USA capital reshapes Serie A as American owners take half the league

On a bustling Milan street, the neon signs of Atalanta, Bologna, Fiorentina, Milan, Parma and Roma flicker under the watchful eye of USA investors, as half of Serie A’s clubs now sit in the hands of US capital—a shift the article calls a clear signal of deep transformation reshaping Italian soccer.

The article stresses that this ownership change is not a coincidence but a deliberate indication of a profound transformation affecting the Italian football landscape.

It presents the view that Serie A clubs should be treated as enterprises to be upgraded rather than personal prestige assets, urging each club to be evaluated as a business with growth potential.

Inter is excluded from the list because, although controlled by the US fund Oaktree, Oaktree was recently acquired by the Canadian multinational Brookfield, a change that explains the omission.

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One of the main drivers behind US interest is the historic brand strength of Italian clubs, which retain a solid international fan base that continues to attract American investors.

Economically, Italian clubs are seen as undervalued assets that cost less than Premier League teams, offering untapped commercial opportunities and significant margins for real‑estate development such as new stadiums and sport‑centre complexes.

The traditional Italian model, dominated by fan‑presidents making emotional investments, contrasts sharply with the American fund approach that installs CEOs and specialised managers focused on cost control, multi‑year planning and performance indicators.

RedBird, the owner of Milan, has worked on financial sustainability and a new shared stadium with Inter; Rocco Commisso at Fiorentina pushes for a modern stadium and the Viola Park sport centre; Stephen Pagliuca at Atalanta pursues gradual growth and a fan‑experience stadium project; and the Friedkin group at Roma prioritises a new stadium.

US investors view club ownership structures as the primary economic asset, yet most Italian stadiums remain municipally owned and outdated, with lengthy bureaucratic procedures hindering construction or renovation and limiting the ability to close the gap with Europe’s leading clubs.