9-524-040

SEPTEMBER 24, 2023

ANITA ELBERSE

DAVID MORENO VICENTE

David Beckham (B):

Signing Lionel Messi to Inter Miami CF
“If we can make this happen, this will be up there with the biggest moves in American sporting
history.” It was June 2023, and David Beckham, one of the owners of Inter Miami CF, was referring to
the challenge he and his fellow club owners and executives were wrestling with—finding a way to
bring Lionel Messi, widely regarded as one of the best players the world of soccer had ever seen, to
Inter Miami and Major League Soccer (MLS).
Signing Messi—a seven-time winner of the Ballon d’Or and fresh off a fairy-tale-like FIFA World
Cup victory with the Argentine national team—to his MLS team had long been a dream for Beckham.
In September 2019, months before Inter Miami played its first-ever MLS match and while Messi played
for Spanish top club FC Barcelona, Beckham and Inter Miami co-owner Jorge Mas had started the
conversation with Messi’s father. “It was something along the lines of, ‘We know he can’t come quite
yet, but we would love it if your son would play for our team in Miami one day,’” recalled Beckham.
Since then, Messi had joined French side Paris Saint-Germain (PSG), but he would now, at the end of
the month, be free to sign with another club.
Messi, who would soon turn 36 years of age, was in high demand—PSG was keen to re-sign him,
FC Barcelona wanted him back, other top European teams were keen to sign him, and Saudi Arabia’s
Pro League reportedly had offered him a staggering $400 million-a-year, three-year deal. Inter Miami
did not have the means to enter a bidding war, so Beckham and his partners would have to be creative.
They had been working on an offer for Messi that involved a deal that ran until the winter of 2025,
was worth between $20 million and $25 million in salary (including bonuses and other incentives), and
that offered him an equity stake in Inter Miami after his retirement from professional soccer.
Meanwhile, the Inter Miami co-owners also wondered whether they could convince Adidas and Apple
to join their quest as strategic partners, so they could present Messi with a more competitive offer.
Adidas had a long history with both Beckham and Messi, and was MLS’ league-wide kit supplier.
Apple was in its first year of a $2.5-billion, ten-year commitment to be the exclusive platform for fans
to watch every MLS match through their ‘MLS Season Pass’ service on its streaming service Apple
TV+.
“Bringing Leo Messi to Inter Miami, to MLS, the year after he wins the World Cup, to a team that is
three years old... that would be a hell of an achievement,” said Beckham. Would the offer he and his
partners had been preparing be sufficient to make Messi choose Miami? Could the Inter Miami team
find a way to bring Adidas and Apple on board as strategic partners in their effort to sign Messi? What
else could Beckham and the Mas family do to land Messi’s signature? And if Messi were to choose Inter
Miami, what could the team do to make the most of having the superstar on their roster?

Professor Anita Elberse and David Moreno Vicente (MBA HBS Class of 2019) prepared this case. It was reviewed and approved before publication
by a company designate. Funding for the development of this case was provided by Harvard Business School and not by the company. HBS cases
are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of
effective or ineffective management.

Copyright © 2023 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685,
write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication may not be digitized, photocopied,
or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

Major League Soccer

The top-flight professional soccer league in the U.S. and Canada, MLS included 29 teams organized
in two conferences, 15 in the eastern and 14 in the western conference. During the regular season, which
typically ran from February or March to October, each club played 34 matches. At the end of the regular
season, the top teams participated in several rounds of playoffs to determine the league champion.
MLS was a closed league, without relegation or promotion.
MLS centralized all major revenue streams—it negotiated media as well as league-wide
sponsorship and merchandise deals and received a share of ticket sales from all clubs, and distributed
a portion of those revenues back to its teams. (Teams could negotiate local sponsorships, jersey
sponsorships and stadium naming rights themselves, and keep those revenues). The league also
exerted a great deal of control over player compensation, setting team budgets as well as minimum
and maximum salaries. It had a ‘Designated Player Rule’—also known as the ‘Beckham Rule’—that as
of 2023 allowed MLS teams to acquire up to three players whose total compensation exceeded the
maximum salary budget charge of just over $650,000.
Since its founding in 1993, MLS had experienced strong growth. Its number of teams expanded from
ten to 29, its soccer-specific stadiums went from none to 22, and total attendance more than tripled to
10 million spectators in the 2022 season (see Exhibit 1). 1 MLS’ brand partners grew in number and size
too—by 2023, it had 26 partners including global companies such as Adidas, Apple, AT&T, Coca-Cola,
Heineken, and Procter & Gamble. 2 Revenues from media rights were also on the rise: when its eight-
year, $720 million broadcasting deal with ESPN, Fox Sports and Univision came to an end in 2022, MLS
signed a ten-year, $2.5-billion deal with Apple, giving the latter the exclusive right to distribute all
matches, starting with the 2023 season. 3 “MLS has really transformed since David Beckham joined the
league in 2007,” noted David Gardner, David Beckham Ventures’ president. “MLS teams were worth
$50 million back then—now most are worth between $450 and $600 million. We reached a $600 million
valuation with Inter Miami when the Mas brothers became majority owners. And with the Apple deal,
people all over the world can tune in and watch MLS games, which should fuel further growth.”
Despite its growth, MLS’ $1.5 billion in annual revenues continued to be well below that of the top
five soccer leagues in Europe (also see Exhibit 1). On average, MLS teams generated $55 million per
year, significantly less than teams in England, France, Germany, Italy, and Spain. Furthermore, MLS
did not feature any of what were generally regarded as the world’s top 100 players; most competed in
one of the big five European leagues, while a few high-profile names had recently joined the Saudi Pro
League (also see Exhibit 1).

Lionel Messi
Known for his unparalleled dribbling, passing and scoring abilities, the Argentine Lionel Andres
Messi was regarded as one of the greatest soccer players of all time. Messi had been awarded the Ballon
d’Or—an annual award for the world’s best soccer player—a record seven times over his 19-year
professional career. He was the captain, top scorer and assist leader of the Argentine national team
with which he won the 2022 FIFA World Cup. Messi played in his fifth World Cup that year—in itself
a rare feat—and his victory solidified his immense popularity in Argentina (which had not won a
World Cup in 36 years) and around the world. In fact, with his 480 million Instagram followers, Messi
had the third-most-followed account on the planet, behind only Instagram itself and Portuguese soccer
player Cristiano Ronaldo.

The Player
Born in Rosario, Argentina in 1987, Messi started playing soccer at the age of four, and at six joined
the local Newell’s Old Boys youth team. At age 10, he was significantly shorter than his peers and
diagnosed with a growth hormone deficiency, a condition that could further impair his growth if not
treated with daily injections. The diagnosis would determine his career trajectory—his family searched

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

for a club that could pay for the medication he needed on an ongoing basis, and landed on FC Barcelona
in Spain—and even as an adult he stood only 5’7” tall, but that did not prevent him from becoming
one of his generation’s greatest athletes (see Exhibit 2 for his career statistics and awards). 4
FC Barcelona. At 13, Messi joined FC Barcelona’s youth academy, ‘La Masia.’ Messi rapidly
progressed through the club’s youth teams, scoring 89 goals in 97 official matches. 5 In 2003, a 16-year-
old Messi made his first-team debut in a friendly game, and a few months later he became the youngest
player to represent FC Barcelona in an official competition, the Spanish domestic league (‘LaLiga’). He
became the youngest-ever scorer for the club at age 17. 6
His tenure with the club would be history-making: Over the 17 seasons Messi played for FC
Barcelona, he scored 672 goals in 778 appearances and won all possible team and individual awards.
Domestically, he collected ten league titles, seven cups and eight super cups. At the European level, he
won the UEFA Champions League four times. In the 2008-09 season, which marked the start of a decade
of dominance for the Catalan club, Messi led FC Barcelona to the first-ever sextuple in the history of
soccer, winning six trophies in a single campaign. Individually, in addition to his seven Ballon d’Ors,
he won the Golden Boot (awarded to the top scorer in European domestic competitions) a record six
times, became the top scorer and the player with most assists in the history of LaLiga, and he set the
world record for most goals scored in both a single season (73, in the 2011-12 season) and calendar year
(91, in 2012). 7
In 2017, Messi had signed a four-year contract with FC Barcelona worth $673 million, which
included a fixed salary, variable fees tied to performance, and a $139 million signing bonus. 8 The
contract was the most lucrative deal ever for an athlete in any sport. However, in August 2021, Messi
and FC Barcelona, then faced with severe financial challenges, failed to reach an agreement over a
contract extension. In a press conference held at FC Barcelona’s stadium, a tearful Messi announced his
departure. 9
Paris Saint-Germain. Two days later, Messi signed a two-year contract (with a player option
for a third), worth $70 million per season, with French club Paris Saint-Germain 10. At PSG, which was
owned by a subsidiary of the Qatar Investment Authority, Qatar’s state-run sovereign-wealth fund, he
joined a star-studded team that also included French striker Kylian Mbappé and Brazilian striker
Neymar. With Messi on their team, PSG won back-to-back domestic league titles and a French super
cup, but failed to win the UEFA Champions League, the club’s top priority and a trophy that still
eluded the club.
Toward the end of the 2022-23 season, it became apparent that Messi was not planning to exercise
his player option for a third season at PSG and was looking to leave the club. With his contract set to
expire on June 30, 2023, Messi quickly became the most sought-after free agent in the market.

The Global Icon

Thanks to his performances on the field in what was the most popular participatory and spectator
sport on the planet, Messi was one of the world’s most high-profile personalities off the field as well.
For instance, after leading Argentina to a hard-fought victory with two goals in the 2022 FIFA World
Cup final against France, a celebratory picture that Messi posted to his Instagram account became the
most-liked social-media post ever, with 75 million likes. Former U.S. president Barack Obama, India’s
prime minister Narendra Modi, and Alphabet’s chief executive officer Sundar Pichai, among other
global leaders and personalities, all congratulated Messi on social media after the game. 11
PSG had directly experienced the positive impact Messi could have off the field. In the weeks after
the French club signed Messi, PSG recorded 20 million new subscribers to their social-media accounts.
The club recorded stronger growth on its social networks than any other sports team in 2021, growing
its community of fans by 50%. PSG became the first soccer club to reach 20 million followers on TikTok,
and the most followed French brand on Instagram with 54 million subscribers. 12 In addition, during
Messi’s first five months with the club alone, PSG sold more than one million jerseys, 60% with the
Argentine star’s name on it, which represented a 40% increase in jersey sales over the previous year.

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

(Jerseys are generally priced between $100 and $120, and most top clubs were estimated to sell between
one and three million jerseys a year). 13 And PSG signed several new sponsors after Messi joined,
including luxury fashion house Dior, sneaker marketplace GOAT, and crypto finance platform
Crypto.com. 14
Messi himself had capitalized on his popularity by signing lucrative partnerships with brands such
as sports apparel giant Adidas, beverage company Budweiser, sports drink Gatorade, luxury fashion
house Louis Vuitton, payment processing corporation Mastercard, food, snack and beverage
multinational PepsiCo, and Saudi Arabia’s tourism authority.

Inter Miami CF in 2023

By June 2023, Inter Miami CF was in the midst of its fourth season in MLS. It had finished its third
season 6th in its conference, an improvement over previous years, but was eliminated for the MLS Cup
in the first round of the playoffs (a 3-0 loss against the New York City FC) and eliminated from the US
Open Cup in the round of sixteen (against Orlando City SC, on penalties). Now, after 16 games into its
fourth season, Inter Miami was ranked last in its conference (see Exhibit 3).
Earlier in 2023, Inter Miami had seen 21 players arrive and 20 depart (see Exhibit 4 for its 2023
roster). One major player acquisition was Josef Martínez, on a transfer from Atlanta United FC, whose
guaranteed salary of $4.4 million placed him among the top ten highest-paid players in MLS (see
Exhibit 5). 15 Unlike most other teams in the league, Inter Miami had only one Designated Player on its
roster, choosing to leave two of the three allowed slots unused.
Meanwhile, Beckham and Mas had made significant progress on the commercial side. Construction
on the stadium, scheduled to open in 2025, was expected to start in August 2023. The club had
generated more than $50 million in revenues in 2022. During the 2022 season, Inter Miami recorded an
average attendance of close to 13,000 spectators at its 17 home games at DRV PNK stadium, the lowest
in the league. 16 But it had seen growth in its commercial revenues: Inter Miami’s main brand partners
included car retailer AutoNation, healthcare provider Baptist Health, beverage brand Heineken, and
crypto company XBTO, which appeared on the team’s jersey. “Most of our existing sponsorships are
multi-year deals that are ending this year,” said Mas, “so we will start negotiating for deals starting in
the 2024 season soon.”
Managing owner and chief executive officer Jorge Mas and his brother José held a majority stake in
Inter Miami. Ares Management also had a significant equity stake. And Beckham, co-owner and
president of the club’s soccer operations, continued to hold roughly a 25% stake.

Pursuing Lionel Messi

A Years-Long Process
The process to potentially bring Messi to Inter Miami had started years ago, noted Jorge Mas:
“When David [Beckham] and I first spoke about our aspirations, back in 2018, we talked about how we
would love to have someone like Lionel Messi play for Inter Miami. It was very aspirational, very
dreamlike, but the idea was that we wanted to do something so impactful that eventually even the
greatest player in the world would see Inter Miami as an attractive option in his career. That is when
the first seed was planted.”
In September 2019, a small group consisting of David Beckham, Jorge Mas and David Gardner met
with Lionel Messi’s father Jorge, who served as his son’s agent, in Barcelona. “It was all cloak-and-
dagger, a super-secret meeting—we flew to Barcelona, entered a hotel through a service elevator, and
met Jorge Messi in a suite there,” recalled Mas. “That’s when we first pitched our Miami dream to him.
Lionel Messi was in his prime at FC Barcelona and had a couple of years left on his contract, and we at
Inter Miami hadn’t played a game yet, but I wanted to begin to pitch to him the story of Miami and the

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

importance of Lionel Messi to the future of our club.” Mas added: “I emphasized the notion of family—
that we were trying to build a family at our club. And I shared with them that in my view there have
been two events that have been transformational for the sport of soccer in the U.S.: when Pelé joined
the New York Cosmos in 1972, and when David Beckham came to the LA Galaxy in 2007. I said, ‘We
can all see, we can all dream, that the third major event would be Lionel Messi coming to Inter Miami.’”
“It was all part of our long-term strategic plan,” noted Gardner. “We told Jorge Messi that when the
time was right, we would love to have his son in Miami.”
In 2020 and the first half of 2021, there was relatively little contact with the Messi family. But when,
in the summer of 2021, Messi left FC Barcelona for Paris, Mas reached back out. “I wanted them to
know that they had our full support, with the changes he was undergoing in his life, and that we were
always an option for him.” The following year, Beckham and Mas made a stronger push. “We told him
that we would love for Leo to one day take an ownership position in Inter Miami,” said Mas. “We
wanted them to know we were willing to explore a construct that went beyond him being a player—
this was about his post-playing career and his legacy, especially in the U.S., the world’s biggest
commercial market. We took a lot of what David himself has done into what we presented to Messi.”
An opportunity presented itself September 2022, when the Argentine national team held its pre-
World-Cup training camp in Miami, at Inter Miami’s facilities. “That really opened the possibility to
sit down and talk with Lionel more extensively, about the big picture and the potential here at Inter
Miami,” Mas said. Conversations continued during the World Cup, held in Qatar from mid-November
to mid-December 2022. “I went to every Argentina match and spent a lot of time with the Messi family,
while David kept in close touch with Lionel. David knows what it is like to compete at a World Cup
and what it means to be fully focused on the national team, and he knows what it is like to leave a top
European club for one in the U.S., and so we thought it was useful if they could talk more, player to
player,” said Mas. “Meanwhile, we of course also had a number of meetings more on the commercial
side with Jorge Messi—as did PSG, FC Barcelona, and many other clubs that were interested in signing
Lionel.” Mas added: “I was extremely happy to see Lionel reach his dream of lifting the World Cup.
And I remember everyone saying that him winning the World Cup means the chances of Inter Miami
landing him are going to be zero. But I believe the exact opposite—I think it has improved our chances.”
Since early 2023, the negotiations had accelerated. “We have been in full press mode since January—
we’ve had meetings in Doha, Miami, Rosario, Madrid, and Barcelona,” said Mas. In early May,
Beckham had the chance to visit Messi in Paris, Gardner explained: “David and I were in the city for a
brand partnership event, and we saw an opportunity to visit PSG’s training ground to chat with Leo.”
“That was useful,” thought Mas, “but we know that many other clubs are in the hunt for Messi’s
signature, and everyone is giving it a full-fledged effort.”
The Saudi Pro League, which was quickly gaining traction among soccer superstars, was thought
to pose a particularly significant threat to Inter Miami’s chances of landing Messi. In January 2023,
Cristiano Ronaldo had signed a deal rumored to be worth $200 million annually to play in Saudi Arabia
until 2025. More and more top players had followed his example later in the year. The latest to make
the move was French striker and 2022 Ballon d’Or winner Karim Benzema. Messi, as an ambassador
for Saudi Arabia’s tourism authority, had strong ties with the country. In May 2023, Messi even skipped
a training session at PSG to make a promotional visit to Saudi Arabia with his wife and sons—a trip he
would later apologize and briefly be suspended for by PSG. A few days later, it was reported that one
Saudi Pro League team, Al-Hilal, was ready to offer Messi a three-year, $400-million-per-year
contract. 17
Meanwhile, while FC Barcelona had little room to maneuver under LaLiga’s strict fair play financial
rules, Messi’s previous club nonetheless was making a strong effort to lure him back. FC Barcelona
president Joan Laporta insisted that the Catalan club would do everything possible, and he had reached
out to Messi and his father to negotiate a return. “I’ve known Messi since he was 14 years old, we have
a relationship—he loves Barça, and he feels that our club is his home,” Laporta stated in an interview
on Catalan television in May. 18 PSG, Messi’s current club, had not given up on re-signing him. Other
European soccer powerhouses were rumored to be pursuing Messi as well; among them was English

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

club Manchester City, led by Messi’s former manager Pep Guardiola and the most recent UEFA
Champions League winner.

Crafting A Deal
The focus of the Inter Miami owners and executives now shifted to putting together a compelling
deal for Messi. They planned to offer the following:
A 2.5-year, $20-million-to-$25-million-a-year deal. The owners were ready to offer a 2.5-
year deal that ran until the end of the 2025 season, with a player option to extend the contract for one
more year. “The FIFA World Cup hosted by the U.S., Canada, and Mexico is coming up in 2026, which
can really help us,” clarified Gardner. “It is going to be very difficult for us to compete dollar for dollar
with what the major European clubs or the burgeoning Saudi league offer to their star players,” he
added (see Exhibit 6 for a listing of the highest-paid soccer players worldwide). “We can give Messi a
Designated Player spot, but even then we might not be able to offer a salary of more than $20 million
to $25 million a year, including bonuses and other incentives,” acknowledged Mas, who realized they
would have to be creative and find alternative ways to structure a winning deal.
An equity stake in Inter Miami—after Messi’s playing days. The team felt that also
offering Messi an ownership position in Inter Miami would make them more competitive. Over the
last decade, valuations of MLS teams, along with many other North American sports teams, had seen
a sharp increase (see Exhibit 7). The 30th and most recent MLS expansion team, to be based in the city
of San Diego and launch in 2025, came with a $500 million expansion fee. 19 ”I don’t think there is a
ceiling for MLS teams—soccer is the number one sport in the world,” said Gardner. “Offering Messi
equity, by diluting the equity held by the current owners in an equal manner, fits the concept of Messi
building a post-playing career and a legacy that we have pitched to him and his father all along,” noted
Mas. Gardner agreed: “Messi, the best player to ever live, can go to any team in the world, but for his
legacy, we think that Miami is the answer. We are building a team in the world’s largest sports market,
in one of the hottest cities globally, and within a community with an amazing obsession and love for
the game of soccer.” Per MLS’ rules, Messi could not be a team owner while he was a player, but he
could exercise an ownership stake after his playing days were over. “Gardner added: “Imagine one
day Inter Miami having David and Lionel as owners… the commercial possibilities we could unlock
are endless.”
An intention to build a strong team around Messi. In addition, Beckham and Mas were
ready to commit to bringing other marquee players to the club as well. “Lionel is a competitive beast.
We need a winning team to convince him, which means we must surround him with other great
players,” said Mas. “We know doing so is going to be costly, but it is essential to have a good team on
the field—with Messi, we’ll have a unique opportunity to win with Inter Miami and change the
trajectory of the sport of soccer here in the U.S.”
A commitment to drive further value for Messi through brand partnerships. Finally,
Beckham and Mas were eager to find ways to involve brand partners to make the deal more attractive
for Messi. The most obvious candidates for such explorations where MLS partners Adidas and Apple.

Apple, a technology giant with $394 billion in revenues in 2022, had become MLS’ exclusive media
partner. 20 Ahead of the 2023 season, Apple had launched MLS Season Pass, a subscription service that
gave fans in over 100 countries access to all games. 21 In the U.S., the service was priced at $14.99 a
month, or $99 for the entire season. Eddy Cue, Apple’s senior vice president of services, had stated that
“Apple was committed to growing the sport of soccer with MLS.” “They should recognize the
importance of Lionel Messi to the league and to their viewership and subscriptions across the world,”
noted Mas. Coincidentally, Apple TV+, Apple’s general streaming platform, had recently announced
a four-part documentary series featuring Messi and his FIFA World Cup career. 22

Adidas had been the official kit supplier of MLS teams since 2004. Earlier in 2023, the European
sportswear company (ranked second in market share in the U.S., behind Nike) announced a six-year

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

contract extension with MLS starting in 2024, that was worth $830 million. 23 Adidas also had a long-
running relationship with Messi directly—he had signed his first endorsement deal with the company
in 2006. “The U.S. market is extremely important for us,” said Greg Fernandez, senior director of
football players and scouting at Adidas. “It is also the home of our main competitor, so it is both
challenging and motivating to find growth there.”

“If we bring Messi to the U.S., Apple will be able to significantly grow their business here and
around the world,” argued Mas. “And the same goes for Adidas—imagine the possibilities when you
have a global athlete with the magnitude of a Lionel Messi here in America. This might be beyond even
what they experienced with David at LA Galaxy.”

Could Inter Miami CF Sign Lionel Messi?

Would the deal that the Inter Miami co-owners were planning to present to Messi be compelling
enough to make the Argentine choose Miami? What equity share would be appropriate to offer to
Messi? How could Beckham and Mas best seek to bring MLS and its commercial partners to the
negotiation table, and what kind of creative solutions could they push for? And what else could they
do to land Lionel Messi’s signature?
“When does an athlete in any sport have the opportunity to truly change the course of that sport,”
Mas asked, “let alone in the largest commercial market in the world?” He reflected on the opportunity:
“If we can bring Messi here, there will always be a ‘before’ and ‘after Messi’ when we talk about soccer
in the U.S. Moreover, David Beckham will have been instrumental in not one, but two such
transformations—it would forever define his legacy, too.”

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

Exhibit 1a MLS: Trends in Participating Teams and Attendance (1996-2021)

1996 2001 2006 2011 2016 2021 2022

Number of Teams 10 12 12 18 20 27 28

Total Attendance (millions) 2.8 2.4 3.0 5.5 7.4 6.3 10

Average Attendance (thousands) 17.4 15.0 15.5 17.9 21.7 17.0 20.9

Source: Adapted from MLS, www.transfermarkt.com.

Exhibit 1b MLS versus the Big Five European Leagues

MLS Premier LaLiga Bundesliga Serie A Ligue 1

League (Spain) (Germany) (Italy) (France)
(England)

Revenues:
Matchday ($M) 765 1,010 460 310 260 250
Broadcasting ($M) 105 3,910 2,150 1,550 1,500 820
Commercial ($M) 680 2,300 1,065 1,675 875 1,205
Total ($M) 1,550 7,220 3,675 3,535 2,635 2,275

Number of teams 28 20 20 18 20 20

Average team revenues ($M) 55 360 185 195 130 110

Average player salaries ($000) 480 4,230 2,810 2,030 2,060 1,505

Source: Adapted from MLSplayers.org, Capology.com, Deloitte’s Annual Review of Football Finance, IEG Sponsorship
Database, Sportico.com, and case writers’ estimates.

Exhibit 1c Soccer Leagues and the World’s Top 100 Soccer Players (as of June 2023)

League Country Number of Top-Rated Players

Players in the (and their EA Sports rankings)
Top 100

Premier League England 34 K. de Bruyne (2), E. Haaland (6), Alisson (8)

LaLiga Spain 23 R. Lewandowski (3), T. Courtois (7), J. Oblak (12)
Bundesliga Germany 17 J. Kimmich (9), M. Neuer (15), S. Mané (32)
Serie A Italy 15 M. Maignan (29), Milinkovic-Savic (40), P. Dybala (44)
Ligue 1 France 8 K. Mbappé (1), L. Messi (5), Neymar (14)
Pro League Saudi Arabia 3 K. Benzema (4), N. Kanté (28), C. Ronaldo (35),

Source: Adapted from EA Sports’ FIFA 2024 ratings. (The table is based on rankings from EA Sports’ FIFA 2024 game, which
are widely believed to be a good indicator of players’ overall performance in the preceding season.)

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

Exhibit 2 Lionel Messi's Soccer Career Statistics and Trophies

Team Country Seasons Appearances Goals Assists

FC Barcelona Spain 2004 – 2021 778 672 303

Paris Saint-Germain France 2021 – 2023 75 32 35
Club Total 2004 – 2023 853 704 338

National team Argentina 2005 – 175 103 56

Career Total 2004 – 1028 807 394

Team Country Competition Type Titles Year

FC Barcelona Spain La Liga Domestic 10 ’05, ’06, ’09, ’10, ’11,

’13, ’15, ’16, ’18 ‘19
Cup Domestic 7 ’09, ’12, ’15, ’16, ’17,
’18, ‘21
Super Cup Domestic 8 ’06, ‘07, ’10, ’11, ’12,
’14, ’17, ‘19
UEFA Champions League International 4 ’06, ’09, ’11, ‘15
UEFA Super Cup International 3 ’10, ’12, ‘16
FIFA Club World Cup International 3 ’10, ’12, ‘16

Paris Saint- France Ligue 1 Domestic 2 ’22, ‘23

Germain Super Cup Domestic 1 ‘23

National team Argentina Copa America International 1 ‘21

Cup of Champions International 1 ‘22
FIFA World Cup International 1 ‘22
Olympics International 1 ‘08

Career Total 42

Individual Award Team Titles Year

Ballon d’Or FC Barcelona 7 ’09, ’10, ’11, ’12, ’15, ’19, ‘21
European Golden Boot FC Barcelona 6 ’10, ’12, ’13, ’17, ’18, ‘19
UEFA Champions League top scorer FC Barcelona 6 ’09, ’10, ’11, ’12, ’15, ‘19
La Liga top goal scorer FC Barcelona 8 ’10, ’12, ’13, ’17, ’18, ’19, ’20, ‘21
World Cup best player Argentina national team 2 ’14, ‘22
Copa America best player Argentina national team 2 ’15, ‘21

Source: Adapted from Transfermarkt.com.

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

Exhibit 3 Major League Soccer: Standings as of June 4, 2023

#a Club Matches Wins Draws Losses Goal Points

Played Difference

Eastern Conference

1 Cincinnati 16 12 3 1 +11 39
2 Nashville 16 9 4 3 +13 31
3 Philadelphia 16 9 3 4 +12 30
4 New England 16 7 6 3 +5 27
5 Atlanta United 17 6 7 4 +4 25
6 Columbus 16 7 3 6 +9 24
7 D.C. United 17 6 5 6 +3 23
8 Orlando City 15 6 5 4 +3 23
9 Charlotte 17 6 3 8 -8 21
10 Montreal 16 6 1 9 -12 19
11 NY Red Bulls 17 4 7 6 -5 19
12 Toronto 17 3 9 5 -4 18
13 New York City 16 4 5 7 -5 17
14 Chicago 16 3 8 5 -4 17
15 Inter Miami 16 5 0 11 -6 15

Western Conference

1 LAFC 16 8 5 3 +14 29
2 St. Louis City 16 9 1 6 +13 28
3 Seattle 17 8 3 6 +7 27
4 Dallas 17 7 5 5 +3 26
5 San Jose 16 6 5 5 0 23
6 Houston 16 6 3 7 -5 21
7 Vancouver 16 5 6 5 6 21
8 Minnesota 16 5 5 6 -3 20
9 Austin 16 5 4 7 -6 19
10 Salt Lake 16 5 4 7 -9 19
11 Portland 16 4 5 7 -5 17
12 Kansas City 17 4 5 8 -8 17
13 Los Angeles 16 4 3 9 -12 15
14 Colorado 17 2 7 8 -11 13

Source: Adapted from MLS.com.

a Seeds 1 through 7 in each conference automatically qualify for the playoffs; seeds 8 and 9 in each conference qualify for ‘wild
card’ matches, in which both seeds in each conference face off against each other.

10

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

Exhibit 4 Inter Miami’s First Team Roster as of May 2023

Jersey Name Position Age Nationality Guaranteed Designated

# Compensation Playera

1 Drake Callender Goalkeeper 25 U.S. $355,917 No

2 DeAndre Yedlin Defender 29 U.S. $873,750 Nob
3 Dixon Arroyo Midfielder 31 Ecuador $297,707 No
4 Christopher McVey Defender 26 Sweden $244,296 No
7 Jean Mota Oliveria Midfielder 29 Brazil $828,750 Nob
9 Leonardo Campana Forward 22 Ecuador $601,680 No
12 Jake LaCava Forward 22 U.S. $85,444 No
13 Víctor Ulloa Midfielder 31 Mexico $250,000 No
14 Corentin Jean Forward 27 France $788,400 Nob
15 Ryan Sailor Defender 24 U.S. $85,444 No
16 Robert Taylor Forward 28 Finland $302,900 No
17 Josef Martínez Forward 30 Venezuela $4,391,667 Noc
18 Harvey Neville Defender 21 Ireland $67,360 No
19 Robbie Robinson Forward 24 U.S. $231,000 No
20 Rodolfo Pizarro Forward 29 Mexico $3,350,000 Yes
21 Nick Marsman Goalkeeper 32 Netherlands $587,184 No
22 Nicolas Stefanelli Midfielder 28 Argentina $441,667 No
24 Ian Fray Defender 20 Jamaica $110,000 No
26 Gregore Magalhaes Midfielder 29 Brazil $826,000 Nob
27 Sergii Kryvtsov Defender 32 Ukraine $614,500 No
28 Edison Azcona Midfielder 19 Dominican Republic $89,716 No
29 CJ Dos Santos Goalkeeper 22 U.S. $72,660 No
30 Benjamin Cremaschi Midfielder 18 U.S. $69,360 No
31 Kamal Miller Defender 26 Canada $420,000 No
32 Noah Allen Defender 19 U.S. $69,027 No
33 Franco Negri Defender 28 Argentina $317,500 No
41 David Ruiz Midfielder 19 Honduras - No
49 Shanyder Borgelin Forward 21 Haiti $69,860 No
99 Cole Jensen Goalkeeper 22 U.S. $67,360 No

Source: Adapted from Inter Miami CF and the MLS Players Association.
a The Designated Player Rule allows clubs to acquire up to three players whose total compensation exceeds the maximum salary
budget charge of $651,250. The club bears financial responsibility for any compensation that is in excess of each player's salary
budget charge.
b Despite receiving compensation in excess of $651,250, these players are not Designated Players. Clubs are allowed to spend
additional funds on player compensation using funds from a league-wide allocation pool (known as ‘general allocation money’)
of $1.9 million per team, and discretionary amounts of ‘targeted allocation money’ of $2.7 million per team.
c This player is not a Designated Player; part of his compensation is paid for by his former club Atlanta United.

11

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

Exhibit 5 Highest-Paid Players in MLS (as of May 2023)

# Player Nationality Age Team Guaranteed

Compensationa

1 Xherdan Shaqiri Switzerland 31 Chicago Fire $8.15 million

2 Lorenzo Insigne Italy 32 Toronto FC $7.50 million
3 Javier Hernández Mexico 35 LA Galaxy $7.44 million
4 Federico Bernardeschi Italy 29 Toronto FC $6.30 million
5 Sebastian Driussi Argentina 27 Austin FC $6.02 million
6 Héctor Herrera Mexico 33 Houston Dynamo $5.25 million
7 Douglas Costa Brazil 33 LA Galaxy $4.50 million
8 Luiz Araújo Brazil 27 Atlanta United $4.48 million
9 Christian Benteke Belgium 32 DC United $4.43 million
10 Josef Martínez Venezuela 30 Inter Miami $4.39 million
11 Lucas Zelarayán Argentina 31 Columbus Crew $3.80 million
12 Carles Gil Spain 30 New England Revolution $3.55 million
13 Rodolfo Pizarro Mexico 29 Inter Miami $3.35 million
14 Carlos Vela Mexico 34 LAFC $3.34 million
15 Nicolás Lodeiro Uruguay 34 Seattle Sounders FC $3.26 million
16 Raúl Ruidíaz Peru 33 Seattle Sounders FC $3.20 million
17 Hany Mukhtar Germany 28 Nashville SC $3.19 million
18 Jozy Altidore U.S. 33 New England Revolution $2.94 million
19 Cucho Hernández Colombia 24 Columbus Crew $2.89 million
20 Gustavo Bou Argentina 33 New England Revolution $2.68 million

Source: Adapted from the MLS Players Association.

a Includes base salary and guaranteed bonuses annualized over the term of the contract; does not include performance bonuses.

12

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

Exhibit 6 Highest-Paid Soccer Players Worldwide (as of June 2023)

# Player Age Team Country Season Estimated

Compensation

1 Cristiano Ronaldo 38 Al Nassr Saudi Arabia 2023/24 $200 milliona

2 Karim Benzema 35 Al-Ittihad Saudi Arabia 2023/24 $107 milliona
3 N’Golo Kanté 32 Al-Ittihad Saudi Arabia 2023/24 $107 milliona
e Kylian Mbappé 24 Paris Saint-Germain France 2023/24 $78 million
5 Lionel Messi 36 Paris Saint-Germain France 2022/23 $69 million
6 Neymar 31 Paris Saint-Germain France 2022/23 $61 million
7 Frenkie de Jong 26 FC Barcelona Spain 2023/24 $40 million
8 Kalidou Koulibaly 32 Al Hilal Saudi Arabia 2023/24 $38 million
9 Toni Kroos 33 Real Madrid Spain 2023/24 $27 million
10 Kevin de Bruyne 32 Manchester City England 2023/24 $26 million
11 Erling Haaland 23 Manchester City England 2023/24 $25 million
12 David Alaba 31 Real Madrid Spain 2023/24 $24 million
13 Luka Modric 37 Real Madrid Spain 2023/24 $24 million
14 Jude Bellingham 20 Real Madrid Spain 2023/24 $23 million
15 Casemiro 31 Manchester United England 2023/24 $23 million
16 Mohamed Salah 31 Liverpool England 2023/24 $23 million
17 Jadon Sancho 23 Manchester United England 2023/24 $23 million
18 Raphael Varane 30 Manchester United England 2023/24 $23 million
19 Robert Lewandowski 35 FC Barcelona Spain 2023/24 $23 million
20 Manuel Neuer 37 Bayer Munich Germany 2023/24 $23 million

Source: Adapted from Capology.com and Sports Illustrated.

a Includes the player’s share of certain commercial revenues; Ronaldo’s annual base salary was an estimated $75 million.

13

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF

Exhibit 7 Team Valuation for Select Transactions across North American Sports Leagues

League Team Valuation Year Details

Major League Soccer San Diegoa $500 million 2023 New team (30th) fee
(MLS) Houston Dynamob $400 million 2021 Ownership change
Inter Miami CF $600 million 2021 Ownership change
Orlando SCb $450 million 2021 Ownership change
Charlotte FC $325 million 2019 New team (29th) fee
St Louis City $200 million 2019 New team (28th) fee

Major League Baseball New York Mets $2,400 million 2020 Ownership change
(MLB) Miami Marlins $1,200 million 2017 Ownership change
Seattle Mariners $1,400 million 2016 Ownership change
Los Angeles Dodgers $2,000 million 2012 Ownership change

National Basketball Phoenix Sunsb $4,000 million 2023 Ownership change

Association (NBA) Brooklyn Nets $2,350 million 2019 Ownership change
Houston Rickets $2,200 million 2017 Ownership change
Los Angeles Clippers $2,000 million 2014 Ownership change

National Football Washington Commanders $6,050 million 2023 Ownership change

League (NFL) Denver Broncos $4,650 million 2022 Ownership change
Carolina Panthers $2,275 million 2018 Ownership change
Buffalo Bills $1,300 million 2014 Ownership change

National Hockey Ottawa Senators $1,000 million 2023 Ownership change

League (NHL) Toronto Maple Leafs $1,000 million 2012 Ownership change
Pittsburgh Penguins $900 million 2021 Ownership change

Source: Adapted from ESPN, NBC Sports, Sportico, The Athletic, and case writers’ estimates.
a San Diego’s team name is not yet revealed.

b These represent a combined sale with the women’s teams.

14

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.
 David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040

Endnotes

1 “Major League Soccer, Attendances,” Transfermarkt.com.

2 Official Partners,” MLS, www.mlssoccer.com.

3 Alex Silverman and John Ourand, "MLS goes with Apple in landmark 10-year global media rights deal," Sports Business
Journal, June 14, 2022; John Ourand and Christopher Botta, "MLS's Big Play," Sports Business Journal, May 12, 2014.
4 Anita Elberse, “Futbol Club Barcelona,” Harvard Business School case study, 516-031.

5 “All Time Stats For Messi In The Barça Youth Teams,” FCBarcelona.com, June 24, 2020.

6 “17 Years Since Leo Messi’s Debut,” FCBarcelona.com, November 16, 2020; “15 Years Since Lionel Messi’s First Official Goal,”
FC Barcelona, May 1, 2020.
7 “Leo Messi, FC Barcelona’s Historic Record Breaker,” FCBarcelona.com, August 5, 2021.

8 Tariq Panja and Rory Smith, “Barcelona and the Crippling Cost of Success”, New York Times, August 8, 2021.

9 “Leo Messi: I Feel So Sad To Be Leaving The Club I Love,” FCBarcelona.com, August 8, 2021.

10 Justin Birnbaum and Christina Settimi, "Lionel Messi’s Deal With Paris Saint-Germain Will Keep Him Among Soccer’s Top
Three Earners," Forbes, August 10, 2021.
11 “The 10 Most Liked Posts on Instagram,” Brandwatch, March 22, 2023; Barack Obama’s, Narendra Modri, and Sundar
Pichai’s twitter accounts.
12 “Paris Saint-Germain Thank Their 150 Million Fans On Social Media,” PSG.fr, January 21, 2022.

13 Marc Mechenoua, “Messi Financial Boost To PSG Revealed,” GOAL, December 22, 2021.

14 “Paris Saint-Germain Get Dressed Up In Dior,” PSG.fr, September 6, 2021; “GOAT To Become Paris Saint-Germain’s Sleeve
Partner,” PSG.fr, April 14, 2022; “Crypto.com Becomes PSG Official Cryptocurrency Platform,” PSG.fr, September 9, 2021.
15 “Salary Guide,” MLS Players Association, April 30, 2023.

16 “Attendances 2022,” Transfermarkt.com.

17 Karl Rasmussen, “Lionel Messi Discussing Contract Worth $400M Per Year, Per Report,” Sports Illustrated, May 3, 2023.

18 “Joan Laporta:” He Parlat Amb Leo Messi Per Reconduir La Situacio Que Es Va Produir,” Els Matins de TV3, May 15, 2023.

19 Cesar Hernandez, “San Diego Awarded 30th MLS Team, Will Debut in 2025,” ESPN.com, May 18, 2023.

20 Brian Straus, “MLS, Apple Partner on New 10-Year Media Rights Deal,” Sports Illustrated, June 14, 2022.

21 “Apple, Major League Soccer announce MLS Season Pass launches February,” Apple, November 16, 2022.

22 “Apple TV+ Scores With Documentary Series Featuring Legendary Football Champion Lionel Messi And His FIFA World
Cup Career, Culminating In His Dramatic Qatar 2022 Win,” Apple TV+, June 6, 2023.
23 Eben Novy-Williams, “Adidas, MLS, Sign Six-Year, $830 Million Contract Extension,” Sportico, February 22, 2023.

15

This document is authorized for use only by Fernando Oliver (foliver@oprtion.tech). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org
or 800-988-0886 for additional copies.