Multi-club ownership in professional football: opportunities, risks and legal challenges in Spain and Europe
In the sphere of elite sport, and specifically in professional football, investment is no longer assessed solely in sporting terms. Increasingly, clubs are valued as business assets, with growth potential, operational synergies and the capacity to generate medium- and long-term returns.
In this context, multi-club ownership has emerged, namely structures in which a single investor, fund or corporate group holds interests in more than one club. While this model can serve as a lever for expansion and M&A activity, it also raises significant frictions in relation to competitive integrity, corporate governance and regulatory compliance.
Multi-club ownership: concept and drivers of its prominence
Multi-club ownership does not correspond to a single structure. It may be implemented through direct shareholdings, shareholders’ agreements (including voting syndication arrangements), rights to appoint directors, intermediary vehicles or even forms of decisive influence without the need for a formal majority stake.
For this reason, legal analysis cannot be limited to the percentage of share capital held by the investor. Rather, it is necessary to examine who effectively controls the club’s management, the extent to which sporting and corporate strategy may be influenced and, ultimately, the real scope of influence over each club.
Indeed, the European governing body for football, UEFA, defines control or influence over another club not only by reference to a majority of voting rights, but also by the power to appoint or remove the majority of the governing body, or by any decisive influence over decision-making.
The rise of these structures follows a clear commercial rationale. Investment groups seek to diversify risk, share sporting know-how, optimise scouting, streamline talent identification and development, and build international platforms with enhanced bargaining power. In market terms, practice shows that investment in clubs tends to be structured internationally, typically limiting exposure to one entity per country or competition in order to avoid regulatory and sporting conflicts.
Regulatory framework applicable to multi-club ownership in Spain
In Spain, multi-club ownership is not absolutely prohibited, but it is subject to strict limits. Law 39/2022 of 30 December on Sport establishes the concept of a “significant holding” in sports entities, which generally arises at the threshold of 5% of voting rights, shares, equity interests or convertible securities enabling the acquisition or subscription of such a position.
Accordingly, any person acquiring, transferring or disposing of a significant holding in a sports entity participating in professional competitions must notify the Spanish Sports Council (Consejo Superior de Deportes – CSD), specifying the scope, timing and terms of the transaction. Moreover, the CSD is empowered to request additional information regarding indirect holdings, group structures and transactions carried out through intermediaries, precisely to prevent the concealment of beneficial ownership.
A second layer of safeguards also applies. The Sports Law provides that any person intending to hold a stake equal to or exceeding 25% in corporate sports entities must obtain prior authorisation from the CSD. Furthermore, members of the board of directors and senior executives of such entities may not, whether directly or through related parties, hold any position or significant interest in another sports entity participating in the same professional competition or, if different, within the same sporting discipline or category.
Thus, the Spanish sporting and legislative framework requires a detailed understanding of the applicable rules and their correct interpretation in order to ensure appropriate legal planning.
Multi-club ownership in Europe: UEFA rules and integrity criteria
Even where a transaction is viable at domestic level, this does not guarantee eligibility for European competition. Under its club competition regulations, UEFA maintains a stringent regime aimed at safeguarding competitive integrity, stipulating that no participating club may, directly or indirectly, be involved in the management, administration or sporting performance of another participating club.
Likewise, the same individual or entity may not exercise control or influence over more than one participating club. Such control is understood, inter alia, as:
- Holding a majority of voting rights
- Having the power to appoint or remove the majority of the governing body
- The ability to exercise decisive influence
If two or more clubs fail to comply with this criterion, only one of them may be admitted to the competition.
Recent sporting jurisprudence demonstrates that this is not merely a theoretical risk. UEFA has enforced the multi-club ownership regime in real cases, such as those involving Crystal Palace and Olympique Lyonnais, as well as less high-profile cases such as Drogheda United FC and Silkeborg IF, concluding that there had been breaches of multi-club ownership criteria and reallocating competition places accordingly.
This underscores the clear intention of the European authority to protect the integrity of its competitions.
Multi-club ownership as an M&A strategy in professional football
From a corporate perspective, multi-club ownership can operate as a genuine M&A platform, enabling synergies between clubs in areas such as talent recruitment, academy development, commercial agreements, financing and the optimisation of sporting assets.
It may also facilitate phased investment strategies: initially acquiring a minority stake, followed by an expansion of governance rights and ultimately achieving a position of control or enhanced influence, with an exit strategy duly structured. In this regard, football is increasingly resembling other sectors in which investors organise networks of assets with varying degrees of integration.
However, these commercial advantages will only materialise where the group can demonstrate functional separation, corporate transparency and strict compliance with integrity rules. Accordingly, a sound legal structure is essential. The risk is not merely regulatory, but also reputational and related to corporate governance.
Structuring multi-club ownership transactions correctly
Experience shows that the success of such transactions depends on three coordinated layers from the outset: corporate, regulatory and sporting.
It is therefore necessary not only to define the investment terms (target club, investment vehicle, acquisition percentage, associated governance and economic rights, and board composition), but also to conduct a comprehensive analysis of the applicable regulations in order to verify thresholds, manage any required authorisations and assess potential incompatibilities with UEFA rules.
In this regard, transaction documentation should address, inter alia:
- The initial and future shareholding structure
- The allocation of responsibilities between seller, purchaser and the club’s governing and management bodies
- The obligation to notify the CSD of any significant acquisition or transfer
- Restrictions preventing certain directors or executives from holding positions within more than one group entity where this would breach the legal framework
- Remedies in the event that a club is affected by UEFA admission restrictions
- Divestment mechanisms
Furthermore, it is essential to conduct sporting, corporate and regulatory due diligence with the same level of rigour as in a standard corporate transaction, given that, in practice, many deals fail not due to pricing, but because of complex regulatory constraints.
Conclusion: challenges and opportunities of multi-club ownership
Multi-club ownership in football is not an anomaly but a market reality that will continue to grow as long as the sport attracts sophisticated capital. It offers opportunities for growth, diversification and value creation, but requires particularly careful legal structuring.
In Spain, the Sports Law establishes thresholds for significant holdings, notification obligations and prior authorisations; at European level, UEFA enforces a strict competitive integrity framework that may condition, or even frustrate, a transaction that appears commercially sound.
Accordingly, before entering into such a structure, it is essential to review not only the agreed price and corporate terms, but also the overall architecture of control, influence and sporting compatibility.
Our firm advises on these transactions from a dual perspective: M&A and sports law, enabling us to anticipate risks that do not always emerge in conventional due diligence processes.
If you are considering investing in clubs or building a multi-club ownership structure, even as a club contemplating such a corporate transaction, we can assist in structuring the transaction with the highest legal and strategic safeguards.
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