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ANITA ELBERSE
Professor Anita Elberse and David Moreno Vicente (MBA HBS Class of 2019) prepared this case. It was reviewed and approved before publication
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524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF
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
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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.
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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.
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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
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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
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David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040
contract extension with MLS starting in 2024, that was worth $830 million. 23 Adidas also had a long-
running relationship with Messi directly—he had signed his first endorsement deal with the company
in 2006. “The U.S. market is extremely important for us,” said Greg Fernandez, senior director of
football players and scouting at Adidas. “It is also the home of our main competitor, so it is both
challenging and motivating to find growth there.”
“If we bring Messi to the U.S., Apple will be able to significantly grow their business here and
around the world,” argued Mas. “And the same goes for Adidas—imagine the possibilities when you
have a global athlete with the magnitude of a Lionel Messi here in America. This might be beyond even
what they experienced with David at LA Galaxy.”
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524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF
Number of Teams 10 12 12 18 20 27 28
Revenues:
Matchday ($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
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)
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.)
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David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040
Career Total 42
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
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524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF
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
10
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David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040
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
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524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF
12
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David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040
13
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524-040 David Beckham (B): Signing Lionel Messi to Inter Miami CF
Exhibit 7 Team Valuation for Select Transactions across North American Sports Leagues
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
Source: Adapted from ESPN, NBC Sports, Sportico, The Athletic, and case writers’ estimates.
a San Diego’s team name is not yet revealed.
14
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David Beckham (B): Signing Lionel Messi to Inter Miami CF 524-040
Endnotes
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.
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
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