How the Man City case could spark a drastic change in English football

Over a third of Premier League clubs are up for sale, but few buyers exist; the Manchester City case could force a major reset in English football ownership.

The Premier League ownership market has shifted dramatically. What was once a competitive race to buy clubs has become a struggle to sell them, with at least eight clubs—over a third of the league—officially or unofficially on the market in some form.

However, the number of serious buyers has dried up. Sources describe the market as experiencing "stagnation" at the absolute level, with activity only at fractional or minority stakes where real value exists.

Several factors are at play: the Independent Football Regulator will process no deals before Christmas, creating a bottleneck; billionaires are less willing to invest amid global uncertainty; and many are redirecting capital to US sports instead, as evidenced by the Kroenke family's $4bn Los Angeles Angels deal and the $12.5bn Lakers purchase.

Crucially, English football is no longer seen as a growth opportunity. Most clubs lack growing revenues, and the Premier League is viewed as having "topped out." The next broadcasting rights cycle is expected to see domestic rights remain flat and international rights marginally decline—a stark contrast to the previous cycle, which saw per-game prices drop for the first time in Premier League history.

The Manchester City case looms over all of this, with potential implications for Abu Dhabi ownership and the broader structure of English football.