This chapter explores the emergence of Multi-Club Ownership (MCO) as a strategic diversification model in global sport investment. Once seen primarily as status symbols for wealthy individuals, sports clubs are now increasingly viewed as assets capable of delivering significant financial returns. The authors examine how investors build cross-sport and cross-regional portfolios to generate competitive advantage, supported by six key synergy levers: optimized resource utilization, brand extension, knowledge sharing, network efficiencies, internal financial markets, and increased market power. Drawing on extensive research and real-world examples, the authors also address the inherent risks of MCO structures, including coordination challenges, brand dilution, stakeholder resistance, financial inefficiencies, and regulatory constraints. The chapter concludes by offering practical strategies for managing these complexities, positioning MCO as a high-potential yet nuanced approach to strategic diversification in professional sports.