European soccer clubs have different ownership models, some of which are still dependent on or controlled by the public sector. The authors investigate club performance in the 2006–2018 Union of European Football Associations’ Champions League seasons, using a random-effects and ordered logistic model, to identify how different ownerships are associated with performance and what other factors, such as Financial Fair Play, determine the likelihood of European soccer clubs progressing through the tournament and increasing their revenues. The private ownership structure is statistically significant and positively associated with the probability of qualifying for later rounds in the Champions League and consequently leading to increased revenues. These results, however, vary before and after Financial Fair Play was implemented. It is apparent that the objective to implement a policy designed to increase competitiveness requires a more in-depth approach than Financial Fair Play as wealthier clubs, despite their ownership model, are more likely to be more successful and widen the gap.