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Crew Sold To Precourt Sports Ventures, LLC

Home Forums General Columbus Discussion Sports Crew Sold To Precourt Sports Ventures, LLC

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  • #98181

    japoling
    Participant

    Does anyone know the background of Precourt other than what was in the Crew press release. For instance, does the group own any other sports related investments and is the statement that the Crew will remain in Columbus to be taken seriously?

    #547233

    japoling
    Participant

    japoling said:
    Does anyone know the background of Precourt other than what was in the Crew press release? For instance, does the group own any other sports related investments and is the statement that the Crew will remain in Columbus to be taken seriously?

    #547234

    Saint Murrays
    Participant

    From what I’ve heard this is there first venture into sports. He couldn’t pronounce the Nordecke correctly in the conference, big mistake. Hopefully he’s serious about keeping the team in Columbus and will grow it like the new owners in KC have done the past couple of years.

    #547235

    News
    Participant

    Press Release:
    Precourt Sports Ventures acquires Columbus Crew
    JULY 30, 2013
    Crew Communications
    TheCrew.com

    COLUMBUS – The Columbus Crew and Hunt Sports Group announced today that Precourt Sports Ventures, LLC has acquired the operating rights to the Crew. Hunt Sports Group has operated the Crew – Major League Soccer’s Charter Member – since 1996. Effective immediately, the Black & Gold become part of the privately held investment and management firm’s sports and entertainment business enterprise.

    “Precourt Sports Ventures, LLC (PSV) is honored to become the new Investor-Operator of the Columbus Crew and thrilled to become a partner in Major League Soccer,” said Anthony Precourt, Managing Partner of PSV and the new Chairman of the Crew. “We have long believed in the ascension of soccer in the American sports-entertainment world, so stepping into a Charter Member of the League is an incredible moment. We thank the Hunt family for having the trust in us to become the Crew’s new steward. The Hunt family has done so much for MLS, and the development of the game in Ohio, and for that we thank them.

    “We also appreciate the support we received from the League Office in bringing this together,” continued Precourt. “Most importantly, we want to recognize the Crew’s supporters and players, and let them know we aim to be successful, we plan to win, and we will be actively engaged members of the Columbus community. We look forward to earning your support every day, because without you none of this would be possible.”

    Since 2008, Precourt has been the Managing Partner at Precourt Capital Management (PCM). PCM’s principal lines of business are investment management services and private equity investing in the energy sector. In 2012, Precourt formed Precourt Sports Ventures, LLC (PSV) as part of a diversification strategy into sports-entertainment; specifically soccer. Precourt’s career started in investment banking, where he focused on corporate finance and mergers and acquisitions with both Merrill Lynch and Deutsche Bank Alex Brown. Later, he moved to WHV Investment Management, a $12 billion dollar public equity investment management company, where he served on the firm’s senior management team. A native of Denver, Precourt and his family live in the San Francisco Bay Area.

    Clark Hunt, Chairman of Hunt Sports Group, said Precourt will be a strong addition to MLS.

    
“Today is a very exciting day for the Crew, the Crew supporters, the City of Columbus and Major League Soccer,” Hunt said. “Anthony is a bright, passionate, driven leader, and we believe he will be a great fit for Columbus. We are delighted to welcome him as a partner in MLS, and I am confident that he will do an outstanding job with the Crew.

    “Although we are very pleased to welcome Anthony to MLS, today is somewhat bittersweet for our family because of how much we love the Crew. On behalf of my entire family, I want to thank the city of Columbus, the state of Ohio, the Crew players, coaches and staff, and most importantly, the Crew supporters for cultivating one of the most iconic clubs in MLS and allowing us to be a part of it.”


    Major League Soccer Commissioner Don Garber echoed Hunt’s sentiment, “It is with great pleasure that I welcome Precourt Sports Ventures as a new MLS owner,” said Commissioner Garber. “During the last several months, I have had the opportunity to get to know Anthony Precourt. I have been very impressed with his approach to business, his passion for the game and his commitment to joining our other owners in continuing to build the league and sport in North America.” 


    
“I also thank the Hunt family for their commitment to the Crew since MLS launched in 1996,” Garber added. “As with many other innovations, Lamar Hunt’s decision to build Crew Stadium — the first soccer-specific stadium in the US — was a major turning point in the history of our sport. His children — Sharon, Lamar Jr., Clark and Dan — have continued their father’s leadership both in Columbus and in Dallas where the family will continue their ownership of FC Dallas.”

    Columbus Mayor Michael B. Coleman also welcomed Precourt and his family to the city of Columbus.

    “The Columbus Crew is a vital part of the fabric and the future of the city of Columbus,” Coleman said. “I’m confident Anthony Precourt will not only honor the history and values of Crew Founder Lamar Hunt as the new Chairman of the Crew, but that he will also bring the passion, innovation and business acumen necessary to continue Hunt’s pioneering vision for both the Crew and MLS. I look forward to working closely with Anthony and the Crew to help achieve their stated club priorities, particularly realizing Goal 10k and securing stadium naming rights.
 


    “I’d also like to thank the Hunt family, especially Clark Hunt and Lamar Hunt, Jr., for their commitment to the Columbus Crew and the city of Columbus for the past 17 years. The Hunt family holds a special place in the annals of Columbus history and their dedication to the Crew and Columbus have clearly played a role in our City’s success. On behalf of all the citizens of Columbus, I am grateful for their unwavering allegiance.”

    Hunt Sports Group will continue its active role in Major League Soccer as investor-operator of FC Dallas, Hunt said. Hunt Sports Group was advised by Inner Circle Sports in this transaction.

    #547236

    bob.os
    Participant

    The Crew faithful are cautiously optimistic. Precourt surprised the league and the Hunts by going all-in instead of making a partial ownership investment and it seems like they’ve vetted him well. He’s made all the right statements about keeping the club in Columbus and Mayor Coleman added some clout to that. Here’s hoping he doesn’t go with standard pro-sports operating procedure and attempt to blackmail taxpayers for a corporate-welfare-funded stadium.

    He did a great job today taking questions on the @MLS Twitter feed and humbly addressing some of his awkward moments in the presser. He comes across as a genuinely enthusiastic owner, maybe just not one that is great at public speaking.

    This is his (and his newly-formed group’s) first venture into sports ownership, so I hope he’s got a long term vision and good mentors and advisors.

    Here’s looking forward to a new era of awesome and more silverware from Columbus’ championship team.

    #547237

    NerosNeptune
    Participant

    bob.os said:
    Here’s hoping he doesn’t go with standard pro-sports operating procedure and attempt to blackmail taxpayers for a corporate-welfare-funded stadium.

    Not being mean, but does that work with MLS? I get the feeling if that happened the city/taxpayers would just say goodbye.

    #547238

    buckeye54
    Participant

    NerosNeptune said:
    Not being mean, but does that work with MLS? I get the feeling if that happened the city/taxpayers would just say goodbye.

    It can easily happen with the MLS as it currently stands today. If you had asked me 10 years ago I would have said absolutely not. There are currently around 10 or more cities that really really want a MLS team that would potentially finance a new stadium at the drop of a hat if they were guaranteed a new team so there is certainly leverage. Most of the new MLS stadiums have recieved at the very least some sort of large tax break so most haven’t been completely funded by the public like for example huntington park but I would say they are generally a public-private partnership.

    It’s hard to say what would happen in Columbus’s case. Unfortunately, I think sometimes the general public in Columbus pictures the league as it was 10-15 years ago and has no clue about seattle averaging 35,000 or the 200 million dollar stadiums being built.I don’t know how many times I’ve heard casual fans say that crew stadium is one of the nicest in the league and in reality it’s the laughing stock for all intents and purposes.

    #547239

    Graybeak
    Participant

    One might try to use the same reasoning against a NHL team, I suppose and the public financing of their arena.

    #547240

    Schoolboy
    Participant

    Graybeak said:
    One might try to use the same reasoning against a NHL team, I suppose and the public financing of their arena.

    Yes but Nationwide more or less forced their hand on that one. Had it been an outside organization, I doubt things would have gone the way they did.

    Like it or not, fact is Nationwide can get the elected officials to do whatever they want.

    #547241

    DouginCMH
    Participant

    Columbus city officials are in Kansas City (where MLS is holding its All Star Game) to learn about the manner in which the MLS franchise there, its new owners, and the city worked together to get a stadium built there.

    #547242

    NEOBuckeye
    Participant

    I’d honestly be surprised if they don’t soon announce a proposal to build a new stadium for the Crew in the Arena District for many of the very same reasons that Penn National wanted to build a casino there. The new owners will want to maximize their investment in the franchise, which these days typically means having a state-of-the art venue in a thriving Downtown district for outdoor concerts and the like, in addition to attracting greater attendance for franchise games and events. The latter goal could more easily draw upon the synergy of Downtown for its realization than it ever will be able to accomplish out by the state fairgrounds.

    #547243
    MichaelC
    MichaelC
    Participant

    Excited to read about the new ownership and its stated intent to grow the Crew in Columbus.

    Here’s hoping that should a new stadium be proposed, a hard look is given to Vets Memorial’s grounds now that the Wexner Center #2 has fallen through.

    #547244

    columbusmike
    Participant

    NEOBuckeye said:
    I’d honestly be surprised if they don’t soon announce a proposal to build a new stadium for the Crew in the Arena District…

    You’re probably right, however, I’m guessing an announcement won’t come for another year. I can’t imagine they’ll make an announcement before they have a location, design, cost, and schedule first — those things will take some time.

    #547245
    lazyfish
    lazyfish
    Participant

    NEOBuckeye said:
    I’d honestly be surprised if they don’t soon announce a proposal to build a new stadium for the Crew in the Arena District for many of the very same reasons that Penn National wanted to build a casino there. The new owners will want to maximize their investment in the franchise, which these days typically means having a state-of-the art venue in a thriving Downtown district for outdoor concerts and the like, in addition to attracting greater attendance for franchise games and events. The latter goal could more easily draw upon the synergy of Downtown for its realization than it ever will be able to accomplish out by the state fairgrounds.

    They can’t even half fill the existing stadium for most games, why should they build a new one? on the other hand a move away from the fairgrounds would make my neighborhood more quiet and livable. Now if we could only get the fair to cool it with the every night fireworks at 10pm.

    #547246

    Saint Murrays
    Participant

    The team has to modernize if it is to increase it’s fan base. Currently it takes a lot to bring the casual fan out to a game. If there is a stadium closer to downtown night life and activity it would bring in the more casual fan and would also help get stadium naming rights which has escaped the team since the facility was built. I think the energy of a new owner and the case study on what Kansas City has done should allow a lot of these things to happen in a pretty short time frame. I’m pretty excited to see the future plans and hope that they can work out a stadium for the Vets site, the view would be amazing and you could connect with the Arena district via pedestrian bridge.

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