Beckham Ownership Gets New Investors

What: David Beckham's ownership group has welcomed three new investors into his mission to have an MLS team in Miami.
Why it matters: The recent change up of Beckham's investors might be what he needs to finally get his Miami team to be a reality.

Another Shakeup

When David Beckham signed on to play for Major League Soccer Club, Los Angeles Galaxy, back in 2007 he had one eye set on the future. In his contract was a clause that allowed him to purchase a MLS expansion club for just US$25 million dollars when he left the league. A great move it turned out to be because the current going rate for a MLS expansion club goes from US$150-200 millions dollars. Beckham retired from playing in 2013 and a year later he exercised his rights to buy a club at this cut-rate price.

Setting his sites on Miami, the goal to have a club there has not been an easy one. Beckham only recently got the land deal for a 25,000 seat stadium this past June. However, he lacks a solid ownership group, firm stadium deal, and he is currently dealing with an ongoing legal dispute with a local landowner over his newly granted land deal. Three years after the initial announcement of Miami FC, Beckham and his ownership group are still waiting on approval for the club.

This week another change within Beckham's ownership group has occurred: Todd Boehly, chairman and CEO of Eldridge Industries as well as part owner of the Los Angeles Dodgers, has left the group. It was only this past April that Boehly had come on as a major investor. Boehly was supposed to be the majority owner and controlling partner of the franchise going forward. Instead, he has been replaced by three men known to the Miami community: Jorge and Jose Mas and Masayoshi Son.

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Familiar Connections

One of the issues cited for Boehly departure was the fact that he would be the majority owner and controlling partner of the franchise. It was preferred that investment shares be more evenly divided and now they will be with three more investors in the mix.

Additionally, MLS owners wanted more local investors and connections to the proposed club and that is exactly what Beckham has given them. The Mas Brothers are two prominent business executives in Miami and the family behind a leading engineering construction company in the region known as MasTec. Japanese Softbank founder and CEO Masayoshi Son is also on board.

A meeting of the MLS Board of Governors was held Thursday and all three investors were approved to join Beckham's ownership group. The Beckham Group released a statement concerning the implementation and recent approval of their new investors. It stated that the newly assembled owners “brings local expertise, global perspective, an unquestionable track record of business success and one of the foremost icons in global soccer.” With a final decision on Beckham's MLS expansion club to be forthcoming, these recent changes might just prove to be vital in securing Miami FC.

 

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Jackie Adedokun @adejax7

Jackie is from Detroit, Michigan but grew up in Southfield a town just outside of Detroit. She returned to Detroit to obtain a Bachelor of Arts in Political Science at Wayne State University in 2014 and a Juris Doctor from Detroit Mercy School of Law this past May. She is currently attending Columbia University's Sports Management Program and also works within the media division of Columbia's Athletic Department.

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