When the ENIC Group acquired stakes in Tottenham Hotspur and Glasgow Rangers in 1997, it marked the quiet arrival of private equity in European football. Over the following decades, institutional capital transformed individual clubs—from AC Milan to Manchester City—into global financial assets. Today, however, the sport faces a far more radical paradigm shift: private equity is no longer just buying clubs; it is buying into leagues themselves.

ISPO 2025, the world’s largest sports trade fair and the final edition held in Munich after 55 years, offered a clear snapshot of where the sports industry is heading. Beyond product showcases and networking, several structural trends stood out. Together, they signal significant shifts in participation habits, market power, and how new generations engage with sport.

Atlético de Madrid and Borussia Dortmund stand among Europe's biggest football institutions — ranked 11th and 12th by their revenue in the Deloitte Football Money League 2025 report on Europe's elite football clubs.