Las Vegas group bids to relocate MLS’ Vancouver Whitecaps

Grant Gustavson, son of billionaire Tamara Gustavson, is leading an investment group that has made a formal takeover offer. Vancouver Whitecaps and move the team to Las Vegas, a spokesperson for the group confirmed to ESPN.

Gustavsson, 30, is a Las Vegas resident and the proposal, which must be accepted by Whitecaps owners and approved by the MLS board of governors, includes plans to build a stadium in that city.

The team will play in a temporary venue until the stadium project is completed. The spokesman declined to specify where the team will initially play.

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News of the bid was first reported by Sportico.

Tamara Gustavson is the largest shareholder of Public Storage, with a current net worth of $8.6 billion. He b. Daughter of Wayne Hughes, who founded the company.

“The investment group will personally finance this effort and is not connected to any recently announced arena concept in Las Vegas,” Gustavsson’s group said in a statement. “In the coming weeks and months, we look forward to the opportunity to share more, however, out of respect for the league’s discussions and community stakeholders, we are refraining from sharing the details of our proposal.

“We look forward to continuing to work toward a positive outcome for the game, the fans, the league and Las Vegas.”

Gustavson earned a Bachelor of Business Administration in Real Estate Finance from the University of Southern California Marshall School of Business. He was among those who began working with USC’s athletic department to establish their NIL division. He also worked with the basketball coaching staff on recruiting and roster development. Gustavsson is also heavily involved in the management of his family farm, which produces thoroughbred racehorses.

The Whitecaps are on sale from December 2024 According to the club, “despite serious conversations with over 100 parties, no viable offer has come forward that would keep the club here.”

Although it is the stated preference of both MLS And in order to keep the Whitecaps team in Vancouver, MLS has begun exploring the possibility of relocating the team.

Sources told ESPN A subcommittee of owners met earlier this month to discuss the matter, and in addition to Las Vegas, an investment group in Phoenix expressed strong interest in acquiring the Whitecaps and moving the team, which would include an as-yet-unspecified relocation fee.

When it comes to keeping the team in Vancouver, the Whitecaps’ stadium economics are the primary sticking point. The Whitecaps currently play at BC Place, which is owned by the provincial crown corporation, Pavco.

The team recently signed a new lease with improved economic terms to play its games at BC Place, including a return of $1-$1.5 million in revenue that PavCo makes from renting the venue to the Whitecaps. But Whitecaps CEO Axel Schuster says the improved positions are not enough to make the team financially viable.

Last December, the Whitecaps and the City of Vancouver signed a memorandum of understanding regarding the potential development of a new stadium and entertainment district at Hastings Park. But at the time of the announcement, Vancouver Mayor Ken Sim said the process would take “four-plus years,” which apparently isn’t fast enough for MLS.

In recent days, MLS Commissioner Don Gerber met with British Columbia Premier Davey Eby to discuss ways the Whitecaps could stay in Vancouver. Eby told the CBC that the talks were “constructive”. The province offered financial concessions tied to BC Place, but denied buying the team.

After his meeting with Gerber, Eby told reporters that the province would not hand over control of the provincially-owned venue to the Whitecaps to stabilize the club’s finances, adding that the team had no interest in that option.

Meanwhile, the team’s supporters have started a “Save the Caps” movement, with banners and signs bearing the slogan, at last weekend’s game against the team. Colorado Rapids.

Outside the FIFA Congress in Vancouver on Thursday, there was a small gathering of about 100 Whitecap supporters to protest the potential transfer.