Reading FC to Become a NEW MCO
Controlling owners (Robert Platek / BDT & MSD Partners LLC ) of Casa Pia AC (Portugal) have entered a period of exclusivity to acquire full control of Reading FC. Although Robert Platek is the main investor the financial vehicle behind is linked to DFO Management. It must be noted that DFO Management do not invest directly into clubs they are predominately a lender.
MSD & BDT History
MSD
MSD Partners was founded in 2009 and is an affiliate investment firm of MSD Capital
MSD Capital was founded in 1998 and is the family office of Michael Dell, the founder and CEO of Dell Technologies
Dell Technologies is valued at $77 Billion
2022 MSD Capital restructured to DFO Management (Dell Family Office) and is one of the largest family offices globally with;
$31 billion AuM,
$91 billion in revenue,
Generated $17 billion+ in profit between 1998-2021
2023 MSD Partners Merged with BDT & Company Holdings to form BDT & MSD Partners LLC.
BDT & Company Holdings
Founded 2009, is a merchant bank with an advisory and investment platform
BDT = Byron D Trott
HQ in Chicago, $50bn AuM
Key People
Byron Trott (American)
Chicago, USA: Net Worth $3.7bn
Former VC at Goldman Sachs / Investment banking
Robert Platek (American / Polish decent)
New York, USA: Net worth unknown some reports say millions but others suggest towards a billion.
Joined MSD in 2002 as Co-Manager of the Special Opportunities Portfolio and became a Partner of MSD in 2006. After the merger with BDT he now acts as co-head of global credit, although he works independently with club acquisitions.
Loans to Other Clubs
MSD UK Holdings became a major lender during the pandemic and have effective control of several club’s cashflows. Several of the loans are secured against the stadium of the club in question in the event of a missed repayment. MSD themselves are lenders and loan money to a range of syndicates and those syndicates loan to clubs, so in theory there is a lot more clubs to this list then the ones listed below.
Southampton FC
The Saints’ £78.8 million loan, due for repayment in 2025. The 9.14% interest rate translates to annual payments of around £7.2m.
Burnley FC
MSD provided £60–80 million to facilitate ALK Capital’s £170m takeover in December 2020, 9% interest.
West Bromwich Albion FC
December 2022, WBA secured a £20 million loan from MSD UK Holdings, later increased to support operational costs amid ongoing ownership uncertainty
Derby County
MSD extended a £30 million facility to Derby during their 2021 administration crisis, though the club’s subsequent relegation to League One has complicated repayment
Sunderland AFC
A £9 million loan was issued to then-owner Stewart Donald in 2020 via FPP Sunderland, a vehicle linked to MSD executives.
Previously Robert Platek was part of a consortium that tried to acquire Sunderland
AFC Swansea
The Athletic report loans were also provided to AFC Swansea however details are limited.
West Ham United
A £120m five year loan (9% interest = £10m per/yr ) provided to the club 2021 to help with stability and sustainability.
£55m was repaid 2023
Everton
MSP Sports Capital, provided a £158m loan for the club's new stadium project, however as part of the takeover by Friedkin Group late 2024, they repaid the loan.
Friedkin Group received investment from BDT & MSD Partners LLC for their Auberge Resorts Collection. A luxury hospitality, comprising 27 unparalleled properties across the globe, with a development pipeline of a further 14 hotels.
Conflict of interest
MSD’s football-related loans are primarily issued through MSD UK Holdings, a Guernsey-registered entity established in June 2020. This subsidiary operates semi-independently from MSD Partners, though both share leadership figures such as Robert Platek,
The subsidiary has raised capital through bond issuances on The International Stock Exchange (TISE), including a £52 million note at 9% interest in October 2020 and a £65 million note at 8% in February 202
MSD’s loans typically carry interest rates between 8% and 12%, far exceeding the Bank of England’s base rate.
For context, Premier League rivals Arsenal and Tottenham accessed £414 million in pandemic-era loans at rates below 2% through the Bank of England’s Covid Corporate Financing Facility
Smaller clubs lacked such options, forcing them into costlier private agreements.
Loans are often secured against club assets, including stadiums and future broadcast revenues, ensuring recourse in defaults. This asset-backed approach minimises risk for MSD but leaves clubs vulnerable to predatory terms.
Robert Platek Investments
Success and failures
Failures
SønderjyskE Fodbold (Denmark)
2020 Acquired Danish top-tier club SønderjyskE Fodbold. Poor due diligence, cultural misalignment, and unsuccessful executive appointments led to relegation in 2022.
Platek / MSD exited in 2023, leaving the club financially strained.
Spezia Calcio (Italy)
In February 2021, Platek acquired Italian Serie A club Spezia Calcio. The deal was reportedly valued at around €25 million.
Spezia’s was relegated to Serie B in 2023
Platek sold to another MCO FC32 Global Holdings Inc Feb 2025. FC32 is an international group that also owns Cobh Ramblers of the League of Ireland and Austrian club St. Pölten
Success
Casa Pia AC (Portugal):
Acquired in 2021 for undisclosed amount.
Club secured promotion to Primeira Liga in 2022 after an 83-year absence
Plans to build new stadium
Passive Investments
BDT & MSD Partners LLC. & BDT & Company Holdings
Portland Timbers
BDT & Company Holdings, according to pitch book (financial data company that provides comprehensive information on Private Equity / Venture Capital Investments) BDT acquired significant shares Aug 2023, after the merger with MSD Partners.
Unrivaled Sports
BDT & MSD Partners provided debt financing to Unrivaled Sports, a youth sports company founded by David Blitzer and Josh Harris in 2024.
A portfolio of youth sports properties across Baseball, Softball, Football, and Action Sports. Unrivaled Sports' portfolio includes Ripken Baseball®, Cooperstown All Star Village, Sports Force Parks™, Baseball Factory™, Softball Factory™, We Are Camp, and the ForeverLawn Sports Complex at the Pro Football Hall of Fame Village. Unrivaled Sports has partnerships in Baseball with Hall of Famer Cal Ripken, Jr., and in Action Sports with 5-time Olympian Shaun White.
Under Armour
May 2023, funds managed by BDT Capital Partners, an affiliate of BDT & MSD Partners, purchased approximately 16 million Class C shares of Under Armour stock from Executive Chair and Brand Chief Kevin Plank. This transaction, valued at around $100 million
BDT & MSD Partners
Are advising on Private Equity investment into NFL’s Dolphins and Eagles and are acting as the lead advisor on the Celtics sale.
Closing Statement
Likely that Reading ownership will be via Robert Platek himself and all links to DFO Management / BDT & MSD Partners will be severed in order to satisfy the EFL / FA Owners and Directors test. However the structure of any pending deal may come from financial vehicles associated to DFO Management / BDT & MSD Partners.