The number of private equity deals in sport has surged nearly 300 per cent since 2018, according to a new report from Goldman Sachs.
The research, titled Playing for Scale, found the number of deals grew from 50 in 2018 to 192 in 2025, a jump of 284 per cent. There has been a surge of institutional capital across sport since the Covid-19 pandemic, with clubs seen as key to an asset class that appears to be, at worst, holding its worth and, more commonly, gaining value.
The report said private equity funds are participating across the sports ecosystem, from controlling ownership bids to passive minority stakes, and even bidding for control themselves. In response, leagues have created governance frameworks to allow private equity participation, and teams began to professionalise their operations, with many becoming more formalised businesses with potential to generate significant revenue globally.
The surge has seen firms such as Arctos Partners looking to commit to over $12bn in NFL team stake purchases. In the Premier League, Chelsea are majority owned by Clearlake Capital after it boosted its holding earlier this year. Silver Lake Partners holds a stake in Manchester City, which was found guilty of breaching over 100 finance-related charges by an independent panel and has appealed. Dynasty Equity has a share in Liverpool, alongside Fenway Sports Group and Jeff Bezos, while Harris Blitzer Sports & Entertainment has a stake in Crystal Palace. Private equity vehicles are also part of ownership structures at Aston Villa and Bournemouth through owners' personal funds.
"Despite growing activity, institutional ownership remains a small share of the total addressable market," the report adds.
Analysis
Why This Matters
- Private equity is reshaping club ownership and financial management, potentially increasing commercialisation and revenue.
- The trend brings more professional governance but also risks of financialisation and fan backlash.
- If institutional ownership grows, it could influence league structures, spending rules, and competitive balance.
Background
Private equity investment in sport has grown significantly since the pandemic, with clubs seen as a stable or appreciating asset class. Leagues such as the NFL, Premier League, and others have adapted rules to allow funds to buy stakes. The Goldman Sachs report tracks this growth from 2018 to 2025.
What to Watch
- Whether further leagues open to institutional ownership, particularly in US and European football.
- Potential regulatory scrutiny of private equity influence on club governance and fair play.
- Financial performance of clubs with institutional backing relative to traditional ownership.
Checked
11 claims in this story checked against 1 source: 9 supported.
Show each claim
- SupportedPrivate-equity deals in sport surged 284% since 2018, according to Goldman Sachs.City AM: “The number grew from 50 in 2018 to 192 in 2025, representing a jump of 284 per cent, according to research in Goldman Sachs’ Playing for Scale report.”
- SupportedInstitutional capital has surged across sport since the Covid-19 pandemic, and clubs are seen as key to an asset class that appears to be holding or gaining value.City AM: “There has been a surge of institutional capital across sport since the Covid-19 pandemic, with clubs seen as key to an asset class that appears to be, at worst, holding its worth and, more commonly, gaining value.”
- SupportedA new Goldman Sachs report says the number of private-equity deals in sport has surged nearly 300% since 2018.City AM: “The number of private equity deals in sport has surged nearly 300 per cent since 2018, a new report has shown.”
- Partly supportedThe report says private-equity funds participate in controlling ownership bids, passive minority stakes and bids for control themselves.City AM: ““Private equity funds are participating across the sports ecosystem: as consortium members in controlling ownership bids, as passive partners buying minority stakes, and in some cases, bidding to acquire control themselves,” the report said.”
- Partly supportedLeagues created governance frameworks and teams professionalised their operations in response to private-equity participation.City AM: ““In response, leagues have created governance frameworks that allow private equity funds to participate in team capitalisation tables. Because these firms typically demand high standards for financial management, governance, and transparency as part of their diligence process, teams began to further professionalise their operations”
- SupportedArctos Partners is looking to commit over $12bn in NFL team stake purchases.City AM: “That has led to the likes of Arctos Partners looking to commit to over $12bn in NFL team stake purchases.”
- SupportedChelsea are majority owned by Clearlake Capital, which boosted its holding earlier this year.City AM: “In the Premier League Chelsea are majority owned by Clearlake Capital after the private equity firm boosted its holding by acquiring stakes from Todd Boehly and Mark Walter earlier this year.”
- SupportedManchester City was found guilty by an independent panel of breaching over 100 finance-related charges and has appealed.City AM: “Elsewhere Silver Lake Partners are shareholders in Manchester City, who this year were found guilty by an independent Premier League panel of breaching over 100 finance-related charges. They have appealed the verdict.”
- SupportedDynasty Equity has a share in Liverpool alongside Fenway Sports Group and Jeff Bezos, and Harris Blitzer Sports & Entertainment has a stake in Crystal Palace.City AM: “Dynasty Equity holds a share of Liverpool, alongside the likes of Fenway Sports Group and Jeff Bezos , while Harris Blitzer Sports & Entertainment has a stake in Crystal Palace.”
- SupportedPrivate-equity vehicles are part of the ownership structures at Aston Villa and Bournemouth through owners’ personal funds.City AM: “Private equity vehicles are also part of ownership structures at both Aston Villa and Bournemouth, albeit – like Crystal Palace – through personal funds of owners.”
- SupportedThe report says institutional ownership remains a small share of the total addressable market despite growing activity.City AM: ““Despite growing activity, institutional ownership remains a small share of the total addressable market,” the report adds.”
