Ares Management is investing an extra $75 million in Inter Miami CF, the Major League Soccer club that’s riding high following the arrival of superstar Lionel Messi.
Inter Miami will use the money from US-based Ares’s credit group to develop its proposed Miami Freedom Park stadium and fund other growth initiatives, according to a statement on Friday. Ares has now invested $225 million in Inter Miami since 2021.
Inter Miami, currently languishing at the bottom of the MLS Eastern Conference league, has been boosted by the arrival of Messi, considered by many to be the greatest footballer of all time.
Read more: Miami Billionaire Who Signed Messi Reveals Plan to Win Big
The Argentine joined from Paris Saint-Germain FC last month and has had an immediate impact on the pitch, driving Inter Miami to three successive victories and scoring five goals along the way. Tickets to Inter Milan games have been selling out in minutes thanks to the Messi effect.
Inter Miami was established in 2018, making it one of the newer teams competing in the MLS. It was launched with the backing of former Manchester United FC, Real Madrid CF and LA Galaxy star David Beckham, who’s a co-owner. Sportico estimated Inter Miami was valued at $585 million last year.
Details of Inter Miami’s value after the latest injection from Ares were not disclosed in Friday’s statement. Jorge Mas, the club’s managing owner, said in a July interview that its value could reach $1.5 billion within a year.
“We are excited to upsize our strategic investment in the club,” Jim Miller, co-head of sports, media and entertainment strategies at Ares, said in the statement. “Our work together and the progress made since our initial investment has only reinforced our confidence in Inter Miami’s bright future.”
Ares is also an investor in Spanish football club Atlético de Madrid and Eagle Football Holdings, a multiclub owner that backs teams including England’s Crystal Palace FC and Olympique Lyonnais in France.
Coming soon: Sign up for Bloomberg’s Business of Sports newsletter for the context you need on the collision of power, money and sports, from the latest deals to the newest stakeholders. Delivered weekly.
