Financial TimesFinancial Times

Can European football clubs ever be profitable?

By Chris Campbell, Josh Noble

17 Sep 2023 · 10 min read

On Tuesday night, AC Milan will host Newcastle United for the opening Champions League game of what many pundits have badged this year’s group of death.

The tie pits an Italian side owned by a US private equity firm against an English team backed by Saudi Arabia’s sovereign wealth fund.

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