01 — Executive Summary

This document presents the strategic framework for a transcontinental multi-club ownership (MCO) platform anchored by two football institutions: America de Cali, one of Colombia's most historically decorated professional clubs, and USL Everett, a North American professional football franchise. APX Corporation Inc has executed a Joint Venture Agreement with Kickin Assets Sports Inc, the entity operating USL Everett (owner: Sat Dhinsa), signed February 9, 2026, establishing APX as the platform's capital formation and strategic partner for the North American anchor. The specific league tier in which Everett currently competes requires final confirmation directly from USL. The platform is structured to operate as an integrated bi-continental football enterprise rather than a conventional feeder-club arrangement, with both clubs functioning as independent, competitive entities within their respective leagues while sharing defined operational infrastructure, player development pathways, commercial relationships, and institutional capital.

The strategic logic of the MCO model is established at scale by several of the most successful ownership structures in world football. City Football Group, which holds ownership or partial ownership interests in clubs across England, the United States, Australia, Japan, Spain, Uruguay, China, Belgium, and India, is the most extensive operational proof of concept. Red Bull's MCO platform, connecting RB Salzburg (Austria), RB Leipzig (Germany), New York Red Bulls (USA), and Red Bull Bragantino (Brazil), has demonstrated that a coordinated player development and circulation system can generate both sporting performance and commercial value that no standalone club can replicate. The APX platform shares the core logic of these models while operating at a scale appropriate to the South American and North American markets it serves.

The platform operates through five integrated layers. The first layer is platform capital formation: the structured capital that enables investment into both clubs, the shared infrastructure, and the development programs. The second layer is the youth development engine: bi-continental academies, identification programs, and development camps that create a recurring internal talent pipeline across Colombia and the United States. The third layer is operational integration: shared scouting databases, unified analytics infrastructure, coordinated sports science, and aligned coaching methodology across both institutions. The fourth layer is the elite competitive asset layer: America de Cali operating in Liga BetPlay and USL Everett operating in its designated competition, each benefiting from coordinated player mobility while maintaining full sporting independence. The fifth layer is international transfer value realization: performance and cross-market exposure driving upward mobility into broader professional ecosystems, including MLS, Canadian Premier League (CPL), and European markets, generating transfer monetization events that compound platform equity.

This document provides the full strategic, operational, regulatory, and commercial framework for the platform. It is intended to serve as the primary executive briefing for the leadership teams of both clubs and for the APX Group board. It addresses the multi-club ownership regulatory requirements that govern the relationship between the two clubs under FIFA's Regulations on the Status and Transfer of Players (RSTP) and relevant confederation rules, the player circulation mechanics and associated work authorization requirements in the United States, the governance structure for the platform and the decision-making framework that preserves each club's sporting independence, and the commercial and financial proposition that justifies the platform's capital structure.

One critical sequencing point governs the positioning of this document. The America de Cali acquisition is in progress and has not yet closed. DIMAYOR regulatory approval is pending. No external communications about the platform should represent the acquisition as complete until that approval is obtained and the transaction closes. This document is structured accordingly: it presents the platform as a defined strategic plan with both components at defined stages of execution, rather than as an operating entity already in place.

Five-Layer Transcontinental Platform Architecture — relative operational weight of each layer

02 — The Two Clubs: Asset Profiles

2.1 América de Cali — Colombia

America de Cali was founded on February 13, 1927, in Santiago de Cali, the capital of the Valle del Cauca department and Colombia's third-largest city. The club competes in Liga BetPlay, Colombia's top professional division, and has won thirteen national championships, making it the second most decorated club in Colombian football history. Four Copa Colombia titles and four Copa Libertadores final appearances define its continental record. The club plays home matches at the Estadio Olimpico Pascual Guerrero, a municipal facility in Cali with a capacity exceeding 35,000.

Colombia's football market produces a consistent pipeline of internationally transferable talent. Dozens of Colombian-born players currently compete in the top five European leagues, and the country is among the most active talent exporters in South America. America de Cali's position in Cali, a city whose population represents a significant talent pool, and its established youth academy infrastructure, make it a strategically valuable asset in an MCO platform seeking South American player development capability.

The club's ownership transfer to the Fan Foundation, with APX Group holding a transitional 49 percent economic interest, is in progress. The transaction requires DIMAYOR approval under Colombian Law 1445 of 2011, FCF acknowledgment, and OFAC clearance confirmation. The platform strategy described in this document assumes successful completion of the acquisition on the terms currently agreed. The platform cannot be operationalized at the America de Cali level until the regulatory approvals are in hand.

2.2 USL Everett — North America

The Joint Venture Agreement between APX Corporation Inc and KickinAssets Sports Inc, owned by Sat Dhinsa, was executed on February 10, 2026. The agreement establishes APX Corporation Inc as the capital formation and strategic platform partner for USL Everett. Sat Dhinsa brings direct ownership experience in North American professional football and operational infrastructure in Eugene, Oregon.

USL Everett is the designated North American anchor of the APX transcontinental platform. The club participates in professional football competition under the United Soccer League (USL) structure, providing access to the North American professional football ecosystem, including pathways to MLS, the Canadian Premier League, and, for players who develop sufficient market profile, European leagues. The USL operates multiple competition tiers in the United States, and Everett's specific league level determines the regulatory framework, the international player quota applicable to its roster, and the competitive standard against which players circulating through the platform will be evaluated.

The strategic value of a North American franchise within the MCO platform is commercial and sporting. Commercially, a U.S.-based club gives the platform access to the largest sports sponsorship market in the world and enables bundled sponsorship propositions that combine Latin American audience reach (through America de Cali) with U.S. audience reach (through Everett). Sporting, the North American competitive environment offers Colombian and Latin American players a professionally demanding context that is culturally distinct from South America, expanding their market visibility and increasing their attractiveness to the European transfer market, which remains the highest-value transfer destination globally.

Figure 2 — Club Strategic Capability Radar: América de Cali vs. USL Everett across six dimensions

03 — Bi-Directional Player Circulation Model

The defining operational characteristic of this platform is bi-directionality: the player movement system is designed to create value in both directions rather than extracting talent from one club to benefit the other. This distinction is not merely rhetorical; it reflects an operationally and commercially important difference between a feeder-club model (in which the parent club deploys players downward and captures all value) and a genuine MCO platform (in which both clubs benefit from the player pipeline and both build competitive squads capable of independent performance in their respective markets).

3.1 South America to North America: Colombia to Everett

Colombian and Latin American players who develop through or are identified by America de Cali's scouting and academy system can be circulated to USL Everett for a defined period. The purposes of this circulation are multiple. First, exposure to the North American professional football environment broadens a player's commercial profile, making them more visible to MLS clubs, CPL clubs, and European scouts who maintain active monitoring of the North American professional game. Second, experience in the North American market contributes to the player's eligibility and marketability for future transfers to markets that prioritize players with demonstrated adaptability to different competitive environments. Third, the circulation creates a mechanism for America de Cali to manage its squad size, loan players who are not ready for consistent Liga BetPlay minutes into a competitive professional environment, and receive them back with enhanced market value.

The practical execution of this circulation direction requires U.S. work authorization for each Colombian player placed at USL Everett. Colombian professional footballers seeking to play in the United States professional football system require a P-1A nonimmigrant visa classification from U.S. Citizenship and Immigration Services (USCIS). The P-1A classification is available to internationally recognized athletes who are coming temporarily to the United States to perform at a critical role in a performance that requires an athlete of internationally recognized stature. The standard for international recognition requires documentation of the player's career achievements, including participation in international competition, professional league experience, and evidence of being among the top percentage of players in their sport. Each loan or transfer of a Colombian player to USL Everett must be accompanied by a P-1A petition prepared by U.S. immigration counsel, and the timeline for USCIS processing must be incorporated into the circulation planning. The standard processing time for P-1A petitions is several months in regular processing and can be accelerated through premium processing at additional cost, but transfer window timing must account for this requirement.

USL rosters are also subject to limits on international players. Under current USL regulations applicable to both USL Championship and USL League One, each club is allocated seven international player slots per season. International slots apply to both signed and loaned players and are not transferable between seasons.

3.2 North America to South America: Everett to Colombia

North American players developed through or identified by USL Everett can be placed at America de Cali on loan for defined periods. This direction of the circulation serves a different but equally important set of strategic purposes. The South American competitive environment, specifically the technical demands of Liga BetPlay and its physical and tactical characteristics, provides a development stimulus that is qualitatively different from the North American professional game. A North American player who completes a competitive season in a top Colombian division emerges with a different market profile: demonstrated ability to perform in a foreign-language environment, evidence of technical quality at a South American professional standard, and an international competitive record that differentiates them from comparable North American players who lack that experience.

For USL Everett as an institution, the ability to offer North American players development pathways into South American competition is a genuine recruitment differentiator. The best North American players aspire to international careers; an affiliation with a Colombian top-flight club gives Everett the ability to present that pathway credibly. This strengthens Everett's ability to attract ambitious young players over competitor clubs in its market who cannot offer a comparable development option.

The regulatory framework for placing North American players at America de Cali in Colombia involves the international transfer machinery of the FIFA Transfer Matching System (TMS), which governs all international transfers and loans between clubs affiliated to different national associations. The loan agreement must be registered in the TMS by both clubs before the player can be registered with the FCF and DIMAYOR for Colombian competition. The solidarity payment and training compensation implications of any subsequent permanent transfer must be understood and documented in the loan agreement to prevent disputes.

Figure 3 — Player Value Development Scatter: pre- vs. post-platform market value index across both circulation directions

3.3 Platform Integrity: What This Model Is Not

The bi-directional model is specifically designed to avoid the structural problems that have led FIFA and the major confederations to scrutinize and restrict MCO arrangements. A system in which one club (typically a lower-tier affiliate) functions purely as a staging ground for players owned by and for the benefit of the other club (typically the higher-tier parent) creates several regulatory and sporting integrity problems. It distorts competition, because the affiliate club's squad composition and coaching decisions are made in the interest of the parent rather than in the interest of winning in the affiliate's own competition. It concentrates economic power, because all player value accrues to the parent club. And it creates potential violations of FIFA's third-party ownership prohibitions if the arrangement gives the parent club influence over the affiliate's transfer decisions.

The APX platform avoids these problems through structural measures described in Section 6 of this document (Governance and Independence). Both clubs operate independently for sporting purposes. Neither club's management team is required to make squad decisions in the interest of the other club. Player circulation is governed by bilateral loan agreements on commercially reasonable terms, not by unilateral dictates from a platform-level authority. The platform's economic benefits are shared between both clubs through the commercial synergies described in Section 5, not concentrated in one entity.

04 — Youth Development Architecture

4.1 The Academy Integration Model

Youth development is the platform's highest-leverage long-term investment and its most durable competitive advantage. The global MCO platforms that have generated the greatest enterprise value, including City Football Group and Red Bull, are distinguished from conventional club ownership principally by the quality and consistency of their youth development systems. The reason is economic: a player developed from an early age through a club's own academy system costs a fraction of what that player would cost in the transfer market once their talent becomes evident. The club that identifies and develops the player controls their economic rights, can sell them at market value rather than paying market value, and retains training compensation and solidarity payment benefits from the player's subsequent transfers throughout their career.

The APX platform's youth development architecture integrates America de Cali's existing Colombian academy infrastructure with USL Everett's North American development program into a coordinated system with shared identification standards, shared coaching methodology, and defined bi-continental progression pathways. The integration does not require either academy to abandon its local identity or its local recruitment focus. It adds a layer of coordination that allows the two academies to identify players who benefit from cross-border development exposure, and to provide those players with structured pathways rather than ad hoc opportunities.

Figure 4 — Youth Pipeline Bubble Chart: age cohort (x) vs. investment per player (y), bubble radius = estimated transfer value ceiling at graduation

4.2 Development Pipeline: U13 to Professional

The integrated pipeline covers players from under-13 through under-20 age groups, with progression criteria that are defined and consistently applied across both academy systems. Players in the South American pipeline who demonstrate the technical and personal qualities required for North American exposure can be proposed for cross-border development programs from as early as under-17 level. The identification criteria must be developed jointly by the coaching and scouting leadership of both clubs, documented in a bi-continental development handbook, and applied consistently to ensure that the pipeline functions as a genuine talent identification system rather than an ad hoc arrangement driven by individual relationships.

The bi-continental development camps described in the original framework document are a significant component of this pipeline. Annual camps that bring together the most promising players from both academy systems, conducted alternately in Colombia and the United States, serve multiple purposes simultaneously. They give coaches from both clubs the opportunity to evaluate players from the other system in a controlled competitive environment. They give players exposure to a different coaching culture and playing style. They create relationships between young players from two continents that are themselves commercially valuable as the players develop into professional careers. And they are a tangible demonstration of the platform's integration that can be marketed to sponsors, to prospective academy players and their families, and to the media.

4.3 Talent Monetization: The Economic Case

The long-term economic case for youth development investment within the platform is the transfer revenue compounding model described in Section 5.3. A player identified at fourteen through America de Cali's Colombian scouting network, developed to eighteen through the club's academy, given two years of professional experience at America de Cali or USL Everett (depending on which competitive environment best serves their development at that stage), and transferred at twenty to an MLS club, a European second-tier club, or a South American giant, generates a transfer fee that is entirely profit against a development cost that is a fraction of the fee. That same player generates solidarity payments for the platform clubs each time they are transferred subsequently during their career, creating a recurring revenue stream that compounds over time.

The Red Bull platform's experience provides the most directly comparable evidence for this economics model. RB Salzburg has been one of the most consistently profitable clubs in European football on a net transfer basis, generating tens of millions of euros annually through the sale of players developed through its academy and those of its platform affiliates, including clubs in Liefering (Austria) and Bono (Ghana). The Salzburg-to-Leipzig pathway has produced players including Erling Haaland, Sadio Mane (via Southampton), Naby Keita, and Dayot Upamecano, all of whom generated significant transfer fees as they progressed through and beyond the platform. The APX platform operates at a different scale from Red Bull, but the economic logic is identical.

05 — Commercial and Revenue Synergies

5.1 Cross-Border Sponsorship Packaging

The commercial proposition of a bi-continental football platform to corporate sponsors is categorically stronger than the proposition of either club in isolation. A sponsor seeking to reach the Colombian market and its significant diaspora communities in the United States, while simultaneously building brand presence in the North American sports market, can achieve both objectives through a single platform-level sponsorship that activates across both clubs. This bundled proposition commands a premium over two separate single-club sponsorship arrangements because it provides the sponsor with a coherent, managed cross-border activation rather than two uncoordinated club relationships.

The target category for cross-border sponsorship is defined by brands that have a commercial interest in both the Colombian market and the North American Hispanic market simultaneously. Consumer goods companies with U.S. and Latin American distribution, financial services companies seeking to capture remittance and financial services relationships with Colombian diaspora, airlines with routes connecting the U.S. and Colombia, and telecommunications companies with cross-border service offerings are all natural fits for platform-level sponsorship. The population of Colombian-born individuals living in the United States is estimated at several million, and that community's combination of high sports engagement and demonstrated consumer loyalty to Colombian cultural products makes it a commercially valuable audience for brands that can credibly access it through an authentic Colombian institution.

Bilingual content production is a differentiator in platform-level commercial partnerships. The platform's digital content, spanning both clubs' social media channels, match day programming, and fan engagement initiatives, can be produced in English and Spanish simultaneously, providing sponsors with bilingual creative assets that serve both their English-speaking and Spanish-speaking U.S. audience segments without requiring a separate production investment. This is a feature that no single-club U.S. sponsorship can offer, and it provides a concrete basis for premium pricing of platform-level commercial packages.

Figure 5 — Five-Year Revenue Growth by Stream: Sponsorship, Media/Digital, and Transfer Monetization — stacked area projection (indexed)

5.2 Media and Digital Expansion

The platform's combined audience base, spanning America de Cali's Colombian fanbase (with its international diaspora dimension) and USL Everett's North American following, creates a digital media footprint that is commercially more valuable than either audience in isolation. Cross-platform content distribution, where Everett content is distributed to the America de Cali audience and vice versa, creates a passive audience expansion for both clubs that reduces the cost per engaged fan of the platform's overall digital media investment.

The Colombian diaspora in the United States is an underserved digital audience for Colombian football content. The Liga BetPlay has limited English-language coverage in U.S. media markets, which means that the platform has an opportunity to create original English-language content about America de Cali that serves the diaspora community and simultaneously introduces the Colombian club to American football supporters who have no prior connection to Colombian football. USL Everett's local market provides the distribution infrastructure for this content, and the platform's bilingual capability enables production that works for both audiences.

Streaming and on-demand content rights are a growing revenue category in lower-tier professional football. The combined platform's content production capability, developed for the cross-border digital strategy, creates content assets that can be licensed to sports streaming services, distributed through the clubs' own subscription channels, and monetized through advertising on the platform's digital properties. The revenue from this channel is unlikely to be transformative in the platform's early years, but it is incremental to the primary commercial revenues and builds audience relationships that have long-term commercial value.

5.3 Transfer Revenue Compounding: Develop, Compete, Revalue, Resell

Transfer revenue is the highest-value commercial output of the platform's integrated player development system. The compounding model operates in four stages. Development covers the investment in identifying, recruiting, and developing players through the academy and early professional stages. Competition covers the deployment of developed players in competitive professional football, building their market reputation and statistical record. Revaluation covers the increase in a player's transfer market value resulting from competitive performance, market visibility, and enhanced profile in the North American or European scouting community. Resale covers the transfer of the player to a buying club at a price that reflects the accumulated value created through the prior three stages.

The margin on each transfer is highest when the development cost is lowest, which is the case for academy-developed players, and when the revaluation period is longest, which is the case for players who spend multiple competitive seasons within the platform before being transferred. A player who moves directly from America de Cali to a European club without passing through USL Everett has a revaluation path that reflects only the South American market's visibility. The same player, having spent one season at USL Everett, has established a market record in North America that is visible to MLS clubs, CPL clubs, and the European scouts who monitor those competitions. The additional visibility typically produces a higher transfer valuation for the same player, and that valuation increase is the return on the platform investment in the player's North American competitive season.

06 — Governance and Regulatory Compliance

This section addresses the regulatory requirements that govern the platform's operation and the governance structure designed to ensure compliance with those requirements. Multi-club ownership is subject to regulatory scrutiny by FIFA, by the relevant continental confederations (CONMEBOL for America de Cali, CONCACAF or USL directly for Everett), and by the national federations of each club's country. Compliance with these requirements is not optional and must be addressed structurally from the inception of the platform.

6.1 FIFA Multi-Club Ownership: RSTP Article 4bis

FIFA's Regulations on the Status and Transfer of Players (RSTP) contain specific provisions governing situations in which a person or entity holds ownership, control, or decision-making influence over more than one club. Article 4bis of the RSTP (the specific article designation is subject to confirmation against the current version of the RSTP as amended) addresses the eligibility of clubs under common ownership or control to participate in the same FIFA or confederation competition. The core principle is that two clubs may not participate in the same FIFA competition if they are owned or controlled by the same person or entity. The definition of effective control extends beyond formal ownership to include contractual arrangements that give one party the ability to influence the sporting, transfer, or governance decisions of the other club.

The FIFA Regulations on the Status and Transfer of Players (RSTP) contain provisions prohibiting any natural or legal person from controlling or exercising decisive influence over more than one club participating in the same FIFA competition. Related provisions include Article 18bis, which governs club independence in transfer and employment matters. The precise article designation applicable to multi-club ownership in the current January 2025 RSTP will be confirmed with external counsel before any formal regulatory submission or correspondence citing the RSTP.

For the APX platform, the most direct application of this provision is to any scenario in which America de Cali and USL Everett could both qualify for the same FIFA competition. The Copa Libertadores and Copa Sudamericana are CONMEBOL competitions to which FIFA's multi-competition restriction does not directly apply (CONMEBOL applies its own MCO rules), but the FIFA World Club Cup and any FIFA-organised inter-confederation competition are subject to the restriction. The risk of both clubs qualifying for the same FIFA competition simultaneously is currently low, given the clubs' respective competitive levels, but the platform's governance documents must address this contingency explicitly.

RSTP Article 18ter, which prohibits third-party ownership of players' economic rights and any arrangement that gives a third party influence over transfer decisions, also applies to the platform. The platform structure must not include any arrangement that gives APX Group, as the platform entity, the contractual right to direct either club's transfer decisions or player selection. The commercial relationship between the clubs (including loan arrangements and shared infrastructure) must be defined by bilateral agreements on commercially reasonable terms, not by platform-level authority that could be characterized as third-party influence over sporting decisions.

Figure 6 — Regulatory Compliance Polar Area: engagement progress across five governing body frameworks

6.2 CONMEBOL Multi-Club Ownership Policy

CONMEBOL, as the South American Football Confederation responsible for organizing the Copa Libertadores, Copa Sudamericana, and Recopa Sudamericana, has developed its own framework for addressing multi-club ownership in the context of continental competition integrity. America de Cali, as a Colombian club affiliated to CONMEBOL through the FCF, is subject to CONMEBOL's licensing requirements and any MCO-specific provisions in its Club Licensing Manual. Article 7(f) of the CONMEBOL Statutes provides expressly that no natural or legal person may control more than one club. Clubs participating in CONMEBOL competitions must submit a legally valid declaration disclosing any ownership, voting rights, or management relationship with another club in the same competition.

The practical risk for the platform is that CONMEBOL may determine that APX Group's combined interest in both clubs creates a competitive integrity concern if America de Cali qualifies for continental competition. The mitigation is proactive disclosure and engagement with CONMEBOL through the FCF before the platform becomes operational. Presenting the governance structure, the bilateral commercial arrangements, and the sporting independence mechanisms to CONMEBOL in advance allows the platform to obtain comfort (and potentially written confirmation) that the structure as designed does not violate CONMEBOL's requirements, or to modify the structure before launch if CONMEBOL identifies specific concerns.

6.3 Colombian Regulatory Considerations

The Colombia regulatory approval required for the America de Cali acquisition (DIMAYOR, FCF, OFAC) has been addressed comprehensively in the APX America de Cali Master Report. In the MCO context, two additional Colombian regulatory considerations arise. First, if APX Group's interest in USL Everett is structured in a way that gives a third party effective influence over America de Cali's player and transfer decisions, that structure must be assessed against Colombia's Law 1445 of 2011 and its provisions on third-party ownership and competitive integrity. Second, cross-border capital flows between the Colombian club entity and the U.S. platform entity (including management fees, shared infrastructure costs, and loan transfer payments) must comply with Colombian exchange control regulations and AML/CFT requirements, including the club's SIPLAFT obligations under UIAF guidance.

6.4 USL Regulatory Considerations

USL clubs are subject to the rules and regulations of the United Soccer League, which include requirements around ownership eligibility, financial standards, and governance. USL ownership eligibility requirements include background checks, financial standards, and governance obligations applicable to all member clubs. The Joint Venture Agreement between APX Corporation Inc and Kickin Assets Sports Inc (signed February 9, 2026) establishes the commercial and capital formation relationship. Formal USL approval of ownership arrangements, and any applicable multi-club ownership review, must be completed as part of the platform's regulatory pathway.

The U.S. Soccer Federation (USSF), as the national association affiliated to FIFA, also exercises regulatory oversight over U.S. professional clubs, including compliance with FIFA's RSTP provisions and any USSF-specific governance standards. Changes in club ownership that affect the structure of a USL club's relationship with foreign entities should be reviewed against USSF requirements as well as USL rules.

6.5 Platform Governance Structure

The platform governance structure must achieve three objectives simultaneously: it must maintain the sporting independence of each club, it must provide a coordination mechanism for shared infrastructure and player development, and it must satisfy the regulatory requirements of FIFA, CONMEBOL, the FCF, DIMAYOR, USL, and USSF. These objectives are not inherently in conflict, but achieving all three requires a deliberately designed governance architecture.

The recommended structure separates platform-level coordination from club-level governance. At the platform level, an APX MCO Coordination Committee (or equivalent body) oversees shared functions including scouting database management, analytics infrastructure, coaching methodology standards, and commercial packaging. This body has no authority over either club's sporting decisions, team selection, or transfer policy. At the club level, each club has its own independent board, management team, and sporting director. The boards of both clubs may include APX nominees, but those nominees must not constitute a majority of either board, and the clubs' sporting directors must have contractual independence to make transfer and sporting decisions without APX instruction.

The bilateral loan and transfer agreements between the clubs must be documented as arm's-length commercial agreements, with fees consistent with what unrelated parties would agree in a comparable transaction. Transfer pricing rules apply to cross-border transactions between entities under common control, and the pricing of all inter-platform transactions must be defensible as commercially reasonable on an independent basis.

07 — Capital Structure and Investment Thesis

7.1 Platform Valuation Premium

The financial thesis for the MCO platform rests on the demonstrated difference between asset-level valuation (what a standalone club is worth) and platform-level valuation (what an integrated multi-club platform is worth). Institutional investors in professional sports have consistently assigned premium multiples to MCO platforms over comparable standalone clubs. City Football Group's most recent publicly reported valuation (from an investment by Silver Lake Partners) implied a total platform value of approximately 4.8 billion U.S. dollars, representing a multiple of estimated revenues that significantly exceeds the multiples at which individual English Premier League clubs of comparable commercial scale have traded. The premium reflects the platform's system-level advantages: a recurring player development pipeline, diversified geographic revenue exposure, shared infrastructure cost efficiency, and the strategic optionality of adding further clubs to the platform.

The APX platform's valuation premium over the sum of two standalone clubs is justified by the same factors at a smaller scale. Two individual clubs, one in Colombia's top division and one in U.S. professional football, would be valued on the basis of their individual revenue streams and assets. A platform that connects those two clubs through a functioning player development system, shared commercial relationships, and coordinated infrastructure generates value that neither club creates independently, and that value belongs to the platform entity rather than to either club alone. The capital raise for the platform must reflect this premium rather than the combined standalone valuations of the two clubs.

Figure 7 — Capital Deployment by Priority (bars) + Cumulative Return Index (line): 4-year forward projection

7.2 Capital Deployment Priorities

Capital deployed by the platform is allocated across four priority areas. The first priority is the America de Cali acquisition, which is the foundational transaction enabling the platform's South American anchor. The capital required for this acquisition, including the purchase price and the transition operating capital, is the largest single deployment. The second priority is the USL Everett franchise cost and initial operating capital. The USL Everett franchise acquisition is structured under the Joint Venture Agreement executed February 10, 2026. The USL League One franchise fee is $5,000,000. Initial operating capital is $500,000, with total initial North American platform deployment of approximately $5,500,000. The third priority is shared infrastructure investment, including the scouting database technology, analytics platform, and any physical facilities required for bi-continental development programs. The fourth priority is working capital reserves for both clubs, maintained at levels sufficient to sustain operations through a period of commercial development and regulatory stabilization.

7.3 Return Profile

The platform's return profile has three components. Operating returns from each club's commercial revenues (gate receipts, sponsorship, broadcasting distributions) provide recurring cash flow that, over time, reduces the platform's dependence on external capital. Transfer monetization events provide irregular but potentially significant capital receipts when players developed through the platform are sold to external buyers; these events are the highest-return component of the model but are inherently unpredictable in timing and quantum. Enterprise value appreciation reflects the growth in the platform's assessed value as it builds operational track record, expands its development pipeline, and adds commercial relationships that strengthen its market position.

08 — Risk Assessment

Figure 8 — Risk Severity Matrix: five key risk categories scored 1–10

8.1 Regulatory Approval Risk

The platform cannot become operational in its intended form until the America de Cali acquisition closes, DIMAYOR approval is obtained, and the USL Everett ownership structure is confirmed. Delay in any of these regulatory processes extends the period during which the platform's strategic plan exists only on paper. The mitigation is the parallel execution strategy described in the implementation roadmap: work on the Everett acquisition and platform governance design proceeds concurrently with the Colombian approval process so that the platform is ready to commence operations immediately on closing of the America de Cali transaction.

8.2 FIFA / CONMEBOL MCO Classification Risk

If FIFA or CONMEBOL determines that the platform structure gives APX Group effective control over both clubs in a way that violates MCO regulations, the platform could be required to restructure or to divest one of the clubs. The mitigation is proactive engagement with both bodies before the platform is publicly launched, presenting the governance structure and obtaining advance confirmation of regulatory acceptability. Legal counsel specializing in FIFA and CONMEBOL regulations must review the final platform structure documents before they are executed.

8.3 Player Transfer and Work Authorization Risk

Delays in P-1A visa processing for Colombian players placed at USL Everett can disrupt the player circulation timeline and leave the platform unable to deliver on its player development commitments to both clubs. The mitigation is maintaining a standing relationship with U.S. immigration counsel, filing P-1A petitions as early as possible in the transfer window, and using premium processing where the cost is justified by the timing urgency. The platform should also maintain a roster of Colombian players at Everett who have current P-1A authorization, reducing the dependence on new filings for each circulation cycle.

8.4 Competitive Performance Risk

The platform's transfer monetization model depends on players developing to a level where they attract transfer interest from external buyers. If the competitive performance of either club declines significantly, the quality of the player development environment deteriorates and the market value of players in the pipeline is reduced. America de Cali's relegation from Liga BetPlay would be particularly damaging: it would reduce the sporting credibility of the South American development environment, reduce broadcasting and commercial revenues, and potentially trigger CONMEBOL licensing complications. The mitigation is robust sporting management at both clubs, with clear performance standards, qualified coaching staff, and squad investment calibrated to maintain competitive integrity.

8.5 Currency and Macro Risk

The platform's cross-border financial flows are exposed to currency risk between the Colombian peso and the U.S. dollar. Revenues at America de Cali are predominantly peso-denominated, while platform-level obligations (including APX advisory fees and shared infrastructure costs) may be dollar-denominated. Significant peso depreciation increases the dollar cost of Colombian operations and reduces the dollar value of transfer fees received for Colombian players. The mitigation is a financial management framework that maintains appropriate currency hedging for material cross-border obligations and that stress-tests the platform's financial plan against adverse exchange rate scenarios.

09 — Implementation Roadmap

The platform implementation roadmap is organized in four phases, recognizing that the two acquisitions (America de Cali and USL Everett) have different regulatory timelines and that the platform cannot be fully operational until both are in place.

Figure 9 — Stepped Phase Milestone Tracker: cumulative operational capability index across four implementation phases

10 — Strategic Conclusion and Immediate Next Steps

The transcontinental MCO platform combining America de Cali and USL Everett represents a commercially logical and structurally sound approach to football enterprise development in a market environment where the advantages of integrated multi-club ownership are increasingly well documented. The strategic thesis, the commercial proposition, and the operational design are defensible and supported by international precedent. The work required to make the platform operational is extensive, complex, and requires disciplined execution across regulatory, legal, commercial, and operational dimensions.

The most important immediate priority is regulatory clarity. The FIFA and CONMEBOL MCO regulatory analysis must be completed and the platform structure must be confirmed as compliant before any public announcement of the platform's existence. A platform announcement that triggers regulatory objections before the structure is confirmed will create unnecessary complications for both the America de Cali acquisition (still pending DIMAYOR approval) and the USL Everett acquisition (status to be confirmed). Quiet, disciplined regulatory engagement is the correct approach at this stage, and the public launch of the platform should follow, not precede, regulatory comfort.

The second priority is confirming USL Everett's status and terms. The platform strategy is coherent and compelling. Its execution depends on the North American anchor being in place on terms consistent with the platform's governance requirements. Until the Everett acquisition is confirmed and its terms are known, the financial model, the governance design, and the commercial strategy all contain a material unknown.

The third priority is documentation. The bilateral agreement templates, the platform governance charter, the P-1A visa protocol, and the first commercial packaging materials all need to be developed in parallel with the regulatory and acquisition work. None of these can be completed overnight, and starting them early is the most effective way to ensure the platform is ready to become operational the moment the regulatory approvals are in hand.

America de Cali and USL Everett, together, have the strategic ingredients for a genuinely differentiated football enterprise. Executing this well means doing the foundational work with the rigor it requires, before the platform is presented to the world.

Figure 10 — Global MCO Platform Landscape: estimated affiliated club count across leading multi-club ownership structures

11 — Next Steps and Implementation Prerequisites

The following two items represent the remaining prerequisites for platform operationalization. All other items previously flagged for confirmation have been resolved and incorporated into this document.

Figure 11 — Prerequisites Completion Status: progress on the two outstanding implementation prerequisites

The FIFA Regulations on the Status and Transfer of Players (RSTP) contain provisions prohibiting any natural or legal person from controlling or exercising decisive influence over more than one club participating in the same FIFA competition. Related provisions include Article 18bis, which governs club independence in transfer and employment matters. The precise article designation applicable to multi-club ownership in the current January 2025 RSTP will be confirmed with external counsel before any formal regulatory submission or correspondence citing the RSTP.

América de Cali acquisition: Final draft terms are agreed between all parties. The acquisition agreement is in final execution stage, with signing expected in the current week. DIMAYOR regulatory approval under Colombian Law 1445 of 2011 remains pending and constitutes the final regulatory prerequisite before the South American anchor of the platform is fully operationalized. No external communications should represent the acquisition as complete until both the agreement is executed and DIMAYOR approval is obtained.