Private Capital’s Expanding Role in European Football: Apollo’s $5B Bet

This move signals a deepening commitment from private capital in football, and it comes at a moment when revenues across Europe’s “Big Five” leagues are climbing but challenges around sustainability, governance, and competition remain.

Apollo’s Big Play

Apollo’s new fund—the firm’s first permanent capital vehicle dedicated solely to sports—underscores how attractive football has become to institutional investors. Earlier this year, Apollo issued an £80 million loan to Nottingham Forest, marking its first financial foray into the Premier League. In July, reports linked the firm with talks to acquire a minority stake in Atlético Madrid, a deal that could value the Spanish club at up to €3 billion.

Apollo’s timing is no coincidence. According to Deloitte’s Annual Review of Football Finance, the European football market hit record revenues of €35.3 billion in 2022/23, driven by a post-pandemic rebound, full stadium attendances, and new broadcast cycles

With the Premier League generating more than double the revenue of France’s Ligue 1, the scale of the opportunity for private equity is vast.

The Rise of Private Capital in Football

Private capital’s role in European football has accelerated in recent years. PitchBook data shows that among Europe’s top five leagues, 36.5% of clubs now have some form of PE, VC, or private debt participation—up from 35.7% two seasons ago. Most of this activity is concentrated in the Premier League, but continental clubs are also attracting capital, especially as valuations rise and traditional revenue streams face pressure.

The chart highlights the scale of this involvement: 30 clubs are currently PE-backed, three VC-backed, and another three formerly PE-backed. While the majority still fall under the “Other” category, the footprint of private finance is significant and growing. CVC Capital Partners, for instance, has invested in Spain’s LaLiga and France’s Ligue 1, even though it has struggled with exits in other sports such as English Premiership Rugby.

Women’s football is also beginning to draw dedicated investors. West Ham United’s women’s team, for example, has been in talks with Monarch Collective about a deal valuing the side at £55 million—evidence that investors see long-term potential beyond the men’s game.

League Revenues: A Tale of Contrasts

The investment boom is underpinned by healthy revenues but also reveals stark contrasts across Europe. Deloitte projects that the Premier League will generate €8.2 billion in the 2024/25 season, nearly five times more than France’s Ligue 1 at €1.7 billion

The chart illustrates how the Premier League towers over its peers. Spain’s La Liga and Germany’s Bundesliga both hover around €4.0–4.2 billion, with Italy’s Serie A further behind at €3.0 billion. The average across the “Big Five” is €4.2 billion—half the size of England’s top flight.

These disparities explain why English clubs remain prime targets for global investors. They also reflect broader structural dynamics. Bundesliga’s strict ownership rules, for instance, limit outside investment, while Ligue 1 has leaned heavily on CVC’s capital injections to offset declining broadcast values.

Opportunities and Headwinds

Despite rising revenues, profitability is elusive for many clubs. Deloitte notes that while aggregate operating profits across the “Big Five” returned in 2022/23 for the first time since 2018/19, pre-tax losses still exceeded €1 billion

Premier League clubs alone reported aggregate pre-tax losses of £685 million in 2022/23, driven by soaring wage bills and amortisation costs.

These financial imbalances make external capital both a lifeline and a potential risk. On one hand, investors like Apollo can provide stability, fund infrastructure, and diversify revenues through stadium development and commercial expansion. On the other hand, short-term return pressures may clash with the long-term sporting and cultural identity of clubs.

The Next Frontier: Regulation and Strategy

The influx of private equity has triggered debates over governance. In Germany, fan opposition scuttled a proposed private equity deal for Bundesliga media rights. In England, the government has paused plans for an independent football regulator amid the general election, leaving questions about how to safeguard sustainability and heritage

For investors, this environment demands careful navigation. Successful deals will require not only capital but also alignment with fans, regulators, and club stakeholders. Apollo’s new fund is entering an ecosystem that is increasingly global, financially complex, and under scrutiny.

Conclusion

Apollo’s $5 billion sports fund marks a new phase in football’s financial evolution. With revenues projected to keep climbing and private capital already embedded in more than a third of Europe’s top clubs, competition for assets is set to intensify.

But the long-term health of the game will depend on balancing financial ambition with sustainable growth. For Apollo and other investors, the prize is clear: football remains the world’s most watched and commercially powerful sport. The challenge will be ensuring that investment enhances—not undermines—the integrity and future of the game.

Sources & References

Deloitte. (2025). Annual Review of Football Finance 2025. https://www.deloitte.com/uk/en/services/consulting/research/annual-review-of-football-finance-europe.html 

PitchBook. (2025). Apollo to start $5B sports fund as sector continues to gain traction. https://pitchbook.com/news/articles/apollo-to-start-5b-sports-fund-as-sector-continues-to-gain-traction

PitchBook. (2025). Every PE connection to Europe’s top football clubs. https://pitchbook.com/news/articles/private-equity-european-football-dashboard 

PitchBook. (2025). Private Capital in European Football: Part III. https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-private-capital-in-european-football-part-iii