Although European football clubs listed on the stock exchange offer fans the dream of ownership, they fail to satisfy investors in the long term. The latest data tracking the Pelé Index reveals that while football generates excitement on the pitch, it does not achieve the same success in the market.
Index Lags Far Behind Markets
The index, tracked by Aegon Asset Management with data dating back to 1998, rose by only 0.4% in the 2025/26 season. In the same period, global stocks gained 27%, and European stocks increased by 17%.
The longer-term outlook is also bleak for football shares. Since 1998, the Pelé Index has fallen by about 11%, while global stocks have returned approximately 678%.
By this calculation, €1,000 invested in a basket of football clubs in 1998 would be worth about €892 today. The same amount invested in a global equity fund would have grown to around €7,784.
Index Includes 18 European Clubs
The index consists of 18 European football clubs with publicly traded shares, weighted by market capitalization. Therefore, larger clubs have a greater impact on the index.
Manchester United is the largest component with a 25% share, followed by Juventus and Fenerbahçe SK. The index features clubs from nine different leagues; alongside global brands like Manchester United and Juventus, it includes teams such as Celtic FC, SL Benfica, FC Porto, Olympique Lyonnais, Borussia Dortmund, Brøndby IF, and Silkeborg IF.
The combined market value of these clubs is estimated at around €7.1 billion. However, no Spanish teams are included because LaLiga clubs are not publicly traded.
Why Do Football Shares Underperform?
Jordy Hermanns, portfolio manager and investment strategist at Aegon Asset Management, explains that the issue is not a single bad season but the structural nature of the clubs. While a publicly traded company aims to increase shareholder value, a football club prioritizes winning matches and satisfying fans.
Hermanns notes that transfer decisions, salary policies, stadium investments, and financial discipline often take a backseat to trophy ambitions. Therefore, it is unsurprising that clubs underperform broader markets over the long term.
Brand strength and size do not change this picture. Although the index includes some of the world's most famous clubs alongside smaller league teams, scale and reputation do not permanently improve investment outcomes.
Juventus Serves as a Warning Example
Juventus stands out as a striking example of the risks in football shares. When Cristiano Ronaldo joined the team in 2018, the share price briefly rose above €10.
Today, the share price hovers just below €2. After finishing sixth in Serie A, Juventus shares have lost 35% of their value this season.
This example shows that major transfers and short-term sporting excitement do not automatically translate into gains for investors. Historical data points to the same conclusion: football clubs are strong in fan loyalty but often weak as investments.
What Is Needed for Change?
Hermanns suggests that breaking this pattern requires clubs to focus more clearly on returns. Management incentives should align with shareholder interests, and a more balanced structure between on-field ambition and off-field financial discipline is necessary.
However, fan, media, and competitor pressures often push clubs in the opposite direction. Thus, while football clubs hold immense cultural value, they do not inspire the same confidence as investment vehicles.
Data spanning nearly thirty years shows that although football shares generate loyalty on the pitch, they rarely reward investors in the market.
