Article by Francesco Dell'Aquila | Football Benchmark

Following our recent analysis of the evolution of multi-club ownership (MCO) in Portugal, attention now turns to Spain, an increasingly attractive market for investors. Unlike Portugal, where MCO-affiliated clubs frequently operate as feeder teams, the Spanish MCO ecosystem is significantly more diverse. It features lead and feeder clubs, horizontally structured networks without clear hierarchies, and hybrid models characterised by shared ownership but limited operational integration.

 

An attractive market for football investors

Spain’s appeal to football investors, particularly MCO groups, lies in a combination of strategic geography, relatively favourable regulations and scalable investment potential. 

Spain’s long-standing ties with South America, its geographical proximity to North Africa and its favourable player registration rules, compared to markets such as England and Italy, make it a natural entry point for non-EU youth talent. Many South American players obtain dual citizenship, easing their integration into European squads. Additionally, under the Samoa Agreement, successor to the Cotonou Agreement, players from 77 African, Caribbean, and Pacific nations are granted EU-equivalent status for registration purposes, significantly broadening the recruitment pool.

The Spanish football system also supports youth talent progression through its highly integrated reserve team structure. Moreover, the absence of domestic limits on the number of players a club can loan in or out provides valuable operational flexibility for ownership groups.

From a commercial and competitive standpoint, LaLiga remains one of the most prestigious football platforms in the world. Competing against globally recognised teams enhances visibility, accelerates player development and boosts market valuations. At the same time, LaLiga’s strict financial regulations, enforced across both the first and second divisions, provide a level of financial discipline that appeals to risk-conscious investors. While these rules may constrain short-term spending, they offer long-term protection against financial overreach.
 

Spain as a hub for lead clubs: Premier League investors leading the charge

The growing trend of using Spain as a strategic base is particularly evident among ownership groups of Premier League clubs. One of the earliest examples was City Football Group’s acquisition of Girona FC in 2017, in partnership with Pere Guardiola, the brother of the club’s coach. Then newly promoted to LaLiga, Girona have since become one of City Football Group’s most successful stories, culminating in participation in the 2024/25 UEFA Champions League.

In 2024, V Sports, the majority owner of Aston Villa and investor in Portugal’s Vitória SC, acquired a stake in Real Unión, a third-tier club located in the talent-rich Basque Country. This move gained additional interest due to the personal involvement of Aston Villa’s manager, Unai Emery, who is also the majority owner of Real Unión.

Meanwhile, Matthew Benham, the owner of Brentford FC, has re-entered the MCO space. After concluding his decade-long project with FC Midtjylland in Denmark in 2023, Benham acquired Mérida AD, a third-tier Spanish club, via his new vehicle, Best Intentions Analytics, in April 2025. This acquisition complements Brentford’s strategic partnership with Portuguese side Gil Vicente.
 

Bridging the Americas and Europe: transatlantic MCO investment in Spain

Spain’s appeal is also growing among investors looking to create transatlantic bridges between the Americas and Europe, especially through second-tier clubs with international growth potential. 

In 2022, Blue Crow Sports Group, which also owns assets in Mexico, the UAE and the Czech Republic, acquired then second-tier side CD Leganés. That same year saw a flurry of American-led investments in Spanish football: Grupo Pachuca, with existing clubs in Mexico, Chile and Uruguay, purchased Real Oviedo; Orlegi Sports Group, the owner of Liga MX clubs Santos Laguna and Atlas FC, acquired local rivals Sporting de Gijón; and Jorge and José Mas teamed up with Amber Capital to acquire Real Zaragoza. 

Most recently, Argentinian businessman Marcelo Fígoli, through Fenix Entertainment, expanded his portfolio by acquiring both Burgos CF and a club in Uruguay.
 

Limited MCO expansion by Spain’s traditional giants

Despite their historical prominence and global brand power, Spain’s top clubs have not been at the forefront of the MCO movement. This reluctance may stem from the very strengths that make Spain attractive to foreign investors. 

The main exception is Atlético de Madrid, whose ventures abroad, such as Atlético San Luis in Mexico and Atlético Ottawa in Canada, have primarily been driven by commercial ambitions. The club also briefly held a minority stake in French side RC Lens between 2016 and 2017. In addition, through their association with Quantum Pacific Group, Atlético share ownership ties with Portugal’s FC Famalicão.

Another noteworthy example is Baskonia Alavés Group, the owner of both Deportivo Alavés and Euroleague basketball club Saski Baskonia. Facing challenges in building a steady talent pipeline due to their proximity to elite academies like Athletic Club and Real Sociedad, the group acquired a majority stake in Croatian club NK Istra 1961 in 2018 as a strategic move to strengthen their development model.

 

Outlook: rising momentum in the Spanish MCO market

Although multi-club ownership has traditionally focused on secondary or emerging markets, Spain is now positioning itself as a key player in the global MCO landscape. Its relatively favourable regulatory environment, strategic access to talent-rich regions and scalable financial potential make it uniquely suited to support performance-oriented football networks.

Recent transactions and investor interest indicate that MCO-related activity is likely to intensify in Spain. Investors are increasingly drawn to acquiring Spanish clubs, especially those in the lower leagues. Recent reported expressions of interest in Málaga CF by Qatar Sports Investments and Fenway Sports Group underscore this rising momentum.

At the same time, more Spanish clubs are exploring the possibility of building MCO structures of their own. RC Celta de Vigo have reportedly been linked to potential acquisitions in Portugal. Similarly, Elite Group, which owns Racing Club de Ferrol, has recently added the Portuguese side CD Tondela to its growing portfolio.

With its mix of opportunity and investor interest, Spain stands out as a key market to monitor for those developing or expanding multi-club ownership strategies.