The number of private equity deals in sport has surged nearly 300 per cent since 2018, a new report has shown.

The number grew from 50 in 2018 to 192 in 2025, representing a jump of 284 per cent, according to research in Goldman Sachs’ Playing for Scale report.

There has been a surge of institutional capital across sport since the Covid-19 pandemic, with clubs seen as key to an asset class that appears to be, at worst, holding its worth and, more commonly, gaining value. 

“Private equity funds are participating across the sports ecosystem: as consortium members in controlling ownership bids, as passive partners buying minority stakes, and in some cases, bidding to acquire control themselves,” the report said. 

“In response, leagues have created governance frameworks that allow private equity funds to participate in team capitalisation tables. Because these firms typically demand high standards for financial management, governance, and transparency as part of their diligence process, teams began to further professionalise their operations, with many elevating teams to be more formalised businesses that have the potential to generate significant revenue globally.”

Private equity surge

That has led to the likes of Arctos Partners looking to commit to over $12bn in NFL team stake purchases. 

In the Premier League Chelsea are majority owned by Clearlake Capital after the private equity firm boosted its holding by acquiring stakes from Todd Boehly and Mark Walter earlier this year.

Elsewhere Silver Lake Partners are shareholders in Manchester City, who this year were found guilty by an independent Premier League panel of breaching over 100 finance-related charges. They have appealed the verdict.

Dynasty Equity holds a share of Liverpool, alongside the likes of Fenway Sports Group and Jeff Bezos, while Harris Blitzer Sports & Entertainment has a stake in Crystal Palace.

Private equity vehicles are also part of ownership structures at both Aston Villa and Bournemouth, albeit – like Crystal Palace – through personal funds of owners.

“Despite growing activity, institutional ownership remains a small share of the total addressable market,” the report adds.