Multi-club ownership (MCO) has become a significant trend across global sport as investors seek to create value through shared resources, commercial synergies, talent pathways, and diversified portfolios. While football has been the most visible example of MCO, the article highlights how similar ownership models have gained traction in rugby union, cricket, and motorsport.
In rugby union, recent acquisitions of Prem clubs by Black Knight and Red Bull demonstrate how investors are expanding established sports portfolios into rugby though vertical integration. Rugby’s regulatory framework regarding MCO is less developed (and stringent) than football. The former has not been tested in earnest since 2017, when Premiership Rugby (as it was then) rejected attempts by Mohed Altrad, owner of French club Montpellier Hérault Rugby, to acquire a majority stake in Gloucester Rugby.
Cricket has emerged as one of the clearest examples of horizontal investment, particularly through Indian Premier League owners acquiring teams across white call competitions in South Africa, the UAE, the Caribbean, the United States, and (most recently) The Hundred in England and Wales. While ownership structures are currently largely unrestricted, proposals for a World Club T20 may prompt the ICC to consider direct regulation if connected franchises have the potential to qualify/compete in the same global competition.
In motorsport, ownership models range from cross-series portfolios, such as TWG Motorsports’ holdings across multiple racing categories, to dual-team ownership within Formula One, such as Red Bull Gmbh’s ownership of both Red Bull Racing and sister team Racing Bulls for two decades. Regulators continue to grapple with, on one hand, a desire to protect competitive balance with sporting integrity and, on the other, ensuring over-regulation does not stifle investment and innovation.
Looking ahead, author Henry Goldschmidt identifies opportunities that may lie in new or emerging sports, competitions and territories. These may offer investors first-mover advantages, particularly when incorporated into broader, diversified sports investment portfolios.
Whether you’re involved in sports, private equity, governance, or investment strategy, head over to our website to read the full article. It is a valuable read on the opportunities and regulatory challenges shaping the future of global sport.