The Week Football Looked Outward

The Shortlist

Welcome to The Shortlist, a weekly round up from Insights to the Game featuring five stories shaping the business of football. Each edition captures what caught my eye that week across ownership, media, governance, and growth, quick to read but built for people who think like decision makers. Every other week, you’ll also get The Deep Dive, where I unpack one of these stories in depth, connecting strategy, data, and lessons for the industry.

Five stories shaping the business of football this week by Tahoe Lillelund

1. European football M&A enters its next phase

Football Benchmark
A new report by Football Benchmark shows that European football investment is maturing: 2025 has seen 76 club transactions, with most deals smaller in scale, multi-club in scope, and increasingly global in origin.
Why it matters: Football is becoming a professionalized asset class - data-backed, diversified, and accessible to a broader investor set.
Read here →

2. UEFA finalizes 2026–2028 Champions League revenue model

Premier Sports Network
UEFA has confirmed its new revenue distribution system for the upcoming competition cycle, allocating over €4.4 billion annually — with modest increases for smaller clubs but continued dominance of elite earners.
Why it matters: As revenues rise, inequality persists — forcing mid-tier clubs to innovate commercially or risk falling further behind.
Read here →

2. Tony Scholes to lead new USL Division One

The Athletic
Premier League Chief Football Officer Tony Scholes will leave to become President of the USL’s new top-tier men’s league, set to launch in 2028 with promotion and relegation, a first in U.S. professional soccer. Scholes will oversee the league’s structure, operations, and competitive format as the USL attracts new investors and expansion bids.
Why it matters: The U.S. is moving toward an open-league model, and Scholes’ arrival signals serious intent to challenge MLS with European expertise and governance credibility.
Read here →

3. MLS grows 29% viewership compared to 2024

Sports Business Journal
MLS reported a 29% YoY increase in weekend viewership across Apple TV, Fox, TSN/RDS, and other outlets, totaling 3.7 million global viewers for regular-season weekend matches. The league credited expanded Apple Season Pass availability and improved data on fan engagement, with average watch times tripling since the move off linear TV.
Why it matters: After skepticism around its $250M Apple deal, MLS is finally showing tangible growth. The numbers suggest that direct-to-consumer distribution can work — if supported by stronger content, better access, and global reach.
Read here →

4. Alético Mineiro rejoins Liga Forte União

Yahoo Sports (Translated from Portuguese)
Atlético-MG has left Libra to rejoin Liga Forte União (LFU) — the collective of 34 Brazilian clubs from Serie A and B pushing for a unified media-rights model. The move strengthens LFU’s position ahead of the next broadcast cycle, with deals already in place with Globo, Amazon, Record, and CazéTV worth a combined R$ 1.7 billion per season.
Why it matters: Brazil’s top clubs are consolidating power around fairer revenue-sharing and long-term stability. The LFU’s momentum could reshape South America’s most lucrative domestic market — and signal a shift toward European-style league governance.
Read here →

5. WSL explores major loan to fuel growth

The Guardian
The Women’s Super League is working with Goldman Sachs and Deloitte to explore borrowing tens of millions of pounds to accelerate its commercial growth. The funds would boost central payments and prize money, helping clubs invest and improve competitiveness. The WSL aims to secure loans against future broadcast and sponsorship income rather than sell equity stakes.
Why it matters: The league wants to scale without ceding control - a strategic play to build sustainability and value across women’s football at a moment of surging visibility and commercial momentum.
Read here →

Key Takeaways

Capital continues to flow into football, but with sharper focus and smarter structures. Streaming and data-led partnerships remain central to football’s modernization. Women’s football’s global rights expansion underscores the sport’s long-term commercial sustainability.

Deep Dive Teaser

One of these stories will form the next Deep Dive — exploring how shifting ownership models and digital strategies are reshaping football’s balance of power. Think you can guess which one? Hit reply and let me know.