Almost six months have passed since the mass transfer of Kazakh clubs into private hands, but not all have been successful. Today, nearly half of the teams in the Kazakhstan Premier League have found private ownership, as have several major teams in the First League.

The national internet portal Sports.kz assessed the innovations private investors have brought to Kazakhstani football during this period.

FY2025 Universal Registration Document portrays a company that came within nine days of administrative relegation from Ligue 1, a fate averted only by the resignation of its controlling shareholder/CEO and the emergency injection of €117 million of new liquidity.

The new management under Michele Kang inherits a structurally difficult situation: negative equity of €163 million, net debt of €577 million (including player payables), a €12.5 million fixed UEFA penalty with €37.5 million in conditional sanctions, a DNCG-monitored payroll cap, and a €87.3 million shareholder loan at a 12-13% annual interest rate that will further inflate financial costs in FY2026.

Sevilla has new owners. For 450 million euros minus the club's net debt, estimated at 85 million, the holding has taken control of the sixth-best team in the historical ranking of La Liga, the seven-time Europa League champion, but... Who is really behind it?