"A minority owner in MLS side Sporting Kansas City has completed a deal to purchase a majority stake in the club from its current owners, a source confirmed to ESPN. Sporting KC has been owned by the Illig family since 2006, but according to the source they are selling a 71 percent stake to minority owner Peter Mallouk, who already owns part of the team, to bring his stake up to 80 percent. The purchase price Mallouk paid for the majority stake was based off a $700 million valuation of the club."
"The source added that while the deal was done, final calculations on debt structure were yet to be worked out. "I'm born and raised in Kansas City, and I've forever loved Kansas City sports," Mallouk told the KC Star. "So when the option presented itself, I was in. I didn't hesitate." While Mallouk is now the majority shareholder of Sporting, a statement from the club said that the Illig family would still manage the day-to-day operations of the team and represent it on the MLS board of governors. Forbes was the first to report that the Illigs were selling their majority stake."
Peter Mallouk acquired a majority stake in Sporting Kansas City, increasing his ownership to 80 percent after the Illig family sold a 71 percent stake. The purchase price was based on a $700 million valuation of the club. Final calculations on the club's debt structure remain to be finalized. Mallouk said he was born and raised in Kansas City and has long loved local sports. The Illig family will continue to manage day-to-day operations and represent the club on the MLS board of governors. Sporting KC finished last in the Western Conference last season, and Raphael Wicky was named head coach on Jan. 5 after Peter Vermes was fired.
Read at ESPN.com
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