Benfica, the renowned Portuguese football club, has become the latest major European team to receive investment from the United States. Lenore Sports Partners (LSP) recently completed the acquisition of a 5.24% minority stake in the Lisbon-based club.
Jean-Marc Chapus, co-founder of the private equity firm Crescent Capital, leads the group of four investors behind this stake purchase. This represents the first instance of American investment in a Portuguese football club. Blackbridge Sports LLC, the entity that facilitated the connection between LSP and Benfica`s holding company in 2022, stated that the new minority owners are expected to significantly contribute to enhancing Benfica`s global footprint, with a specific focus on the strategically important U.S. market.
Benfica holds a prominent position as one of the most successful clubs both in Portugal and internationally, boasting a record 38 domestic league titles and two European Cups won in 1961 and 1962. In recent decades, the club has gained renown as a top-tier talent developer, nurturing players like Joao Felix, Enzo Fernandez, and Darwin Nunez before transferring them for substantial profits.
Alexander Jarvis of Blackbridge commented on the difficulty of the process, noting, “Completing this transaction was not without its challenges,” and describing it as “a particularly complex deal to complete.”
He added that despite generating over €1.5 billion ($1.7 billion) from player transfers since 2000, Benfica, a “global powerhouse in player development,” remains “significantly undervalued.” Blackbridge expressed pride in initiating this opportunity and connecting LSP with such a historic institution, conveying confidence that the new partnership will support Benfica`s continued development both on and off the field.
Chapus, who also serves on the advisory board for the Milwaukee Brewers (owned by his Crescent Capital co-founder Mark Attanasio), is joined in the investment group by Elliot Hayes and Omar Imtiaz. Hayes is a former investor in French club Nice and is notably one of the first African-American investors in two leading European clubs. Imtiaz was also part of Nice`s leadership before its sale to Sir Jim Ratcliffe.
The value of the investment is estimated to be between $20.8 million and $23.1 million (€18 million to €20 million). More than three percent of the acquired stake was secured through an auction of shares publicly traded on the Portuguese stock market.
Implications for Benfica
This investment arrives at a crucial juncture for Benfica, following a season where they finished as runners-up to Sporting in the Portuguese league title race. This result means Bruno Lage`s team will need to navigate qualifying rounds to reach the lucrative Champions League league phase, which provides an estimated minimum of $50 million. Last season`s progress to the round of 16 was reportedly worth around $80 million.
Another challenge Benfica faces is adapting to the increasingly competitive landscape for South American talent. The Estadio da Luz has historically served as a vital stepping stone for players moving from Argentina and Brazil with ambitions of later transfers to La Liga or the Premier League. This model proved highly profitable for Benfica, with the substantial transfer fees mentioned by Jarvis often coming from players initially acquired from South America for much lower amounts.
Angel Di Maria, David Luiz, and Ramires were early examples of players following this path, with Enzo Fernandez being a more recent one. Gianluca Prestianni, previously compared to Lionel Messi, could be the next prospect, but Benfica now finds itself competing directly with the very clubs it used to sell its young stars to.
Real Madrid has recently invested heavily in bringing players like Franco Mastantuono and Endrick directly to Spain. Similarly, Barcelona pursued Vitor Roque, though with less immediate success. The Premier League is also actively recruiting talent directly from South America; examples from 2024 include Willian Estevao moving from Palmeiras to Chelsea and Claudio Echeverri from River Plate to Manchester City, following the path set by Julian Alvarez two years prior.
It is noteworthy that among Benfica`s three Argentine players last season, one was Prestianni, while the other two, Di Maria and Nicolas Otamendi, were veterans returning to Portugal towards the end of their careers. Benfica`s academy remains exceptionally productive, with Antonio Silva appearing to be the next promising breakout star. However, the club seems to be already adjusting to the new realities of the market. Alongside traditional Brazilian and Argentine acquisitions over the past two seasons, they have signed players from countries like Turkey, the Netherlands, Norway, and Germany. Perhaps in the future, this diversification will be seen as another instance of Benfica anticipating market trends. What is clear for now is that the Portuguese powerhouse is compelled to adapt to intensified competition.
