Nou Mestalla
Credit: Valencia CF

‘Inside the New Economy of a Stadium’ highlights how decisions made at every stage - from funding and planning through to delivery and operation - ultimately determine whether these venues realise their full commercial and community potential.

The extensive report draws on global project data and industry insight - including major developments such as Valencia CF’s Nou Mestalla stadium, Wrexham AFC’s evolving Racecourse Ground and Oxford United’s proposed new stadium complex - to set out how the traditional stadium model is being reshaped by spiralling costs, changing fan behaviour and the growing imperative to generate diversified, 365-day revenues.

At Nou Mestalla, for example, more than 6,500 premium seats - almost 10 per cent of total capacity - are being incorporated as part of a more segmented, experience-led commercial model, underlining the growing importance of premium and hospitality revenues in modern stadium economics.

Featuring contributions from leading figures from England, Ireland, Wales, Spain, Italy and more, the report positions stadiums as pivotal economic assets - no longer defined by matchday income alone, but by their role as integrated hubs spanning sport, entertainment, hospitality and real estate.

Key findings include:

• More than 300 stadium construction and renovation projects got underway globally in 2025, reflecting unprecedented levels of investment in sports infrastructure
• The cost of building new stadiums is accelerating rapidly
• The “365-day stadium” is emerging as a dominant model, with venues increasingly incorporating hotels, retail, conference and entertainment space to drive year-round revenue
• Fan behaviour is shifting, with growing preference for at-home viewing forcing clubs and operators to reimagine the live experience and create ‘smart’ stadiums
• Stadium developments are becoming more complex and capital-intensive, requiring more sophisticated funding structures and greater reliance on public-private collaboration
• More than a third of Europe’s 700-plus top-tier football venues are owned privately, rather than by state or municipal authorities, and those that own their stadium generate 76 per cent of commercial revenue from non-matchday use.

Alastair Cowan, partner and head of the sports sector at Addleshaw Goddard, said: “What we’re seeing now is a fundamental shift in the economics of stadiums worldwide. In the Premier League alone, clubs are planning to increase capacity by 14 per cent by the mid-2030s and that reflects a much broader global trend of investment in live sport.

“This sits alongside a clear change in consumer behaviour. While live attendance remains strong, digital transformation is reshaping how fans engage with sport, with more people opting to watch from home.

“In response, stadiums are being reimagined as multi-purpose, year-round destinations that go far beyond matchday. With more than 300 major stadium projects underway globally, the stakes have never been higher and understanding what drives success in modern stadium development has never been more important.”

The report draws on a series of high-profile case studies to illustrate these shifts in practice. Projects such as Valencia CF’s Nou Mestalla highlight how long-term developments are being adapted to changing fan expectations, technology and planning requirements, while Oxford United’s proposed stadium demonstrates how clubs are increasingly designing venues as fully integrated, multi-use destinations with hotel, conference and community facilities at their core.