CD Leganés
Blue Crow Sports Group acquisition · 23 Jun 2022
- Seller
- Victoria Pavón and Juan Felipe Moreno
- Stake acquired
- 99.1%
- Control
- Yes
- Reported consideration
- €39m
- Implied equity value
- €39.4m
- League
- Segunda División
- Country
- Spain
- Confidence
- MEDIUM
Buyer profile: Blue Crow Sports Group: clubs owned, where they buy next
Blue Crow Sports Group acquired a 99.1% majority stake in CD Leganés from Victoria Pavón and Juan Felipe Moreno, announced 23 Jun 2022.
Reported consideration was €39m. That implies a 100% equity value of €39.4m (calculated by us).
Nearest pre-acquisition revenue was €12.9m (FY 2021/22), an equity value / revenue multiple of 3.04x.
- Announced
- 23 Jun 2022
- Closed
- 23 Jun 2022
- Stake after transaction
- 99.1%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2021/22
Revenue
Wages
EBITDA
Net debt
Net income
IMPORTANT CORRECTION TO THE BRIEF: the task candidate described this deal as 'announced Feb 2024,' but no evidence of a Blue Crow-Leganés transaction in 2024 exists. The actual, well-documented transaction is Blue Crow Sports Group's acquisition of 99.1% of CD Leganés from the Moreno Pavón family, formalized on 23 June 2022 — confirmed by the club's own official statement and consistently reported across Spanish football-business media.
(Separately, in June 2026 Blue Crow itself sold its ~84% stake in Leganés on to 885 Capital — a different, later transaction not requested here and outside this batch's scope.) On price: the clean equity-purchase consideration is EUR39m for ~99% of share capital, but the sellers separately retained rights to roughly EUR35m more from the club's accumulated, undistributed profits (cash + listed equity holdings built up between 2016-2021), and a later 2Playbook piece describes the whole transaction as 'approximately EUR77m' when these are combined — we record EUR39m as the reported_consideration (the actual share-purchase price) and flag the conflict rather than merge the two concepts, per the spec's rule never to collapse different monetary concepts into one 'deal value.' Financials reflect the last season before closing (2021/22): revenue EUR12.9m, net loss EUR6.7m.
- C.D. Leganés official site — 'Official Statement: Blue Crow Sports Group Acquires 99.1% of the shares of C.D. Leganes' ↗Tier 1 · primary company
2022-06-23 — “Club statement confirming Blue Crow Sports Group, an American investment group led by Jeff Luhnow, formalized acquisition of 99.1% of CD Leganés shares on 23 June 2022, presented at a press conference at Estadio Municipal de Butarque attended by Victoria Pavón, Felipe Moreno and Jeff Luhnow. Price not disclosed in the club statement.”
- 2Playbook — 'El CD Leganés cierra su venta en 39 millones y entra en el top-3 de operaciones en Segunda' ↗Tier 4 · specialist media
2022-06-24 · es — “Reports EUR39m paid by Blue Crow Sports for 99% of CD Leganés capital to Victoria Pavón and Felipe Moreno; sellers could receive a further ~EUR35m from undistributed profits (over EUR50m accumulated since entering professional football, including EUR13.2m cash and EUR31.5m in listed equities as of mid-2021/22). Ranked as the third-largest Segunda División club sale behind Deportivo and Real Zaragoza when factoring in assumed debt.”
- 2Playbook — 'El Lega se deja 7 millones en 21-22 y asume pérdidas de 1,4 millones en 22-23 en busca del ascenso' ↗Tier 4 · specialist media
2023-01-01 · es — “Reports CD Leganés 2021/22 revenue of EUR12.9m (up 23% y/y) with a net loss of EUR6.7m, and 2022/23 revenue of EUR10.8m (down 16%) with a net loss of EUR1.4m, funded from accumulated reserves; also states the club was sold to Blue Crow Sports Group for 'approximately EUR77 million' when reserves/investment proceeds are included alongside the headline share price.”
- C.D. Leganés S.A.D. — Cuentas anuales e informe de auditoría, ejercicio terminado el 30 de junio de 2023 (with 30/06/2022 comparatives), hosted on LaLiga's document server ↗Tier 1 · audited accounts
2024-01-03 · es — “'CUENTA DE PÉRDIDAS Y GANANCIAS ... (Expresada en miles de euros) — Importe neto de la cifra de negocios 10.901 [30/06/2023] 12.944 [30/06/2022] ... Ingresos por retransmisión 6.144 / 8.435 ... Gastos de personal (12.293) / (13.737) ... Gastos plantilla deportiva (10.576) / (12.647) ... Beneficios procedentes del traspaso de jugadores 2.553 / 7.378 ... RESULTADO DE EXPLOTACIÓN (7.350) / (5.078) ... RESULTADO DEL EJERCICIO (7.447) / (6.761) ... PATRIMONIO NETO (1.505) / 50.191 ... Efectivo 3.474 / 51.733 ... préstamo participativo ... 12.666 miles de euros ... concedido por La Liga a través de los fondos CVC'”
- AS — Bombazo en el Leganés: Blue Crow vende el club a 885 Capital por unos 100 millones ↗Tier 2 · top media
2026-06-01 · es — “'Este holding estadounidense compró el Leganés en 2022 a los Moreno – Pavón en una operación que sobre el papel rondó los 39 millones de euros inicialmente, aunque en verdad el montante que recibió la familia española fue de 44 millones de euros más vinculados al dinero que había en caja y que se repartió en dividendos para pagar un crédito extra solicitado para afrontar toda la operación. Esto es: en total, unos 83 millones de euros.' ... 'el objetivo del holding estadounidense era cerrar el valor total del club en 100 millones de euros'”
- C.D. Leganés — Official statement: 885 Capital becomes C.D. Leganés' majority shareholder ↗Tier 1 · primary company
2026-06-01 — “'885 Capital, formalized this Monday, June 1, the acquisition of 84.24% of the social capital of C.D. Leganés, until now property of Blue Crow Sports Group. Added to the 14.86% that it already possessed previously, 885 Capital passes to control 99.1% of the shares of the club'”
- 2Playbook — Blue Crow Sports vende el 99% del CD Leganés a su socio minoritario 885 Capital ↗Tier 2 · specialist media
2026-06-01 · es — “'El fondo de origen dubaití ostentaba el 14,86% de las acciones del club ... Los términos económicos de la operación no han trascendido, pero la operación está valorada en 100 millones de euros, según informa el diario AS.'”