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.

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Early Experiments from a Footballing Mind

There’s something endearing – and enlightening – about a tale from the footballing archives that showcases not just the tactical nous of a future Premier League manager, but the raw, unfiltered risks he once took on the pitch. Arne Slot, currently leading Liverpool with composure and intelligence in the post-Klopp era, was once at the heart of a kick-off routine so bizarre, so baffling, that even now it prompts laughter on Dutch television.

In 2011, Slot was a 32-year-old midfield playmaker at PEC Zwolle, applying his ideas in the Dutch second division. What unfolded against Cambuur that year wasn’t merely a moment of on-pitch innovation—it was a tactical experiment that spectacularly imploded in front of a bemused crowd. As The Athletic reveals, Slot’s plan was as eccentric as it was ambitious: flick the ball up at kick-off, send it soaring into the opposition half, and have attackers sprint to meet it just as it dropped into the box. A legal, if chaotic, ploy.

“If you show this to (Spain’s World Cup winner) Andres Iniesta, he’ll think this is a completely different sport,” said former Netherlands international Rene van der Gijp on Vandaag Inside. “This has nothing to do with professional football. If you do this in a cafe team, with 12 people in the crowd, you are immediately taken off. And everybody says, ‘He is crazy’.”

Photo IMAGO

But to reduce Slot’s effort to mere folly would be to overlook the essence of what made it noteworthy: intent.

Outside-the-Box Thinking with Inside-the-Box Results

This was no whimsical prank. Slot had mulled over the move, ran it in training (with some success), and even convinced his then-manager Art Langeler and assistant Jaap Stam – yes, that Jaap Stam – to approve it.

“To give him the benefit of the doubt, it is a reminder that Slot, even as a younger man, was a keen tactician who liked to think outside the box.”

Still, that didn’t shield him from internal laughter.

“But it was still a ridiculous idea,” said Jan Everse, another former Zwolle coach. “Arne has a lot of ideas — this, unfortunately, was one of his worst ones.”

The principle behind the tactic was simple in theory. It sidestepped the offside law since everyone started behind the ball, and with a well-timed run, an exposed goalkeeper might be punished. But execution? That’s where it all fell apart.

Execution Gone Awry

On the day, everything that could go wrong, did. Joey van den Berg’s initial tap was sound. Slot’s flick-up? Not so much. Rather than landing in the opposition box, the ball soared backward into Zwolle’s own half.

“Arne wanted to fire it high into the penalty area but instead, he kicked the ball almost straight up,” Langeler recalled, chuckling.

Vincent Schildkamp, commentating on the match, gave it the gravitas it didn’t deserve:
“We’ve started this match between Zwolle and Cambuur… And that is extraordinarily strange. That might be the tension… you rarely see this, a remarkable moment from Arne Slot.”

As the ball dropped harmlessly behind Slot and his teammates, Cambuur seized the loose possession, breaking forward to launch an attack of their own. If Slot had been aiming for tactical chaos, it succeeded—but not for the intended reasons.

“What they didn’t seem to realise was that, if you kick the ball all the way to the penalty area straight from kick-off, it should be a very easy catch for the goalkeeper,” Everse pointed out. “Also, how long would the ball be in the air? Maybe three seconds? Just think how fast the players would have to be to catch up.”

Madness with a Hint of Method

And yet, as bonkers as the execution was, the thought behind it wasn’t devoid of logic. This wasn’t merely about confusion; it was about marginal gains, finding chaos where structure had always reigned.

“Sometimes the opponents might have the sun in their eyes and couldn’t control it,” said Ben Hendriks, former Zwolle manager and scout. “Other times it was his way of saying, ‘Here you go, we’d like to have the second ball.’ People here used to laugh about it. He would flick the ball up and then (laughing) … zuuuuut! (gestures like a rocket taking off). He would shoot it up to heaven.”

Even Langeler, one of the few to green-light the plan, held a measure of understanding:
“By firing the ball as high as possible into the penalty area, the idea was our three strikers would run forward and be there (for when it dropped) on the edge of the area. And who knows what would come of that?”

Well, what came of it was infamy—and perhaps, humility.

Slot, never one to back down easily, tried the trick again. Same opponent, same result. Cambuur must have thought they were stuck in a surrealist loop. “He made himself look ridiculous — it was unbelievable,” said Everse.

And yet, he added with admiration:
“Arne had talked about it with the other players and coaches during the week. ‘We have to change the kick-off. If we do it this way, they will be surprised’. But the kick was not what he wanted. He got it totally wrong.”

It’s difficult not to see in this young, overly enthusiastic Slot the seeds of today’s more refined manager—a man who still values creativity, but tempers it with calculation.

Humility in the Making of a Manager

Slot’s managerial tenure at Liverpool has, thus far, been one marked by balance and control. Tactical structure has replaced chaos. But those who look only at his current composure may miss what built it.

Everse, whose laughter is filled more with affection than ridicule, reflects on the arc with poignancy:
“Johan Cruyff, the best footballer and coach, always said, ‘Football is a very easy game — but it’s very difficult to play it easy’. Sometimes, though, there are players or coaches who try to invent football again. And this, from Arne, is one example.”

Therein lies the lesson. Even tactical misfires have their place. They inform, they scar, and most of all—they humble. A decade ago, Slot was flicking balls backwards from kick-off. Today, he’s on the cusp of winning the Premier League.

Not a bad arc for a “brilliant failure”.

Our View – Anfield Index Analysis

It’s hard not to grin reading this story – our gaffer, the same Arne Slot currently steering Liverpool towards a potential Premier League crown, once tried something so ludicrous it still plays on Dutch TV a decade later. Honestly, it’s refreshing.

We’ve seen so many “safe” managers in recent years. Cautious, methodical, almost afraid of the leftfield. But Slot? He’s always had that bit of edge. Sure, this idea was a total flop – but what stands out is his willingness to try. To innovate. To do what others wouldn’t dare.

Let’s not forget, many great tactical shifts looked ridiculous until they worked. Cruyff’s keeper playing out, Guardiola’s inverted full-backs, even Klopp’s heavy metal pressing. They all started somewhere.

Slot’s failed kick-off ploy might look like slapstick now, but that footballing brain – restless, creative, obsessive – is the same one plotting Liverpool’s resurgence. We’re seeing the polished version now, but this story? It shows he was never afraid to look foolish on the journey to becoming brilliant.

From misfiring punts to Merseyside power plays. That’s a manager we can get behind.

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Newcastle’s Strategy for Sustainable Success

Newcastle United’s post-EFL Cup trajectory is looking increasingly ambitious—and calculated. With the weight of a 70-year trophy drought finally lifted, Eddie Howe’s men are now pivoting towards squad evolution. According to a revealing report by TEAMtalk, one name on their radar is Harvey Elliott, Liverpool’s highly regarded 21-year-old playmaker.

This isn’t a scattergun approach. Newcastle’s recruitment is deeply rooted in realism, shaped by the boundaries of Profit and Sustainability Regulations (PSR). The Magpies want value for money, not vanity buys. TEAMtalk confirms that “targets who can be landed for what the club deem a fair price will be sought and it’s our understanding Liverpool’s Harvey Elliott is a wanted man.”

Photo IMAGO Liverpool’s Calculated Gamble

Liverpool’s stance on Elliott is pragmatic. With Arne Slot now shaping the post-Klopp era, the Reds are exploring the idea of offloading assets to finance a substantial summer rebuild. TEAMtalk adds, “Liverpool are not against holding on to Elliott but are willing to cash in in order to bolster what is already a significant transfer kitty ahead of a gigantic summer window at Anfield.”

While there’s been “chatter of a £40m asking price,” Liverpool aren’t playing that game. Instead, they’ll “see what offers arrive without giving guidance as to how much they’ll accept.” It’s a shrewd strategy that could ignite a bidding war—particularly if Newcastle believe Elliott fits the DNA of their evolving side.

Elliott’s Crossroads Moment

Elliott’s minutes have been slashed under Slot, a telling shift for a player once heralded as a long-term Liverpool starter. TEAMtalk sources claim “the attacker would like to stay at Liverpool, but he may have to accept he will need to find a new club if determined to be a regular starter.”

Despite his boyhood ties to the Reds, this could be the right time for Elliott to assess his next move. Newcastle appears to be a club on the rise, and Howe admires him deeply. “It’s believed Elliott possesses the attitude and attributes the Newcastle manager wants in his squad,” TEAMtalk reveals.

Isak and Elliott in Transfer Tug-of-War

Curiously, there’s also a subplot involving Alexander Isak. Liverpool, alongside Arsenal, are reportedly eyeing the Swedish striker. TEAMtalk writes, “the Reds are seriously considering a summer approach despite the fact a move would obliterate their all-time transfer record.”

Photo: IMAGO

With a £130m–£150m valuation placed on Isak, it’s speculated Elliott could be used in negotiations to sweeten the deal. Yet Newcastle remain resistant: “the club would much rather retain Isak and add the likes of Elliott to enhance their longer-term aims.”

They believe Elliott can help them realise a realistic five-year vision to “challenge and potentially even win the Premier League title.”

Our View – Anfield Index Index

There’s something unsettling about the thought of losing Harvey Elliott—particularly to a club like Newcastle who are fast becoming rivals rather than plucky challengers. Elliott is one of our own, a lad who bleeds Liverpool red, and letting him go now feels premature.

Still, you can’t ignore the logic. Slot clearly prefers others in midfield and out wide. The boy needs minutes, and we can’t offer them all the time. If £40m—or more—helps us finance a move for Isak or another elite forward, it might just be smart business. That said, swapping Elliott to help Newcastle grow stronger while weakening our emotional connection to the squad? That’s a hard sell.

Isak would be a blockbuster addition, but we’ve seen what happens when clubs chase the shiny prize without considering balance. Let’s just hope there’s a bigger plan here—because Elliott still has the potential to become a Premier League star. Losing him could come back to haunt us.

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