July 14 – The global hunt for football investment opportunities has landed in Mexico, and it’s about to get very interesting indeed. Querétaro FC’s $120 million sale to a US-led consortium has cracked open a market that private equity has been eyeing for years.
Marc Spiegel, founder of Atlanta-based Innovatio Capital, has just pulled off what could be the deal of the decade. His group’s acquisition represents more than just another foreign takeover – it’s the first domino in what promises to be a complete reshaping of Liga MX’s ownership landscape.
“We looked at over 200 different investments across the world,” Spiegel told Forbes, “and saw the most potential in Mexico.” That’s not hyperbole – it’s a damning indictment of how undervalued Mexican football has become compared to its global peers.
While MLS clubs now average $690 million in valuations, Liga MX remains a bargain basement. Querétaro went for roughly 5x revenue, compared to MLS’s eye-watering 9.3x multiple. It’s no wonder private equity firms are scrambling to get in before the market corrects itself.
Liga MX is undergoing forced restructuring that’s creating genuine opportunities. Four ownership groups – Grupo Caliente, Grupo Orlegi, Grupo Pachuca, and Grupo Salinas – previously held stakes in multiple clubs, violating FIFA ownership regulations. The forced divestments are opening doors that have been locked for decades.
Enter Apollo Global Management, the private equity giant that’s proposed a $1.25 billion investment in Liga MX in exchange for long-term revenue shares from international media rights and ticketing. While the initial proposal stalled, negotiations have resumed with a vote expected at the next owners’ meeting.
The numbers tell the story. Building a modern 25,000-seat stadium in Mexico costs under $50 million – pocket change compared to U.S. markets. “It’s a good product with less cost,” said Fonseca Group executive Adrian Madero.
Liga MX outperforms MLS in TV viewership across both Mexico and the United States, offering stronger media potential despite a fragmented rights landscape. That fragmentation is precisely what private equity sees as an opportunity – consolidate the rights, streamline the product, and watch the revenues soar.
Querétaro represents everything private equity loves – an underleveraged asset in an emerging market with massive upside potential. The modernisation playbook is predictable but effective: data-driven player recruitment, performance analytics, untapped merchandise potential, and sponsorship opportunities that current ownership hasn’t properly exploited.
“It’s a unicorn of an opportunity,” said Madero, “because we’re investing in Liga MX at the tipping point of getting the right corporate governance, the right mentality of growth, the right way of doing business.”
Three more Liga MX clubs are reportedly nearing sales, potentially at higher valuations. If the Apollo deal gets finalized, expect a feeding frenzy that will make the Premier League’s foreign investment boom look modest by comparison.
The only fly in the ointment for US-based venture capitalists is president Donald Trump’s continued war on immigration and his proposed on-off tariffs with Mexico that have the potential to complicate the popularity of these deals.
Querétaro FC isn’t just changing hands – it’s leading a revolution that could reshape Mexican football forever. The only question is whether traditionalists will embrace the transformation or get trampled by it.
Contact the writer of this story at moc.l1754517754labto1754517754ofdlr1754517754owedi1754517754sni@o1754517754fni1754517754