Opaque Club Ownership Linked to Sanctions and Probes
A study of Italian football finds clubs with hidden owners face far higher rates of sporting sanctions and criminal investigation links.
Updated on Nov. 6, 2026 in Financial Crime
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Researchers tracking more than 250 Italian clubs from Serie A to Serie D found those with opaque ownership were sanctioned at a much higher rate than other clubs. The study links these structures to criminal allegations involving senior figures.
Why it matters
Opaque ownership chains can make it difficult for regulators to identify who ultimately controls a club. The researchers recommend stronger ownership scrutiny and early-warning systems ahead of new EU anti-money-laundering rules for football.
Of the 27 opaque ownership entities identified at the top of club ownership chains in the 2025-26 season, 20 control Italian clubs, with chains spanning 62 jurisdictions. Among sanctioned clubs, 26.4% were associated with criminal investigations, compared with 4.2% of unsanctioned clubs, though the study does not determine whether the sanctions and investigations are causally connected.
The players
Leeds Beckett University
A public university in Leeds, England, home institution of the lead researcher on the study.
The details
The researchers tracked 265 clubs from the 2022-23 season onward, examining sporting sanctions, exclusions and criminal proceedings over three years. They identified ownership chains running through investment funds, fiduciary companies and transnational corporate structures that prevent identification of ultimate owners.
Timeline
2022-23 season: tracking of 265 clubs begins
2025-26 season: researchers identify 27 opaque ownership entities
July 2029: new EU anti-money-laundering obligations for football clubs and agents take effect
Legal Context
The findings arrive ahead of the EU anti-money-laundering framework that will impose specific obligations on professional football clubs and agents from July 2029. The study's ownership-chain evidence suggests those rules will need to address the investment funds and fiduciary structures that obscure beneficial owners.
Fans and local communities of clubs with complex ownership may face greater uncertainty over club stability and sanctions. The new EU rules from July 2029 are expected to change how clubs and agents must document who controls them.
The takeaway
Clubs and fans can benefit from knowing who ultimately owns a team, since hidden ownership correlates strongly with sanctions and investigations. Transparency in ownership is an early indicator of institutional risk.
Further reading
For more on how hidden money moves through markets, see our Financial Crime coverage.
Source note: This article includes information reported by Eurasia Review.
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