Why is Scottish football now living the American dream?
In England, following Dan Friedkin’s recent acquisition of Everton, half of the 20 Premier League clubs are now under US ownership, including Manchester United and Liverpool. Nine more clubs in the English Football League have also attracted American investment.
The reasons are varied, but value is a key factor. While the average NFL franchise is valued at around $6bn, and an NBA team commands roughly $4.6bn, Everton reportedly sold for just £400m.
For investors used to those numbers, European football clubs can seem like a bargain – especially when they come with global brand recognition, loyal fanbases, and historical prestige.
But why Scotland?
“They love the sport and the cost for getting involved with sports ownership in the states is significant,” said Cormack, Aberdeen’s chairman.
Entry is cheaper, but the potential rewards – particularly through European competition – are very real. While Everton’s new owners may have limited expectations of reaching the Champions League, those backing Rangers will expect to be there regularly.
That offers a route to financial growth, global exposure, and an increase in brand value. There’s also a growing focus on player trading.
Celtic have shown how effective this can be, developing talent and selling at a premium. US investors see Scotland as a shop window.
Les Alan, an LA-based investment banker, helped broker the Rangers takeover and thinks the attraction was obvious.
“If you’re looking at the investment from a financial point of view, the figures speak for themselves,” he said.
“Rangers’ enterprise value is probably around £150m. For that you could probably buy a very small fraction of the 49ers, you could buy a fraction of an English Premier League club.
“Yet Rangers offer you one of the top two teams in Scotland, with a 38-acre training facility, a magnificent stadium in the heart of Glasgow and the possibility of top-tier European competition every year.
“So from a financial point of view, the comparisons I believe are compelling. In fact, in the US, here in LA, a women’s team just traded for $250m, without the background, the history or the trophy winning past of Rangers.”