" <i>The Financialization of Sports. Multi-Club Ownerships in Football as a Broader Trend of Capitalist Financialization " </i>

Diplôme Master " <i>The Financialization of Sports. Multi-Club Ownerships in Football as a Broader Trend of Capitalist Financialization " </i> eng 2026-06-10 author Dummar Matteo 937872 director Nodari Gianandrea 945917 Institut d'histoire économique Paul Bairoch (SdS) (IHEPB) 75 Today, the question of Multi-Club Ownership (MCO) within football has become a heated topic. With the recent exclusion from UEFA competitions of clubs such as Crystal Palace, the reality of these models has gained more spotlight, with questions surrounding the reasons behind their existence in the first place. This thesis aims to investigate one possible reason, looking at MCO structures in football and whether they reflect broader trends in capitalist financialization. The former have grown rapidly, from 40 clubs in 2012 to over 280 clubs under MCOs by 2023, though little academic research has been conducted to this point on this still growing form of ownership in football. The research question is addressed through a first chapter that follows a historical perspective of capitalist financialization and MCOs, followed up by a second chapter that presents three in-depth case studies: 777 Partners, the City Football Group, and Red Bull GmbH. Drawing on Epstein’s (2005) definition of financialization and Fine’s (2012) eight structural features, the study finds that all three MCO models exhibit core financialization trends: the entry of financial actors into football, the treatment of clubs as financial assets within global portfolios, and the prioritization of capital accumulation over sporting or community interests. However, the manifestation of financialization varies across models, from extractive private-equity logic (777 Partners) to assetization and portfolio optimization (CFG) to brand-led platformization (Red Bull). While sporting justifications for MCOs exist, they operate alongside and are often subordinate to financial motives. The findings help conclude that MCO structures in football do indeed reflect broader capitalist financialization trends, though the forms MCOs take can vary between one-another. The findings tell the story of the troubled future of football governance, competitive balance, and club-community relationships in an era of increasing financial encroachment. The Financialization of Sports Multi-Club Ownerships in Football Broader Trend of Capitalist Financialization Dewey 330 Dewey 330.9 Master in Political Economy of Capitalism 123 Département d'histoire, économie et société T5 193 Institut d'histoire économique Paul Bairoch TE false 1a112477-a58c-4d8a-adf0-b955d5abcca0 Master thesis Restricted MatteoDUMMAR-MasterThesis.pdf 1158071 application/pdf Private 2026-09-30 62de354e751bb02f3c8a36b0f35317c48389412e8d7b3ea2e87f63fe78773107 embargoedAccess Faculté des sciences de la société / Département d'histoire, économie et société Faculté des sciences de la société / Institut d'histoire économique Paul Bairoch

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" The Financialization of Sports. Multi-Club Ownerships in Football as a Broader Trend of Capitalist Financialization "				2026	1	0

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Dummar, Matteo