Why FSG’s Interest in Malaga Could Reshape Liverpool’s Future | OneFootball

Why Liverpool’s Owners FSG Are Targeting Malaga – A Strategic Move with Huge Potential

Malaga’s Fall from Grace Meets FSG’s Rise in Football Investment

In the sun-drenched streets of Malaga, where football once danced on the grandest European stage, there’s a stirring sense of potential. Just over a decade ago, Malaga CF came within seconds of the Champions League semi-finals, undone only by two last-gasp goals from Jurgen Klopp’s Borussia Dortmund. That 2012-13 squad, glittered with names like Isco, Roque Santa Cruz, Javier Saviola, Julio Baptista and Joaquin, carved out a golden chapter in the club’s history.

Fast forward to the present, and the Andalusian club sits mid-table in Spain’s Segunda División, a shell of its former self. Years of financial mismanagement and judicial intervention have left the club adrift — but not forgotten. Enter Fenway Sports Group (FSG), the American owners of Liverpool FC, who are now eyeing Malaga as their next football venture, as revealed by The Athletic.

While Arne Slot begins his own journey at Anfield in the post-Klopp era, his employers are scanning the Iberian Peninsula for expansion. For FSG, Malaga represents more than just a distressed asset. It’s a strategic gateway into Spanish football, a foothold in a vibrant market, and a project rich in upside — for both sporting and business returns.

Malaga’s Identity: History, Heartbreak and Hidden Value

Malaga CF are no strangers to turbulence. The club has oscillated between Spain’s top two divisions for much of its existence. Their peak came in the 2011-12 La Liga season with a fourth-place finish, paving the way to their historic Champions League run. But behind the scenes, financial foundations were crumbling.

Since their relegation to the Segunda in 2018 and a brief stint in Spain’s third tier in 2023-24, Malaga have been a cautionary tale. Yet the bones of a sleeping giant remain: a loyal fanbase, a 30,000-capacity stadium in Estadio La Rosaleda, and the distinction of being the only professional club in Spain’s sixth-largest city.

The club’s infrastructure has further value. La Rosaleda has been shortlisted by the Spanish federation to host games at the 2030 World Cup. While that would require substantial redevelopment — with an estimated €230 million budget — there is belief that public funding could help share the burden. For FSG, that’s an attractive proposition. A refurbished stadium without fully footing the bill? That’s smart business.

Ownership Turmoil and Legal Limbo: What FSG Would Be Inheriting

The ownership of Malaga is mired in complexity. Since Qatari Sheikh Abdullah bin Nasser Al Thani became club president in 2010, over €200 million was spent on talent like Isco, Ruud van Nistelrooy, Enzo Maresca and Santi Cazorla. But the spending spree masked severe financial issues.

Al Thani’s grandiose marina and hotel complex in Marbella never materialised. As debts mounted, BlueBay Hotels entered as investors, only to clash with Al Thani in court. In 2020, judge Maria de los Angeles Ruiz removed Al Thani from club control and appointed lawyer Jose Maria Munoz to run operations — trimming costs across the board, particularly after the club’s drop to the third tier.

A Spanish Supreme Court ruling in January 2024 gave BlueBay Hotels a 49% stake in NAS Spain 2000, Al Thani’s holding company. That means Al Thani still holds ‘direct or indirect’ control of just over 50% of the club’s shares, with BlueBay at 47%. The rest is divided among small shareholders and fans.

If FSG buys out Al Thani’s stake, they’ll likely become co-owners with BlueBay, helmed by Spanish businessman Jamal Satli Iglesias. That dynamic could complicate matters — or prove beneficial, depending on alignment of interests.

Why FSG Sees Malaga as a Football Goldmine

There are several compelling reasons behind FSG’s interest in Malaga.

First, the city itself. With a population of around 600,000, and a wider region popular with tourists and wealthy expats, there’s clear commercial potential. Even during their time in the third tier, Malaga averaged over 20,000 fans per match at La Rosaleda. That’s testament to the fanbase’s enduring loyalty, something FSG knows all about from their stewardship of Liverpool.

Second, the football economics. Compared to the Premier League, operating in Spain’s second division is relatively cheap. Malaga’s recent annual losses totalled €17.7m across four years — significant locally, but manageable for a sporting group valued by Forbes at $12.95 billion. In fact, FSG spent £127.3m funding Liverpool last season alone.

And then there’s promotion potential. Clubs who’ve ascended to La Liga in recent years typically spent between €14m and €30m on staff wages. With Malaga’s 2022-23 wage budget at just €6m, FSG could invest modestly by Premier League standards and still compete for promotion — especially given Malaga’s local support and infrastructure.

“Malaga at the moment is a tempting sweet, ripe for the picking,” Munoz said recently. “But it’s not up to me — someday, someone will come with the document and say they have bought the club.”

Rival Bidders and a Tangled Takeover Landscape

FSG are not the only ones to see Malaga’s potential. In 2023, Paris Saint-Germain president Nasser Al-Khelaifi revealed that Qatar Sports Investments (QSI), owners of PSG, were also exploring a deal.

“QSI is exploring a range of investment opportunities across Europe and America currently,” a spokesperson told The Athletic last week, confirming their interest.

There was also a local consortium led by former NBA player Jose Manuel Calderon, yet none of these groups have navigated the legal maze surrounding Malaga’s shareholding structure. The situation is further complicated by ongoing judicial investigations into alleged misappropriation of funds during Al Thani’s tenure. He has denied all wrongdoing and continues to post defiantly on social media, suggesting that developments are imminent.

Fan Sentiment and the Hope for Stability

Malaga fans have experienced it all in recent years — financial chaos, legal disputes, relegation, and a revolving door of management. Trust is fragile. Al Thani’s popularity plummeted, with fans staging protests against his leadership. Yet judicial administrator Munoz has also come under fire for staff layoffs and youth player sales.

Still, there’s cautious optimism among supporters about a new era.

“People are craving stability and any owner will be better than Al Thani,” one supporter told The Athletic. “So fans will be open to a new and serious owner coming into the club.”

“Speaking as a fan, not as coach, but as a ‘malaguista’, we need what is best for the club,” said current manager Sergio Pellicer. “Whatever strengthens the club is welcome.”

FSG would be walking into a passionate, expectant environment — but one that’s ready to rally behind competent leadership.

How This Could Impact Liverpool

For Liverpool fans, the natural question is: what does FSG’s interest in Malaga mean for Anfield?

There’s no immediate threat to Liverpool’s status as FSG’s crown jewel. On the contrary, a multi-club ownership model could enhance Liverpool’s global operations. While player movement between clubs remains rare across multi-club groups, the real advantages lie off the pitch — scouting, warm-weather training bases, shared staff and facilities, and cross-market commercial leverage.

Having a club in southern Spain offers Liverpool warm-weather logistics and easier access to Iberian and North African talent pools. It also enables FSG to test strategies and investments in a more forgiving financial environment — something they’ve been known to favour.

Yet those hoping this signals a shift away from Liverpool’s self-sustaining model might be disappointed. Investing in Malaga could actually reinforce FSG’s sustainability principles — spreading costs, expanding influence, and developing players without inflating budgets.

Can FSG Afford It?

Absolutely. FSG’s group is immensely valuable. A recent investment in the PGA Tour totalling between $1.5bn and $3bn proves their appetite and ability to fund major projects. While cash injections at Liverpool have been minimal compared to some Premier League rivals, the group has kept the club profitable, and its football operations alone are now valued at over £4bn — nearly 20 times what they paid in 2010.

It’s also worth noting that RedBird Capital, owners of AC Milan and former FSG investors, once held a small stake in Malaga’s independent shares. Though they’ve since returned those shares, the very idea of RedBird exploring Malaga shows the club’s long-term value is not lost on institutional investors.

What La Liga Thinks of Multi-Club Ownership

La Liga and the Spanish FA are relatively relaxed about multi-club ownership, provided financial regulations are followed. Girona have thrived under the City Football Group umbrella, while Leganes are owned by Blue Crow, a group with investments in clubs across Mexico, the Czech Republic and Dubai.

La Liga president Javier Tebas was clear in 2023: “I’d have no problem if they buy the club, once they follow our financial controls.”

That gives FSG a regulatory green light to proceed — if they can untangle the Al Thani-BlueBay stalemate.

Conclusion: A Calculated Gamble with Huge Upside

FSG have never been football romantics. Their success with Liverpool has been built on rigour, analytics, and strategy — not sentiment. But in Malaga, they may see something unique: an underachieving club in a desirable location, with a storied past, loyal fanbase, and untapped commercial potential.

It’s a classic FSG play — buy low, rebuild methodically, and unlock value. And while there are hurdles to clear — legally, politically, financially — the reward could be enormous.

If they do succeed in acquiring Malaga, Liverpool’s owners won’t just be buying a football club. They’ll be restoring hope to a community, reigniting a once-glorious institution, and possibly rewriting the rules of multi-club success.