More than a third of football clubs in Europe’s “big five” leagues are funded by private capital, new research has found, a sharp change in ownership which will pose long-term questions for the game.
Chelsea, Milan, Newcastle and Atalanta are examples of teams owned entirely by private capital, in the shape of private equity funds. But according to the financial analysis firm PitchBook, 35% of top-flight clubs in England, France, Germany, Italy and Spain have acquired private investment in some form.
