UPDATE: The Vancouver Whitecaps triumphed over San Diego with a score of 3-1, securing their place in the MLS Cup final against Inter Miami next Saturday.
The MLS Playoffs have kicked off with high-stakes clashes and outstanding performances from star players. Among these teams, the Vancouver Whitecaps have captured attention, bolstered by the recent addition of German midfielder Thomas Müller, who signed with the club in August.
Aiming to achieve a rare sports feat, the Whitecaps are on a quest for a title run amid active franchise discussions. They are set to face San Diego FC on Saturday night for a coveted MLS Cup final berth, following their stunning victory over Los Angeles FC in the Western Conference semifinals.
In December, the ownership group of the Whitecaps, led by Greg Kerfoot, Jeff Mallett, Steve Luczo, and former NBA player Steve Nash, enlisted Goldman Sachs to facilitate the sale of the franchise. This decision stemmed from estate planning needs according to sources familiar with the situation.
A retrospective by Sportico highlighted that over the past 50 years in major sports leagues, there have been very few examples of teams that sought to sell themselves while competing for a championship. The MLS, being only 30 years old, has had limited instances resembling this scenario.
One notable case occurred in September 2002 when Walt Disney Co. hired Lehman Brothers to sell the Anaheim Angels and the Anaheim Mighty Ducks, having struggled to maintain these financially draining assets. This sale was prompted by Disney’s desire to shed non-essential elements as its stock reached an eight-year low.
Despite the Angels making a dramatic playoff run and ultimately winning the World Series in 2002, the club did not generate heightened interest from buyers, suffering significant financial losses under Disney’s ownership. Arte Moreno eventually acquired the Angels for $180 million in 2004.
The Ducks also made headlines in 2003 when they reached the Stanley Cup Finals but were sold two years later for $75 million amid Disney’s financial challenges.
Similarly, in the Premier League, Chelsea’s attempt to sell the club coincided with its push towards the FA Cup final in 2022. Following the announcement by Roman Abramovich to sell due to geopolitical tensions, the Raine Group facilitated a swift sale that ended just before the final.
The Whitecaps have been part of the MLS since the 2011 season but have struggled to achieve consistent success. Before this season, they had only advanced past the first round of the playoffs once in 2017. Current financial assessments paint a challenging picture, with local revenue for 2024 expected to be below $40 million, ranking among the lowest in the league.
Playing at the 42-year-old BC Place, which is not the ideal venue for an MLS team, the Whitecaps face challenges due to subpar lease agreements. Interests from potential buyers outside Vancouver raise concerns about the team’s future location, though both MLS and the current ownership remain committed to keeping the club in its home city.
MLS Commissioner Don Garber addressed the situation, stating that improvements were necessary for the current stadium and that a better lease is critical for the team’s long-term success.
While local buyers have yet to emerge, the recent sold-out match with an enthusiastic crowd of 53,957 showcases the strong demand for soccer in Vancouver. With continued success in the playoffs, a new ownership group could potentially take charge of a franchise valued at approximately $470 million, a feat that would significantly enhance its marketability.
