Tom Wagner’s involvement with Birmingham City commenced in July 2023.
Birmingham City owner Tom Wagner has suggested that lower-league clubs “should not take too much” from the Premier League’s elite teams, as negotiations continue regarding the redistribution of wealth within the English Football League (EFL).
Discussions surrounding the sharing of Premier League revenue across the football pyramid are ongoing, amid government pressure as a new independent football regulator is being established.
Legislation to create the regulator was enacted in July, granting it powers of last resort to enforce an agreement if one is not reached.
The Premier League contends that English football can self-govern, arguing that a regulator would possess “unprecedented and untested powers to intervene in the distribution of [its] revenues,” potentially leading to “a negative impact on competitiveness and investment in world class talent.”
Speaking at The Summit, part of Leaders Week London 2025, Wagner, an American investor, stated, “I think the top clubs in English football have to be protected at all costs. We can’t take too much from the top clubs to support the pyramid.”
“If you have a situation where the top teams are not dominant, I mean internationally, with the very best players and product, then the interest will wane – particularly from the US market which will drive interest and capital flows into football.”
“I love the pyramid – we have experienced a lot of it – but the top clubs that are highly successful have significant brand value and draw interest. We hope that interest will help grow the entire pyramid.”
Backed by substantial US investment since 2023, Birmingham are among the wealthiest clubs in the EFL and achieved a record 111 points during their promotion from League One to the Championship last season.
Birmingham reportedly spent £25m in League One last season, exceeding the combined spending of the rest of the division, according to Transfermarkt.
They are among the leading spenders in the EFL, alongside Welsh club Wrexham, owned by a consortium including Hollywood actors Rob McElhenney and Ryan Reynolds.
Eleven of the 20 Premier League teams have US owners, and a two-thirds majority could enable them to collectively vote for significant changes in the sport, including a much-debated proposal for an overseas 39th match.
Wagner supports the idea of playing a match overseas in the United States, with the club having previously considered playing Wrexham there last season.
He stated, “We have two US-owned clubs in the Championship and our matches did very well in the US when broadcast. I think we are only scratching the surface of what we can do internationally and that’s very exciting.”
The co-founder of Knighthead Capital Management also discussed Birmingham’s Sport Quarter development plans, which include a proposed multipurpose 62,000-seat stadium.
The club believes the stadium will enhance Birmingham’s appeal as a football destination, as it “doesn’t make sense” that people continue to travel to London and Manchester while overlooking the “second city.”
Wagner added that he would welcome on-field success for Birmingham’s local rivals.
“I respect fans enjoy the misery of their crosstown rivals,” he said, “but if I was to root against Villa or Wolves in our immediate area then I am rooting against clubs in the Birmingham area and lessening the quality of Birmingham football.”
“Manchester United and City are two great clubs in the same city, London have a lot of great crosstown rivals, so why wouldn’t we want that for Birmingham to increase the interest?”
Wagner also clarified that he and his colleagues have no interest in multi-club ownership, and that they had explored investing a minority stake in a London side but deemed it overvalued before acquiring Birmingham.