90. Spiegel on Buying Querétaro FC; Endeavor on Startups; Televisa–AT&T, Mexico’s AI Risks

This week on MexMoves, Marc Spiegel, the American investor whose Innovatio Capital acquired Querétaro FC, joins to discuss the business of Mexican football. Why invest in a Liga MX club? What makes Querétaro attractive? Can Mexican football become a bigger business, particularly with the spotlight of the 2026 World Cup? And what needs to change to attract more investors?

We also speak with Vincent Speranza, Managing Director of Endeavor Mexico, about the key findings of a joint report with Glisco, released this week, on the state of LatAm venture capital. Aggregate investment jumped in 2025, but the number of funding rounds remains depressed, startups struggle to scale, and exits are elusive.

Plus, Eduardo and I discuss some of the week's biggest business stories:

Televisa and Fintech Advisory agree to buy AT&T Mexico: A US$2 billion deal that pits Fintech’s David Martínez, and Televisa’s Bernardo Gómez and Alfonso de Angoitia against Carlos Slim and family. Who will come out on top? Why did AT&T throw in the towel?

Time to worry about Mexico's AI exposure? Server exports are booming, but could a Wall Street AI tech selloff threaten one of Mexico's fastest-growing industries?

Viva–Volaris merger: A combined 75% domestic market share. Is Mexico about to approve an airline monopoly? And what would that mean?

AHMSA's phantom buyer: A US$1.4 billion bid collapses, leaving the bankrupt steelmaker's future in doubt yet again.

Slim's latest investment vehicle: A proposed listing of INCA reveals an empire spanning prisons, petrochemicals, hospitals and Chinese cars.