Beyond Europe's Big Five: Where Football Investment Can Create Value

A Different Investment Landscape 

European football investment is no longer exclusively focused on England, Spain, Germany, Italy and France. 

Beyond these established markets, several smaller leagues offer alternative opportunities for investors seeking player development, commercial growth and long-term value creation. 

According to UEFA, European top-division club revenues are expected to exceed €30 billion in 2025. However, rising operating costs demonstrate that revenue growth does not automatically translate into profitability. (UEFA) 

For investors, identifying the right market may therefore be as important as selecting the right club.

Six Markets, Different Investment Advantages

Portugal – Primeira Liga 

Portugal offers an established player-development and transfer-export ecosystem. 

Clubs benefit from international scouting networks, academy structures and established access to major European transfer markets. 

Between 2014 and 2023, approximately 91% of Portuguese clubs' transfer revenues came from international transactions, highlighting the importance of foreign demand. 

Belgium – Pro League 

Belgium provides opportunities for recruitment-led investment strategies, particularly through developing younger players and connecting them with larger European markets. 

Its position within international scouting networks also makes it relevant to multi-club investment models. 

Netherlands – Eredivisie 

The Netherlands combines established academy traditions with structured football development. 

For investors, opportunities may emerge through player development, commercial operations and long-term sporting planning, although ownership structures require careful examination. 

Denmark – Superliga 

Denmark offers an interesting environment for data-driven recruitment, efficient player development and disciplined sporting operations. 

The opportunity lies in creating value through effective decision-making rather than relying exclusively on financial spending. 

Poland – Ekstraklasa 

Poland presents a different proposition, with opportunities linked to domestic fan engagement, commercial development and strengthening club infrastructure. 

Its investment potential depends significantly on individual club finances, facilities and market position. 

Croatia – HNL 

Croatia remains closely associated with youth development and exporting football talent. 

For investors, academy investment and international recruitment partnerships may offer opportunities, although limited domestic revenues can increase dependence on player sales. 

CIES research highlights the strong reliance on international transfer revenues in several European markets, including Portugal, the Netherlands and Belgium. ( (CIES Football Observatory)

Why Clubs Need External Investment 

Many clubs outside Europe's wealthiest leagues operate with limited broadcasting income, rising costs and increasing competitive demands. 

External investors can provide capital for infrastructure, academy development, recruitment departments and improved commercial operations. 

However, investment can also become a financial lifeline for clubs struggling with structural deficits. 

Without operational reform, additional funding may simply postpone existing problems.

Building a Sustainable Investment Model

A sustainable strategy requires more than acquiring a club at an attractive valuation. 

Investors must assess operating costs, ownership structures, regulatory restrictions, potential revenues and the realistic prospects of player trading. 

Multi-club networks may create recruitment and operational advantages, but also introduce governance and regulatory challenges. 

The objective should be to establish a financially resilient organisation capable of generating value beyond occasional transfer profits or European qualification.

Football Planet Perspective 

The most attractive football investment is not necessarily found in the largest league or the most famous club. 

Portugal, Belgium, the Netherlands, Denmark, Poland and Croatia offer different strategic possibilities rather than guaranteed investment returns. 

For investment groups, the decisive factor is the alignment between market characteristics, club identity, financial discipline and long-term sporting development. 

Capital can accelerate progress. A sustainable football model determines whether that progress can last.