Research objectives: The European market for football club investors is undergoing a significant transformation, with German clubs opening up for strategic investors, French clubs being taken over by private majority investors, and English top-league clubs experiencing an influx of foreign investors. Economic and legal politics have played an important role in the deregulation of closed member associations.Research methods: This paper aims to summarize the history and market situation of the Big Five' European leagues, review available theory and empirical evidence on incorporations and public and private investors, and suggest research gaps that deserve further attention. The authors have also constructed a unique database covering all owners in the two premium divisions in England, France, Germany, and Italy for the period from 2003 to 2014.Results and findings: The available articles in the growing research field of football club investors cover various theoretical areas, such as the application of property rights theory to European football clubs. In addition, several empirical papers analyze the financial and sporting impact of domestic and foreign private investors and public listings. All these studies highlight the increasing importance of club ownership in the rat race of European football.Implications: Nevertheless, some research gaps remain to be studied at an appropriate depth. First, further empirical studies should analyze the impact of incorporations in German football and the entry of private majority investors in France. Furthermore, future research may address the paradox of de-listings in England and additional listings in continental Europe. Finally, this article identifies the impact of foreign investors and multi-ownership synergies as promising research fields. In this respect, the article provides some managerial implications for football club owners, managers, and regulators.