The Multi-Club Ownership Crisis

By Arjun Srivastava 1/29/2026

Bayern Munich fans hold up a protest banner, Photo: Anna Szilágyi/EPA

On September 1, 2012, Ferran Soriano, newly appointed CEO Manchester City Football Club in England was tasked with rebranding the club and defining its new identity following a takeover by member of the Emirati royal family, Sheikh Mansour. Over the following years, Sorriano went about reviving his ambition from his time at F.C. Barcelona: A global football business entity. Though not exactly the beginning, this was the clearest sign that the game of football was about to change forever, and where it all started to go wrong.

Less than seven months after his appointment, Soriano and United States Major League Soccer (MLS) commissioner Don Garber announced the 20th expansion team, New York City FC. Now it and Manchester City would now be under the control of the new City Football Group, owned by Sheikh Mansour and run by CEO Ferran Soriano. Then, at the start of 2014, they would purchase Australian A-League side Melbourne Heart, and rebrand them as “Melbourne City” and that same year, they would acquire Japanese club Yokohama F Marinos. Then over the following years, they would take over teams in Uruguay, Spain, China, Brazil, France, Bolivia, and Italy. By 2022, twelve football clubs across twelve countries were owned by the City Football Group.

Manchester City FC CEO Ferran Sorriano, Photo: Europe CEO

The main appeal of the multi-club ownership model, as understood in its early stages, was to be able to scout talent all across the world. However, what the model became universally used and understood as was a group of clubs all serving the one principal team.

In June of 2022, Savinho, an up and coming Brazilian prospect was bought by FC Troyes in France for six million euros. Without playing a single minute for the side, he was loaned out to Girona FC in Spain, where he had a breakout season. Girona, having only recently reached the first division of Spain, had a spectacular season, finishing third in the league after holding the top place multiple times throughout the year. At the center of their success, was Savinho. But just the next season, he would be bought by Manchester City for thirty million euros. This would seem like a typical footballer’s story, until this: All three of the clubs are part of the City Football Group. The transfer and loan negotiations were effectively being held between Sheikh Mansour and himself, and though the money moved, it ultimately ended up back at its origin in his own account. And the fee, though a necessary technicality, did not go to FC Troyes, instead, it went straight back to Manchester City’s budget, once again showing that clubs in the City Football Group only exist to serve the one at the top of the ladder.

As written on the City Football Group’s website, they intend to be “A global business built from local passion”. But how much local passion is there from fans who know that their teams simply exist as feeder clubs to the one at the top of the food chain?

Strasbourg fans protesting their ownership, Photo: BBC

Another multi club body, though more recently founded and still in its infancy is BlueCo. Founded and operated by American businessman Todd Bohely, BlueCo has complete control over English Premier League club Chelsea, and French Ligue 1 club Strasbourg. After their takeover of Chelsea and Strasbourg in 2022 and 2023 respectively, they have shown the whole footballing world the true depth of the problems with the multi-club ownership model, but especially after the events of this year.

Out of the eleven transfers over the past year between the two clubs, the most recent is Emmanuel Emegha. After an impressive 2024/2025 season with Strasbourg, in which he scored fourteen goals, the Dutch youngster has arrived to the inevitable fate of transferring to Chelsea for a conveniently undisclosed fee, presumably paid through multiple accounts and eventually making it back to Todd Bohely’s pocket.

Emmanuel Emegha signing for Chelsea, Photo: Chelsea FC on Instagram

Just this January, after the controversial firing of their coach Enzo Maresca, Chelsea have replaced him with Strasbourg coach Liam Rosenior. Rosenior had just established a run of good form with only two draws and one loss to their seven wins in his final ten games, leading the team to soar above expectations. But just like with players, the same truth remains with all parts of the club. Success never lasts for the smaller teams in these arrangements. Because, when the principle club needs a coach, the smaller one has to give one up, and the fruition of the work from those in the smaller clubs is only a stage for players to display a candidacy for the club at the top, since FC Troyes, Girona, and all the other little brothers are just cogs working to keep the bigger machine functioning.

So as a fan of a little brother team, what point is there in gaining any affinity to a player who plays their heart out for your team and wins results and creates incredible moments? If they ever show any sparks of talent the unescapable occurrence is them leaving in a snap, as if, and so it is, that the moments they had playing for you, never mattered.

No player can ever leave a legacy at the smaller club. Girona fans wanted to see Savinho develop into a world class player and lead them on charges for Spanish titles, and Strasbourg fans wanted to see Emegha dominate the French Ligue 1 for years, as they both probably would have done. But the smaller teams are simply pawns to the larger system. What these owners continually fail to realize is that football is more than profits. Fans will never celebrate reselling a player for a twenty million dollar profit, they celebrate moments. How can a club bring you any lasting joy, how can a club bring you any excitement, how can a club create any real moments, if you know that they only exist as a rung on the ladder to get to the landing?

Multi-club ownership has continued to deprive the beautiful game of its soul, the truth is, it is already too late.

Finn