Sporting Kansas City is entering a new chapter as the Illig family, owners of the club since 2006, have agreed to sell a 71% stake to current limited partner Peter Mallouk in a deal that values the franchise at roughly $700 million. The figure marks the highest valuation ever paid for a majority stake in Major League Soccer. According to a report from Forbes, the Illigs will reduce their ownership to just under 10 percent under the new agreement, while Mallouk - president and CEO of wealth advisory firm Creative Planning - will assume control with close to 80 percent of the club. Despite the shift, the Illig family is expected to retain its roles within MLS governance and continue overseeing day-to-day operations in the short term. The Illig family will retain their positions as governor and alternate governor of the team, at least for the time being. The transaction comes as MLS valuations continue to rise rapidly, with several clubs already crossing the $1 billion threshold. On the field, Sporting KC has struggled to reach the playoffs in recent seasons, but financially the club remains among the league's stronger performers. With growing commercial partnerships and new revenue opportunities tied to the upcoming World Cup, the ownership change reflects broader confidence in MLS's long-term business outlook. Sporting Kansas City's management has confirmed that there have been no changes in the management of the club, and no changes in the club's ownership participation in MLS governance or league activities. The club's day-to-day operations will continue to be overseen by the Illig family, who will also represent Sporting Kansas City on the MLS board of governors.