In hopes of “integrating itself into the fabric of the city”, the Oakland Roots and Soul have recently partnered with crowdfunding platform Wefunder to encourage community members to invest and own a part of their local club.
According to the Roots and Soul, fans will have a minimum and maximum investment cap, with the minimum being $100. Fans will be allowed to invest during the club’s community round. That’s where community members can invest through a form of “equity crowdfunding” – a method where both investors and community members can purchase the club’s shares.
Instead of building a new potential stadium, Souls founder Mike Geddes wants to invest in a reserve team. Doing so, he says, will give more depth in rotating the squad roster, as well as give more playtime opportunities for younger talent.
Despite most sports teams being privately-owned, The Roots and Soul aren’t the first to look toward community ownership. The most successful example could be The Green Bay Packers, or Wefunder successfully partnering with other US soccer teams, such as Detroit City FC, and Minnesota Aurora.
According to Geddes, investment opportunities will roll out in the next coming months after gathering community feedback.
