Belgium

Ownership and regulation

Clubs operate as NV/SA (limited companies). The RBFA conducts annual licensing via its Licensing Committee, which reviews financial plans, stadium standards, and youth development compliance. Belgium has no restrictions on multi-club ownership and has been the preferred entry market for several multi-club groups.

No restrictions. Belgium has the highest rate of foreign ownership in Western European football. City Football Group owns Lommel SK. The group behind Wolverhampton owned Royal Excel Mouscron before its dissolution. Pacific Media Group held stakes in multiple Belgian clubs. The regulatory friction on foreign acquisitions is minimal.

Governing body: Royal Belgian Football Association (RBFA)

Tax and legal structure

Corporation tax at 25%, with a reduced 20% rate on the first EUR 100K for qualifying SMEs. Belgium has a notional interest deduction system that lowers the effective tax rate on equity-financed investments. Player wages carry high social security contributions (around 35%), similar to France. Belgium has double tax treaties with over 90 countries.

Valuations

Pro League (outside Club Brugge): £5M-£60M. 1B Pro League (second tier): £1M-£10M.

Recent deals

Lommel SK was acquired by City Football Group and now functions as a development club within their network. Royal Antwerp was bought by Paul Gheysens and reached the Champions League group stage in 2023. Union Saint-Gilloise, acquired by Tony Bloom (Brighton owner), went from the second tier to consecutive league title challenges.

Entry points

Mid-table Pro League clubs trade at £5M-£30M. Second-tier clubs can be acquired for £1M-£10M. The operating model for most Belgian clubs below Brugge is player trading: buy from Africa, South America, and domestic academies, develop for one to three seasons, sell to top-five-league clubs. Clubs that do this well generate positive transfer balances that cover operating losses from limited broadcast and matchday revenue.

Our view

Belgium is the easiest market to enter in Western Europe, and that is both its strength and its risk. The multi-club ownership precedent means deal structures are well understood, regulatory timelines are short, and there is no political resistance to foreign capital. Union Saint-Gilloise under Tony Bloom is the proof of concept: a second-division club taken to the top of the table through smart recruitment and data-driven operations. The flip side is that the domestic revenue base is weak. Pro League broadcast rights are worth around EUR 100M per year split across 16 clubs. Matchday revenue outside Brugge and Antwerp is limited. Every viable investment thesis in Belgian football is a player trading thesis. If you are not confident in your ability to recruit, develop, and sell, Belgium will not work for you.

For comparison, see our guides to England, Spain, and Italy.

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