Creative Planning CEO Peter Mallouk, a longtime Kansas City sports fan, is dedicating hundreds of millions of dollars to boosting his hometown's Major League Soccer team.
Mallouk has acquired majority ownership of Sporting Kansas City and aims to invest further to boost the club's competitiveness, according to multiple news reports.
The wealth management firm head, who previously held a minority stake in the team, purchased a 71% share from the Illig family, which positions him as 80% owner, ESPN reported last week, citing an unidentified source. The deal was based on a $700 million valuation for the team, ESPN reported.
The Illig family will continue to handle the club's daily operations, according to the report.
Mallouk, 56, who has minority ownership in Major League Baseball's Kansas City Royals, told The Kansas City Star this month that as a Kansas City sports fan, he didn't hesitate when the opportunity to buy the majority stake in Sporting KC presented itself.
He told the newspaper that "99.5% of the metric I'm going to care about is winning," and he plans to achieve that with "a big, big financial commitment" next season.
The Illig family will also continue to represent the team on the MLS governing board, the newspaper reported.
The Kansas City Business Journal quoted Mallouk as saying there's a "zero chance" that the team will leave Kansas City under his ownership.
Mallouk didn't immediately respond to a ThinkAdvisor email Thursday seeking more information on the deal.
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