New study links opaque Italian soccer ownership to higher financial and criminal risks
Researchers published a new paper in the Journal of Economic Criminology analyzing ownership structures across more than 250 Italian soccer clubs.
Study covers four Italian divisions
The analysis examines clubs ranging from Serie A down to Serie D. Authors Francesco Addesa and Michele Riccardi investigated how difficult-to-identify owners relate to misconduct. Their work appears in the Journal of Economic Criminology.
Twenty-seven entities hide ultimate interests
The 2025-26 season data shows twenty-seven top-tier entities sit above club ownership chains. These structures include investment funds and fiduciary companies that block identification of natural persons. Such arrangements prevent investigators from seeing the individuals holding ultimate economic stakes.
Opacity raises specific dangers
Significant levels of ownership opacity and international exposure were found throughout the sample. The study connects these hidden structures directly to increased financial and criminal risks. No single outlet reported different figures for the number of opaque entities.
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