Unlocking assets and promoting inclusivity: Sports finance in 2025
Sports finance is poised to continue a profound and exciting transformation in 2025, writes DLA Piper’s Charlotte Lewis-Williams.
In the post-pandemic era, one of the central characteristics around sports finance has been its rapid evolution towards implementation of diversified strategies.
Innovative tactics, a greater focus on community engagement, unconventional ownership structures, the rise of alternative revenue streams and the steady growth of women’s sports are all trends carving out a place for themselves in the wider financing narrative.
From my vantage point, commercially successful sporting organisations are those that lean into these trends and are not afraid to be creative, sustainable and, importantly, inclusive in their operations.
One trend that has come to the fore is stadiums no longer being just venues for sporting action; they are being transformed into multi-purpose complexes capable of generating wider revenues through entertainment and cultural use.
Stadiums are increasingly becoming destinations with retail outlets, dining establishments and entertainment zones, providing year-round value to fans and visitors.
In a world where fan experience is paramount, sports organisations and investors are finding that investing in integrated spaces not only boosts profitability but, vitally, strengthens their connection to the community in which they reside.
As a result, stadiums are of increasing interest in the institutional investment space. The financing or securitisation of sports real estate assets and related sponsorship and media revenue streams has emerged as a popular strategy to raise capital.
DLA Piper has been at the forefront of sports finance, having advised a pool of lenders on providing a £400m loan to Tottenham Hotspur for the construction of its state-of-the-art stadium, and then advising on a capital raise to fund the development of its women’s team academy and the construction of a hotel around the stadium.
Such transactions have fast gained popularity around Europe, evidenced by our work supporting teams in France and Spain, most recently for Spanish top-division teams Sevilla FC, Real Betis and Valencia CF.
Innovation is key, and DLA Piper’s work on the €1.45bn financing for the redevelopment of the Spotify Camp Nou, home of FC Barcelona, is another strong example.
This transaction used an industry-first structure to finance construction by utilising a Spanish law fund regulated and approved by the Spanish regulator. It is also the first time that future receivables have been securitised through a regulated transaction.
Sports organisations are also looking immediately beyond stadiums to monetise surrounding real estate, developing mixed-use sites that incorporate office and retail spaces, hotels, and at times residential housing, to fund sporting activities.
In 2025, sports organisations are expected to invest further in sustainable infrastructure and place a greater emphasis on technology in order to future-proof assets.
Private-public collaborations are increasing in popularity, with municipalities partnering with organisations to share development risks and access urban regeneration incentives. These partnerships are especially vital in large-scale projects, where public accountability and commercial interests must be delicately balanced.
On a global scale, international investors are recognising the long-term potential of sports-related real estate. Sovereign wealth funds, private equity firms and institutional investors are bringing fresh capital and perspectives to the table. However, these cross-border transactions introduce complexities, from tax implications to compliance with foreign investment regulations, that require sophisticated legal strategies.
Multi-club ownership structures are rapidly gaining traction, with the model seemingly popular due to its strategic and financial advantages. The structure allows for resource sharing, operational efficiencies, and the option of diversifying risk.
Clubs under the same ownership umbrella can share scouting networks, analytics capabilities, and talent pipelines, reducing costs while enhancing player development. However, this structure is not without challenges, with growing regulatory scrutiny and potential conflicts of interest — particularly in cases where clubs under shared ownership compete against one another — being ongoing concerns.
The growth of women’s sports is one further trend expected to develop in prominence in 2025.
Broadcasting deals, sponsorship opportunities, and attendance figures are all on the rise, reflecting a long-overdue recognition of the commercial potential in women’s sports. Sports organisations are responding by expanding their infrastructure to accommodate both men’s and women’s events, further enhancing the value of multi-purpose venues.
The rising prominence of women’s sports presents an opportunity to diversify traditional financing models. Organisations that prioritise inclusivity and gender equity are better positioned to attract socially conscious investors and sponsors.
I am inspired by the rise of women’s sports as a driving force in the industry with the momentum behind inclusivity representing a moral imperative and commercial opportunity that stakeholders must actively consider.
Sports finance in 2025 will be characterised by adaptability and innovation. Organisations that embrace out-of-the-box thinking around their assets, bring previously underutilised properties, physical and intellectual, to the fore, and introduce tangible measures around inclusivity, will emerge as leaders in this dynamic industry.
Sports finance is increasingly not only about financial muscle but instead having a far wider impact that is only likely to increase momentum and excitement in the space.
Charlotte Lewis-Williams is a partner at DLA Piper.