This study provides a critical synthesis of academic and institutional research on how football clubs contribute to local socio-economic development. It aims to clarify the mechanisms and limits of these contributions by combining economic, social, and urban perspectives within a territorial governance framework. Using a systematic literature review based on the PRISMA protocol, 28 peer-reviewed and institutional sources published between 2000 and 2025 were analyzed. The evaluation grid was adapted from CASP and AMSTAR-2 to assess theoretical clarity, methodological rigor, and territorial transferability. The studies were then compared through thematic content analysis focusing on economic, social, and urban outcomes. Three key dimensions emerge: (1) Economic: football clubs stimulate local employment, investment, and urban attractiveness, but these effects remain localized and sometimes overestimated; (2) Social: clubs act as community hubs that foster cohesion, identity, and informal education, particularly in African and European contexts; (3) Urban: stadium projects and related infrastructures contribute to urban regeneration but can also reinforce spatial inequalities and gentrification when not supported by inclusive policies. The results highlight that clubs function less as autonomous economic engines than as catalysts embedded in multi-level governance systems. Effective cooperation between clubs, local authorities, and private stakeholders is essential for sustainable territorial outcomes. The article proposes an integrated conceptual model linking economic, social, and urban dynamics through territorial governance, thus advancing the theoretical understanding of sport as a lever for place-based development.