Ted Lasso Season 4, Episode 8, “Follow the Anger,” challenged Rebecca (Hannah Waddingham), Higgins (Jeremy Swift), and viewers to do just that in order to find the mysterious buyer who’s been snatching up AFC Richmond shares in secret. But did they get it right?!

The consensus at the end of the episode was that Rebecca’s ex husband/ex AFC Richmond owner Rupert Manion (Anthony Head) must be behind the sneaky move, because who else would make a play to steal the club out from under Rebecca in secret?! As Mae (Annette Badland) said, “If it was for financial reasons, they’d do it out in the open.” So whoever’s moving in the shadows must be fueled by something beyond money, like revenge or jealousy.

We know that Mae has a significant chunk of shares she won’t sell, and the fan-favorite Crown & Anchor trio have a shared share that they agreed to keep. We know that Rebecca kept 51% ownership of the club and sold 49% to fans, which still allowed her to maintain control. And we know that the Milk Sisters (the 2% Milks) — minor shareholders who owned a 2.9% stake in AFC Richmond — will likely be crucial to whatever comes next…

We’ll have to wait and see who’s snatching up remaining shares, what their end goal is, and what Ted Lasso has planned for the future of the club. Until then, here are four of the most popular theories (and Decider’s winning one) for who’s at the center of Season 4’s big mystery.

1. Rupert Manion (Anthony Head)

   After Higgins carries out his investigation and Mae advises him to “follow the anger” in Episode 408, he bursts into Rebecca’s office and interrupts her conversation with Zelda to say, “I think I know who’s buying the shares. Who do you think would make a play to steal a team in secret from you?” Rebecca takes a moment to think before answering, “Rupert,” and viewers are meant to believe that the case is cracked! But it’s got to be a red herring, right?!

   For those who don’t know, Anthony Head, the actor who played Rupert, died at age 72 in June 2026 of “complications due to pneumonia.” And while some fans believed he may have filmed Season 4 scenes prior to his passing — largely because we haven’t seen a tribute card to him yet — it’s unclear if Head will actually appear in Season 4. While we’d love to see him on the show one final time, we have our doubts that Rupert will return, because, again, we don’t think he’s behind the shares! But if not him, then who?

2. Edwin Akufo (Sam Richardson)

   Some fans feel that Mae’s suggestion for Higgins to “follow the anger” will ultimately lead back to the show’s incredibly angry character Edwin Akufo (Sam Richardson), who we know has the motive and the money to take control of Richmond. Maybe! But I still don’t think Ted Lasso intends to go there, or has the time, for that matter!

3. Zelda Southport (Tracey Ullman)

   My money’s still on Zelda, which feels like the Occam’s razor route, considering Season 4 has spent so much time establishing her character and villain theories have been swirling since she was introduced. Throughout the season, viewers have repeatedly questioned her actions and true intentions towards Rebecca. From her urging Keeley to put out the photo of the women’s team’s arrest, to getting Rebecca drunk before her big speech, to throwing that creepy New Year’s Eve party with the horrible guest list, to encouraging Rebecca to push the team doctor to quit, then suggesting a veterinarian assess her, and more, you have to admit Zelda hasn’t been Suspicious!

   It feels like Ted Lasso has been actively laying the breadcrumbs by showing Zelda’s attempts to sabotage the team. Then she conveniently gets herself hired at AFC Richmond?! One woman even told Higgins that she was bribed with spa treatments, and Zelda introduced Beard to Claudine (Sophie Simnett), her “Botox injector, facialist, wellness shop mixologist, and microdoser,” so she sounds like someone who’d bribe with spa treatments. Could she also have been trying to destabilize Coach Beard with a crush?! Who knows!

   There’s also the fact that right before Rebecca replied to Higgins’ big whodunit question, the camera cut to Zelda looking stressed. Then once Rebecca guessed Rupert, Zelda literally brought up anger, replying, “Never underestimate the power of anger as fuel.” If it is her, we’ll have to wait and see what exactly she’s so angry about, and why Ted Lasso felt like pitting women against women so hard in Season 4. So stay tuned!

4. A Secret Fourth Option?!

   To be clear, I do think it’s Zelda! But I’ve also seen theories wondering if Zelda’s friend Hugo Riddles (Alex Blake) could be behind the share stealing, or Gemma’s dad (?!) who we heard about briefly in Episode 408 when her mom started to explain he’s a footballer and Gemma cut her off. I imagine that, and the fact that Gemma’s family is wealthy, led people to believe there could be ties, but no one knows him yet, and there’s no anger there for Higgins to follow. So I don’t think we have to worry about that — though I do want to know more about him and the Lady Greyhound players’ families!

   Who do you think is behind the big mystery?!

Stay tuned for more Ted Lasso Season 4 coverage from Decider.