USL club Sacramento Republic lead investor and CEO Kevin Nagle wrote in a letter to fans today that while the franchise is “still in the running for the second [MLS] expansion slot,” it needs to “bolster our overall capital structure.” Nagle noted that since the investor group formed in ’14, the combined costs of the MLS expansion fee and its proposed stadium have risen by nearly $150M. In a press conference today, Nagle also noted HP Enterprise President & CEO Meg Whitman is not currently an investor. The club announced on Dec. 6 that Whitman and her husband would be joining the ownership group.
In the letter, Nagle said the club is aiming to add “another major investor or investors,” noting that he will continue to drive the progress as the lead investor in the club and that he has invested nearly $30M in the club. Nagle also said the club will seek additional limited partners. 49ers CEO Jed York and the NBA Kings are still members of the ownership group. He also called for an increased mobilization of community support.
