ABSTRACTThis study seeks to understand the reasons for Japanese companies acquiring foreign football clubs and the perceived returns on this investment. There has been, in the last decade, a process of ‘Asianisation’ of football. Japan, one of the most mature football markets in Asia, has been a big contributor to this process. Asian investment in foreign football club ownership has been increasing, however there seems to be a gap in the knowledge regarding Japanese investment. Put simply, the reason for running a conventional business is to make a profit. However, according to the literature, acquiring a football club is likely to produce limited return. Owning football clubs can, for instance, be a way of expanding a brand and gaining brand value and recognition; creating a bridge to connect to overseas markets; giving the owner notoriety and celebrity-status; attending to political, business or personal interests. The data for this research was obtained by document analysis and semi-structured interviews, involving five high-level decision-makers in five companies which own foreign football clubs. This study finds the reasons for Japanese investment were: nurturing players to sell at a profit, developing Japanese football, developing local football and community, internationalising a brand, personal ambitions and personal and business connections. In addition, all except one company had low or no returns.