Queen City Mutiny FC
Overview
Queen City Mutiny FC is a youth soccer academy based in Charlotte, NC, focused on elite boys’ development through the MLS Next pathway. Founded by Rani Ghaziri, the club is an independent MLS Next academy serving ages U8-U19. The organization is a 501(c)(3) nonprofit under EIN 47-1798962, tax-exempt since December 2014.
Financials
| Metric | FY2024 | FY2023 |
|---|---|---|
| Revenue | $1,048,599 | $1,701,238 |
| Expenses | $952,417 | $1,038,893 |
| Net Income | $96,182 | $662,345 |
| Net Assets | $991,851 | $895,294 |
Revenue declined 38% from FY2023 to FY2024 ($1.7M to $1.0M). The FY2023 spike may reflect a one-time event or fee restructuring. Confidence: (HIGH) — 990 filing data.
Teams & Players
- Estimated 500+ players
- Youth Academy (U8+), Pre-MLS Academy, MLS Next (U13-U19)
- Boys-focused programming
League Affiliations
- mls-next — Boys (U13-U19)
- Pre-MLS Academy pathway
Facilities
Training and competition venues in the Charlotte area. Specific facility details TBD.
CSA relationship
charlotte-soccer-academy appears on QCM’s website as the “Pre-MLS” feeder pathway, suggesting some form of player-sharing or referral relationship between the two clubs.
Leadership
- rani-ghaziri — Founder & Executive Director (20+ years in youth sports industry)
- Jesus Gutierrez Rodriguez — MLS Next Head Coach
- Felix Sarriugarte — Technical Director
- Keith Beaty — Academy Director
Competitive Position
QCM is a niche MLS Next academy in the Charlotte market, competing with charlotte-independence-sc and Charlotte FC Academy for elite boys’ talent. The club is small ($1M revenue) compared to Charlotte’s larger clubs.
Strengths:
- MLS Next membership (valuable franchise asset)
- Strong net asset position ($991K on $1M revenue)
- Focused mission (elite boys’ development)
- Experienced founder (Rani Ghaziri, 20+ years)
Weaknesses:
- Very small scale ($1M revenue, ~500 players)
- Boys-only limits addressable market
- Competes with two other MLS Next-adjacent programs in Charlotte (CISC, Charlotte FC Academy)
- Revenue volatility ($1.7M to $1.0M in one year)
Investment Thesis
QCM is a Tier 3 / bolt-on target in Charlotte. The MLS Next membership is the key asset. Could be acquired as part of a Charlotte consolidation play alongside charlotte-soccer-academy or charlotte-independence-sc. Small enough that acquisition cost would be modest.
Open Questions
- What is the nature of the CSA Pre-MLS feeder relationship?
- Why did revenue drop 38% in FY2024?
- Is Rani Ghaziri open to selling, or is this a lifestyle business?
- Does QCM share any facilities with CSA?