FootBiz Newsletter #204: Football’s New Lenders Are Coming for the Players

Good morning.

Private Credit Is Moving Into Player-Trading Finance

A new form of football financing is attracting interest from private-credit investors, with lenders preparing to offer English clubs loans calculated against the estimated value of their playing squads.

The Financial Times reports that specialist firms are targeting clubs with financing arrangements that can give lenders a claim on proceeds from future player sales. Unlike conventional transfer-receivables financing, which advances money against fees already agreed and payable by another club, the new arrangements can be structured around the estimated value of players who have not yet been sold.

The model offers clubs another means of accessing capital without selling equity or waiting for the transfer market to deliver cash. One football executive told the FT that a club could use such financing to acquire a player in January before repaying the loan from sales during the summer window.

Tifosy Capital & Advisory and Fasanara Capital are among the firms that have developed squad-value financing in Europe, extending loans equivalent to around 25% of a club's squad value, according to the FT. Meanwhile, London-based 23 Capital, which was wound down during the Covid-19 pandemic, has returned to the market with squad-value loans as a core part of its offering.

Tifosy was co-founded by the late Gianluca Vialli and investment banker Fausto Zanetton and operates as a specialist adviser and capital provider to the sports industry. Tifosy and Fasanara also established a sports receivables fund that was opened to external investors in 2023 with an ambition to scale to as much as $500 million.

England represents a particularly large potential market. Global transfer spending reached €10.8 billion this summer, according to Tifosy, with Premier League clubs accounting for 38% of the total.

Burnley is among the small number of English clubs already to have used financing structures in which the size of a loan is partly determined by player values, according to the FT. Its loans are also secured against a broader pool of assets. Clubs in Spain, Portugal, Italy, France and Belgium have already borrowed through squad-value structures.

Photo: Colin Smith · CC BY-SA 2.0 · Resized; uncropped.

The structure creates exposure to an asset class whose value can change substantially. Player valuations depend on age, contract duration, performance, injuries and demand from prospective buyers. Lenders cannot necessarily force a club to sell a player, but once a sale takes place they can have first claim over some of the resulting transfer receivables.

Borrowing also leaves the club responsible for repayment irrespective of whether its anticipated transfer profits materialise. Such financing provides liquidity rather than accounting profit and does not, by itself, improve a club's position under financial sustainability rules.

For clubs whose business models already depend heavily on player trading, the arrival of additional lenders creates another financing option. It also raises the possibility that an increasing share of future transfer income will already be committed to creditors by the time a player is sold.

Real Madrid Set to Recruit Bernd Reichart to Run Its Business Division

Real Madrid is set to bring one of the central figures behind the European Super League into its senior management, with AS reporting that A22 Sports chief executive Bernd Reichart will take charge of the club's business division.

According to Spanish newspaper AS, the German executive will become head of Real Madrid's business division, taking responsibility for areas including stadium operations, sponsorship and merchandising. He will report directly to José Ángel Sánchez, the club's director general and one of president Florentino Pérez's closest senior executives.

Photo: Daniel (daniel0685) · CC BY 2.0 · Resized; uncropped.

The appointment brings an experienced media-rights executive into an organisation whose commercial activities have expanded considerably under Pérez. Reichart previously served as chief executive of RTL Deutschland and held a senior position at Spanish broadcaster Atresmedia before becoming the public face of A22 Sports and its attempts to establish a new European club competition.

A22 has spent several years challenging UEFA's control over European club competitions, with Reichart leading its engagement with clubs and the wider football industry. Real Madrid has remained one of the principal supporters of the project alongside Barcelona.

AS has linked Reichart's move to what it describes as a framework agreement reached in February in the long-running dispute over the organisation of European club football. The newspaper suggested his appointment could precede a broader settlement, although no such agreement has been formally announced.

At Real Madrid, Reichart will enter a business with substantial international commercial revenue and an increasingly broad range of operations associated with the Santiago Bernabéu. Sponsorship, merchandising, premium experiences and the commercial use of the stadium all sit within an organisation seeking to maximise revenue from its global audience.

Reichart's background in broadcasting and media-rights negotiations also gives the club an executive with experience beyond conventional football sponsorship sales. Sánchez remains the senior executive to whom he will report, while Pérez continues to exercise substantial influence over the club's major commercial and institutional decisions.

Maccabi Haifa Owner Seeks $100 Million Sale

Maccabi Haifa has been put up for sale for $100 million, with long-time owner Ya'akov Shahar and his partners appointing Raine Group to find a buyer for the Israeli club.

Shahar and the heirs of his former business partner Israel Kaz are seeking to sell 100% of the club in a single transaction, according to Calcalist. Raine has begun approaching potential investors after an earlier attempt to sell a 50% stake to a group of American investors collapsed around six months ago. That proposed transaction valued the club at approximately $80 million and included an option for the investors eventually to acquire the Shahar family's interest.

Photo: xiquinhosilva · CC BY 2.0 · Resized; uncropped.

The current process could produce a consortium rather than a single buyer. One structure being explored would involve a billionaire investor acquiring 51%, with the remaining 49% held by a group of Israeli technology entrepreneurs who support Maccabi Haifa. Each member of the minority group could invest between $5 million and $10 million.

The technology group is being organised around the Greentech forum and is led by Tom Livne, co-founder of transcription company Verbit. Other potential participants named by Calcalist include Ofer Ben-Noon, co-founder of Argus and Talon, StageOne managing partner Tal Slobodkin, Tomorrow.io founder Shimon Elkabetz, Melio co-founder Ziv Paz, Cyera founder Tamar Bar-Ilan, Score365 founder Ami Serkis and Recapp founder Guy Nitzan. Hotelier David Fattal and businessman Udi Angel have also been mentioned as possible participants, although only some members of the group are expected to invest.

Raine's appointment places the process with one of the most active advisers in international sports transactions. The firm was founded by Joe Ravitch, formerly of Goldman Sachs, and Jeff Sine, formerly of UBS. Israeli businessman David Chizik is also reported to be playing an important role because of his relationships with both Shahar and Raine's founders.

Shahar has controlled Maccabi Haifa for 35 years and has indicated that the identity of the next owner will be an important consideration alongside price. He confirmed his intention to sell but said the group of technology entrepreneurs had not yet approached him directly. The club has won 11 league titles during his ownership and qualified three times for the Champions League group stage.

The $100 million valuation now being sought represents a significant increase from the approximately $80 million valuation discussed during the previous investment process, giving Raine a substantially higher benchmark as it sounds out potential buyers.

Manchester United Backs Wilcox as Recruitment Comes Under Fire

Manchester United's senior leadership is backing director of football Jason Wilcox following public criticism of the club's recruitment strategy and the performance of its squad.

The Times reports that Wilcox retains the support of the club's hierarchy despite criticism from defender Lisandro Martínez, who publicly questioned United's recruitment following Tuesday's 2-0 Champions League defeat to Atlético Madrid. Martínez said he expected more from Wilcox and argued that head coach Michael Carrick had not been sufficiently backed, with concerns over the summer window reportedly shared by other members of the squad.

Martínez subsequently met Carrick, Wilcox and chief executive Omar Berrada on Thursday and apologised for the timing and manner of his comments. He had issued an earlier statement explaining his frustration without apologising, before saying after Thursday's meeting that his remarks had come at the wrong time and place. United now consider the matter closed, although any internal disciplinary action will remain private.

United spent approximately £155 million during the summer on Andrey Santos, Youri Tielemans and Carlos Baleba. The club did not, however, strengthen every area Wilcox had targeted, with a left-back among the positions under consideration.

Wilcox remains one of the central figures in United's football structure. He works alongside Berrada, while minority shareholder Sir Jim Ratcliffe continues to exercise significant influence over sporting decisions through INEOS.

The criticism comes as Carrick attempts to improve results with a squad assembled across successive management regimes. United have indicated no internal pressure on Wilcox, who remains trusted by the hierarchy to oversee the club's recruitment strategy and future transfer planning.

Frankfurt Tops Europe for Value Created in the Transfer Market

Eintracht Frankfurt has generated the highest increase in transfer-market value from players signed since 2022, according to a new study by the CIES Football Observatory, narrowly ahead of Real Madrid.

CIES calculates that Frankfurt has created €527 million of value from non-academy players acquired during the period. Of that total, €293 million comes from players who have already been sold and €234 million represents the estimated increase in value of players still under contract. Real Madrid ranks second at €526 million, although €499 million of its figure consists of estimated rather than realised gains.

Photo: Patrik Meyer · CC BY-SA 4.0 · Resized; uncropped.

Frankfurt's recent trading provides some striking examples. Randal Kolo Muani joined from Nantes on a free transfer in 2022 before moving to Paris Saint-Germain the following year for a club-record €95 million. Omar Marmoush also arrived without a transfer fee, from Wolfsburg in 2023, before Manchester City acquired him in January 2025 for a fee reported at around €70 million plus bonuses. Hugo Ekitiké was acquired permanently from PSG for €16.5 million before Liverpool signed him in July 2025 for an initial £69 million plus add-ons.

Much of that trading strategy has been overseen by Markus Krösche, Frankfurt's board member for sport since 2021. His contract runs until June 2028. Sporting director Timmo Hardung, who joined the club in 2021 and moved into his current position in 2023, is also contracted until 2028 and leads a sporting department of more than 70 employees.

CIES's calculation is broader than conventional accounting profit. For players already sold, it compares acquisition costs with transfer income, while players still under contract are measured against CIES's estimated current transfer values. That distinction is particularly important for Real Madrid, whose €526 million total includes €499 million of estimated gains on players still at the club, including Kylian Mbappé and Arda Güler.

Paris Saint-Germain, Benfica and Manchester City complete the top five. At the other end of the ranking, Manchester United has recorded the largest depreciation among European clubs at €405 million, while Al-Hilal's €502 million decline is the worst result globally.

For Frankfurt, the ranking puts a figure on a player-trading model that has generated repeated high-value exits under Krösche while allowing the club to reinvest in its squad.

Relevent Adds UEFA’s National-Team Rights to Its Portfolio

UEFA has awarded the commercial rights to its national-team competitions to American agency Relevent, expanding a relationship that already covers the sale of commercial rights for Europe's principal men's club tournaments.

The agreement runs from 2028 to 2036 and gives Relevent a worldwide mandate covering media, sponsorship and licensing rights, together with account management and related commercial services.

Relevent secured the contract following a competitive tender and will replace CAA Eleven, which has handled UEFA's national-team commercial portfolio since 2012. CAA Eleven will remain responsible for the existing programme up to and including Euro 2028 and will continue servicing UEFA's commercial partners during that period.

The new contract spans the men's European Championships in 2032 and 2036, as well as the Nations League and European qualifiers for the Euros and World Cup. Sponsorship and licensing rights for UEFA's women's national-team tournaments will enter Relevent's mandate from the 2030/31 season.

Relevent had already secured the worldwide commercial-rights mandate for UEFA's men's club competitions from the 2027/28 season through 2032/33. The latest appointment therefore places large parts of UEFA's club and international commercial inventory with the same American company under separate agreements.

Relevent is part of Miami Dolphins owner Stephen Ross's sports and entertainment portfolio. Danny Sillman is the company's majority owner and Executive Chairman, having previously served as chief executive, while Boris Gartner now leads its day-to-day operations as CEO. Under their leadership, Relevent has expanded from its origins in football events into a major commercial-rights business with mandates involving UEFA, La Liga, the Bundesliga and the English Football League.

Neither UEFA nor Relevent disclosed the financial terms of the national-team agreement.