The U.S. soccer pyramid is about to change—overnight. A major global investment firm, KKR, just partnered with MLS to revolutionize how lower-division soccer operates in North America.

This isn’t just about new teams or stadiums; it’s a strategic roll-up of the entire ecosystem that could challenge the USL’s dominance and reshape the future of American football. If you’ve wondered how private equity is now targeting soccer’s grassroots and development pipeline, this episode uncovers the game-changing tactics, behind-the-scenes deals, and long-term visions driving this bold new chapter.

In this episode, Simon Evans teams up with soccer industry analyst André da Costa to decode the explosive partnership between MLS and KKR—how it accelerates youth development, player trading, and market expansion. You’ll discover how KKR is applying their private equity expertise to build a verticalized, sustainable soccer pyramid—from small-market teams to national TV contracts. We break down the strategic move to smaller stadiums designed for lower-division attendance, and why this could bring regional clubs, USL rivals, and MLS teams into direct competition for the same fan base.

Plus, we explore what this means for the player pipeline: Can USL still be the breeding ground for future stars, or will the majors overshadow them with resource-rich academies and centralized contracts? You'll learn why the US soccer landscape is more fragmented and competitive than ever, and how this private equity influx could be a game of winners and losers—if someone does, in fact, "win."

With USL eyeing promotion and relegation and MLS exploring franchise relocations (Vegas, Vancouver), the stakes could not be higher. The episode reveals how these developments threaten to spark turf wars and market instability—yet also unlock immense growth opportunities for fans, players, and investors ready to seize the moment.

Are the Vancouver Whitecaps heading out of Canada and facing relocation to Las Vegas or Phoenix? Simon and Andre discuss the Athletics' report that MLS has been discussing relocation as an option. Plus we dive into the big numbers around NWSL after Jimmy Haslem forks out $205 million for an expansion slot in Columbus amid soaring valuations. Plus some USLgameday experience and some National League drama.

Marc Spiegel made history in 2025 by becoming the first American to take majority ownership of a Liga MX club. In this episode, the Querétaro FC chairman explains why he sees Mexican soccer as the most exciting investment opportunity in world football right now, how a chance dinner conversation in Wyoming set the whole thing in motion, and what a tech entrepreneur can bring to the beautiful game that traditional owners often miss.

EFL clubs are suffering record losses but there is no shortage of (American) investors willing to take on the challenge of trying to make it to the Premier League. Football finance expert Kieran Maguire joins Simon and Andre to dig deeper into the reasons behind the negative balance sheets.

Writer Andres Martinez is the author of a new book on American Soccer 'The Great Game - A Tale of Two Football's And America's Quesst to Conquer Global Sport' which is a deep dive into how American soccer has moved in from the fringes of society to the mainstream and how America's traditional sports are, in turn, seeking to spread their reach globally.

In this conversation with Simon Evans, host of The Soccer Business, Andres explores the role of culture and politics in keeping soccer out of the mainstream, soccer and identity in American society and the future for the sport.

This episode of the Soccer Business Podcast kicks off with a review of the week’s top headlines, beginning with the "kit war" between Nike and Adidas during recent US national team matches, where retro designs and "guerrilla marketing" took center stage. Hosts Simon Evans and Andre Da Costa celebrate the record-breaking debut of the Denver Summit, who drew 63,000 fans to an NFL stadium for their NWSL opener, and discuss the launch of Inter Miami’s state-of-the-art new stadium, the fresh home for Lionel Messi. The hosts also analyze the surprising departure of USL CEO Justin Papadakis as the league moves toward a model increasingly backed by private equity and institutional capital.

The heart of the show features an in-depth interview with financial analyst Paul Quinn on the dramatic collapse of John Textor’s Eagle Football Group. Quinn deconstructs the failures of the Multi-Club Ownership (MCO) model, explaining how Textor’s empire became trapped by high-interest "PIK loans" and a sudden collapse in French media rights. The discussion reveals how financial engineering allowed money to be moved from successful clubs like Botafogo to cover losses at Olympique Lyonnais, a strategy that ultimately failed when the holding company was placed into administration in March 2026.

Finally, the episode explores the broader implications for global soccer finance and the rising need for independent regulation. Quinn compares Textor’s risky financial structures to the Glazers’ leveraged buyout of Manchester United, highlighting the critical difference between clubs that can service their debt through cash flow and those that cannot. The conversation concludes with a look at the future of historic clubs like Lyon and Botafogo as they face potential sales, emphasizing the responsibility of owners as custodians of community assets rather than just speculative investors.

Simon and Andre report back from Atlanta on a busy week at the SBJ conference on the in North American soccer business. Arthur Blank, Mohammed Mansour and Don Garber made their marks with their contributions raising a number of big issues. Plus Will Mo Salah bring a 'Middle Eastern Messi' effect to MLS? And does women's soccer need to talk more like a business than a community venture?

Zlatan Ibrahimovic Joins Fox Sports: A Game Changer for World Cup Coverage? Is the Jordan Brand Ruining Brazil’s Iconic Kit? Why American Soccer Fans Are Talking About the '94 Denim Kit. Did Nike Miss a Trick? And Cracking the Code: How Brands Can Reach the 'New' American Soccer Fan Through Creators. Host Simon Evans is joined by regular guest Andre Da Costa and Darren Weber of Beautiful Game Consulting.

This week Simon and Andre look at Lionel Messi's growing equity stake in Inter Miami, Carlos Velas's investment in LAFC, a new soccer lifestyle product and in our deep dive Pardeep Cattry of CSB Sports joins us to discuss the new NWSL season and the KPIs that Commissioner Jessica Berman will be looking out for.