• Football M&A activity hit a five-year high in 2025, with 78 deals completed globally, up from 62 deals in 2024.
• More than half of all football M&A deals in 2025 involved US investors.
• Majority acquisitions rose from 35 to 50 deals year-on-year, signalling investors' increasing desire for control rather than minority exposure.
• Half of all English football M&A deals involved clubs in League Two or below, highlighting growing investor interest beyond elite clubs and the Premier League.
• The ongoing implementation of the Football Governance Act 2025 through the Independent Football Regulator is reshaping the ownership, governance and operation of English football clubs.

Global law firm Norton Rose Fulbright has today launched the seventh edition of its annual report, Keeping Possession: Ownership trends in English Premier League football.

US investment continues to shape football ownership

According to Norton Rose Fulbright's analysis of Premier League ownership, US investors continue to play a pivotal role in shaping the football investment landscape. Twelve Premier League clubs now have majority ownership structures involving US investors, while US capital featured in more than half of all football M&A transactions completed globally during 2025.

The report notes that US investment has extended beyond ownership of elite clubs, with investors increasingly acquiring minority stakes and pursuing opportunities further down the football pyramid. This trend reflects the growing maturity of the football investment market and continued confidence in the long-term commercial potential of the sport.

Record levels of football M&A activity

The report highlights that football M&A activity reached its highest level in five years in 2025, with 78 transactions completed globally. The increase was driven by a combination of factors, including rising interest from US investors, growth in multi-club ownership groups and increased investment in lower-league clubs.

Transactions completed during the year included acquisitions involving clubs across England, Scotland and continental Europe, while investment activity in women's football also continued to gather momentum.

Football enters a new regulatory era

The report explores the impact of the Football Governance Act 2025 and the establishment of the Independent Football Regulator (IFR), which is introducing a comprehensive new regulatory framework for clubs across the top five tiers of English men's football. Clubs will become subject to new licensing, governance, financial resilience and fan engagement requirements, while prospective owners and senior executives must pass enhanced suitability assessments.

The report considers the practical implications of these reforms for clubs, investors and ownership groups, including the need to incorporate regulatory considerations into transaction planning, governance structures and long-term investment strategies.

Alongside these changes, the report examines how the continued growth of multi-club ownership groups is creating additional compliance challenges, particularly in relation to participation in UEFA competitions and evolving regulatory expectations.

Fan power is increasing

Five years after the European Super League controversy, the report concludes that fan power has increased through statutory protections and formal engagement requirements, but that supporters still possess limited influence over ownership and control decisions. While legislative reforms, the establishment of an Independent Football Regulator (IFR) and the introduction of formal fan engagement requirements have increased consultation obligations for clubs, the report examines whether recent reforms have fundamentally altered the balance of power within English football or whether meaningful control remains concentrated in the hands of club owners and investors.

Stephen Rigby, corporate partner and lead of Norton Rose Fulbright's sports law practice, said:

"The story continues with record deal volumes and increased investment from the US."

"What is changing is how investors are approaching the market. Minority investments and consortium structures are becoming increasingly common as investors seek different routes into the game while navigating a more demanding regulatory landscape."

Matthew Gregory, financial services and regulatory partner, said:

"Football remains an attractive investment proposition, but it is becoming a more heavily regulated one. Ownership structures, governance arrangements and fan engagement are now subject to greater scrutiny than ever before, and investors are increasingly having to factor regulatory considerations into strategic decision-making from the outset."

"The growth of multi-club ownership groups and the introduction of new regulatory frameworks have added further complexity to the landscape. While these developments are intended to strengthen the game, they also create practical challenges that clubs and investors must navigate carefully."