Sporting Kansas City Sold for $700 Million

Sporting Kansas City is being sold for roughly $700 million, an MLS record. The Illig family, which has owned the team since 2006, will sell a majority stake to Peter Mallouk, the president and CEO of Creative Planning.

What happened?

The sale was announced after the Illig family agreed to sell 71% of the team, reducing their stake to just under 10%. Mallouk, who has owned a stake in the team since 2022, will now own around 80% of Sporting Kansas City.

Why it matters for Sporting Kansas City

The sale is a significant development for the team, which is currently 15th in Major League Soccer with 4 points from 8 games. The team's recent form has been LLLLW.

What comes next?

The sale is expected to have a significant impact on the team's future. The Illig family will retain their positions as governor and alternate governor of the team, at least for the time being.