English Premier League club AFC Bournemouth have sold a quarter of the club’s total stock to American company PEAK6 in a bid led by company CEO Matt Hulsizer.
Not a regular in the British sports scene, Hulsizer and PEAK6 have made their name in the sports world at least, by taking up a majority stake in the Minnesota Wild – a franchise in America’s National Hockey League.
In something of a rough patch, club chairman Jeff Mostyn hopes that the new faces will have a positive impact on the administration of the club. As part of the acquisition, two members from PEAK6, Hulsizer and Jay Coppoletta, will assume roles on the Bournemouth board.
“The club is confident this partnership will further strengthen its ability to compete with the very best, and provide a platform to establish itself as a long-term Premier League club,” Mostyn said.
“With PEAK6 taking a stake in the club, it is a pleasure to also announce that both Mr Hulsizer and Mr Coppoletta will also join the board of directors.”
Bournemouth have been in poor form of late, slumping to their fifth consecutive loss of the current campaign. Manager Eddie Howe originally sought to distance himself from the prospect of lavish January spending, but a tide of injuries to key players will likely force Howe’s hand come the midseason transfer window.
Long story short, Bournemouth need to spend in January – not on the scale of the Manchester clubs or Chelsea – but a proportionate, budgeted acquisition of at least two high-quality Premier League players.
But how does the sale of 25% of the club help this situation? The reality is that it helps the club in variety of ways, financially. The key point is that there is now a multimillionaire in Hulsizer who has a stake not just in the club, but in its prolonged sustainability and success. Cherries fans will find comfort in the fact that Hulsizer himself has acknowledged this relationship and put proactive words towards it.
“I am excited and honoured to partner with Maxim and AFC Bournemouth. I was introduced to the club over two seasons ago and since then I have followed the club’s progress and seen the tremendous accomplishments in that time,” Hulsizer said.
“With Eddie Howe and Jason Tindall managing the team, I am confident that we can establish ourselves in the top flight.”
The Premier League and English football in general has always had a firm reliance on the equity brought in by new owners. Chelsea and Manchester City are two potent examples of what a stakeholder can do to a football club.
It must be noted that this sale was of 25%, making Hulsizer a ‘minority shareholder’ (meaning that he does not possess the controlling stake). Do not expect a reign in the silhouette of Roman Abramovic, but it is certainly a step in the right direction for a club of Bournemouth’s size.
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