The big buyout funds may be ready for their first major club acquisition – sweet music for the Glazers

Private equity funds used to be reluctant to do club purchases, thinking the risks too big. So they focused their money and knowledge on the ownership of leagues’ operations, such as media rights.

Private equity funds have become more comfortable with club ownership as they start to understand and model the dynamics of European football. “They see capital growth opportunities which are hard to ignore,” says one of the industry’s top M&A lawyers.

Why it matters: Recent media reports suggest the Glazers will have to lower their asking price for Manchester United. Never have there been so many sport clubs up for sale, but private equity funds may be ready to do a club purchase and table an offer.

The perspective: Private equity funds are constantly searching for untapped growth markets and new asset classes they can tap into. Some would argue that European football is the very definition of a high-risk asset class, but maybe not for long.