The Great Revolution in Football: The New Business of Stadiums

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Just a few years ago, the vast majority of football stadiums were simply large venues that opened their doors twice a month. Clubs were limited to playing their matches there, and fans received little more than access to the club shop. In some cases, there was a museum, but that was the extent of it. In the 20th century, these facilities "were a secondary element in the sports industry. The revenue they generated was real but limited," recalls the report "Football 2016-2026: The Decade That Rewrote the Rules," developed by World Football Summit (WFS) to mark the tenth anniversary of their first event.

Today, however, cranes are a common sight around these venues, which are no longer solely sports facilities. Projects like "Plan Impulso," promoted by CVC and La Liga, or the 2030 World Cup have accelerated plans for stadium construction or renovation in Spain. And they are no longer designed for just two evenings a month. "The development of a stadium begins with a business model and the market, not with the design," emphasized Nuno Moura, General Manager of Legends Global for Spain and Portugal, during the last WFS Madrid 2025.

The First Steps: Arsenal, Juventus...
Exactly ten years ago, at the first World Football Summit, the data spoke for itself. The colossal San Siro generated a mere ten euros per seat during AC Milan and Inter matches. Camp Nou, with Messi and a winning team in a tourist capital, brought in 45 euros. Andrea Sartori, former Global Sports Director at KPMG, explained at the event the early signals coming from clubs that had already committed to building new, privately owned stadiums. In this context, Arsenal managed to double their matchday revenue by moving from Highbury to the Emirates Stadium in 2006. In Italy, Juventus increased their revenue from 20 million to over 50 million euros annually with the opening of the Allianz Stadium in 2011.

These two European giants showed others that renovating and internally managing a stadium designed for business could function as a highly profitable financial lever. The big leap, however, occurred when the industry as a whole realized it needed to drastically increase its operating budgets to compete in major leagues amidst a strong rise in salary and transfer costs. By 2016, North American funds and Middle Eastern projects, such as City Football Group and Qatar's investment in PSG, had already entered Europe.

"Riyadh Air Metropolitano" and the "Mattress Makers'" 360 Plan
One of the clubs that, a decade ago, made the transformation of its stadium a cornerstone of change was Atlético Madrid. The club built the Metropolitano with the goal of boosting it both on and off the pitch. With an investment of 310 million euros, the project allowed the team to enter a new dimension. It added 365-day-a-year offerings and forged partnerships, such as those with Legends and Centerplate for VIP areas and catering. This secured the club 200 million euros annually. Today, the stadium hosts tours like Bad Bunny's, who sold out ten concerts this summer. These additional revenues supported the club's business plan, which is now steadily above 400 million euros. In ten years, it has added 150 million to its regular turnover.

Now, Atlético's plans are focused on areas outside the stadium. The new majority shareholder, Apollo Sports Capital, will accelerate the plan initiated by Miguel Ángel Gil Marín with the future "Sports City." Real estate development is a key asset for attracting funding and new owners. The 800-million-euro project, of which approximately 200 million will be provided by the club, includes commercial spaces, restaurants, and entertainment. It is intended to be the major growth lever for the "Mattress Makers" over the next decade.

Apollo is not the only investment fund that has identified stadiums as an asset with enormous monetization potential. These firms primarily come from North America – a region where the sports industry has long understood the value of these facilities. The last World Cup in 2026 proved this again with record ticket revenue, significantly exceeding FIFA's projected 3 billion dollars (2.6 billion euros). In fact, the stadium business for the first time surpassed commercial and sponsorship revenues for the championship.

VIP Zones, Naming Rights, and Sharply Increased Profitability
Several factors have allowed new stadiums to sharply increase their profitability. For example, 20% of VIP seats generate over 70% of ticket revenue, which explains the determination of all clubs to expand this offering. On the other hand, technology has refined this monetization – from mobile orders directly from the seat to the heat map of sightlines applied by Everton at their new stadium, which allowed for the establishment of up to 22 pricing tiers within the same stand.

Added to all this are stadium naming rights, which are now structured as pre-financing tools. Spotify paid FC Barcelona 5 million euros annually to name Camp Nou during its construction, helping to finance the project. Now, with the stadium renovated, the company will continue to be a main sponsor, contributing 20 million euros per season until 2034.

The Catalans' great rival, Real Madrid, also opted for preliminary alliances linked to future stadium revenues. In their case, a company was created to operate the commercial activities of the Bernabéu, with 30% of it sold to Sixth Street for a period of 20 years. In return, the club received 360 million euros, which were crucial for maintaining sustainability in the first year after the pandemic.

Differences and Challenges: From Global Context to Ownership
Despite the general acceleration, not all of the football industry is progressing or capable of exploiting stadiums to expand its business and visibility. In some parts of the world today, it's impossible to draw up a business plan related to football pitches. In Africa, half of the countries lack a national stadium approved by FIFA for international competitions, while in Asia, very few clubs own their stadiums. "The club has no say, no control, no power," lamented James Kitching, founder of Kitching Sports and former legal director of the Asian Football Confederation, during his participation in the World Football Summit Madrid in 2019.

Owning the stadium is synonymous with control, but also with value, because every profit generated goes directly to the club that operates it. Owning these facilities, something so common in the United Kingdom or the USA – there through franchise owners – is fundamental for clubs.

In Spain and Italy, those in this ownership model are still a minority, although the "Impulso" plan has contributed to a general renovation. However, this came after reaching agreements with landlords: public administrations. In Serie A, there is a national plan worth 5 billion euros to reform stadiums in view of Euro 2032, which the country will co-host with Turkey.