Investing in soccer is gaining traction, particularly for new American players engaging with Liga MX, Mexico’s premier soccer league. This movement, viewed by one team owner as an untapped goldmine in global sports, has seen a rapid influx of capital and influence.
In 2021, notable figures like Wrexham’s Rob Mack and Ryan Reynolds teamed up with Eva Longoria to acquire a 50% stake in Necaxa. Shortly thereafter, Marc Spiegel of Innovation Capital led the charge to purchase Queretaro, ushering in the first U.S.-majority owned teams in Liga MX. More recently, in late 2025, Apollo Sports Capital secured a majority stake in Spain’s Atlético Madrid, subsequently becoming the owner of Atlético San Luis in Mexico. Adding to this trend, General Atlantic Co., Ltd. captured headlines by acquiring a 49% stake in the esteemed Club America.
Currently, with FC Juarez co-owned by El Paso’s Mountain Star Sports Group since 2015, over 25% of Liga MX clubs have established connections to the United States.
The growing interest raises the question: why are Mexican teams perceived as undervalued? “Many investors currently see Liga MX clubs as undervalued assets,” noted Walter Franco, director of Victus Advisors, which advises teams across Mexico and the U.S. “There’s a domino effect unfolding with these investments.”
Investment Interest in Liga MX
The question of why Mexican teams are underrated sparks curiosity: how does this perception shape the league’s progression, and what implications does it have for Major League Soccer (MLS) to the north?
Exploring Growth Potential in Mexican Soccer
Liga MX draws significant crowds not only in Mexico but also across the United States. In 2023, an impressive 86,134 fans filled the Rose Bowl for a friendly match between Chivas and America—an attendance record yet to be exceeded by any MLS game.
Televisa Univision, which holds the majority of Liga MX’s U.S. broadcasting rights, declares the league as “the most-watched club soccer league in the nation, regardless of language.” Unlike leagues with centralized broadcasting arrangements, Liga MX clubs negotiate their own deals, creating a fragmented viewing landscape.
Recent research from Interticket reported an average viewership of 687,000 for Liga MX during the 2026 Clausura regular season, though some estimates suggest it may be below 500,000. In contrast, NBC noted that the Premier League’s average viewership last season was around 510,000, while MLS, amid less transparent metrics, showed an average of 120,000 unique viewers per game according to Commissioner Don Garber.
The majority of Liga MX fans in the U.S. identify as Latino, a demographic highlighted by McKinsey & Company for its loyal support of the league, viewing approximately 98% of its games. This demographic is also relatively young, accounting for over half of U.S. population growth from 2000 to 2024, thus presenting immense potential for growth.
“We are sitting on millions of fans in the U.S.,” stated Sarah Toussaint, an investor in Querétaro and co-owner of the NWSL’s North Carolina Courage. “Some Liga MX ratings surpass those of many American sports.”
Companies like Apollo Global Management have their sights set on Liga MX. A proposal in 2024 reportedly offered the league $1.25 billion for a stake in its collective media rights, league sponsorship revenue, and local revenue distribution starting in 2028. Although the negotiations led to the resignation of former Mexican federation president Juan Carlos Rodríguez, talks remain active for a potential deal.
These unique opportunities are emerging in the evolving landscape of bilateral business. Adrian Madero, Spiegel’s financial partner and avid Liga MX fan, highlights the benefits of operating a team from the U.S., where media rights and sponsorships can be leveraged for greater profitability.
“The true American dream is to earn dollars while spending pesos,” he remarked, detailing how operating in Mexico allows for expenses to be managed in local currency while income is generated in dollars through television contracts.
Learning from MLS
MLS has historically offered investors a safer bet with no relegation risk, creating a more stable environment compared to Liga MX, which traditionally employs a promotion and relegation model.
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In response to the financial instability brought on by the COVID-19 pandemic, Liga MX suspended professional activities for six seasons in 2020, ensuring that the 18 existing teams remained secure. This decision positioned Liga de Expanción teams to compete only for local glory, significantly altering the risk dynamics for investors.
The absence of relegation has raised caution among new American owners who view the potential return of promotion as an unpredictable risk. “I appreciate that there’s no promotion,” Longoria shared last year. “The prospect of relegation adds a layer of stress I find hard to navigate.”
Despite the current stability, discussions about reinstating promotion and relegation are underway, following a lawsuit from 10 Liga de Expación clubs that could see changes implemented by the 2026-27 season. This potential shift poses a risk to the ongoing wave of foreign investment.
Mack described this scenario as a double-edged sword, noting that while promotion adds excitement, it also brings uncertainty regarding club valuations. “As a fan and storyteller, it’s thrilling; however, it creates stakes that can lead to fear,” he explained.
The ruling from the Court of Arbitration for Sport (CAS) has indicated that Liga MX will reinstate the promotion/relegation format, but the specifics remain ambiguous.
While officials suggest that Liga MX might not fully return to relegation, the league plans to promote two teams from Liga de Expanción to broaden its top division while considering the possibility of eliminating relegation permanently.
This approach mimics the operational frameworks observed in MLS, wherein teams are shielded from demotion, thereby maintaining financial stability.
Former Liga MX president and current FMF commissioner Mikel Arriola advocates for restructuring the league based on MLS’s model, frequently looking north for operational inspiration.
“We’ve focused on building Liga MX from the clubs, while MLS is developing from the organizational level,” Arriola noted during the 2024 MLS All-Star Game, expressing his interest in the centralized governance of assets characteristic of MLS.
Currently, major operational changes within Liga MX require consensus among stakeholders, which often leads to decisions that prioritize individual club interests over collective growth.
“The United States truly sets the benchmark for professionalism in sports business,” Toussaint observed. “Liga MX must evolve to treat its enterprise as more than just a game—focusing on efficiency and optimization is crucial.”
Interconnected Leagues: Peso vs. Dollar
The increasing interest in Liga MX raises questions about its implications for MLS. Consider Club America, arguably the largest club in North America, valued at $490 million—a competitive bargain compared to MLS franchise valuations, averaging $767 million.
Before Apollo Sports acquired Atlético San Luis, former MLB executive Jeff Luhnow considered purchasing the club, only for the deal to collapse. Desiring to invest in MLS, he ultimately reassessed given the elevated financial requirements.
The owner of Cancun FC, a team in Liga MX’s second division, remarked in 2024 that while they evaluated various MLS opportunities, the costs to obtain majority control were prohibitively high. “While franchise values are on the rise, many MLS clubs are operating at a loss,” he noted.
Despite their distinct business models, Liga MX and MLS are increasingly interconnected, evident in collaborative events like the All-Star Game, Campeones Cup, and League Cup, fostering mutual growth.
Speculation regarding a unified “Super League” has emerged, spurred by the ambitions of influential executives. Though unmaterialized, interest in collaboration has not waned, particularly as key figures in Mexico now operate from the U.S.
Reflecting on potential partnerships between the leagues, Spiegel expressed cautious optimism, suggesting that while immediate collaboration seems unlikely, robust possibilities could materialize over the next decade, provided key developments unfold. “Commercially, this has the potential to become one of the largest leagues in the world given our combined markets in the U.S., Mexico, and Canada,” he concluded.
