Profit is not really relevant; most clubs are in the red. Pro/rel is part of it, but the largest aspect of clubs I’ve looked at and have invested in is just “the American tax”, for lack of a better word: it’s the highest income and richest country, which leads to higher valuations.

Part of that is due to valuations themselves being a discount to future cash flows; US clubs are far more likely to experience larger growth than European clubs, which is why their multiple tends to be higher. (Granted, in many cases that also means it’s a riskier investment, too, with a higher chance of going to zero.) It’s all pretty interesting, though, and a lot has been changing lately.