The Federation Internationale de Football Association (FIFA), the international governing body for soccer (football) faced challenges due to the growth of broadcast streaming and global fan support, and consequently the increase in enterprise values of major soccer teams. Professional soccer, notably in Europe, had seen record-breaking revenues for the top 20 clubs. Global sports revenue of US$159 billion was dominated by soccer. Together with dramatic increases in gambling, it led to significant interest by private equity and sovereign funds in investing in major clubs. However, FIFA allowed only national federations as members, so there was a disconnect. The case examines why competition in sports was different from in other industries and the need for competitive leagues.
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