Public event and announcement scheduled at The Hall (1028 Market Street) this Saturday January 23 from 2-4 p.m. with complimentary food and drinks!
Dear Members, Friends, and Family of SF City:
Today marks a historic moment for the Club, as we’re proud to announce our recently formed minority investor group and details of the joint operating agreement that will help guide the club in its path towards professional expansion.
FOUNDING INVESTOR GROUP
Adding a minority investor group creates a unique marriage of highly successful entrepreneurial and business experience with the passion, dedication, and loyalty of the SF City membership. This exciting stakeholder partnership is singularly aligned to develop SF City into a professional Club that represents San Francisco at the highest levels of American Soccer while remaining democratically accountable to its members.
“We are extremely proud and excited to join a passionate founding team and the SF City Membership Group in helping to build an organization that will not only represent San Francisco on the field, but also remains committed to helping San Francisco communities off the field as well,” said Alex Bard, member and spokesman for the founding investor group.
The founding investor group includes:
- Alex Bard, CEO at Campaign Monitor; previously EVP at Salesforce, CEO & Co-founder at Desk.com; active angel investor and advisor including Gusto, Peer, Moon Express and Classy.
- Mitch Lowe, Active angel investor and advisor; previously Co-founder & COO at Redbox, Co-founder & VP Business Development at Netflix.
- Gary Benitt, General Partner at Social Leverage; previously Co-Founder & COO at Desk.com; active angel investor including Gusto, Classy, Stitch Labs and TruMaker.
- Ethan Kurzweil, Partner at Bessemer Venture Partners; Investor in Twitch, Periscope, Intercom, Twilio, PagerDuty, npm, Sendgrid and Piazza. Previously at Linden Lab and Dow Jones (investing personally).
- Scot Chisholm, CEO & Co-founder at Classy; active angel investor & advisor including Change.org, inDinero, Reaction and Casetext; previously Board Director at Team Rubicon, Senior Consultant at Booz Allen Hamilton.
- Andy Jones, a 15 year veteran in the financial services industry.
Details of the joint operating agreement that will help govern the Club:
Ownership: 51% & 49% ownership split between SF City Membership and the Investor Group respectively. This ensures that a majority of the club’s profits will always be reinvested back into the San Francisco community.
Board Oversight: Three member Executive Board of Directors; one representative from the Membership Board of Directors, one representative from the Investor Group and the active President/CEO of the Club.
Stakeholder Alignment: We’ve put in place several checks and balances to align and protect the interests of all stakeholders. These include dedicating decision-making power to the SF City members over selection of Club leadership and major Club decisions.
- Unanimous consent of Member Executive Board seat required to appoint President/CEO.
- Unanimous consent of the Executive Board required for the following:
- Season ticket/membership prices
- Significant changes to member benefits
- Significant changes to Club crest
- Composition of the Club Board
- Adding additional investors
- Changes in primary league competition
- Changes in home stadium
- Primary kit sponsor
- Jacques Pelham, President of SF City FC
- TBD, representative from the SF City FC Membership
- Scot Chisholm, representative from the Founding Investor Group
The Executive Board will work closely with the elected member Board of Directors to ensure membership interests remain paramount as the Club expands.
SF City FC will compete in the PDL’s Western Conference, with the majority of the Club’s home contests to be played at historic Kezar Stadium.