Querétaro FC Acquired for Over $120 Million by U.S.-Led Investment Group.

Roger Hampel

Photo: Querétaro FC/VictorPichardo

According to Forbes, Mexican club Querétaro FC has been acquired for more than $120 million by a U.S.-led group headed by Marc Spiegel, founder of Atlanta-based investment firm Innovatio Capital. The deal marks a milestone in Liga MX's evolving ownership landscape and is expected to set the tone for a wave of transactions linked to private equity entry into the league.

Spiegel will serve as club chairman, with additional investors including the Fonseca Group and several unnamed North American sports and entertainment executives.

“We looked at over 200 different investments across the world,” Spiegel told Forbes, “and saw the most potential in Mexico.”

Deal Context and Governance Reform Querétaro FC $120 Million

Querétaro’s sale is the first of four expected ownership changes in Liga MX. As Forbes reports, the divestments are aimed at eliminating cross-ownership conflicts, as four groups—Grupo Caliente, Grupo Orlegi, Grupo Pachuca, and Grupo Salinas—previously held stakes in multiple clubs, violating FIFA ownership regulations.

This governance reform aligns with a broader restructuring effort led by private equity giant Apollo Global Management, which proposed a $1.25 billion investment in Liga MX in exchange for a long-term revenue share of international media rights and ticketing streams.

Although the initial proposal was stalled due to internal resistance, negotiations have resumed, with a vote expected at the next Liga MX owners’ meeting. Stronger governance, including centralized media rights and promotion-relegation reform, remains a key focus.

Liga MX vs MLS: Cost and Value Dynamics

While valuations for MLS clubs now average $690 million, Liga MX clubs remain relatively affordable. Querétaro was acquired at roughly 5x revenue, compared to MLS's average multiple of 9.3x, according to Forbes. Future Liga MX sales are projected to close between 6x and 7x revenue.

The lower cost of operations in Mexico is also attractive to investors. “It’s a good product with less cost,” said Fonseca Group executive Adrian Madero. Building a modern 25,000-seat stadium in Mexico, for example, can cost under $50 million—an unattainable figure in U.S. markets.

Additionally, Liga MX outperforms MLS in TV viewership across both Mexico and the United States, offering stronger media potential despite a fragmented rights landscape.

Commercial and Sporting Ambitions in Querétaro

Querétaro, a city of 1.5 million and a growing business hub, is seen by investors as an underleveraged asset. There are no current plans to relocate the club, and the group sees parallels with the economic development of cities like Austin, Texas.

Spiegel’s group aims to modernize club operations, applying data-driven analysis to improve player recruitment and performance. Merchandise, sponsorships, and licensing are also cited as areas of untapped potential.

“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.”

What’s Next?

Three more Liga MX clubs are reportedly nearing sales, potentially at higher valuations. According to Forbes, this trend could accelerate if the Apollo deal is finalized, bringing significant structural changes to how the league generates and distributes revenue.

As private equity firms, celebrities, and institutional investors turn their eyes to Mexico, Liga MX appears poised to become a growth market for international football investment, with Querétaro FC at the forefront of the transformation.

Source: Reporting based on Brett Knight’s article, “Mexican Soccer Team Sells For More Than $120 Million To American-Led Group”, published on Forbes.com, July 11, 2025.