The new game plan – How investors are reshaping UK sport

From Premier League giants to historic rugby clubs, UK sport is undergoing a transformation. Record-breaking mergers, acquisitions, and strategic investments are redefining the ownership landscape, with a surge of capital from private equity firms, sovereign wealth funds and high-net-worth individuals. Football remains the headline act, but rugby and commercial rights businesses are also attracting serious interest. We’re seeing this shift up close, advising clients who are entering, scaling, or exiting this fast-evolving market.

This article outlines the key trends and recent deals that show where investor interest is heading, the commercial fundamentals driving demand, and the legal considerations essential for making these transactions succeed.

Football dominates the investment landscape

The English football pyramid has become a focal point for global investors. Since 2023, we’ve seen several high-profile takeovers and minority stake sales that underline the commercial power of UK clubs:

• Manchester United: INEOS’s minority investment in late 2023 valued the club at £5bn+, with operational control of football matters transferred to Sir Jim Ratcliffe.
• Leeds United: Acquired by 49ers Enterprises in 2024 for around £170 million following relegation, with a complex multi-investor structure.
• Everton FC: Sold to US-based Friedkin Group in 2024, adding to the growing number of Premier League clubs under American control (now 10 of 20).

Investors are increasingly drawn by clubs’ global fanbases, recurring media revenues, and untapped commercial potential. Even outside the top six, the potential for brand expansion, international sponsorship, and stadium monetisation makes clubs a compelling investment.

Rugby finds strategic backers

Rugby’s financial struggles have turned into opportunities for well-capitalised buyers. Red Bull’s 2025 acquisition of Newcastle Falcons, apparently absorbing £39 million in club debt, saved the club from collapse. This was more than a rescue deal, it was a calculated move to enter elite UK rugby and build synergies with its global football and motorsport interests. Private equity has also entered the space in previous years (e.g. CVC in Six Nations, United Rugby Championship and Premiership Rugby), underlining the sport’s long-term commercial appeal.

Who’s investing, and what they want private equity

In 2024, private equity-led sports deals almost doubled year-on-year. Funds are targeting clubs with stable revenue bases, under-monetised brands and potential for digital transformation. Structuring is flexible: majority takeovers, minority strategic stakes, and multi-club ownership models are all in play.

Sovereign wealth:
Gulf state-backed entities are targeting premium assets. Newcastle United’s acquisition by Saudi Arabia’s PIF was the flagship deal, but Qatari and UAE investors have also been active across football, rugby and streaming platforms.

High-net-worth individuals & family offices:
From Sir Jim Ratcliffe to local entrepreneurs, individual investors are targeting clubs as both financial and legacy assets. Family offices are also active, often providing patient capital and taking a long-term view.

Media rights and global audiences fuel valuations

What makes UK sport such a valuable investment class?

• Media rights: The Premier League’s £10bn+ global TV rights package provides unrivalled income stability. The EFL recently signed a £935 million deal with Sky, a 50% uplift.
• Fanbases: English clubs enjoy vast international support, especially across Asia, the Middle East and the US. That global reach opens the door to scalable sponsorship and content strategies.
• Brand power: Owning a club is no longer just about matchdays. With strong digital engagement, merchandise, and global tours, investors see multiple revenue levers beyond the pitch.

Legal and regulatory considerations

Deals in the sector are commercially rich, but also legally complex.

• Structuring and governance: Whether a full takeover or minority investment, structuring for control, voting rights and exit is essential. We’re seeing more consortium deals, and multi-club ownership models that require tailored governance frameworks.
• Due diligence: Beyond financials, buyers must assess player contracts, stadium arrangements, FFP exposure, and contingent liabilities like relegation clauses. Everton’s financial sanctions underline the need for pre-deal risk analysis.
• Approvals and compliance: In England, regulatory approval from the Premier League or EFL is mandatory. Owners’ and directors’ tests, source-of-funds verification and league-level scrutiny can delay or block deals. With the incoming Independent Football Regulator in England creating new regulatory hurdles and UEFA increasing its regulatory requirements for clubs playing in its competitions (particularly around financial sustainability and multi-club ownership and control), oversight is only set to increase.

We combine deep M&A experience with sport-sector knowledge to guide investors through these hurdles, from bid structuring to post-acquisition integration.

Conclusion: A market in motion

The UK sports market is more investable than ever. For investors with the right partners and legal guidance, there is real potential to build value, brand and legacy. From Premier League stakes to rugby turnarounds, the opportunities are diverse, and the momentum is strong.

This article is the first in a two-part series on sports investment. In our next piece we explore the high-growth opportunities emerging beyond club ownership, including sports tech, digital content, commercial rights and the women’s game, and the legal considerations that come with them.

For now, the message is clear: the new game plan is global, strategic and increasingly investor-led. And the UK remains at the heart of the action.