Canberra A-League Men's investor finalised months ago
By David Polkinghorne
December 12 2025 - 5:00am
A Canberra A-League Men's team is so near, yet so far.
The Canberra Times can reveal a deal with the bid's preferred investor was finalised months ago, but the process has stalled right on the verge of being sealed.
It's believed there is a back-up plan, with talks reopening with previous investors who expressed interest in a Canberra team in the past.
The news comes after the 1000th day passed on Tuesday since the Australian Professional Leagues, who run the A-Leagues, announced Canberra as
one of its preferred expansion locations way back on March 15, 2023.
There's also added time pressure as the ALM transfer window draws nearer, with it set to open on January 14.
The window's closing on February 10 could spell the end of a Canberra team's chances of playing in the 2026-27 ALM season, which would kick off in October, potentially delaying them for at least another year.
It's believed talks for a Canberra A-League Men's team have stalled. Pictures by Keegan Carroll and Carlos Furtado
A new club would need to have enough time to sign players, with the January transfer window previously cited as a cut-off date for the following campaign.
It's believed bid-leader Michael Caggiano put the current deal together, but
The Canberra Times has been unable to contact Caggiano.
The Canberra Times has also asked to speak to APL chairman Stephen Conroy.
If the deal has stalled, for reasons unknown, it raises the question whether the capital is set to lose the ALM team that's been a dream since 2008.
It could also be a death knell for A-League Women's club Canberra United, with Capital Football stating this season will be the last they'll run the ALW club.
The lack of a backer could spell the end for them.
There's been plenty of false dawns during those 17 years and the ACT could be looking at another one, with concerns the current deal is taking too long to seal.
There are also concerns the current investors, who are the APL's preferred bidder, have developed cold feet.
The Canberra Times believes bid-leader Michael Caggiano finalised a deal with an investor months ago, but talks have stalled. Picture by Sitthixay Ditthavong
The ALM is committed to expansion for its next TV deal, with the current one with Network 10 and Paramount+ expiring at the end of this season.
It's hoped a Canberra team would take the ALM to a 14-team competition, leading to an extra game for prospective broadcasters to televise.
There's also the threat of other cities pushing for an ALM team in Canberra's place.
The Gold Coast previously had a team until it was dumped from the A-League in 2012.
They're still keen to return, while it's believed Tasmania is also starting to make some noise.
In a glimmer of hope, the delay has led to talks reopening with investors who expressed an interest in the bid previously.
The bid has come close to sealing an owner a couple of times, with investor funds getting caught up in AUSTRAC - the federal government's Australian Transaction Reports and Analysis Centre, which looks into foreign investment - at one point.
There was also plenty of hope floating around Canberra Stadium in March last year.
ACT Sports Minister Yvette Berry, government officials and Capital Football were all rubbing shoulders with the then potential investors in a corporate suite at Canberra Stadium during the Socceroos game against Lebanon.
It was hoped 21 months ago it wouldn't be long before a Canberra team was announced.
Those hopes still remain. But so do the fears the current investor has cold feet.
But it's believed talks have stalled amid concerns of cold feet.
www.canberratimes.com.au