Motivations for Owning a Football Club Over Time

Speculation about the sale of professional football clubs is a hot news topic and is now competing in the media with the speculation about the transfers of star players. The motivations of the entities that buy these clubs are heterogeneous and have evolved over recent decades. Changes in the legal status of clubs in the five major European championships have made it possible to open-up their capital structure and have opened the door to a certain number of players, each of whom pursues their own specific objectives: companies, billionaires, foreign states or affiliated entities, investment funds, etc. The motivations of these owners can be very different, leading in some cases to seeking to maximize the number of victories and in others to maximize financial profits. We identify the specific characteristics of each type of owner.