Munich/ Los Angeles/ Montevideo – Red&Gold Football, a joint venture between FC Bayern München and Los Angeles Football Club, is the new majority shareholder in Racing de Montevideo SAD, a first-division team in Uruguay.
Red&Gold Football was founded in March 2023 with the aim of developing international talent for its own first teams and for professional football. Following initial cooperation agreements with football academies in West Africa, the Joint Venture is now taking an important strategic step in South America.
"Uruguay offers one of the most interesting football cultures and stands for social and political stability in South America”, said Jochen Sauer, Managing Director of Red&Gold Football. “In relation to its total population of around 3.5 million people, the country has probably developed the most top professional footballers in the world and, together with Argentina, is the record winner of the Copa América. Our commitment is long-term. I would like to thank President and Sports Director Fernando Cavenaghi for the very good and trusting discussions and look forward to our collaboration."
“Uruguay has always been a critical market for LAFC, and we are incredibly excited to deepen our connection there through Racing and Red&Gold Football”, said John Thorrington, LAFC Co-President & General Manager. “We look forward to helping Racing grow and develop in partnership with Fernando and his excellent staff.”
"The joint investments with my partners Santiago and Ignacio Rossi have laid the foundations for Racing's return to the Uruguayan first division”, said Fernando Cavenaghi, President, Sports Director and shareholder of Racing de Montevideo SAD. “We are proud to be part of Red&Gold Football. Our colors will always be the same, green and white. We will stay with our traditions as "La Escuelita", the little school at the core, and continue to train talent for Uruguayan and international football. What an exciting time lies ahead of us!"
In 2021, Racing Club de Montevideo was reorganized economically and transformed into a sports corporation (SAD), as is customary in Europe. An associated investment program created the basis for sporting promotion to Uruguay's first division in 2022. In the current season, the promoted team qualified for the qualifying round of the Copa Sudamericana at the first attempt. The management of Racing will retain a minority stake in the club and stay with Racing in operational functions. Red&Gold Football respects the tradition and iconic identity of the club and will therefore not change its colors, logo or name. In consultation with the management, Red&Gold Football will invest in the club's infrastructure in order to further expand and improve the existing foundations.