The Chicago Red Stars will now be owned by Laura Ricketts and her investor group after officially purchasing the NWSL team in a $60m sale.
As part of the deal, $35.5m of the total sum will go to the previous owners, and $25.5m will be invested in the Red Stars.
“On behalf of the NWS Board of Governors, we’re thrilled to welcome Laura and the entire new ownership group to our league,” said NWSL Commissioner Jessica Berman in a statement.
“These talented and accomplished owners, successful in business, sports, and leaders in the Chicago community, are committed to investing the resources necessary to take the Chicago Red Stars to the next level and enable the NWSL to continue our collective growth. A new chapter for this team begins today.”
Arnim Whisler previously owned the majority stake of the team, but chose to sell in the aftermath of the league’s abuse scandal. U.S. Attorney General Sally Q. Yates and law firm of King & Spaulding released the results in early October of a report that detailed the series of abuses and misconduct, revealing that Whisler played an active role in the toxic culture within the Red Stars.
The former majority owner was aware of the emotional and verbal abuse players faced at the hands of Rory Dames, and dismissed all complaints. The team’s board of directors voted to remove him as chairman and forbid him from participating in team operations following the publication of the investigation’s results.
Now, the team will enter a new era under the management of Ricketts and her group.
“Dear Red Stars Fans, On behalf of my fellow investors who today officially closed on our purchase of the Chicago Red Stars, I am honored to introduce ourselves to our loyal fans as the new owners and stewards of this club,” said Ricketts in an open letter to the fans.
“Our group of diverse women investors, some of the most prominent business and civic leaders in Chicago and beyond, brings unparalleled experience across professional sports, finance, turnaround management, commercial real estate, marketing and advertising, paired with deep community ties that make for a powerful combination to lead the club into a new chapter for players, our fans and the league.
“Collectively, we are committed to empowering our great athletes, rewarding our loyal fans, and continuing to build on the NWSL’s exponential growth. We are in the early days of the work of building a championship organization on and off the pitch.Thank you for your long standing support of this organization, our players and fellow fans. We look forward to building a championship-caliber club with your support.”
The team currently sits in last place of the NWSL table with just 17 points from 17 games and a record of 5W-2D-10L.
