Hi Reader,

Welcome to the first newsletter of Q2. If you think the first three months of the year were busy, spare a thought for the hundreds of people who raced to meet the April 4 deadline for the opening of Inter Miami's Nu Stadium at Miami Freedom Park. Speaking to people involved in the project earlier in the year and there was a degree of fear that the deadline might have been too tight, but here we are and on Saturday, MLS's newest venue will open its doors for the first ever game -- a home clash with Austin FC.

I'll be at that game and, feeling a little nostalgic, I've looked back on the 12 years (yes, it was 12 years) from David Beckham's first proposed site and the lessons that can be learned from the long struggle to find a home for his club. As many of our readers from the stadium-building sector know - these things are rarely straightforward!

This week's podcast features a deep dive into the collapse of John Textor's Eagle Football Group which was recently placed into administration and we have some useful resources here to accompany the pod.

We've got the latest financials from Wrexham, a look at Denver Summit's remarkable, record-breaking debut in the NWSL and news of a surprise change at the top of USL.

Don't forget, if you have any news, suggestions for future stories or podcast guests, or are interested in advertising here or other partnership opportunities, don't hesitate to get in touch with me at simon@thesoccerbusiness.com.

And of course, to those celebrating this weekend, Happy Easter and Happy Passover.

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Cheers

Simon Evans

The Soccer Business.

The Rise and Fall of John Textor

John Textor's Multi Club Ownership group, Eagle Football, is out of the control of the American investor after mounting debts reached the point where the main creditor Ares Management, a private credit firm, called in Cork Gully to adminster the holding company.

Per a statement: Cork Gully have been appointed as administrators of Eagle Football Holdings Bidco Limited (“Eagle Bidco”) under English insolvency law following events of default under its financial agreements.

Eagle Bidco is the intermediate holding company that owns shares in a number of football clubs, including its majority shareholding in Eagle Football Group SA, the listed parent company of Olympique Lyonnais, a leading club in France’s Ligue 1, together with interests in SAF Botafogo, one of Brazil’s most historic football clubs, and RWDM Brussels, a professional football club based in Belgium.

The administrators have not been appointed over any subsidiary of Eagle Bidco, including any football club, and no club has entered an equivalent process as a result of this appointment. Each club continues to operate as normal.

So how did things get to this point? Perhaps the biggest factor was that Lyon were among the clubs hit hard by the collapse of French Ligue 1's media rights deal but in reality that blow merely exposed a lack of financial strength in the group that eventually impacted all the involved clubs, who now face a very uncertain future.

For those who want to dig into the weeds of this one, Paul Quinn of the football finance focused website The Esk has written a series of detailed articles analyzing Textor's troubles and you can find them here. ​

Paul kindly agreed to come on this week's The Soccer Business Podcast to answer some questions about exactly what this failure tells us about the risks associated with the MCO model, particularly when it is connected to very high-risk, high interest, mezzanine financing.

We also have the usual rapid wrap-up of the topics of the week in North American soccer business with Andre Da Costa joining me from LA to discuss the highlights of the week in the industry.

You can find the pod on all major audio platforms here. The Spotify link is below. The Apple Podcast link is here.​

The Rise and Fall of John Te... Apr 3 · The Soccer Business Podc... 50:40   ​

Justin Papadakis out at USL

Justin Papadakis, CEO and Chief Real Estate Officer of the USL has been removed from his role with the league in a move which suggests a possible leadership shake-up.

Rumors began to circulate last weekend that Papadakis was on his way out and Alex Silverman of the SBJ received confirmation from the league office. The reasons for Papadakis' ousting are not clear but several sources indicated that the new private equity groups which have arrived in USL may have been a factor in the change.

Papadakis, the son of USL CEO & co-owner Alec Papadakis, had been the face of USL's attempt to massively expand the league's footprint through real-estate based deals with cities and municipalities across the country. In August, he told The Soccer Business Podcast that he was in conversations with around 70 markets over new stadiums and clubs.

Whether it was frustration at a lack of progress in those talks or if it was a difference over strategy, is not clear but USL is now set for some changes at the top. Tony Scholes, currently the Premier League's Chief Football Officer, will take on the role of President of USL Premier, the planned new D1 league, in the summer.

BellTower Partners invested in USL in September 2025 and Weatherford Capital joined in February of this year. Silverman cited a source with knowledge of the investment saying that BellTower initially took a 20% stake in the company and later sold a portion of that equity to Weatherford. BellTower founder Kewsong Lee joined the USL board as vice chair alongside Chair Robert Hoskins and CEO Alec Papadakis.

Miami's long wait for a stadium ends Saturday

Back in 2014, I was among a group of media, local officials and fans who gathered at the waterfront close to the Miami Heat's downtown arena, to hear David Beckham tell us about his plans to bring an MLS franchise to the city and to play near the Port of Miami. It has been a long journey, filled with setbacks, frustrations and rejections, but tomorrow Miami will play their first game in the city of Miami, having spent their first six years as a club playing in Fort Lauderdale.

Like the Miami Fusion before them, who played in MLS from 1998 to 2001, Inter were forced to head up the road to Broward County to the old Lockhart Stadium, itself once home to the NASL's Fort Lauderdale Strikers. Like the Fusion, Inter had wanted to be a team called Miami and based in Miami. But finding land and more importantly political support in the city itself proved to be a tough task.

Beckham and his initial group of partners, including Bolivian born businessman Marcelo Claure had the resources and no shortage of ideas but they found every proposal came up against opposition and insurmountable obstacles. There was a plan for Bayside, for the Marina, for Overtown and for a stadium right next to Marlins Park in Little Havana. Every proposal came with plans for the community, for parklands, for broader investment and all backed with the celebrity appeal of Beckham and the knowledge that Miami was a city full of South Americans that loved the game. But every time, something happened in local politics that foiled Beckham.

The former Manchester United and England star could have been forgiven for throwing in the towel. There were plenty of other markets that were making it clear that they would welcome a new club and stadium with open arms. MLS were growing weary of the constant problems associated with the planned franchise. But to his great credit, Beckham stuck to his guns.

Things changed when Jorge Mas and his brother Jose, joined the ownership group in 2017 and then took control in 2021. The Cuban-Americans not only brought resources and finances, they brought political connections and a track record of getting things done in Miami. The old Lockhart Stadium was transformed into a quality modular stadium fit to hold MLS games and Inter got down to business. The old Melreese golf course near the airport was identified as a site for a stadium, a referendum on the stadium plan was won and a construction plan developed.

The work has been done. The stadium looks spectacular and in the meantime Miami have signed the greatest player in the world, in Lionel Messi and open the stadium as reigning MLS champions. It is a landmark achievement for MLS to plant the league's flag in the heart of a city which for many skeptics was viewed as a place which, while a futbol market, would never embrace the North American league.

But Miami Freedom Park, now known as Nu Stadium after a lucrative naming rights deal with a Brazilian bank, also stands a reminder that it is a tough battle to get stadiums built in this country. Reporting on this saga, I don't know how many renderings I saw over the years for different venues in South Florida, or how many rumors I heard of plans that never even become proposals. But Beckham, Mas and Miami got it done. Money, political skill and determination were needed for 12 years to get to this point but I have a feeling that by Saturday night Beckham and the Mas Brothers will feel it was all well worth it.

AND NOW FOR THE NEWS

DENVER SUMMIT SET NWSL ATTENDANCE RECORD Denver Summit FC’s inaugural home match at Empower Field at Mile High, home of the NFL's Denver Broncos, established a historic NWSL attendance record of 63,004 fans, which also set a standalone U.S. record for women’s club soccer. This milestone, achieved just 15 months after the franchise’s formal announcement in January 2025, led Commissioner Jessica Berman to say that the Summit’s debut redefines what is possible for the NWSL, challenging existing teams to raise their standards.

While the match ended in a 0-0 draw, the club’s long-term strategy is anchored by a massive infrastructure investment of nearly $350 million. Key projects include a 14,500-seat permanent stadium at Santa Fe Yards planned for 2028 with the team playing at 18,000 MLS venue Dicks Sporting Goods Park and then a 12,000-seat temporary facility in Centennial for the rest of the season. Controlling owner Rob Cohen highlighted the “almost impossible” task of building a staff and competitive roster—which features USWNT captain Lindsey Heaps—in such a compressed timeline. More here.​

WHOOP SECURES $575M WITH RONALDO BACKING Fitness technology firm Whoop has reached a $10.1 billion valuation following a $575 million Series G funding round. Global soccer icon Cristiano Ronaldo participated in the round and serves as a company ambassador, stating the platform is a vital tool for his long-term health.The funding will be used to advance the company's technology and global presence as it prepares for an initial public offering (IPO). The platform has evolved into a comprehensive health tool with over 2.5 million members and is approved for use in many major sports events.

VARSITY BRANDS ACQUIRES SOCCER.COM IN YOUTH SPORTS PUSH KKR-backed Varsity Brands is acquiring Sports Endeavors, the parent company of Soccer.com, for an estimated $300 million to $400 million. Soccer.com is a dominant player in the youth soccer market, serving as a leading provider of team uniforms to U.S. academies and generating $117.6 million in online sales last year. The deal also includes World Soccer Shop and 431 Sports, significantly expanding Varsity Brands' footprint in the thriving youth sports sector. This marks the first acquisition for Varsity Brands since its $4.5 billion sale to KKR in 2024. (Sportico)

LALIGA PARTNERS WITH POLYMARKET FOR NORTH AMERICAN PREDICTION MARKET LALIGA North America has signed a multi-year deal with Polymarket, making it the first European soccer league to enter an official prediction market partnership. The collaboration aims to engage young, diverse audiences in the U.S. and Canada by allowing them to predict outcomes related to matches and star players in real-time. The partnership includes premium broadcast visibility and exclusive fan experiences like virtual meet-and-greets with league legends.

WREXHAM AFC POSTS RECORD REVENUE AMID RAPID ASCENT Wrexham’s latest financial accounts reveal a record turnover of £33.3 million, a nearly 25% increase while competing in League One. Despite a £14.85 million loss—driven by a 73.6% jump in wages to support their promotion to the Championship—the club remains well within financial regulations. Sponsorship income surged to £17.34 million, bolstered by the global reach of the Welcome to Wrexham documentary and a U.S. pre-season tour against Bournemouth and Chelsea. The Ryan Reynolds and Rob McElhenney owned club is also investing £69.3 million into a new 7,500-seat stand to increase stadium capacity to over 18,000.

MACARIO AND RODMAN SET NEW NWSL FINANCIAL BENCHMARKS U.S. Women’s National Team forward Catarina Macario has signed a record-breaking five-year deal with the San Diego Wave reportedly worth $8 million, making it the richest contract in the sport's history. This follows the implementation of the High Impact Player (HIP) rule, which allowed the Washington Spirit to sign Trinity Rodman to a deal worth over $2 million annually.The market for elite talent continues to surge, evidenced by record transfer fees recently paid for players like Naomi Girma ($1.1M) and Lizbeth Ovalle ($1.5M). These benchmarks reflect rapidly escalating franchise valuations. (The Athletic)

COPPERMINE INVESTS $8M IN BALTIMORE SOCCER ACADEMY Coppermine Health and Fitness is investing $8 million to convert the historic Cardinal Gibbons School campus into its dedicated soccer headquarters. The facility will feature four synthetic turf fields and indoor training space on the site where Babe Ruth originally learned baseball. The investment coincides with the club’s promotion to the MLS NEXT Allstate Homegrown Division and a new joint venture with Orlegi Sports. This partnership provides players with pathways to professional clubs in Mexico and Spain, including Club Santos Laguna and Atlas FC. (Source)​

BROWNSVILLE ADVANCES USL FRANCHISE AMBITIONS City Commissioner Tino Villarreal, Jr. confirmed ongoing negotiations with the United Soccer League (USL) to bring a professional soccer franchise to Brownsville Sports Park. The proposal includes significant infrastructure upgrades, such as a revamped stadium and expanded training facilities, intended to create youth development pathways and boost sports tourism.The initiative follows a new partnership between F.C. Brownsville and Spain's Real Racing Club de Santander. The arrival of a professional team is expected to bring new jobs and community pride to the region.

CHOBANI COMMITS $5M TO YOUTH SOCCER CLUBS Chobani is investing $5 million into youth soccer clubs as the 2026 World Cup approaches. The yoghurt brand will support 500 clubs as part of their ‘Feed the Dream’ campaign. Chobani is the official nutrition partner of US. Soccer.