Financial fair play, low interest rates and football's ability to "secure big money broadcast and sponsor contracts looks likely to attract debt investors back into the football business," according to Paul Nicholson of INSIDE WORLD FOOTBALL. Traditionally seen as "vanity or goodwill investments, football clubs have infrequently captured the attention of serious financiers." An analysis by Fitch Ratings in London "suggests that could be about to change with money for the development of stadia being a key area that would attract private lenders." Fitch Ratings Dir Julian Dupont said that the previously held beliefs that football is a "risky business for investors are changing." He said, "This shift is a combination of factors. Recent regulations such as UEFA's Financial Fair Play or the English Premier League's own Profitability and Sustainable regulation are forcing clubs to manage their businesses in a more structured way. The sports market is starting to look more like the U.S. in that respect where clubs can be very profitable where there is a reliable business profile." The reality of the current credit market is "creating this potential appetite for debt investors looking for good returns." Dupont said, "Football is one of the few markets where revenues are both growing and increasingly largely contracted." It is "also a good time for clubs looking to raise finance for big projects." Interest rates that were "previously double digit for the football sector could now go closer to 5% over a five year period in the private debt markets." The company highlights France and "Italy in particular where the potential for new stadiums may even be greater as clubs typically do not own their stadiums but lease them from the city or the state." Fitch research shows that clubs who do not own their stadium "generate far less revenues than others" (INSIDE WORLD FOOTBALL, 2/18).