A prominent businessman has reached an agreement to acquire a significant stake in a professional football team, multiple sources have confirmed. The deal, which is pending approval from the league’s owners, would see the businessman purchase 27% of the franchise.
The sale would bring an end to a tumultuous period for the team’s current ownership family, who have been embroiled in a series of lawsuits and disputes in recent years. As part of the agreement, the family members involved in the lawsuits have agreed to drop their claims against each other.
The team’s current controlling owner will retain complete control of the franchise, with the family owning 69% of the team and non-family members holding the remaining 4%. The businessman’s investment will be a personal one, and he will not have any governance rights over the team.
This marks the second sports franchise in which the businessman has an ownership stake, having previously acquired a team in a different professional league. The deal is notable as it is the first of its kind since the league approved the use of private equity firms to purchase up to 10% of passive stakes in franchises.
The team’s current ownership family has a long history with the franchise, dating back to the 1980s when the patriarch of the family first acquired the team. The family has been involved in a series of disputes in recent years, with some members accusing others of misconduct and mismanagement.
The agreement brings an end to a contentious period for the team and its ownership family, and paves the way for a new chapter in the franchise’s history.
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