In a new essay published on Substack, Nicole Junkermann says that Europe must think differently about sports ownership and explores how sport has evolved beyond traditional entertainment into a global industry shaped by media rights, technology, data, intellectual property and direct audience relationships. While Europe remains home to many of the worldâs most culturally powerful sporting institutions, American investors have spent the past decade aggressively expanding across football and wider sports markets.
The piece argues that this shift reflects more than simple club ownership. It signals a deeper transformation in the economics of sport itself.
Elite clubs are increasingly operating as global media and entertainment businesses rather than purely sporting organisations. Revenue models are diversifying beyond broadcast rights into sponsorship, digital distribution, live experiences, creator ecosystems and international commercial partnerships. Real-time fan engagement and direct-to-consumer strategies are becoming as important as results on the pitch.
Building on her experience as founder of Gameday by NJF Holdings, Nicole also highlights the rapid growth of womenâs sport as evidence of changing market dynamics. Womenâs football, volleyball and basketball are attracting rising commercial interest as investors recognise the long-term value of highly engaged global audiences and underdeveloped media properties.
The essay argues that foreign investment is not inherently negative. International capital has often strengthened governance, commercial strategy and operational discipline across European sport. But if European institutional and private capital continues to hesitate, Europe risks remaining the cultural heartland of global sport while others capture an increasing share of the economic upside.
At a time when authentic live experiences are becoming more valuable in an AI-driven digital economy, sport may become even more strategically important over the next decade.
Nicoleâs latest essay examines why this transition matters and why Europe should think more ambitiously about ownership, investment and the future economics of sport.