From trophy assets to strategic investments

: the role of revenue diversification in PE-owned football clubs

Abstract

This thesis investigates how private equity (PE) ownership is reshaping the strategic direction of European football clubs, with a focus on revenue diversification. As commercial income becomes a dominant force in the sport, clubs are under growing pressure to expand and stabilize their revenue streams. Long considered financially unstable and inefficient, the football industry is now attracting increasing interest from PE investors. While some view the profit orientation of PE as a threat to the sport’s integrity, others argue that it can drive much-needed structural reform. This study examines the role of revenue diversification in this context, using the Resource-Based View (RBV) and dynamic capabilities frameworks to evaluate whether such strategies can create sustainable competitive advantages. The findings suggest that, when aligned with internal capabilities and stakeholder interests, revenue diversification can strengthen financial resilience and long-term performance. By connecting insights from strategic management, sports investment, and organizational theory, this thesis offers a fresh perspective on how private equity can influence value creation in performance-driven, socially embedded organizations. The research is based on a qualitative case study design, employing thematic analysis of ten expert interviews and a supporting fan survey to incorporate the role of fan sentiment. Additionally, a focused case analysis of AC Milan was conducted to examine how PE ownership has influenced their revenue diversification strategies.

Date of Award	13 Oct 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Peter V. Rajsingh (Supervisor)