The 2026 World Cup has reignited interest in football, but for investors, the game’s financial side remains a puzzle. For fans, owning shares in their favorite clubs might feel like the ultimate loyalty test. For a few dozen European teams, this is technically possible—shares trade on public markets, and anyone with a brokerage account can buy in. This raises the question of whether these stocks are worth the risk.
Aegon Asset Management’s “Pelé Index” offers a stark answer. Named after the Brazilian legend, the index tracks European football clubs with publicly traded shares, dating back to 1998. It turns a fan’s fantasy into a real-world investment test. The results, however, are sobering. In the 2025/26 season, the index returned just 0.4%, lagging far behind global equities, which gained 27%, and European shares, up 17%.
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Extending the view back to 1998 paints an even grimmer picture. Over nearly three decades, the Pelé Index has lost about 11% in total value, while global equities surged 678%. Imagine investing €1,000 in the index back then: it’s now worth roughly €892. The same money in a global equity fund would have grown to about €7,784—a nearly ninefold difference.
The index includes 18 clubs across nine leagues, weighted by market value.
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Football clubs prioritize winning matches over financial gains. Yet, the pressure to deliver returns to shareholders is growing. Clubs face constant pressure to balance competitive performance with profitability. This tension is reshaping the sport’s setting, influencing everything from transfer strategies to stadium development.
The Pelé Index serves as a cautionary tale. While it captures the financial trends of a select group of clubs, it also shows the risks of investing in a sector where success is tied to unpredictable outcomes. For investors, the challenge lies in reconciling the sport’s volatility with the need for stable returns.
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Football clubs may be cultural icons, but their financial resilience is far from guaranteed. As the sport continues to evolve, the role of investors will become increasingly critical. Whether this partnership strengthens the game or undermines its core values remains to be seen.