FSG’s Malaga interest cools as legal hurdles block Liverpool owners’ potential takeover | OneFootball

FSG’s Malaga Move Stalls Amid Legal Gridlock and Rival Interest

Liverpool’s owners, Fenway Sports Group (FSG), were expected to make their first real move into multi-club ownership with the acquisition of Malaga CF. Earlier this year, they sent a team to the Spanish coast, checking out facilities, sizing up the opportunity, and potentially laying the groundwork for a deal. But now, the engine’s cooling. What looked like momentum has slowed to a crawl.

Credit to Spanish outlet 101TV for speaking directly with Malaga’s general manager Kiki Perez, who gave a clear-eyed view of where things really stand — and why any deal is miles away from happening.

Photo IMAGO

Legal red tape and frozen progress

“There’s no real information,” said Perez, speaking to 101TV. “There seems to be a lot of interest, but as far as we know, nothing has progressed.”

The main reason? A tangled mess of legal restrictions. Malaga remains under judicial administration due to longstanding financial problems dating back to their dramatic rise and fall after the Champions League quarter-final run in 2013. Since 2019, the club’s been caught in red tape, unable to operate like a normal business, let alone close a sale.

“No one has come knocking because there’s a magistrate’s order stating that the receiver is not competent to sell the club,” Perez explained. “Any interested fund or intermediary that calls is referred to them to contact the owner.”

This means any discussions — whether it’s FSG, QSI (Paris Saint-Germain’s owners), or another party — are effectively deadlocked. The message is clear: unless the legal situation changes, no deal is getting signed.

FSG’s global football playbook

FSG’s renewed push into the multi-club model has been driven in part by the return of Michael Edwards as Chief Executive of Football. His reappointment in 2024 signalled a new phase. It’s a direct pivot from FSG’s earlier stance, when they had kept their focus solely on Liverpool, steering clear of the web of club affiliations like City Football Group’s empire of 13 clubs.

Photo IMAGO

This isn’t their first swing either. Last summer, FSG were deep into negotiations with Bordeaux, another sleeping giant of European football. That deal collapsed over stadium rental issues — a reminder that football ownership isn’t just about ambition; it’s also about the nuts and bolts.

The interest in Malaga followed, and it made sense on paper. A historic club, major city, passionate fan base, and potential for growth in both La Liga and European competitions. But paper means little when legal chains are still wrapped around the club’s future.

What now for Malaga and FSG?

The situation remains frustratingly static. Perez put it bluntly: “We have to focus all day long on leaving the club as high as possible so that if someone comes, they can find it as it is, in the best possible condition.”

That’s admirable from a sporting point of view. But for FSG or any buyer, it means patience. The kind of patience that doesn’t play well in the fast-moving world of global football finance.

For now, Malaga remains in limbo. FSG’s plans to add a second club to their portfolio are on hold, and fans in Andalusia can only hope that one day soon, the legal storm clears — and with it, a buyer finally gets through the door.