Sporting Kansas City Set for Record $700 Million Ownership Change

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. 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 percent, 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 City on the MLS board of governors.”