SACRAMENTO, Calif. (AP) — Sacramento Kings co-owner Kevin Nagle has purchased a controlling interest in Sacramento Republic FC, with the goal of growing the minor-league team into a Major League Soccer franchise.
The Sacramento Bee reports Friday that Nagle declined to say how much he invested in the Republic or how big of a stake he now owns in the team, saying only that he has "majority control." Nagle's title will be managing partner.
The Republic has drawn sellout crowds this year. Nagle says he hopes his investment will bolster Sacramento's chances of landing a franchise in MLS, the highest level of pro soccer in the United States.
The 59-year-old made his fortune as co-founder of Envision Pharmaceutical Holdings. He is the largest local shareholder and executive voting member of the NBA's Kings.
©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.