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Football’s Multiclub Investors Seek Strength in Numbers

Lyon is set to become the latest team to fall under multiclub ownership

Lyon is set to become the latest team to fall under multiclub ownership

Photographer: OLIVIER CHASSIGNOLE/AFP

Hi, it’s David in London. Today I’m revisiting a favorite trend of mine—the rise of multiclub ownership in football. Elsewhere, Freshfields boosts its leveraged finance practice and Elon Musk can’t get a witness.

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Investors wanting to get involved in European football face a conundrum: how do you compete with clubs like Paris Saint-Germain, Manchester City and Newcastle United—all funded by state-owned entities with seemingly limitless resources—and make a return?