Football as an Alternative Investment: A Review of Ownership and Multi-Club Structures

Abstract

The purpose of this article is to conceptualise professional football as an alternative investment by focusing on multi-club ownership (MCO) as the central structure through which investors create value and manage risk. The study adopts a narrative, conceptually structured review approach, synthesising recent academic contributions and industry reports. Within this framework, MCO is used as a central analytical lens to illustrate how investors structure portfolios of clubs and exploit synergies across different markets. The review indicates that football investments generate value through both financial mechanisms (broadcasting, sponsorship, capital appreciation) and intangible assets such as brand equity, fan engagement, and talent development pipelines. Available evidence shows that football clubs have outperformed major financial indices in recent years, underscoring their resilience even during periods of economic volatility. At the same time, the expansion of MCO networks raises governance concerns, competitive integrity risks, and tensions with local cultural identities. The article integrates these findings into a coherent review of current knowledge and outlines directions for further empirical research.