Portuguese football powerhouse Benfica has become the most recent European club to attract investment from the United States. Today, Lenore Sports Partners (LSP) finalized the acquisition of a 5.24% minority stake in the Lisbon-based club.
The investment group is led by Jean-Marc Chapus, co-founder of private equity firm Crescent Capital, and represents the very first instance of American investment in a Portuguese football side. According to a statement from Blackbridge Sports LLC, the firm that connected LSP with Benfica`s holding company in 2022, the new minority owners are expected to be “pivotal” in enhancing Benfica`s international footprint, particularly within the strategically important U.S. market.
Benfica is widely recognized as one of Portugal`s and indeed the world`s most successful clubs, holding a record 38 domestic league titles alongside two European Cups won in 1961 and 1962. Over recent decades, they have solidified their reputation as one of the sport`s leading talent development centers, nurturing and bringing forward players like Joao Felix, Enzo Fernandez, and Darwin Nunez before selling them for substantial returns.
“Completing this transaction presented its challenges,” commented Alexander Jarvis of Blackbridge, describing it as “a particularly complex deal to finalize.”
“Benfica is a global leader in player development, having generated over €1.5 billion ($1.7 billion) in transfer income since 2000—yet, it remains significantly undervalued. Blackbridge is proud to have originated this opportunity and brought LSP together with such a historic institution. We are confident that this new partnership will support Benfica`s continued growth both on and off the pitch.”
Chapus, who also serves on the advisory board for the Milwaukee Brewers baseball team (owned by his Crescent Capital co-founder, Mark Attanasio), is joined by fellow investors Elliot Hayes and Omar Imtiaz. Hayes, a former investor in French club Nice, is notably one of the first African-American investors in two leading European football clubs. Imtiaz was also involved in the Nice hierarchy 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 stake was secured through the auction of shares publicly traded on the Portuguese stock market.
Implications for Benfica
This investment arrives at a crucial time for Benfica. The club finished second in the Portuguese league last season, narrowly missing out on the title to Sporting. This means Bruno Lage`s side must navigate qualifying rounds to reach the lucrative group phase of the Champions League, participation in which is conservatively estimated to be worth at least $50 million. Their run to the round of 16 last season reportedly generated around $80 million.
Another key consideration is how Benfica will adapt to the increasingly competitive market for South American talent. The Estadio da Luz has historically served as a vital stepping stone for players from Argentina and Brazil aiming for future moves to top leagues like La Liga or the Premier League. This model proved incredibly profitable for Benfica, with the $1.7 billion mentioned by Jarvis often stemming from players initially acquired for just a few million dollars from across the Atlantic.
Angel Di Maria, David Luiz, and Ramires were early examples of players who followed this route, followed more recently by Enzo Fernandez. While prospects like Gianluca Prestianni, once likened to Lionel Messi, could be next, Benfica now finds itself competing directly with the very teams it traditionally sold its young stars to.
Top clubs are now investing heavily to bring South American prospects directly to their leagues. Real Madrid, for instance, has spent significantly on Franco Mastantuono and Endrick, bypassing Portugal. Similarly, Barcelona signed Vitor Roque, though with less success. The Premier League is also actively scouting and signing talent from South America; Willian Estevao moved from Palmeiras to Chelsea and Claudio Echeverri from River Plate to Manchester City in 2024, following Julian Alvarez`s move two years prior.
It`s telling that among the three Argentines on Benfica`s roster last season, one was the prospect Prestianni, while the other two, Di Maria and Nicolas Otamendi, were veterans returning towards the end of their careers. Although Benfica maintains an exceptionally productive academy, from which Antonio Silva appears to be the next potential breakout star, the club already seems to be adjusting to this new market reality. Recent acquisitions over the last two seasons, alongside familiar Brazilian and Argentine players, include talents from Turkey, the Netherlands, Norway, and Germany. In retrospect, this strategic shift might be seen as another instance of Benfica anticipating market changes. What is clear for now is that the Portuguese giants must adapt to heightened competition in the global transfer market.
