Three US investment funds are among the parties interested in acquiring a stake in the company that will manage and commercialise the broadcasting rights for Portuguese professional football.

Apollo Global Management, CVC Capital Partners and Oaktree Capital Management took part in Liga Portugal’s investor day and expressed interest in the subsidiary that will hold and market the league’s audiovisual rights, according to Bloomberg.

Any sale of a stake in the company, Liga Centralização, will require approval from all clubs. The entity was established in 2021 following a Portuguese government decree mandating the centralisation of domestic football broadcasting rights from the 2028-29 season onwards.

Under the current system, each club negotiates the broadcasting rights for its home matches individually, with Portugal’s “Big Three” — Benfica, FC Porto and Sporting CP — securing the highest revenues.

The centralised model is expected to generate around €250 million per season.

The revenue distribution model has already been approved by both the clubs and the Portuguese Competition Authority. It combines five allocation criteria, with sporting performance carrying the greatest weight. Nearly 60% of the total revenue will be distributed based on league standings, historical performance and each club’s contribution to Portugal’s UEFA ranking.

A further 20% will be shared equally among all clubs, while the remaining approximately 20% will be allocated according to stadium attendances, television audiences and other performance-related factors.

According to an analysis by Morningstar DBRS, the success of the centralisation process will ultimately depend on its execution and its ability to create additional value.

In its most optimistic scenario, the ratings agency forecasts annual revenues exceeding €300 million, which would benefit every club. In a downside scenario, however, the centralised model would generate less than €200 million per season, with Benfica, FC Porto and Sporting CP expected to be the hardest hit.