
What's the appeal for private equity firms and Hollywood stars?
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Will Bain
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Will Bain
Hello and welcome to Business Daily on the BBC World Service with me, Will Bain. Today we're joining the fans who make the so called beautiful game so enticing for international investors. It's no secret global football has become one of the world's biggest entertainment businesses. But for a long time, the world's biggest economy watched on from the sidelines. Not anymore. American investors are keen to get a slice of British football.
Rob Kuig
You could not buy a minor league baseball team in America for the equivalent amount in football.
Will Bain
We'll be explaining why that is and what it might mean even if you're not a football fan.
Christina Filipou
Ultimately, if a lot of these owners step away, then a lot of these clubs will find it difficult to to continue to operate at the level that they're operating. So in that sense, it could potentially be a bubble.
Will Bain
And what in business terms do these key customers or clients, the fans heading into the stadium right behind us, make of that trend?
Football Fan (Birmingham City Supporter)
It's just unrecognizable. We've got full houses, we're selling out every week. For me, it's all positive.
Will Bain
So on Business Daily we're asking why do so many Americans want to buy British football clubs? Wrexham AFC have revealed the two people interested in investing in the club are Hollywood star Ryan Reynolds and the actor Rob McElhenny.
Steve McCabe
The American football legend Tom Brady has become a minority owner in the championship.
Will Bain
Side Birmingham City and the US rapper Snoop Dogg has become the co owner of Swansea City Football Club after buying a minority stake from private equity mega funds to Hollywood actors and hip hop stars. What was a drip drip of US investment into British football has become something of a deluge. You can perh trace the source back 20 years ago and Florida's Glazer family owners then and still of the Tampa Bay Buccaneers American football franchise, deciding to get into the other football by buying One of the UK's most famous clubs, Manchester United. What's shifted over the following two decades though and why we're talking about it today, is that it's no longer just those big names catching the eye of American investors. It's clubs at all levels of English professional football. A month or so into the new professional season, more than a third of the 72 professional clubs from England and some from Wales as well are now either fully or part owned by US investors, including 11 of the 20 Premier League clubs. So why is that? It's something we asked Christina Filipou, Associate professor in Accounting and Sport Finance at the University of Portsmouth about.
Christina Filipou
A lot of these owners have investments in US sports which are kind of very different, very different in culture, but also very different in how they commercialize revenue. So how they get money in from partnerships and other things and generally European in football there is quite a bit of money coming in, but there is a lot more potential to be made from commercial side, at least from a U.S. perspective. If you compare it to, you know, NFL, NBA, how much money they make from various add ons and various partnerships. Also it's quite hard to get into various US sports, they're closed leagues. Trying to buy in is not very easy, not many teams for sale. Whereas if you kind of look into English football, if you look into European football, there's quite a lot of clubs that, that keep coming up for sale because there's so many of them and also because of promotion and relegation. It means that some big clubs sometimes find themselves in places where they don't want to be or where they feel they don't really belong. And that creates an opportunity, if you've got the capital to be able to come in, buy them and then bring them back to their glory days and then sell for a lot more than you bought the team for.
Will Bain
So if that's more one step back analysis, what about someone who's actually taken the plunge and bought not one but two English football clubs over his career?
Rob Kuig
I believe that the media opportunities with English football have not even been scratched.
Will Bain
That's the businessman and lawyer Rob Kuig. He'd been a long term owner of Wickham Wanderers in the leagues below the Premier League. But he's back to ride the football roller coaster once again having this summer bought Reading fc. He told us why from his home in Louisiana in the southern United States.
Rob Kuig
The more I looked at it, it's an undervalued commodity or asset that most people don't understand in England. The value of it. For us, we thought we could get in and do some things that would change valuations and actually show that you could operate it in a sustainable manner. And we did it.
Will Bain
Undervalued how?
Rob Kuig
Well, it's an international mark. People really love the game of soccer, obviously the football, the beautiful game. But the way the English do it is first class in terms of the promotion, relegation, the intensity of it. But on a purely economic basis, you could not buy a minor league baseball team in America for the equivalent amount in football. You have a chance to get in and really do it yourself and run it right, or how you perceive to be running it right. And you get to see the results of your action. And for those of us of a certain age and background, it's worth it to test ourselves. And so it becomes a test of can I do it better than you? Can I do it in a manner that is traditional with my own values? And so it's, it's a fun deal and you're not going to get too badly burnt unless you go nuts.
Will Bain
Well, I was just going to ask you exactly that actually, because you say about the, the differences in terms of the valuations in terms of buying a sports club in the United States, the things with all the sports leagues in the United States, right. Is that they are, and I don't mean this negatively, but they are, they are closed shops, aren't they? There is not that relegation. There isn't that same economic jeopardy of the club not playing against bigger teams in front of bigger TV audiences, all that kind of stuff in the way that there is in the English football pyramid. So does that level of jeopardy not counterbalance what you were talking about in terms of the, the low valuations of these clubs?
Rob Kuig
I think the Brits put an overemphasis on the valuation increasing when it goes up, because obviously it does. And there's much more money involved. If you go from even league two to league one, you get a substantially more money from the leagues and media. And if you go from league one to the championship, it's almost a fivefold increase. But of course the championship Clubs are nuts. They spend more money on players than they bring in. I mean, almost across the board. But they're all trying for the golden grail. If they get accelerated into the Premiership, the money, you know, at that point goes up tenfold or 20 fold. It's just silly money almost. And so there's an element of those folks, and I'd say these almost two groups, those who are pursuing that as a goal because they think that's where their return is, both from a sportsmanship point of view and an economic one. And then there are those, and I'd probably consider myself and the other who want to pursue that, but want to do it in sort of safe manner where they're building a solid foundation as they go up so that if they don't go up, they can at least turn over to the next custodian of the club, a club that's better run than they found it.
Will Bain
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Christina Filipou
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Will Bain
Today we're asking why so many American investors seem to want a slice of British football. Two years ago, Birmingham City, one of the clubs based in the UK's second largest city, Birmingham, was taken over by the US private equity firm Knighthead Capital Management. And along with them came a very famous minority owner. We're here to support the club. We want. We want success on the pitch. We want to be winning. And that's what we're committed to the NFL star Tom Brady. And what do you need if you have a celebrity owner like say Rexam's Ryan Reynolds and Rob McElhenny? Well, a competing documentary sold to a streaming platform. Of course, the way we've been sold it, we're going to the top. We're trying to make Birmingham City a world class team. If you can't say it, you can't do it. But if that was one stream of revenue, Knighthead Capital had other plans for growing its revenues off the pitch as well.
Steve McCabe
That patch of wasteland will soon become.
Rob Kuig
A must visit destination. The Sports Quarter will be a proud.
Steve McCabe
New chapter for the club.
Will Bain
A promise, for example, to build a new so called sports quarter for the city, including a 62,000 all seater stadium, an indoor events arena and new training facilities. Those plans got the green light from Rachel Reeves, the UK's finance minister, who announced government funding for transport infrastructure to the new site.
Christina Filipou
This investment is needed to unlock huge private sector investment in sport, in leisure and in housing, bringing more jobs, more.
Will Bain
Investment, more opportunities to people in Birmingham. So could this US investment help change not just the fortunes of a football club, but a city too? We travelled to the east of Birmingham, close to the proposed site of the Sports Quarter. As you can hear right now, it's still very much an industrial area. A huge digger moves scrap metal in a yard close to the Adderley park railway station that's planned to be the gateway to the site. And even the land around Birmingham's St Andrews stadium at the moment is filled with the sound of forklift trucks shuttling about at the nearby timber yard and recycling plants. So how does that transform from industrial hub into concert venues, homes and other facilities? In a nearby pub, we ask academic Dr. Steve McCabe, a long time lecturer in economics at Birmingham City University and now with the online platform Doctorate Hub.
Steve McCabe
Birmingham is seen as a glamorous place both for external investors, but also, I think there's a lack of the optimism of the residents. They somehow feel that they're being left behind and they look at other places and certainly I've been around the UK and cities that we'll want to regard as places that, that were on the slippery slope seem to have redeemed themselves. I think Birmingham is still suffering from the decline in manufacturing that happened in the 80s.
Will Bain
Yes, for our listeners all around the world, Birmingham was kind of, you were chatting just before we started and certainly in my time growing up in this part of the world to MG rove some of the biggest car companies, it was the UK's Motor City, the UK's Detroit can just, I don't know, having a good sports club, having a good entertainment business, having something that is drawing in some international viewers, some international investors might not be there. Can that change a little bit of that perception? Even if it's 1 or 2%, even on its own, do you think?
Steve McCabe
You certainly hope so. I mean, the favorite example is always the Barcelona Olympics. Now, Barcelona is a glamorous place, let's face it. Of course, it has the more beaches.
Will Bain
Than they've got here.
Steve McCabe
Absolutely. It's on the sort of Mediterranean. But hey, you know, it sort of. It kicked off sort of something which of course, that they sort of been able to sort of take advantage of. If we take Birmingham, it had the convention center and that was developed into the late 80s as a place where people would sort of come, they would see the potential, and undoubtedly it sort of put Birmingham on the map. More recently, we had the Commonwealth Games here in sort of Birmingham, and it was. It was great and the weather was good. You know, it was really kind to us. But dare I say, it's not sort of led to anything for sure. You know, the fact that the new owners of Birmingham City are Americans with what seems to be deep pockets is a really good thing. Whether it's going to sort of transform the city, I suspect not. But it's undoubtedly a good thing if it brings that sort of glamour of sort of football at the highest level.
Will Bain
The pub where Tom Brady actually came to meet fans on his first visit is starting to fill up because Blues, as Birmingham City are known, are at home tonight hosting Sheffield Wednesday in a match in England's championship division, the one below the Premier League Wednesday are good opponents to be in tow for our conversation as well. Sadly, for all the wrong reasons, the club is in serious financial peril. Players and staff have failed to be paid on a number of occasions through the summer. And many of their fans arriving in Birmingham are wearing scarves in protest at the club's tie owner. Black and gold until we are sold, they say. So what do fans at Birmingham make of their US owners so far? And looking through the window, what do Wednesday fans make of this trend?
Football Fan (Birmingham City Supporter)
It's just unrecognisable. I mean, we stood out by the fan park that we never had before. We stood out by a mural that was literally, you know, made for it. We got lights going, we've got full houses, we're selling out every week. It's just unrecognizable. It's Fantastic.
Will Bain
Because people are cynical, aren't they? People from the outside, football fans are cynical full stop. But they look at it and go, oh, I don't know, I don't want my club to be on Netflix or Amazon or Disney being a bit of a circus and, oh, it's just a play thing for an American owner. It doesn't feel. Feel from the people that we've seen today here, that people feel like that here?
Football Fan (Birmingham City Supporter)
No, definitely not. We see what they see and it's revenue. Everything's about revenue, being able to get the players on the pitch, making the ground better. We need to have our infrastructure because we're trying to get a new ground as well. So for me, it's all positive. They know the market that they're going into. I think with all the deals that we've got. We had Pepsi, we had Delta Airlines last year just in League One. So they definitely know what they're doing. And I think they know how to put money back into the club as well. They don't just take the money and get all the profit. They know that it needs to go back onto the field as well.
Will Bain
As you're here to watch your team, Sheffield Wednesday, from another one of the UK's big cities in the. In the north of England. And you're one of those kind of pressed up against the glass of the sweet shop. A little bit on you tonight.
Sheffield Wednesday Fan
Just a little bit.
Football Fan (Birmingham City Supporter)
Yeah.
Sheffield Wednesday Fan
Just listening to Claire there about what the plans are for there for next, like, five and 10 years. We feel like we've only got five to 10 weeks left at the minute with the current owner. It's really dire. So it's. Yeah, we need investment, we need a new owner as soon as possible.
Will Bain
And so, again, for listeners all around the world, it's not necessarily sort of the golden ticket, is it? A foreign owner, your owner, Ty, came in, lots of big promises and then.
Sheffield Wednesday Fan
Yeah, 10 years now he's been at the club. First couple of years, yeah. The money, brilliant as a football fan. A new owner splashing the cash. We were one goal away from the Premier League. And then from then on, it was really the money's run out. It's just been disaster after disaster.
Will Bain
Ash, your face. When Claire was talking about everything that was planned here, you know, concert venues and all that kind of stuff, kind of told a story a bit. But does that speak to kind of the problem in British football a bit, this kind of arms race for who is the richest person that we can get in and we don't care what Their background is just come in and spend your money.
Sheffield Wednesday Fan
Yeah, it's a bit difficult, the situation we're in now, because it really is at the minute, any one bar for Chancery. So you're looking at anyone who's going to come, come in and buy the club and then maybe look into who they are, what they can offer. Because at the moment, we really haven't got a future with the current owner. So if it was to be an American consortium, American owner, like we've seen in the Premier League and the Championship, then, yes, we would love that. We would take that.
Will Bain
Well, as we mentioned, synonymous with this new wave of ownership, it seems, has been the documentaries on the likes of Amazon, Netflix and Disney plus to show fans an insight behind the scenes at the clubs they love watching or that they hope they'll fall in love with.
Rob Kuig
Rob called me and said, I have this idea.
Narrator/Advertiser
And then the next thing he knew, we were co chairman of Wrexham Red Dragons.
Will Bain
Welcome to Wrexham. But is it worth it? And do clubs actually make money from the exposure they get from them? Here's Christina Filippo, associate professor in Accounting and Sport Finance at the University of Portsmouth.
Christina Filipou
Again, the classic thing is there's three kind of revenue streams, the match day revenue, which is kind of limited. The ceiling is how many tickets you can sell, because that's the stadium capacity. Then you have the broadcast. And generally what we're seeing is that's very much kind of neutral. Some of Premier League is doing quite well in their overseas income, but the domestic market has definitely stagnated. So that leaves the commercial side. And what can you do when you know you've sold everything else? One of these ways is this innovation, this idea of having money come in from a documentary. And that does two things. One, it brings in money. If the deal is structured so the money comes into the club, that's not always the case. And two, it increases interest and global interest as well, because a lot of these documentaries are on, you know, the big streaming platforms that people actually watch worldwide. So it's. It's very good for bringing in new audiences and bringing in new interest from other parts of the world into your brand. However, there is a limit to how many of these people are interested in watching.
Will Bain
And we could be a bit cynical about this, can't we? But a company the size of United Airlines, for example, would not be the front of shirt sponsor for a lower league Welsh football club unless it was on Disney plus or some other streamer all the time, would it?
Christina Filipou
Absolutely. I mean, if you look at even in, in one year. Yes, obviously they, they went up into the championship this season. Last season they went up. If you look at 24 accounts, which is the last year that we have of Wrexham, right, they went from in terms of sponsorship and advertising revenue, it went up more than seven times. Okay. From 2023 to 2024. That is massive. And a lot of that is fueled by this global interest. A lot of these brands would not be on board if the global interest wasn't there.
Will Bain
Christina Filippo of the University of Portsmouth, bringing us just about to the end of this edition of Business Daily. It was presented by me, Will Bane, and produced by Birmingham City super fan Matt Lyons. And remember to never miss an episode. Subscribe to our podcast. Just search for Business Daily wherever you get yours from.
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This is the story of the 1. As a maintenance supervisor at a manufacturing facility, he knows keeping the line up and running is a top priority. That's why he chooses Grainger. Because when a drive belt gets damaged, Grainger makes it easy to find the exact specs for the replacement product he needs. And next day delivery helps ensure he'll have everything in place and running like clockwork. Call 1-800-GRAINGER click granger.com or just stop by Grainger for the ones who get it done.
Episode: The Americans investing in British football
Date: October 22, 2025
Host: Will Bain
This episode explores the burgeoning trend of American investment in British football (soccer), diving into the reasons behind this influx, what it means for clubs and communities, and how fans are responding. Through expert interviews, club owner insights, and on-the-ground fan perspectives, the podcast examines whether this is a sustainable boom, a passing bubble, or something that could transform not only teams but whole cities.
[01:08 – 03:42]
Quote:
“It's an undervalued commodity or asset that most people don't understand in England. The value of it. For us, we thought we could get in and do some things that would change valuations and actually show that you could operate it in a sustainable manner. And we did it.”
— Rob Kuig [05:25]
[03:42 – 08:50]
Quote:
“Championship clubs are nuts. They spend more money on players than they bring in... But they're all trying for the golden grail. If they get accelerated into the Premiership, the money, you know, at that point goes up tenfold or 20 fold. It's just silly money almost.”
— Rob Kuig [07:30]
[10:00 – 14:15]
Quote:
“The fact that the new owners of Birmingham City are Americans with what seems to be deep pockets is a really good thing. Whether it's going to sort of transform the city, I suspect not. But it's undoubtedly a good thing if it brings that sort of glamour of sort of football at the highest level.”
— Dr. Steve McCabe [13:31]
[14:15 – 17:55]
Quotes:
“It's just unrecognisable. We got full houses, we're selling out every week. For me, it's all positive... We had Pepsi, we had Delta Airlines last year just in League One. So they definitely know what they're doing. And I think they know how to put money back into the club as well.”
— Birmingham City Supporter [14:57, 15:30]
“We feel like we've only got five to 10 weeks left at the minute with the current owner. It's really dire. So it's. Yeah, we need investment, we need a new owner as soon as possible.”
— Sheffield Wednesday Fan [16:16]
[17:55 – 20:26]
Quotes:
“One of these ways is this innovation, this idea of having money come in from a documentary. And that does two things. One, it brings in money... and two, it increases interest and global interest as well, because a lot of these documentaries are on, you know, the big streaming platforms that people actually watch worldwide.”
— Christina Filipou [18:26]
“They went from in terms of sponsorship and advertising revenue, it went up more than seven times. Okay. From 2023 to 2024. That is massive. And a lot of that is fueled by this global interest. A lot of these brands would not be on board if the global interest wasn't there.”
— Christina Filipou [19:51]
The episode balances curiosity and skepticism—conveying both the excitement of transformation and the cautionary tales from clubs in crisis. Fans' voices are earnest and occasionally emotional; experts are candid but measured; the host moves fluidly between optimism, realism, and gentle humor.
American money is reshaping British football, bringing fresh capital, new ideas, and global attention—but also raising old questions about sustainability, local identity, and the unintended consequences of an arms race for glamour, revenue, and streaming fame. Whether this is the next big chapter or a passing bubble remains an open question, as Business Daily leaves listeners reflecting on who really wins when football goes global.