FSG's long-term plan is to build a global project along the lines of Manchester City or Red Bull and is looking for suitable expansion partners.
In the case of Malaga, they are mainly targeting the stake of the majority owner, Qatari businessman Abdullah Al-Thani. He took over the club in 2010, invested hundreds of millions of euros and led the team to the Champions League quarter-finals.
But after a few years, his investment stopped. Malaga were relegated from the top flight in 2018 and have been struggling financially and on the field ever since. They are currently under judicial financial administration. A minority 49% stake in the club is held by real estate group BlueBay.
The group that owns Liverpool were previously interested in France's Bordeaux but eventually backed out of the deal.
Malaga are also reportedly attractive to the group because the city is set to be one of the hosts of the 2030 World Cup, and there are plans to renovate La Rosaleda stadium. In addition, the US group believe that Malaga has considerable potential for growth - both sporting and commercial.
Interestingly, QSI's Qataris have similar ambitions - their project already includes Portugal's Braga. A new acquisition would allow them to better exploit the potential of their flagship club, PSG and encourage transfers and the development of talented players.
However, given the current situation, the biggest question is who will present a more interesting project to the club's current administrators and convince them to sell.