Sacramento Republic FC has announced Sacramento businessman Kevin Nagle has purchased enough shares to become majority owner of the soccer club.
Nagle is co-founder of Envision RX and the Eldorado Hills Town Center. He is also the largest local shareholder and executive voting member of the Sacramento Kings.
He has been a part of the ownership group for several months. He represented both Republic FC and the Kings during an August meeting with MLS Deputy Commissioner Mark Abbot. That meeting took place in Portland at the MLS All-Star Game.
The Republic FC is currently playing in the USL Pro league, but has always made it clear that it would like to be one of four Major League Soccer franchises. If the MLS selects Sacramento as one of its new teams, Nagle would remain majority owner -at a significant cost.
The club says the previous expansion fees have been approximately $75 million. Nagle has also committed to a privately-financed stadium
Nagle's Envision RX company earned $4 billion in revenue in 2013.
In a statement, Republic FC President Warren Smith said: “His success, credibility and financial wherewithal provide us the capability to succeed with our MLS bid. But what first endeared me to Kevin and what I love most is his passion for Sacramento.”
Sacramento Mayor Kevin Johnson said, "(Nagle's) love of this community -- borne out by his heroics during the Kings fight, and now, his bold action on MLS, speak volumes to how much he believes in Sacramento and how ready he is to play to win.”
MLS officials will visit Sacramento on September 18 to 19 to evaluate the area as an expansion possibility.
Comments