Welcome to issue #015 of Contemporary Football, your inside look at how the game really works behind the scenes.
Monday to Friday, you’ll uncover a new perspective on football business, and sometimes a deeper story that sharpens your thinking and gives you an edge in the beautiful game.
If you need support on your football journey, just write me.
Hey everyone,
In 2021, football was on its knees after Covid. Revenues collapsed, stadiums were empty, and losses were counted in billions.
UEFA had an idea.
A €7 billion low-interest fund to help clubs recover.
Cheap loans. Predictable conditions.
A central pot so clubs didn’t have to beg banks for survival.
But then UEFA said no.
Too complex. Too many doubts.
Project abandoned.
Today, that decision is costing clubs over €200 million per year, according to McKinsey.
What happened instead
Without UEFA’s fund, clubs had to go and find money on their own.
And when you need money, the market knows it.
So who stepped in?
Ares, Apollo, and other American giants.
Professionals.
Nottingham Forest, for example, recently took an €80 million loan.
Interest rate? 8.75%
UEFA’s plan imagined loans at around 1%.
Big difference.
The problem
Every time a club goes to a fund, it pays a premium.
And this is why clubs need to start thinking differently.
Because if your only source of liquidity comes from high-interest financing, it’s hard to build a club.
You’re building a debt spiral.
Thus, the challenge for clubs today is:
How do we create revenue that costs less than what the lenders charge us?
So where should new revenue come from?
Here are the areas where a club can find its path to improvement.
1. Stadiums
Your building should work 300 days a year, not 30.
Events, concerts, hospitality, retail.
Every square meter must produce value.
2. Player Trading
Not random sales.
Systems.
“Buy to grow” instead of “buy to hope”.
3. Digital media
Clubs underestimate how valuable attention is.
One viral channel can bring in big long-term leverage.
4. Global partnerships
Not just shirt sponsors.
Real alliances.
Shared academies, co-marketing, regional hubs.
5. Community monetisation
Memberships, experiences, subscriptions.
If fans want to belong, give them a place to belong.
Final Thoughts
Football clubs don’t need more debt.
They need cheaper money.
And the cheapest money in football is:
Smart revenue.
The risk is spending a decade paying interest instead of building value.
If you were a club CEO, where would you look for new revenue that actually makes sense?
See you on Monday,
Federico