FootBiz Mexico & Central America: Liga MX Puts $9 Billion on Its TV Rights

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Liga MX clubs have reportedly agreed not to extend their individual television contracts beyond 2028, as Mikel Arriola puts the potential value of the league’s television rights at around $9 billion. Club América has reshaped its leadership under Ferran Reverter, while Querétaro owner Marc Spiegel says Innovatio Capital paid more than $120 million for the club.

Apollo now controls Atlético de San Luis through its majority ownership of Atlético de Madrid, while Santos Laguna is expanding Territorio Santos Modelo and building a new data-led scouting system. In Spain, an investor group led by José Maroto is prepared to underwrite the remainder of Celta de Vigo’s €10 million capital increase, Atlante has hired Michel Bauer after its reported $65 million return to Liga MX, and Roberto Arzú is leading an offer to buy Comunicaciones.

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Arriola Puts a $9 Billion Number on Liga MX’s TV Rights

Liga MX has taken a more concrete step towards centralising its television rights. The 18 clubs have reportedly agreed not to extend their existing broadcast agreements beyond 2028, according to Excélsior, citing TV Azteca journalist David Medrano. Liga MX has not formally announced the agreement, but it would allow contracts currently spread across multiple broadcasters and streaming platforms to converge around a common date.

Liga MX owners gave the league a formal mandate in 2023 to create a model covering centralised broadcast and commercial sponsorship rights in Mexico, the United States and other markets. More recently, 2028 has emerged as the target for implementation.

Liga MX cannot fully centralise its television rights while clubs continue signing separate long-term broadcast agreements. Arriola said in June that Mexican football was examining external financing to consolidate or repurchase those rights.

At the Expansión Summit last month, Arriola said Liga MX was worth more than $13 billion and estimated the television-rights property at approximately $9 billion. Those are management estimates rather than valuations established through completed transactions.

Apollo Global Management was prepared in late 2024 to invest $1.3 billion for 10% of a proposed new Liga MX company. That vehicle would have contained collective media rights beginning in 2028, league sponsorship income and a portion of club revenues, meaning the proposal implied a roughly $13 billion valuation for the broader commercial company rather than television rights alone. Several owners were unwilling to approve the transaction in the form presented and the required consensus was never reached.

The Apollo deal fell apart, but Liga MX continued with the centralisation project. The reported agreement would allow the league to begin assembling more of its television rights into a collective package from 2028.

Balcárcel Moves Out of América Operations

Joaquín Balcárcel no longer has an operational role at Club América, according to RÉCORD. Balcárcel had acted as a link between Emilio Azcárraga Jean and the club's management but now remains only as a member of Ollamani's board. RÉCORD reports that operational control now sits with Ferran Reverter, who is working alongside Xavier Budó and continues to be supported on sporting matters by Santiago Baños and Antonio Ibrahim.

Reverter became director general of Controladora Deportiva Águilas in March. The company brings together Club América and Estadio Banorte, and Ollamani said his mandate was to drive the growth and transformation of both businesses.

The changes follow the departure of Héctor González Iñárritu as América's president of operations in July after four years in the position. América said revenues increased 50% during his tenure, which also included partnerships with Adidas and Caliente and the listing of AGUILAS CPO on the Mexican stock exchange.

Querétaro’s Owner Believes His $120m-Plus Club Can Double in Value

Marc Spiegel says Innovatio Capital paid more than $120 million but less than $150 million to acquire Querétaro from Grupo Caliente in July 2025. The American investor believes Gallos Blancos can be worth twice that amount within three years.

Spiegel put the valuation target on the club in March, arguing that Liga MX's 18-team structure creates scarcity and comparing the opportunity with the sharp increase in franchise values across US sport. Forbes reported that the transaction valued Querétaro at more than $120 million, while El Economista later cited a figure of $120 million when examining the increase in Querétaro's value under Grupo Caliente.

Bertram Capital invested in February through its Ignite fund, describing its position as significant but non-controlling. Neither the amount invested nor the percentage of the club acquired by Bertram was disclosed.

Ryan Howard joined the group in September. The former Philadelphia Phillies star said Spiegel had introduced him to the investment and that the economics of the opportunity persuaded him to participate. Querétaro has not disclosed how much Howard invested or the size of his holding.

The club is also building out its recruitment operation under chief sporting officer Álvaro de la Torre. He told RÉCORD last week that Querétaro's system analyses more than 15,000 actions in every match, covers more than 80 leagues and contains more than four billion data points.

The club uses the system to identify potential signings across those markets and compare them against the profiles it is looking for.

Apollo Got Into Liga MX After All

Apollo's proposed $1.3 billion investment in Liga MX never closed. In March, Apollo Sports Capital became the majority owner of Atlético de Madrid, giving it control of the Spanish club's other football holdings, including Atlético de San Luis and Atlético Ottawa. ESPN reported in November 2025 that league lawyers were examining Apollo's prospective control of Atlético de San Luis, while RÉCORD later reported that the transaction had been approved by Liga MX owners.

Apollo Sports Capital is led by Al Tylis as chief executive and Sam Porter as chief strategy officer. Both already have football investments of their own outside Apollo, including ownership interests in Necaxa and Internacional de Bogotá.

Tylis is co-chairman of Necaxa, while Porter is a co-owner and co-managing member. The pair also led the investment group that acquired Colombian club La Equidad in January 2025, before it was rebranded as Internacional de Bogotá. Other investors in that group include Ryan Reynolds, Rob McElhenney and Eva Longoria.

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Santos Plans Hotel and Commercial Expansion at TSM

Santos Laguna is planning a new commercial area at Territorio Santos Modelo as part of a wider expansion of the club's stadium complex. Club president Aleco Irarragorri has invited hospitality companies to participate in the development, which will include commercial plots alongside plans for a hotel and restaurant.

Santos is also continuing investment in Estadio Corona and other areas of Territorio Santos Modelo. The club has not disclosed the total investment required for the new developments.

Santos Builds New Data-Led Scouting System

Santos Laguna is developing a new scouting system using analytics to identify players for the first team and the club's academy, while also exploring how artificial intelligence could be incorporated into the process. Gonzalo Pineda, the club's Director de Fútbol del Primer Equipo, told RÉCORD that data is being used to narrow the pool of potential targets before scouts assess players in person.

The project also includes an expansion of Santos' youth scouting network in Mexico and the United States. Pineda said Omar Tapia and Andrés Bejarano are working on that network as the club strengthens its coverage of young players in both countries. Pineda moved into the role in April after previously working as a coach in Mexico and MLS.

Costa Rican Capital Is Ready to Underwrite Celta’s €10m Raise

José Maroto, owner of Sporting FC in Costa Rica, has joined the board of Celta de Vigo, with an investor group led by the Costa Rican businessman prepared to provide as much as €10 million of new equity.

Celta shareholders approved Maroto's appointment on Tuesday alongside an initial capital increase of €10.026 million. The money forms part of the financing package for Celta360, the club's major infrastructure project at its training complex in Mos. Celta also approved a €107 million budget for the current season.

Existing shareholders have first refusal on the new shares. According to La Voz de Galicia, that preferential subscription period runs until December 4, after which Maroto's investor group is prepared to acquire whatever portion remains. If existing shareholders subscribe for none of the issue, his group is prepared to take the full amount.

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The €10 million increase is only the first part of the financing. Celta said when it announced the plan in September that the wider structure would combine equity with other financing. La Voz has reported that the full Celta360 investment requirement exceeds €100 million.

Maroto is also a co-founder of Costa Rican foodservice business Mayca. His brother Osael Maroto previously led Sporting before becoming president of the Costa Rican Football Federation.

Atlante Brings In Bauer After Its Reported $65m Return

Atlante has returned to Liga MX and hired former América president Michel Bauer to lead its commercial strategy. The club announced Bauer's arrival earlier this month. Emilio Escalante remains club president, Emilio Escalante Jr is vice-president and Jorge Santillana continues to oversee the sporting department.

Bauer served as América president from 2008 to 2011. He previously held commercial positions at Televisa and was involved in Mexico City's organisation of the 2026 World Cup before joining Atlante.

Atlante returned to Liga MX this summer through the acquisition of Mazatlán's certificate of affiliation from Ricardo Salinas Pliego.

FOX Sports reported in November 2025, before the transaction was completed, that Atlante had agreed to pay $65 million. El País later cited approximately the same figure. Neither Atlante nor Mazatlán publicly disclosed the transaction price.

Comunicaciones Has a Formal Buyout Offer

A group led by former Comunicaciones president Roberto Arzú has made an offer to buy the club from Mexican media owner Remigio Ángel González.

Arzú said on August 31 that he and 13 other Guatemalan businessmen had submitted a formal proposal to González. No purchase price or ownership structure has been disclosed, and González has not publicly accepted the offer.

Arzú has a long history with Comunicaciones. He led the club during the 1990s and 2000s, while his family remained the owner until selling it in 2008. He later returned briefly as an adviser in 2017.