Portuguese football powerhouse Benfica has become the latest major European club to receive investment from the United States, following today`s finalization of Lenore Sports Partners` (LSP) purchase of a 5.24% stake in the Lisbon-based club.
Jean-Marc Chapus, co-founder of private equity firm Crescent Capital, is the lead figure among the four investors who acquired the shares. This transaction represents the first instance of American investment in a Portuguese football team. Blackbridge Sports LLC, the firm that facilitated the connection between LSP and Benfica`s holding company in 2022, issued a statement indicating that the new minority owners are expected to “play a critical role in further enhancing Benfica`s international profile, particularly within the strategically vital U.S. market.”
Benfica holds a prominent position among Portugal`s most successful clubs and is recognized globally, 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 leading “talent factory,” bringing talents such as Joao Felix, Enzo Fernandez, and Darwin Nunez into the spotlight before transferring them for substantial profits.
“Completing this transaction presented its challenges,” noted Alexander Jarvis of Blackbridge, describing it as “a particularly intricate deal to finalize.”
Jarvis further stated that while Benfica is a global leader in player development, having generated over €1.5 billion ($1.7 billion) in transfer revenue since 2000, the club remains notably undervalued. Blackbridge expressed pride in having originated this opportunity and aligning LSP with such a historic institution, expressing confidence that this new collaboration will support Benfica`s continued development both on and off the pitch.
In addition to Chapus, the investment group includes Elliot Hayes and Omar Imtiaz. Hayes, who previously invested in French side Nice, is now one of the first African-American investors to hold stakes in two top European clubs. Imtiaz was also part of Nice`s leadership structure prior to its sale to Sir Jim Ratcliffe.
The investment is estimated to be valued between $20.8 million and $23.1 million (€18 million to €20 million). Over three percent of the stake was secured through an auction of shares publicly traded on the Portuguese stock market.
What This Investment Means for Benfica
The timing of this investment is significant for Benfica. After finishing second to Sporting in the race for last season`s Portuguese title, Bruno Lage`s squad must navigate qualifying rounds to reach the lucrative group stage of the Champions League. Direct entry is estimated to be worth a minimum of $50 million, while their run to the round of 16 last season reportedly generated around $80 million.
Another challenge Benfica faces is adapting to the increasingly competitive landscape for South American talent. The Estadio da Luz has traditionally served as a crucial stepping stone for players moving from Argentina and Brazil with aspirations of eventually playing in La Liga or the Premier League. This model proved exceptionally profitable for Benfica, with the $1.7 billion figure mentioned by Jarvis often derived from players initially acquired across the Atlantic for considerably less.
Angel Di Maria, David Luiz, and Ramires were among the pioneers of this pathway, recently followed by Enzo Fernandez. Gianluca Prestianni, once compared to Lionel Messi, could be the next, but Benfica now finds itself competing directly with the very clubs they historically sold their young stars to.
Real Madrid has made significant investments in bringing Franco Mastantuono and Endrick directly to Spain, mirroring Barcelona`s less successful move for Vitor Roque. The Premier League is also actively competing for talent in South America, exemplified by Willian Estevao`s transfer from Palmeiras to Chelsea and Claudio Echeverri`s move from River Plate to Manchester City in 2024, following Julian Alvarez two years prior.
It`s noteworthy that of the three Argentines on Benfica`s roster last season, one was Prestianni, and two – Di Maria and Nicolas Otamendi – were veterans returning to Portugal towards the end of their careers. While Benfica continues to boast an incredibly productive academy, from which Antonio Silva appears to be the next breakthrough star, the club seems to be adjusting to the market`s evolving reality. Alongside traditional Brazilian and Argentine acquisitions over the past two seasons, the squad now includes players from Turkey, the Netherlands, Norway, and Germany. Perhaps in the future, this will be viewed as another instance of Benfica successfully anticipating market shifts. What is undeniable now is that the Portuguese giant is compelled to adapt to heightened competition.
