Two years ago this month, 12 of Europe’s top football clubs sought to break the sport’s longstanding ecosystem and create a new competition more to their liking.
But the European Super League proved a shortlived project, collapsing after less than 48 hours under the weight of protest from fans and politicians.
The idea of a breakaway competition lingers on, both in the courts and through the lobbying efforts of a handful of its original backers, although new regulation in the UK is likely to act as a major stumbling block.
Real Madrid, the project’s leading advocate, has come through the past two years relatively unscathed, as has Arsenal, the current Premier League leader. Atlético Madrid and Tottenham Hotspur both raised capital following the ESL’s unravelling in an effort to fix balance sheets battered by the pandemic.
But for many of the teams that signed up, the period has been marked by turbulence and transformation off the pitch. Some have changed hands and others have been put up for sale, as owners reassess their future prospects with the ESL’s promise of a swift capital injection no longer on the table. Others, meanwhile, have run into trouble with the authorities over their finances.
Chelsea: new owners
The London club’s year of turmoil was unrelated to the ESL but it has been dramatic. Russia’s invasion of Ukraine in February 2022 led to the team’s oligarch owner Roman Abramovich being sanctioned by the UK government.
A forced sale then followed, with US investment bank Raine conducting a hurried sale process that would ultimately set a record-breaking price for a football club. The buyers, US financier Todd Boehly and private equity firm Clearlake Capital, agreed to pay £2.5bn for the club, and committed to invest a further £1.75bn.
The new owners have since smashed records for spending, with more than €600mn splashed out on new signings this season. In January, the club forked out more than all the teams in Italy, Spain, Germany and France combined, prompting questions about how they plan to stick within football’s financial rules.
Yet the team itself — now on its third head coach since last summer — has performed poorly, sinking to 11th in the league. Qualification for next year’s Champions League looks a long shot, adding to the financial pressure.
AC Milan: new owners
At the time of the ESL, AC Milan had endured a decade without an Italian league title. The club was then in the hands of Elliott Management, the US hedge fund, which had taken control of the club in 2018 after its previous Chinese owner defaulted on a €300mn loan.
The season after the ESL collapsed, Milan won Serie A, giving Elliott a clear opportunity to cash out. The team was sold to RedBird Capital, a US private equity firm run by Gerry Cardinale for €1.2bn in 2022, a record for a club outside the Premier League.
Manchester United: put up for sale
The £2.5bn price tag for Chelsea could soon be eclipsed if the Glazer family presses ahead with a sale of the 13-time Premier League winner. The Florida-based owners bought the club for £790mn in 2005 in a leveraged buyout that has provoked fan protests ever since.
In November, they formally put the club up for sale — hiring Raine to find a buyer or new investors. Since then two full takeover proposals have come to light, one from UK chemical billionaire Sir Jim Ratcliffe, the other from Sheikh Jassim bin Hamad Al Thani, the son of one of Qatar’s richest men.
A full sale is not guaranteed. A handful of US investment funds have also submitted proposals that would bring cash into the club and help finance an upgrade of its infrastructure.
Inter Milan: put up for sale
AC Milan’s local rival is another ESL club that could soon change hands. Inter Milan has been owned by Chinese electronics retailer Suning since 2016, and has a large outstanding loan from Oaktree, the US debt fund.
With interest rates rising and the parent company’s business under pressure at home, Inter’s owners have been looking for new investment or an outright sale of the club.
Liverpool: hunting for investment
Shortly before Manchester United went on the block, Liverpool’s US owners said they too were weighing up their future. Fenway Sports Group, which also owns the Boston Red Sox baseball team, said in November it was exploring strategic options for the Premier League side.
Five months later, with no sign of a serious takeover bid, FSG’s chief John Henry said the sale process was off. However, a new minority investor could still come on board.
Barcelona: under investigation
The financial stress afflicting the Catalan team became increasingly clear in the months after the ESL collapsed. President Joan Laporta declared the club “clinically dead” due to its mounting debts, while losses hit €500mn in the summer of 2021. What followed was an exodus of talent, including talisman Lionel Messi.
Last summer further financial surgery was needed in order to meet the Spanish League’s strict spending controls. The club sold a portion of its future broadcast rights to US private equity firm Sixth Street, and a stake in its audiovisual studios, together raising more than €600mn. Barca is currently top of the league, already 13 points clear of arch rivals Real Madrid.
But the club is now embroiled in a scandal related to payments it made to a former high-ranking referee. Spanish prosecutors have filed a complaint against the club and some of its former officials over alleged corruption relating to the payments, while Uefa has launched its own investigation. The club has denied wrongdoing.
Juventus: punished for financial misconduct
As chair of Juventus, Andrea Agnelli was one of the key architects of the ESL. But he is no longer at the club. In January, Juve were docked 15 points by the Italian football federation following an investigation into allegations of false accounting. Agnelli and the rest of the board resigned, while a number of club staff were banned from working in football.
Juventus, which has denied wrongdoing, has said it will appeal against the decision.
Manchester City: charged by the league
The English champions have not suffered on the pitch since the ESL’s collapse. The team are well placed to win the title again this year if they can outpace Arsenal over the season’s final stretch. The Abu Dhabi-backed side are also heavy favourites to win the Champions League this year, in what would be a first for the world’s richest club.
But there are serious troubles looming off the pitch. In February, the Premier League referred the club to an independent commission to consider more than 100 accusations of rule breaking in relation to its finances over a period spanning more than a decade.
Potential sanctions include fines, points deductions and even ejection from the league. City denies any wrongdoing.
