A minority owner in Sporting Kansas City has purchased a majority stake from the Illig family, who have owned the MLS club since 2006. Peter Mallouk, a Kansas City native, is buying a 71% share to increase his ownership to 80%, valuing the team at $700 million.

This deal surpasses a Forbes valuation of $650 million from last year, making Sporting KC the 16th most valuable MLS franchise. While Mallouk becomes the majority shareholder, the Illig family will retain day-to-day control and represent the club on the league's board of governors.

The ownership change comes as Sporting KC, an MLS original from 1996, looks to rebound. The club finished last in the Western Conference last season and replaced longtime coach Peter Vermes with Raphael Wicky in January.