Turin

There’s passion, perhaps a little, probably not much more. There’s the belief that it makes sense to invest in a market that, despite its economic and sporting struggles, will sooner or later start generating wealth again. Whatever the reasons are, foreign ownership continues to arrive in Italy even as the country’s soccer is going through one of its less glamorous periods. Particularly, the Americans are leading the chart.

The map of Italy is increasingly dotted with American flags. Among the biggest clubs, only Juventus and Napoli remain in Italian hands. Nearly everywhere else, the owners are American. In May 2024, the collapse of Suning forced Zhang to sell Inter Milan to the U.S. investment firm Oaktree. Since 2022, AC Milan has been owned by RedBird, led by Gerry Cardinale, which completed the repayment of its debt to Elliott in early 2026, thereby gaining full control of the club.

AS Roma has been American-owned since 2011, first under James Pallotta and, since 2020, the Friedkin family. The investments in Milan and Rome share another ambition: building and profiting from privately owned stadiums in two of the world’s most visited cities.

Tourism and globally recognizable brands are also a common thread elsewhere. In Florence, Fiorentina is owned by the Commisso family; in Venice, the club is controlled by VFC Newco 2020 LLC, with Francesca Bodie as its new president.

The list doesn’t end there. In 2022, the Percassi family sold 55% of the holding company that controls Atalanta, Dea Srl, to a group of investors led by Stephen Pagliuca. In 2020, Kyle Krause arrived to buy Parma.

The Serie A tour continues with Monza, which Fininvest sold in 2025 to U.S. investment firm Beckett Layne Ventures.

In all, eight U.S. owned clubs now make up 40% of Serie A, alongside Bologna, which is owned by Canadian businessman Joey Saputo.

The American wind is blowing through the lower divisions as well: Cesena (JRL Investments), Verona (Presidio Investors), Pisa (Alexander Knaster), Spezia (RAM Spezia Holdings, owned by Thomas Roberts) and Campobasso (North Sixth Group).

This is just the beginning.