Key Takeaways
- • Private equity deals in sport rose from 50 in 2018 to 192 in 2025, an increase of 284 per cent, according to Goldman Sachs' Playing for Scale report.
- • Arctos Partners is reported to be looking to commit over $12bn to NFL team stake purchases.
- • Clearlake Capital is majority owner of Chelsea after boosting its holding by acquiring stakes from Todd Boehly and Mark Walter earlier this year.
- • Leagues have created governance frameworks allowing private equity funds to participate in team capitalisation tables, pushing clubs toward more formalised, professionally managed businesses.
- • Goldman notes institutional ownership remains a small share of the total addressable market despite growing activity.
Summary
Private equity deal activity in professional sport has grown sharply since 2018, according to research in Goldman Sachs' Playing for Scale report. The number of deals rose from 50 in 2018 to 192 in 2025, an increase of 284 per cent. The report links the surge to a broader rise in institutional capital flowing into sport since the Covid-19 pandemic, with team ownership increasingly viewed as an asset class that at worst holds its value and more commonly appreciates.
The report credits league governance changes for much of the trend. Leagues have created frameworks allowing private equity funds to participate in team capitalisation tables. Because these firms typically demand high standards of financial management, governance and transparency in diligence, teams have professionalised their operations and become more formalised businesses with the potential to generate significant global revenue.
Large transactions are emerging across leagues. Arctos Partners is reported to be looking to commit more than $12bn to NFL team stake purchases. In the Premier League, Clearlake Capital is majority owner of Chelsea after increasing its holding through stakes acquired from Todd Boehly and Mark Walter earlier this year. Silver Lake Partners is a shareholder in Manchester City, which this year was found by an independent Premier League panel to have breached over 100 finance-related charges; the club has appealed the verdict. Dynasty Equity holds a stake in Liverpool alongside Fenway Sports Group and Jeff Bezos, and Harris Blitzer Sports & Entertainment has a stake in Crystal Palace. Private equity vehicles also form part of ownership structures at Aston Villa and Bournemouth, though, as at Crystal Palace, these are held through owners' personal funds.
Despite the growth, the report concludes that institutional ownership remains a small share of the total addressable market. City AM also carried coverage of the report.
The report credits league governance changes for much of the trend. Leagues have created frameworks allowing private equity funds to participate in team capitalisation tables. Because these firms typically demand high standards of financial management, governance and transparency in diligence, teams have professionalised their operations and become more formalised businesses with the potential to generate significant global revenue.
Large transactions are emerging across leagues. Arctos Partners is reported to be looking to commit more than $12bn to NFL team stake purchases. In the Premier League, Clearlake Capital is majority owner of Chelsea after increasing its holding through stakes acquired from Todd Boehly and Mark Walter earlier this year. Silver Lake Partners is a shareholder in Manchester City, which this year was found by an independent Premier League panel to have breached over 100 finance-related charges; the club has appealed the verdict. Dynasty Equity holds a stake in Liverpool alongside Fenway Sports Group and Jeff Bezos, and Harris Blitzer Sports & Entertainment has a stake in Crystal Palace. Private equity vehicles also form part of ownership structures at Aston Villa and Bournemouth, though, as at Crystal Palace, these are held through owners' personal funds.
Despite the growth, the report concludes that institutional ownership remains a small share of the total addressable market. City AM also carried coverage of the report.
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