According to the Pele Index, which has tracked all publicly traded European soccer clubs since 1998, the sector’s total return over that period was approximately minus 11%. By comparison, the global stock market grew by approximately 678% over the same period.
According to Euronews, the gap is even more striking when converted into monetary terms. A €1,000 investment in a basket of soccer clubs would be worth about €892 today. The same amount invested in a global equity fund would have grown to approximately €7,784.
Even in the 2025/26 season, soccer clubs significantly underperformed the market. The Pele Index gained only 0.4%, while global stocks rose by 27% and European stocks by 17%.
The total market value of all clubs in the index is just €7 billion
The index includes 18 clubs from nine European leagues whose shares are traded on stock exchanges. Manchester United holds the largest share, followed by Juventus and Fenerbahçe. The total market value of all index participants is estimated at approximately €7.1 billion.
According to Jordi Hermans, an investment strategist at Aegon Asset Management, the reason for the poor performance is systemic in nature.
Unlike typical public companies focused on shareholder value growth, soccer clubs strive first and foremost to win matches and claim trophies. That is precisely why spending on transfers, player salaries, and sports infrastructure often takes precedence over financial efficiency.
“These goals are not just different; they often come into direct conflict,” Hermans notes.
Analysts cite Juventus as one of the most telling examples. After Cristiano Ronaldo’s transfer in 2018, the club’s shares rose above €10 on a wave of optimism. However, investors’ expectations were not met. Shares are now trading below €2 and have lost about 35% this season after the team finished the Italian league in sixth place.
Clubs are not focused on profitability
According to Hermans, the situation could only be changed through a major overhaul of the club management model—with a greater emphasis on profitability and shareholder interests. However, pressure from fans, the media, and sports competition forces clubs to focus primarily on results on the field.
“The problem isn’t the cycles, but the very structure of the business,” the expert emphasizes.
Nearly three decades of statistics have led researchers to a single conclusion: soccer clubs remain powerful cultural brands and the object of emotional attachment for millions of people. However, as long-term investments, they rarely live up to market expectations.
