Premium sports properties continue to show unique market resilience to the macroeconomic headwinds impacting mergers and acquisitions (M&A) across industries. Robust deal flow and sustained interest from institutional investors, private equity (PE) firms and high-net-worth individuals continue to underscore the sector’s enduring appeal.

While the M&A process in sports can be protracted and would benefit from further professionalisation, this sustained activity is rapidly transforming the global sports investment landscape, cementing its status as a compelling and increasingly sought-after asset class.

The third edition of our Sports Investment Outlook examines the key trends that shaped 2024, informed by Deloitte analysis of investment activity into sports rightsholders globally, and the forces poised to drive deal activity in 2025 and beyond.

Sports M&A activity in 2024: An overview

2024 emphasised the widening spectrum, and diversity, of opportunities within the global sports M&A market.

While 2024 saw a notable reduction (c. 15%) in the number of rightsholder transactions in comparison to 2023, investor demand remained relatively high, with high-profile deals taking place across a diverse range of properties in the sector.

Sports M&A activity in 2025: Deloitte’s outlook

The first wave of private equity exits

As we look to 2025 and beyond, we anticipate the first significant wave of PE exits, marking a critical juncture in the evolving sports investment landscape. Investors will increasingly assess whether to hold, sell, or restructure their stakes in sports properties. On the back of PE exits, investors will evaluate the returns achieved by early market participants and consider their own investment thesis and exit strategies, potentially shaping the future ownership structures and influencing how new capital is deployed in the sector.

In this regard, attention will naturally turn to European football, where private equity investments date back to the mid-2010s, with said investors increasingly focused on strategic exit opportunities.

In 2025 and beyond, whilst we expect many PE firms to pursue full divestitures, we expect some to opt for recapitalisation strategies, such as structured minority sales, allowing incumbents to maintain exposure to the sector’s growth potential and unlock liquidity, whilst potentially paving the way for full disposal down the line.

Polarisation to fuel the ‘barbell effect’

The sports investment market is expected to experience increasing divergence in 2025, with capital flowing disproportionately toward two distinct categories: premium, established properties and high-growth, emerging sports. This ‘barbell effect’ will likely continue to reflect investor appetite for both stable, blue-chip assets and dynamic, emerging opportunities that cater to evolving audience preferences.

At the top end of the market, elite franchises such as those in the NFL, NBA, and English Premier League are expected to continue commanding record-breaking valuations, attracting institutional capital and private equity investment. These properties offer a unique combination of global reach, strong brand equity, and lucrative media rights, reinforcing their appeal to investors seeking long-term stability and predictable returns.

However, as the valuations of premium assets continue to grow, the number of sole buyers for entities of this scale will diminish. As a result, we may see a rise in investor consortiums and sophisticated investors acquiring smaller, tactical investments in premium assets, such as within stadia development and media rights contracts. This divergence will reshape capital allocation and influence long-term strategies across the sports investment market.

Within women’s sport, the commercial success of various franchises demonstrates its increasing viability as an investment class and we expect this to remain one of the fastest-growing segments in the industry, with team valuations rising at pace. Brands and sponsors are taking note, with a growing number of partnerships and endorsements expected to drive further commercial momentum.

Investors to increasingly look beyond the football pitch

While football has long dominated the sports M&A landscape, 2025 is expected to see a growing number of investors broadening their focus, exploring opportunities beyond the traditional strongholds of European and North American football. This shift aligns with the aforementioned polarisation of sports investment, where capital is not only flowing toward premium properties but also into high-growth alternative sports.

Asset managers are forecast to direct increasing capital towards emerging sports that are digitally native and poised for rapid growth. Sports such as pickleball, snowboarding, and esports are gaining traction, particularly amongst younger demographics. Investors expanding beyond football markets may gain first-mover advantages in high-growth sports, unlocking new revenue streams.

Disruptor leagues are also expected to gain further attention. These asset types offer scalable media opportunities and innovative sponsorship models, attracting investors seeking to capitalise on shifting consumer engagement trends. The ability to leverage data from large and engaged fan bases for commercial growth further amplifies their appeal.

As investors continue to explore non-traditional sporting assets, the global sports ecosystem is set to evolve into a more diverse and dynamic investment landscape.

The enduring appeal of minority stakes

As valuations for premium sports properties rise, minority stakes will continue to be an increasingly attractive option for both rightsholders, as well as institutional investors, private equity firms, and family offices.

For investors, minority acquisitions offer the opportunity to gain exposure to coveted, scarce assets. For owners, it can unlock liquidity, providing growth capital and the opportunity to de-risk a valuable portfolio asset. High-profile transactions, such as recent minority stake sales in top-tier football clubs and US franchises, illustrate this growing appetite for passive investment structures.

As we saw in 2024, minority stakes can also offer sports rightsholders an opportunity to bring in strategic partners and/or high-profile athletes/celebrities who can add value beyond capital injection. Investors with expertise in media, entertainment, technology, and global brand development are increasingly being sought by clubs and leagues looking to expand their international footprint and enhance a sports entity’s opportunity to diversify commercialisation efforts. Likewise, high-profile individuals, seeking to leverage their brand following and transition to part-owners, offer a unique avenue to engage the next generation of fan and unlock new commercial opportunities.

This trend is expected to be a defining feature of the sports investment landscape in 2025. As sports organisations continue to diversify their ownership structures, minority investments will likely play a larger role in shaping the financial ecosystem of elite sports in the coming years.

Conclusion

The sports investment landscape in 2025 is set to be shaped by investors preparing for strategic exits, diversified asset acquisition, and the evolving commercial dynamics of the sport industry itself.

While premium rightsholders will continue to attract institutional capital, emerging opportunities in women’s sport, disruptor leagues, and collegiate athletics are also expected to expand the investment universe.

As the pool of investors targeting the sports sector deepens and diversifies, the greater professionalisation of M&A processes will be crucial in bolstering investor confidence and enhancing asset value. Equally important is the need for thorough due diligence, ensuring strategic fit and a well-defined investment rationale. This meticulous approach from all stakeholders will be paramount in facilitating and positioning investments for success.

This ongoing professionalisation is also driving greater sophistication in sports M&A transactions. We anticipate a continued emphasis on robust, cohesive and end-to-end investment processes that foster trust and transparency among stakeholders across the industry.

While this analysis has focused on rightsholder transactions, our wider research also points towards a parallel uptick in near-market sports M&A activity. As the industry matures, investors are increasingly drawn to businesses serving the sport ecosystem, offering compelling investment opportunities driven by market tailwinds such as expanding addressable markets, market consolidation opportunities, and synergistic benefits available to diversified sports portfolios.  

For investors, the challenge will continue to lie in balancing risk, identifying assets with long-term growth potential, and adapting to the industry’s rapidly evolving commercial landscape.  

Amidst evolving capital markets, sports remain a dynamic, resilient and compelling asset class, one that continues to evolve beyond traditional ownership models to present a wealth of opportunity to investors around the world.