The Illig family, which has owned Major League Soccer’s Sporting Kansas City since 2006, has agreed to sell a majority stake in the team to one of the club’s existing limited partners at an enterprise value of roughly $700 million, multiple league sources tell Forbes.

The price, which could wind up being slightly higher or lower based on the ultimate calculation of the franchise’s debt, is believed to be the highest for a majority stake in MLS’s history as the league prepares to kick off its 31st season in February. Last year, Forbes valued Sporting KC at $650 million, the 16th-best mark in the league.

Under the agreement, the Illigs will sell 71% of the team and reduce their stake to just under 10%, league sources say. The buyer in the transaction will now own around 80%; late Friday night, after the publication of this article, the Kansas City Star reported it had confirmed with Sporting KC that the new majority owner would be Peter Mallouk, the president and CEO of wealth advisory firm Creative Planning. Mallouk has owned a stake in the team since 2022 and also owns a piece of the Kansas City Royals.

Despite the wide gap in the stake sizes, the Illigs are set to retain their positions as governor and alternate governor of the team, at least for the time being. MLS has historically required the control person at each franchise to hold at least 35%, but exceptions have been made, as in the case of LAFC’s rotating ownership group.

“We can confirm 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,” Sporting Kansas City said in a statement Friday afternoon. “The Illig family continues to lead the club’s shareholder group, manage the club day to day, and represent Sporting Kansas........

© Forbes