Soccer: Opaque club ownership is more likely associated with higher financial and criminal risks

Soccer: Opaque club ownership is more likely associated with higher financial and criminal risks Gaby Clark Scientific Editor Andrew Zinin Chief Editor Who are the ultimate owners of Italian soccer clubs? Where does the money invested in these clubs come from? And what risks lie behind investment funds, fiduciary companies and transnational corporate structures that make it difficult to identify the individuals who ultimately control them? These questions are addressed by a new paper published in the Journal of Economic Criminology and authored by Francesco Addesa, senior lecturer at Leeds Beckett University (U.K.), and Michele Riccardi, professor of criminology at Università Cattolica del Sacro Cuore and director of the research center Transcrime (www.transcrime.it). The study provides the first systematic analysis of the ownership structures of more than 250 clubs across Italy's top four soccer divisions, from Serie A to Serie D, examining the relationship between ownership transparency, financial misconduct and criminal investigations. Investment funds, offshore companies and owners who are difficult to identify The research reveals significant levels of ownership opacity and international exposure. In the 2025–26 season, the researchers identified 27 entities at the top of club ownership chains, including investment funds, fiduciary companies and other structures that prevent the identification of the natural persons holding the ultimate economic interests. Twenty of these entities exercise direct or indirect control over Italian soccer clubs. Ownership chains span 62 jurisdictions, including 26 of the 30 jurisdictions ranked as having the highest levels of financial secrecy by the Tax Justice Network. Among the most frequently encountered are the United States, Luxembourg, Switzerland, the Cayman Islands and the British Virgin Islands. The phenomenon also affects lower-division clubs, with a significant presence of U.S. investors, particularly holding companies and funds registered in Delaware. Opaque ownership: Sporting sanctions three times more frequent The research tracked 265 clubs from the 2022–23 season onward, examining sporting sanctions, exclusions from competitions and criminal proceedings emerging over the following three years. The findings show that clubs with opaque ownership structures were approximately three times as likely to receive sporting sanctions as other clubs: 29.4% compared with 9.7%. The ratio increases to four times when Serie A clubs are excluded. Exclusions from competitions were also more frequent: 29.4% compared with 12.1%. The most striking finding, however, concerns criminal investigations and allegations. More than half (52.9%) of clubs with opaque ownership structures were linked to criminal allegations or investigations involving individuals in senior positions within the clubs, compared with just 5.6% of other clubs. This difference, exceeding a factor of nine, is statistically significant. Sporting sanctions and exclusions as early warning signals of criminal risks The study also finds that 26.4% of clubs receiving sporting sanctions or being excluded from competitions were associated with criminal investigations or allegations, compared with 4.2% of clubs that had not been sanctioned. When ownership opacity and sporting sanctions occur together, the association with criminal proceedings becomes even stronger. The researchers emphasize that these findings do not establish a causal relationship, but nevertheless reveal a strong association between ownership opacity, administrative and financial misconduct, and criminal risks: "Opaque ownership is not unlawful in itself, just as a criminal investigation does not amount to a finding of criminal responsibility," explains Riccardi. "However, our study suggests a close relationship between opacity, administrative misconduct and criminal risks. Clubs already experiencing financial difficulties may attract opaque investments; alternatively, the entry of capital from unknown sources may contribute to financial irregularities and instability." Greater transparency over capital flowing into soccer The research highlights the need to strengthen scrutiny of soccer club ownership structures, including to prevent the entry of investors pursuing objectives unrelated to legitimate sporting and economic activities. These recommendations are particularly relevant in light of new European anti-money laundering rules, which will introduce specific obligations for professional soccer clubs and soccer agents from July 2029. The authors also recommend developing early warning systems combining indicators of ownership opacity and financial anomalies, while strengthening cooperation between soccer federations, supervisory authorities, financial intelligence units, judicial authorities and scientific research centers specializing in these issues. "Stronger scrutiny of club ownership would not only reduce the risks of money laundering, criminal infiltration, tax fraud and sporting fraud," explains Addesa. "It would also make the public management of soccer-related facilities, starting with stadiums, more transparent and strengthen fans' trust, which is continually undermined by scandals and sporting failures." More information Francesco Addesa et al., The dark side of the ball: Crime, financial misconduct and opacity of club ownership in football. An empirical investigation of Italian calcio leagues, Journal of Economic Criminology (2026). DOI: 10.1016/j.jeconc.2026.100259 Provided by Catholic University of the Sacred Heart