US investors extend lead in football M&A as activity intensifies in 2025

Following a series of recent deals involving US investors, American interest in football clubs once again appears to be gaining momentum in 2025.

Just within the past few weeks, New York-based businessman David Gandler acquired a majority stake in League One side Leyton Orient, becoming the club’s new controlling shareholder.

Also in English League One, Reading FC last week completed a takeover by Americans Rob Couhig and Todd Trosclair through their company, Redwood Holdings Limited. The deal, which includes both the stadium and training ground, follows a turbulent period for the club on and off the pitch.

In Portugal, Benfica announced the sale of a stake in the club to US-based Lenore Sports Group, marking the latest example of American capital entering continental European football. 

The presence of US investors in football is by no means a new phenomenon. Over the past decade, a growing number of American individuals, funds and consortia have acquired stakes in clubs across Europe — from the Premier League to the lower tiers and abroad. But so far in 2025, the pace of US-led M&A activity appears to be accelerating.

According to Off The Pitch's M&A Tracker, which monitors transactions involving football club ownership, 2025 has already seen a high number of deals with American involvement – despite the year being less than five months old.

So far this year, 30 deals involving football clubs have been registered globally, with 19 of those involving US-based investors. That means nearly two-thirds of all activity is currently being driven by American buyers. 

By comparison, the first five months of 2024 saw 28 total deals, 14 of which were US-backed, while in the same period in 2023, American investors were involved in 7 out of 15 completed transactions.

“Interest from US investors isn’t new, but it has become more diversified in recent years. It’s no longer limited to top-tier leagues,” says Pavel Montero, Executive Director at Tifosy Capital & Advisory, who advises investors on acquisitions in football.

“Investors are increasingly looking further down the football pyramid and into emerging markets.”

While the volume of deals is one way to measure activity, the type of capital flowing into football has also shifted in recent years. It's not just the number of transactions that's changing, but also the profile of those involved — particularly among US investors, who are no longer limited to a few high-profile names or ownership groups.

Montero points to a shift not only in the types of investors entering the market, but also in the nature of the capital being deployed. 

“There’s still a mix of investor types, but we’ve seen a noticeable increase in structured capital entering the space. Family offices and small to mid-sized private equity firms are becoming more active, especially where there’s a clear path to value creation — such as through player trading or stadium development.”

He highlights several factors that continue to make European football attractive to American investors. 

“There’s a combination of factors making European football attractive to investors: lower entry valuations, limited ownership restrictions, significant room for commercial growth, and — particularly in cases involving stadium projects — meaningful real estate upside,” he says and continues.

“At the same time, the sector presents challenges, including weaker media rights dynamics in some markets, financial unpredictability due to promotion/relegation and European competition qualification, and a general lack of profitability across many clubs.”

So, what actually drives their decision-making? 

While motivations vary, certain patterns are beginning to emerge across markets. According to Montero, many US investors are now taking a more strategic and criteria-driven approach when assessing potential acquisitions.

“It varies by market, but generally US investors are drawn to clubs that offer a mix of tangible assets and upside. Infrastructure — especially stadiums or real estate — is a major factor. So is the club’s ability to identify and develop talent efficiently.”

In addition to tangible assets and development potential, broader market conditions also play a role in shaping investor interest.

“Broadcasting revenue is another key consideration, with markets like the UK seen as more mature and stable. They’ll also assess sporting upside — whether the club has a realistic chance of promotion or European competition — and whether the project has scale, which often ties back to market size and fan base.”

Investors from the UK continue to be the second most active group in the football M&A market, but their deal count remains far behind that of their US counterparts. So far in 2025, UK-based buyers have been involved in just three deals – a figure consistent with previous full years, having recorded eight deals in both 2023 and 2024. In comparison, US investors were involved in 23 deals in 2023 and 28 in 2024.