Rapid growth in revenues has been the key attraction. In the 1996-97 season, when the Premier League was established in England, revenues across the five biggest European leagues totaled 2.5 billion euros, according to Deloitte analysis. In 2023-24, that figure ballooned by 750%. That growth has led to sharp increases in valuations for Europe's biggest soccer teams. The Glazer family, which also owns the NFL's Tampa Bay Buccaneers, bought Manchester United for £790 million ($1.07 billion) in 2005. In 2024, a minority stake sale to billionaire Jim Ratcliffe pegged the club at around £5 billion, or the biggest valuation in world soccer. Kieran Maguire, associate professor in football finance at the University of Liverpool, told CNBC on Wednesday that the rising levels of U.S. ownership in European soccer have been driven by higher wealth aggregation Stateside. "It's actually a bit of a no brainer … what else you can do with your cash? You can only have so many helicopters, you can only have so many super yachts." According to Maguire, the small number of top professional sports teams available to purchase has also contributed to rising demand, with investors unable to meet the multi-billion dollar price tags attached to NFL or NBA teams in the U.S. looking to European soccer as an alternative. Private equity More than 36 of clubs in Europe's five biggest leagues now have private equity, venture capital or private debt participation through majority or minority stakes, including a majority of clubs in the Premier League, according to PitchBook research.