FSG Eyes Malaga as the Next Addition to Their Expanding Football Portfolio

Fenway Sports Group (FSG), the American ownership group behind Liverpool FC, is actively exploring an acquisition of Spanish club Malaga CF. With an eye on expanding their multi-club model, FSG has assessed several European clubs, but Malaga’s current situation makes it an especially attractive investment opportunity.

The Andalusian club, once a formidable competitor in La Liga and a UEFA Champions League quarter-finalist, has fallen on hard times. Since 2019, Malaga has been under judicial control due to financial difficulties, and they recently spent time in Spain’s third tier before returning to the second division. These struggles have left the club in a vulnerable state, making it a viable target for investors.

FSG has long been interested in acquiring another European football club to complement Liverpool. Their initial focus was on clubs in France, Portugal, and Belgium, but challenges—such as high costs and economic instability—led them to shift their attention to Spain. After conducting due diligence on multiple Spanish clubs, including Levante, Elche, Espanyol, Getafe, and Valladolid, they have zeroed in on Malaga as the primary candidate.

This potential deal would see FSG purchasing the majority stake currently held by Sheikh Abdullah Al Thani, who owns 51% of Malaga. The remaining 49% is controlled by BlueBay, a Spanish hotel and real estate group. Reports suggest that acquiring the club would cost around €100 million (£83 million), a relatively modest investment considering Malaga’s infrastructure, history, and potential.

A key element of FSG’s vision is the development of a network of clubs that can support each other through player development, scouting, and operational efficiencies. By acquiring Malaga, FSG would gain a foothold in Spain’s competitive football landscape, providing a direct pathway for young talents and a secondary base for developing players outside the Premier League’s intense environment.

While FSG is keen on the acquisition, they are not the only interested party. Qatar Sports Investments (QSI), the ownership group behind Paris Saint-Germain and a minority stakeholder in Portugal’s SC Braga, has also been in discussions to purchase Malaga. QSI’s interest in both Al Thani’s stake and BlueBay’s shares could create a bidding war, making the acquisition process more complex for FSG.

Despite the competition, FSG remains confident in their approach, leveraging their experience in sports management across multiple disciplines. In addition to Liverpool, FSG owns the Boston Red Sox (MLB), Pittsburgh Penguins (NHL), RFK Racing (NASCAR), and Boston Common Golf (TGL). Their ability to rebuild struggling franchises and turn them into sustainable, high-performing organizations could make them an ideal fit for Malaga’s revival.