The 2026 World Cup began this week, promising a month where football dominates attention with 48 teams, 104 matches, and billions of spectators worldwide.

Many fans view acquiring shares in their favorite team as the pinnacle of loyalty.

Across Europe, a select number of clubs allow this through public share trading, accessible via any standard brokerage.

Yet the real challenge lies in deciding if it makes financial sense.

The Pelé Index has significantly trailed global stock performance

Aegon Asset Management maintains the "Pelé Index", an engaging yet rigorous analysis following all European football clubs with publicly traded shares since 1998.

Honoring the Brazilian icon, this index converts supporter fantasies into an investment evaluation: investing in listed European clubs, what returns would result?

The results prove unfavorable.

For the 2025/26 season, the index achieved only 0.4% return, compared to 27% for worldwide equities and 17% for European stocks.

Looking back to 1998 reveals a more dramatic contrast. The Pelé Index shows an approximate 11% loss overall, whereas global equities delivered around 678% gains during this timeframe.

Practically, €1,000 placed in football club shares initially would now equal about €892.

Meanwhile, €1,000 invested in a global equity fund would reach approximately €7,784, almost ninefold growth.

How the Pelé Index is constructed

The index includes 18 European football clubs whose shares trade on public exchanges and weights each according to market value, allowing larger clubs to carry greater influence.

Manchester United stands as the top holding at 25%, followed by Juventus and Turkey's Fenerbahçe SK.

The selection covers nine leagues and ranges from globally known sides to smaller teams recognized mainly locally.

Beside major clubs appear Scotland's Celtic FC, Portugal's SL Benfica and FC Porto, France's Olympique Lyonnais, Germany's Borussia Dortmund, and modest Danish sides such as Brøndby IF and Silkeborg IF.

Together, these clubs hold a combined market value near €7.1bn.

One notable gap appears: Spain. Although home to two of the world's largest clubs, LaLiga lacks representation since no Spanish teams are publicly listed.

Why football proves a poor investment choice

When asked why football stocks have lagged broader markets over time, Jordy Hermanns, portfolio manager and investment strategist at Aegon Asset Management, highlights the fundamental purpose of clubs rather than isolated poor seasons.

A typical listed firm aims to maximize shareholder value. A football club aims to secure victories, score goals and excite its supporters.

"These goals differ substantially and frequently clash," Hermanns noted.

In reality, major club decisions on transfers, salaries and stadium projects prioritize trophies over financial prudence or capital returns.

He believes this inherent conflict accounts for the sustained underperformance more than any single season or streak of misfortune.

Might larger clubs or those in stronger leagues overcome this pattern? Hermanns indicates the data provides scant reassurance even here.

The index covers 18 clubs across nine European leagues, from prominent names like Manchester United and Juventus to smaller Danish outfits such as Brøndby IF, yet variations in size, brand strength or location fail to consistently account for performance trends.

"The beautiful game merits your passion, but your investment portfolio merits your logic," Hermanns told Euronews.

Juventus serves as a stark example

The period's clearest warning comes from Juventus.

Following Cristiano Ronaldo's arrival in 2018, shares briefly exceeded €10 amid hopes of merchandise revenue and continental success.

Now the shares sit just under €2 and have fallen 35% this season after a sixth-place Serie A finish.

Even one of football's most publicized transfers failed to produce enduring benefits for shareholders.

Can clubs break free from this pattern?

Hermanns remains doubtful.

Reversing the trend, he contends, would require real change: greater emphasis on financial returns, leadership rewards linked to shareholder results, and improved equilibrium between on-pitch goals and off-pitch restraint.

Yet fan, media and competitor pressures continually exert force in the opposite direction.

"This represents not merely a temporary problem but a fundamental one," he stated. Football clubs may serve as irreplaceable cultural landmarks, he noted, yet they have seldom delivered strong investment outcomes.

Nearly three decades of evidence lead to one conclusion: football clubs may command devotion on the field, but they have rarely benefited investors in the marketplace.