U.S. Investors Taking Over Premier League Soccer

In today's edition of the Front Office Sports newsletter, we're taking a look at how U.S. investors are slowly but surely taking over English Premier League clubs.

Americans Keep Buying Soccer Teams

European soccer is planting more U.S. roots.

If Chelsea FC’s $5.4 billion?sale to U.S. billionaire Todd Boehly goes through as expected, next season could mark the first time that more than half of the English Premier League’s top 20 teams?are backed by U.S. money.

The?list?runs long even without Chelsea: Arsenal, Burnley, Fulham, Liverpool, Manchester United, Aston Villa, Crystal Palace, Leeds United, Manchester City, West Ham, and Wolves, though Burnley and Leeds United may be relegated from the division by next week.

Most of the European teams’ U.S. investors have U.S. sports ties:

• Liverpool FC was purchased in 2010 by?Fenway Sports Group, which also owns the Boston Red Sox. Last year, it?agreed?to buy the Pittsburgh Penguins for around $900 million.
• Manchester United is owned by the Glazer family, who?bought?the?Tampa Bay Buccaneers?for a then-record $192 million in 1995.
• Crystal Palace is owned by John Textor, Josh Harris, and David Blitzer — the latter two own Harris Blitzer Sports Entertainment, which owns the?Philadelphia 76ers and the New Jersey Devils.

Some fans are worried about the culture difference — European owners don’t anticipate a profit, while U.S. owners expect one.

Outlets reported earlier this week that the?Chelsea sale?was delayed reportedly due to outgoing owner?Roman Abramovich?not giving the U.K. government assurances that the proceeds will go to charity. Not long after, there were?reports that?the parties had come to an agreement and the Mirror also?reported that a deal might have been struck.

Chelsea’s temporary license to operate?expires May 31.

Conversation Starters

• The Indy 500 is less than 10 days away and “The Greatest Spectacle in Racing” is on pace for its best attendance showing since the pandemic began.
• A coalition of human rights organizations — led by Amnesty International?— are reportedly demanding that FIFA provide at least $440 million to migrant workers who helped build the 2022 men’s World Cup infrastructure.
• F45 Training, an operator of fitness classes backed by Mark Wahlberg, generated $50 million in revenue in Q1 2022, a?175% increase year-over-year.
• In a breakthrough for gender equality, FIFA confirmed Thursday that female referees will officiate a men's World Cup for the first time at this year's edition in November.
• After canceling the Russian Grand Prix in February due to the country’s ongoing invasion of Ukraine, Formula 1 has decided not to replace the event on the 2022 calendar.

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