The Hexagon Cup is poised to be padel’s glitziest moment. Scheduled to launch on January 28 at Madrid’s Caja Mágica, the tournament features teams owned by global icons Lionel Messi, Andy Murray, and Eva Longoria. But as the celebrities prepare for the red carpet, a £1 million financial dispute has erupted behind the scenes, threatening to stain the tournament’s prestigious image with allegations of fraud and betrayal.
Two major investors – Portuguese investment manager Paul Coelho and Wellington Investments Ltd – allege they have been erased from the company’s history. They claim they deployed nearly £1 million in 2023 to purchase an equity stake in the tournament, only to discover two years later that their names do not appear on any corporate records.
The Scheme: Equity vs. Loan
The controversy centers on Tyron Birkmeir, a former banker at the Swiss institution Julius Baer and founder of Lurra Capital. The investors funneled their capital through Birkmeir, operating under the explicit understanding—allegedly backed by financial documentation—that they were securing a venture capital position (equity) in the Hexagon Cup.
However, when the investors demanded proof of their ownership in early 2025, they were stunned. Hexagon Cup’s official records reportedly list only one investor: Lurra Capital, Birkmeir’s own entity.
According to the investors, Birkmeir has unilaterally reclassified their investment. Through legal counsel, he now asserts the £1 million was merely a “profit participation loan,” not an equity purchase. He has offered to repay the principal sum, effectively stripping the investors of their shares, voting rights, and any claim to the tournament’s potential financial upside.
The “Schoolmate” Betrayal
The dispute is compounded by a bitter personal dimension. Coelho and Birkmeir were former schoolmates in South Africa. Investors allege this decades-long friendship was weaponized to bypass rigorous due diligence, lulling them into trusting Birkmeir’s verbal assurances and professional pedigree over direct verification with the tournament organizers.
A Pattern of Allegations?
This may not be an isolated incident. Reports indicate that Birkmeir has faced prior litigation in Luxembourg and the United States regarding similar accusations—specifically, the alleged mishandling of client funds and disputes over asset ownership.
Furthermore, investors claim the financial documents Birkmeir provided during the deal do not match Hexagon Cup’s public filings, raising the specter of falsified documentation.
The Fallout
While Hexagon Cup management is not accused of direct wrongdoing, the scandal exposes a severe governance failure. Did the tournament vet the source of Lurra Capital’s funds? The revelation that a million pounds of the tournament’s capitalization may be tied to a dispute over beneficial ownership is a nightmare scenario for a brand built on the trust and reputation of stars like Messi and Agüero.
With the first serve less than two weeks away, the situation has reached a standoff. The investors are refusing the return of their principal, demanding the equity they paid for. Birkmeir denies the claims. Litigation now appears imminent, threatening to turn padel’s biggest party into a courtroom battle.
Editor’s Note: These statements reflect allegations made by investors in a pending civil dispute. Tyron Birkmeir and Lurra Capital maintain the arrangement was a loan structure. Hexagon Cup has not commented.
