Querétaro FC
Innovatio Capital consortium (Marc Spiegel) — via FSG Innovatio / Galucal Group / RPO1 LLC / SOLAZ Deportes y Entretenimiento acquisition · 10 Jul 2025
- Seller
- Jorgealberto Hank Inzunza / Grupo Caliente
- Stake acquired
- 100%
- Control
- Yes
- Reported consideration
- ~€103m
- Implied equity value
- €103m
- League
- Liga MX
- Country
- Mexico
- Confidence
- MEDIUM
Buyer profile: Innovatio Capital: clubs owned, where they buy next
Innovatio Capital consortium (Marc Spiegel) — via FSG Innovatio / Galucal Group / RPO1 LLC / SOLAZ Deportes y Entretenimiento acquired 100% of Querétaro FC from Jorgealberto Hank Inzunza / Grupo Caliente, announced 10 Jul 2025.
Reported consideration was ~€103m. That implies a 100% equity value of €103m (calculated by us).
Nearest pre-acquisition revenue was ~€22.2m (FY 2024/25).
- Announced
- 10 Jul 2025
- Closed
- 10 Jul 2025
- Stake after transaction
- 100%
- 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: 2024/25
Revenue
Wages
EBITDA
Net debt
Net income
(Querétaro FC (Gallos Blancos).) Grupo Caliente (Hank family), forced by the FMF to divest Querétaro after the March 2022 Corregidora riot and to end multi-club ownership, sold 100% to a US consortium led by Marc Spiegel's Innovatio Capital; the Liga MX assembly was notified 26 May 2025, COFECE cleared the buyer, and the FMF confirmed the close on 10/11 Jul 2025 as a 'record figure' without stating the amount.
- La Jornada: FMF aprueba venta del Querétaro a la firma estadunidense Innovatio Capital ↗Tier 5 · media
2025-07-12 · es — “FMF communiqué confirmed official close of a process begun 26 May 2025 when the Liga MX owners' assembly was notified of the affiliation substitution; 'record figure' for the league, amount unspecified; club had been for sale since March 2022 by FMF order after the Corregidora violence; unofficial reports ~US$120m.”
- Forbes: Liga MX Team Querétaro Sells For More Than $120 Million To American-Led Group ↗Tier 3 · media
2025-07-11 — “Group led by Marc Spiegel closed purchase from Jorgealberto Hank Inzunza of Grupo Caliente on Thursday [10 Jul 2025]; deal values club at more than $120 million per person with knowledge of terms.”
- Forbes México: Así fue la venta del Querétaro FC por más de 120 mdd a un grupo estadounidense ↗Tier 3 · media
2025-07-15 · es — “Deal values club at >US$120m; Querétaro valued at roughly 5x 2024-25 revenue; next Liga MX sales expected at 6-7x; co-investor Grupo Fonseca; Spiegel to be president.”
2025-07-11 · es — “Quotes FMF statement: notified of official close of sale of Club Gallos Blancos del Querétaro by Grupo Caliente to Mark Spiegel 'por una cifra récord'; process began 26 May; reported US$120m.”
2025-07-11 — “Innovatio Capital completed takeover; Spiegel finalised acquisition from Jorge Alberto Hank; first majority-US-owned Liga MX club.”
- Forbes México: Así fue la compra de Gallos Blancos del Querétaro, con un préstamo bancario de 75 mdd ↗Tier 3 · media
2025-08-19 · es — “On 10 July 2025 RPO1 LLC, RP02 LLC, Corum Capital UMF and Banco Monex signed a credit agreement of up to US$75m; 36 trademarks and 27 sponsorship contracts (>MXN 468m) pledged; negotiations began Sept 2024, concluded 26 May 2025.”