Major League Soccer and KKR have formed Hometown Soccer Holdings (HSH), a new platform to drive the commercial expansion of MLS NEXT Pro. The strategic investment, made through KKR’s Ascendant Fund within its Americas Private Equity business, will fund stadium development, the creation of new club brands, and enhancements to matchday environments across the league.
Key Takeaways
- KKR has committed nearly $9 billion to sports investments since 2010, with this deal made via its Ascendant Fund within Americas Private Equity.
- Hometown Soccer Holdings will serve as MLS NEXT Pro’s commercial engine, focused on stadium builds, club brand creation, and fan experience.
- MLS NEXT Pro currently includes 30 clubs (27 MLS affiliates and 3 independents), with four more independent teams set to begin play in 2027.
- 255 players have signed first team MLS contracts after competing in MLS NEXT Pro since its 2022 launch.
- Tom Glick (former Manchester City, NYCFC, Charlotte FC) leads HSH as CEO, with Chris Klein (former LA Galaxy president) as President.
The Structure of the KKR-MLS Partnership
HSH is structured to operate as MLS NEXT Pro’s commercial backbone. Its mandate covers three core priorities: developing soccer-specific stadiums in new markets, building club identities for MLS-affiliated teams, and elevating the matchday product at fan-friendly venues with local character.
The investment pairs KKR’s capital and operating playbook with MLS’s league infrastructure. KKR’s broader sports portfolio spans high school athletics, professional leagues, digital gaming, sports media, merchandising, and venue real estate, giving the firm cross-category exposure to apply here.
Ted Oberwager, the KKR Partner who leads gaming, entertainment, media and sports for KKR’s Americas Private Equity business, framed the thesis as combining “centralized technology infrastructure, strong local execution, and disciplined investment” to build long-term club value.
Andalusian Sports Advisors and Kirkland & Ellis advised KKR. Moelis & Co. and Proskauer Rose advised MLS.
Leadership Built for Commercial Expansion
Tom Glick takes over as CEO with a resume that includes Chief Commercial and Operating Officer at Manchester City FC, President of New York City FC, leadership roles at Tepper Sports & Entertainment (including Charlotte FC), and a stint at Chelsea FC. His background covers club commercialization, expansion launches, and stadium development.
Chris Klein joins as President. He played 13 MLS seasons, served 12 years as LA Galaxy president, and currently co-chairs the LA Host Committee for the FIFA World Cup 2026. The pairing brings both global commercial scale and on-the-ground MLS operating experience to the executive team.
Stadium Development as a Core Growth Lever
A central piece of the HSH strategy is the development of new soccer-specific stadiums in partnership with municipalities, civic leaders, and community stakeholders. The model is designed to deliver venues that anchor professional soccer in markets that do not currently have it.
“Every city deserves a professional club it can call its own, one that inspires local pride and contributes meaningful economic impact,” Glick said.
The stadium-first approach mirrors a broader trend in soccer where venue ownership and operation have become key drivers of club value. For markets without an MLS team, MLS NEXT Pro offers a lower-cost entry point into the professional pyramid while still attracting league capital and infrastructure.
KKR’s Expanding Footprint Across the Youth-to-Pro Pipeline
The HSH investment fits into a portfolio KKR has been assembling across the youth and high school sports ecosystem over the past four years.
In February 2022, KKR invested in PlayOn Sports, which operates the NFHS Network in partnership with the National Federation of State High School Associations and streams events across more than 27 sports in all 50 states and Washington, DC. A follow-on investment in April 2022 supported PlayOn’s merger with digital ticketing platform GoFan. PlayOn then acquired MaxPreps from CBS Sports in February 2025, consolidating a sizable share of high school sports media, ticketing, and data under one roof.
In August 2024, KKR completed its $4.75 billion acquisition of Varsity Brands, which owns BSN Sports (the largest team dealer and online team sports outfitter in the U.S.) and Varsity Spirit (the dominant operator in competitive cheer).
KKR also announced an agreement to acquire Arctos Partners in a deal valued at roughly $1 billion, with potential to reach $1.5 billion. Arctos holds minority stakes in more than 20 professional franchises across the major U.S. leagues, pending league approvals.
Layered together, KKR now has direct or pending exposure to high school streaming and data (PlayOn, NFHS, MaxPreps), youth and scholastic products (Varsity Brands), professional team equity (Arctos), and a professional development league with stadium and brand-building mandates (MLS NEXT Pro via HSH). The HSH platform gives KKR an operating role rather than a passive stake, and its stadium development focus mirrors a broader thesis: that controlling venues, media, and infrastructure across the talent pipeline produces compounding returns the same capital cannot capture from any single tier on its own.
What This Means for Soccer’s Development Pipeline
MLS NEXT Pro has produced 255 first team MLS signings since 2022, validating its role as a development tier. With KKR’s backing, the league now has the capital to expand into more markets and modernize its operating model, with the timing aligned to a FIFA World Cup year that will put unprecedented attention on North American soccer.
Commissioner Don Garber said the deal reflects MLS’s “ambition to expand into new markets, develop soccer-specific infrastructure, elevate the matchday experience, and deepen connections between our clubs and their communities.” Ali Curtis, President of MLS NEXT Pro, added that the investment “strengthens our ability to provide more opportunities for players, expand into new markets, and to continue building a competitive professional environment.”
For the broader U.S. soccer ecosystem, the implications extend beyond the professional tier. A larger, better-resourced MLS NEXT Pro creates more pathways for players moving up from youth and amateur ranks, and more local infrastructure that can support training, events, and community programming. Additional announcements from the partnership are expected in the coming months.
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