In Hollywood, the phrase “nobody knows anything” was coined by William Goldman in 1983, a time when the film industry was booming yet unpredictable. That same unpredictability seems to define modern football’s business landscape, where profitability remains elusive despite soaring global popularity.
This paradox was on full display at the recent FT Business of Football Summit, where industry leaders gathered to discuss the game’s financial future. Football is undeniably thriving in terms of engagement expanded tournaments, growing media rights, and live matches that command attention like few other forms of entertainment. Yet, behind the scenes, executives continue to grapple with the challenge of turning immense popularity into sustainable profit.
Todd Boehly, co-owner of Chelsea, put forth a vision of football’s future that mirrors streaming platforms. He sees the Premier League pursuing a global media rights deal akin to MLS’s partnership with Apple or the NFL’s with DAZN. The idea of a single platform catering to fans worldwide is appealing, especially for a league as lucrative as the Premier League. However, for many other clubs across Europe, such a model may not be viable, requiring alternative solutions.
Marseille, for instance, is exploring ways to turn its stadium into an all-week destination and expand digital revenue streams. Sporting CP in Portugal considers dynamic ticket pricing a key strategy, while Juventus’ Giorgio Chiellini acknowledges that more matches are inevitable but argues that revenues must be distributed more fairly.
While innovation is encouraged, consensus on financial regulations remains elusive. The idea of achieving financial sustainability and competitive balance is universally accepted in theory, but different stakeholders define it in conflicting ways. The Premier League fears that an independent regulator will be overly restrictive, stifling the league’s financial dynamism. The European Club Association echoes similar concerns about excessive regulation. Others, however, worry that too much financial freedom could widen the gap between elite clubs and the rest, threatening the sport’s competitive integrity.
For some, like Inter board member Fausto Zanetton, the focus should be on cutting losses rather than increasing revenue. Meanwhile, legal experts warn that a lack of financial balance could eventually lead to the league’s decline. Despite these contrasting views, one truth remains clear: football has never been more watched, yet its revenues still fail to reflect its global influence.
Beyond the numbers, the industry’s leaders often have deeply personal motivations. While financial interests and commercial opportunities drive many investments, so too do the emotional aspects legacy, passion, and the desire to be part of something greater. In a sport defined by its emotional pull, this human element remains an undervalued force shaping its future.
