ISTANBUL 

Publicly traded shares of the world’s leading football clubs rose in the first six months of 2025, with Portuguese club Benfica leading the pack with a 61.9% increase.

Benfica was followed by German club Borussia Dortmund with a 25.2% rise, Scottish club Celtic up 16.4%, English club Manchester United up 3%, Italian club Juventus up 2.2%, and Dutch club Ajax up 1.5%, pleasing investors.

US-based investment fund Lenore Sports Partners acquired a 3.28% stake in Benfica, increasing its total stake in the club to 5.24%, boosting investor confidence. Benfica shares maintained an upward trend from the start of the year, reaching an all-time high in May.

Man U increased its financial discipline and restructured the club this year, laying off around 200 workers due to cash flow issues.

Italian club Lazio’s shares fell 23.1% and Portuguese club Porto’s dropped 4.6% in January-June.

Porto issued new bonds with an annual interest rate of 5.5% for 2025-28 to roll over its maturing debts this year, attracting significant investor interest and securing a total of €50 million ($58.6 million) in financing.

But net cash inflow into the club remained limited, as most of the funds were used to repay a previous bond maturing in April, leading to a decline in share value.

At the same time, Lazio failed to qualify for European competitions for the 2025–26 season after finishing the previous season below its targets.

The club's failure to achieve its goals despite being in the race for the UEFA Champions League and expectations of a potential decline in broadcast and sponsorship earnings has concerned its investors.