€22 billion.

That’s how much European clubs have invested in stadiums since 2007.

A full economic cycle. A generation of fans. And now we can actually see what the returns look like.

Let’s break it down together.

Some clubs turned their stadium into a machine.

Matchday revenue in 23/24:

And for those who rebuilt or transformed their venues, the uplift is remarkable:

These aren’t marginal gains.
They are structural advantages.

If you look at how much each spectator generates, the strategies become clear.

Madrid pushes premium.
Bayern pushes accessibility.

Both work.
Both are coherent with who they are.

Not everyone chose concrete and steel.

Some clubs built a competitive edge elsewhere.

Brighton built a data lab.
Result: €400m in player-trading profits.

Atalanta doubled down on youth development.
Result: consistent Champions League appearances.

Different bets.
Different identities.

Same outcome: resilience and growth.

There is no single correct model.

Some clubs build entertainment complexes.
Others build community stadiums.
Others stay small and sharp, with systems that multiply every euro.

When the execution is good, almost anything can work.

That’s the real beauty:

Football is diverse, and so are the paths to success.

If you had €1 billion to invest:

❓ Would you build the next Santiago Bernabeu?
Or would you build the next Brighton?

I’m curious to hear what you would choose.

That’s all for this week!

See you on Monday for the last issues of 2025.

Federico