecosystem, not just an asset class.
At Soccerex Miami, two ownership perspectives illustrate this difference: Simon Hallet (Owner, Plymouth Argyle FC) and Danilo Caixeiro (EVP Strategy, Eagle Football). Their conversation, moderated by Trevor Watkins (Global Head of Sport, Pinsent Masons), explores the realities of modern club ownership, from sustainable models to institutional multi-club structures.
Secure your tickets to hear from club ownership experts at Soccerex Miami
The Romantic Delusion: Why Football Isn’t Like Other Investments
The first mistake new owners make: treating clubs like typical businesses. They’re not. Football clubs operate under unique dynamics where sporting performance drives value, community shapes legitimacy, and regulation defines boundaries.
Football’s economic realities:
- “Efficiency” means spending continuously to compete.
- “Profitability” often signals underinvestment.
- Revenue has structural ceilings—stadium size, TV deals, sponsorship limits.
- Fan and community sentiment constrain commercial freedom.
- Luck, injuries, and competition make outcomes unpredictable.
Owners who ignore these realities overinvest, alienate fans, or chase short-term metrics. Those who succeed accept football’s contradictions and manage for sustainability, not speculation.
The Plymouth Argyle Model: Sustainable Ownership in Practice
Simon Hallet bought Plymouth Argyle not for profit, but for purpose—to rescue and rebuild a club rooted in community. His model prioritizes financial sustainability, youth development, and local engagement over short-term glory.
- Operate within budget, avoiding debt and speculation.
- Invest in facilities, staff, and youth pathways.
- Use transparency and communication to build trust.
- Align ambitions with financial capacity.
The results: stability, promotion, and community pride. It’s a model based on patience and clarity of purpose—rare in modern football. But it’s also one with limits: sustainable Championship football, not Premier League riches.
The Multi-Club Model: Eagle Football and Institutional Ownership
Eagle Football, which includes Olympique Lyonnais, represents the opposite approach: institutional, multi-club investment designed for synergy, scale, and strategic value creation.
Advantages:
- Shared scouting, analytics, and infrastructure across clubs.
- Player development pipelines and transfer synergies.
- Operational efficiency and brand leverage.
- Diversified investment risk across markets.
Challenges:
- Regulatory and ethical constraints from UEFA/FIFA.
- Fan resistance to “satellite club” identity.
- Complexity in managing global operations.
Danilo Caixeiro offers a window into how institutional investors balance sporting integrity with commercial ambition, and where the multi-club model’s true advantages—and risks—lie.
The Financial Reality: What Returns Should Owners Expect?
Football clubs rarely generate steady profits. Returns, when they happen, usually come from capital appreciation or player trading. Operational profit is the exception, not the norm.
- Billionaire hobby owners: Seek prestige, not profit.
- Institutional investors: Aim for 10–20% returns—often miss.
- Private equity: Target 20–30% returns—usually unrealistic.
- State investors: Pursue influence and branding, not ROI.
- Supporter ownership: Prioritize community over financial gain.
In football’s zero-sum environment, where success depends on others failing, not everyone can win—financially or competitively.
Due Diligence: What Smart Buyers Investigate
Buying a football club requires examining more than financials. Sophisticated investors conduct multi-dimensional due diligence across financial, legal, sporting, commercial, and cultural domains.
Checklist highlights:
- Financial health, debt, and FFP compliance
- Player contracts, transfer obligations, and academy quality
- Fan sentiment and community relations
- Legal and tax exposure
- Commercial potential and brand reputation
- Stadium and infrastructure condition
Clubs that skip proper due diligence often end up in crisis—financially, reputationally, or both.
Exit Strategy: The Question Nobody Wants to Discuss
Every investment needs an exit plan, even in football. Yet few owners admit it. Liquidity is limited, buyers are scarce, and market timing is unpredictable.
- Strategic sale: Common but buyer-dependent.
- Multi-club acquisition: Increasingly popular exit for smaller clubs.
- Public listing: Provides liquidity, adds pressure.
- Fan or trust buyout: Mission-driven, rarely profitable.
- Administration: The cautionary tale—when everything fails.
Club ownership should be seen as a long-term commitment, not a short-term investment play. Those who treat it otherwise often learn the hard way that football doesn’t bend to spreadsheet logic.
Join the Conversation at Soccerex Miami
“Investing in the Beautiful Game: Navigating Club Ownership”
Day 1 | November 12, 2025 | 1:45 PM
Moderator: Trevor Watkins (Global Head of Sport, Pinsent Masons)
Speakers: Simon Hallet (Owner, Plymouth Argyle FC), Danilo Caixeiro (EVP Strategy, Eagle Football)
