Mexican Soccer Team Sells For More Than $120 Million To American-Led Group

Querétaro is the first of four clubs expected to change hands ahead of a private equity investment that would transform Liga MX—and could narrow the valuation gap with MLS.

In its 75-year history, Querétaro F.C. has never won a title in the top division of Mexican soccer, finishing 12th among the 18 teams in Liga MX this year. But six weeks after the conclusion of the season, the club, based in Querétaro, about three hours northwest of Mexico City, has scored a major victory.

On Thursday, a group led by Marc Spiegel, founder and managing member of Atlanta-based investment firm Innovatio Capital, closed its purchase of Querétaro from Jorgealberto Hank Inzunza of Grupo Caliente, Mexico’s largest sports betting company. The deal values the club at more than $120 million, a person with knowledge of the terms tells Forbes.

Innovatio, which was formed two years ago and is making its first investment, declined to name additional investors beyond the Fonseca Group, an agency that blends talent representation with private equity, but indicated that they include several experienced North American sports and entertainment executives. ​​Spiegel, who founded waste management firm Rubicon and first entered the sports world when he launched the NIL collective at the University of Louisville in 2022, will serve as Querétaro’s chairman.