Key Takeaways
- • Fasanara Capital, a London-based private credit manager with roughly $6 billion in AUM, has deployed about $400 million across more than 35 sports receivables deals, with ticket sizes of $10 million to $50 million and repayment periods of six to 24 months, according to founder and CEO Francesco Filia.
- • A person familiar with the matter said Fasanara has posted between 10% and 12% on its transfer-backed loans at the fund level without additional leverage.
- • Fasanara's sports strategy targets smaller European soccer clubs, often near the bottom of top-league tables, that struggle to obtain bank financing, with transfer-fee receivables as the primary collateral.
- • Fasanara launched a $500 million sports credit fund alongside Tifosy in 2023, according to Bloomberg, and can access up to 20% of its total AUM for such deals under the broader receivables financing umbrella.
- • Filia estimates the middle-market club financing opportunity at $2 billion to $3 billion annually, citing FIFA data showing more than $13 billion in men's soccer transfer spending last year.
Summary
Fasanara Capital, a London-based alternative asset manager with roughly $6 billion in assets under management, has built a niche in receivables financing for European soccer clubs. Texas Tech University System endowment investment chief Tim Barrett publicly highlighted the firm's partnership on LinkedIn, describing Fasanara as a platform "at the frontier of innovation in private credit and digital strategies." The firm mostly invests on behalf of pension funds, insurers, banks and other large institutions.
According to founder and CEO Francesco Filia, the firm has deployed roughly $400 million on its sports strategy across more than 35 deals, with ticket sizes between $10 million and $50 million and repayment periods of six to 24 months. In 2023, Fasanara launched a $500 million sports credit fund with investment firm Tifosy, according to Bloomberg. Based on press releases, foreign media reports and U.K. Companies House filings, Fasanara has transacted with Levante UD, Royal Antwerp FC, KAA Gent, Genoa CFC, Swansea City AFC and both Burnley FC teams. A person familiar with the matter said the Premier League, Serie A and MLS are represented in the portfolio.
The strategy is primarily built on loans backed by transfer fees: when a club sells a player, Fasanara typically funds the cash upfront, collects interest from the selling club and assumes payment from the buying club. Other collateral, including club or stadium equity and future transfer values of players, is sometimes agreed. Filia said the firm has never had to seize assets. The anonymous source said Fasanara has posted 10% to 12% on transfer-backed loans at the fund level without adding leverage, and that the firm can allocate up to 20% of its total AUM to such deals.
Larger private credit players are also active in European soccer. Apollo lent $108 million to Nottingham Forest last year as part of a debt restructuring, and Oaktree Capital Management took over Inter Milan after previous owner Suning missed a $428 million payment. Apollo and Ares have launched dedicated sports funds, and Filia said "the space is very hot." He estimates 70% to 80% of European loans are originated by banks, which he expects to remain focused on large corporate clients, leaving middle-market clubs underserved. FIFA's Global Transfer Report showed more than $13 billion spent on men's transfers last year, above the prior record of nearly $9.7 billion in 2023. Filia put the middle-market financing opportunity at $2 billion to $3 billion annually.
According to founder and CEO Francesco Filia, the firm has deployed roughly $400 million on its sports strategy across more than 35 deals, with ticket sizes between $10 million and $50 million and repayment periods of six to 24 months. In 2023, Fasanara launched a $500 million sports credit fund with investment firm Tifosy, according to Bloomberg. Based on press releases, foreign media reports and U.K. Companies House filings, Fasanara has transacted with Levante UD, Royal Antwerp FC, KAA Gent, Genoa CFC, Swansea City AFC and both Burnley FC teams. A person familiar with the matter said the Premier League, Serie A and MLS are represented in the portfolio.
The strategy is primarily built on loans backed by transfer fees: when a club sells a player, Fasanara typically funds the cash upfront, collects interest from the selling club and assumes payment from the buying club. Other collateral, including club or stadium equity and future transfer values of players, is sometimes agreed. Filia said the firm has never had to seize assets. The anonymous source said Fasanara has posted 10% to 12% on transfer-backed loans at the fund level without adding leverage, and that the firm can allocate up to 20% of its total AUM to such deals.
Larger private credit players are also active in European soccer. Apollo lent $108 million to Nottingham Forest last year as part of a debt restructuring, and Oaktree Capital Management took over Inter Milan after previous owner Suning missed a $428 million payment. Apollo and Ares have launched dedicated sports funds, and Filia said "the space is very hot." He estimates 70% to 80% of European loans are originated by banks, which he expects to remain focused on large corporate clients, leaving middle-market clubs underserved. FIFA's Global Transfer Report showed more than $13 billion spent on men's transfers last year, above the prior record of nearly $9.7 billion in 2023. Filia put the middle-market financing opportunity at $2 billion to $3 billion annually.
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