How much did it cost Alfredo Harp to take Diablos Rojos to the stock market?
After years of planning, Alfredo Harp Helú combined his two passions: baseball and the stock market, with the IPO of the Red Devils
The Red Devils of Mexico They tried to reach the Mexican Stock Exchange from 2023, but “a bad streak” and the ravages left by the Covid-19 Pandemic forced that movement to be delayed. This January 9, 2025, the most popular baseball team in Mexico will be listed on the stock market.
“I have been thinking about it for two or three years, but it was not the right time to do it. We believe there are too many followers of Red Devils“I hope that symbolically and effectively they can become partners,” he acknowledged. Alfredo Harp Helúowner of the Scarlet Ninth, in November 2024.
America It was the first sports club to be listed on the Mexican Stock Exchange. The Red Devils They also had the intention of issuing shares for a couple of years, but they could not comply with all the requirements that were demanded. The baseball franchise recorded a loss of five million 143 thousand 180 pesos in 2023 (about 252 thousand dollars at the exchange rate of the day).
The panorama looked complex. The Red Devils They informed investors that in their financial statements for 2022 and 2023, the accumulated losses reached 404 million 650 thousand 849 pesos (19.8 million dollars).
In 2024, the plan to enter the Mexican Stock Exchange was reactivated. Red Devils They needed to have at least one year with profits and, for this, a financial sanitation program was created, where the shareholders invested a capital of 574 million 301 thousand 817 pesos (28.1 million dollars), to guarantee the operation of the baseball team, according to information that the same company provided to the Stock Market.
As part of the plan to become one of the sports attractions of Mexico City, at the level of the Liga MX teams or events such as Formula One, the Red Devils They played a series of games against the legendary New York Yankees at the Stadium Alfredo Harp Helúand they integrated elements such as Robinson Canó and Trevor Bauer, former Major League elements, into their roster. In the 2024 season, they achieved their seventeenth Mexican Baseball League title and attracted more than half a million fans to their home games, with numbers above soccer teams such as América, Pumas and Cruz Azul.
This allowed the scarlet team to boast profits of 31 million 568 thousand 631 pesos, highlighting the sale of tickets for its games as its main means of accessing economic resources, and being able to comply with the rules of the stock market, which after the pandemic by Covid-19 only asked for one year of profits to offer shares to investors.
The financial reengineering of the Red Devils made possible one of the objectives of Alfredo Harp Helúcombine his two passions: baseball and the stock market.
“It has been an extraordinary year for Red Devils“, both for baseball, we are also in the basketball final in our first year, we are happy, I do like to win and if we win it is better, supporting the sport in every way,” he explained. Alfredo Harp.
How much will the Red Devils shares be worth on the BMV?
On January 9, 2025, the Red Devils of Mexico debut in the Mexican Stock Exchange (BMV) with a total of 624 thousand 255 shares, having the ticker symbol “heck”. The BMV reported that they will arrive as a Stock Investment Promotion Company (SAPIB), which allows medium-sized companies to obtain resources from investors.
The cost of the share will initially be 1,620 pesos, approximately 80 dollars and 67 cents, and only Alfredo Harp Helú appears as an individual shareholder, the rest is distributed in trusts related to the Banamex bank.
The Red Devils they will keep him company America on the boards of the Mexican Stock Exchangenow as rivals on the board looking for investors.
