Kroenke Sports Enterprises has purchased the Colorado Rapids from the Anschutz Entertainment Group (AEG).
Kroenke Sports Enterprises, whose holdings include the NBA's Denver Nuggets and the NHL's Colorado Avalanche, is headed by Stan Kroenke, 56, who is ranked No. 140 on Forbes' list of The Richest People in America with $1.5 billion.
Kroenke Sports Enterprises, which also owns the Pepsi Center, home of its NHL and NBA teams, is planning to provide a soccer specific stadium for the Rapids, possibly by 2006.
''In eight short years we've laid the foundation for a truly great professional sports league and this new investment by KSE is a resounding endorsement of our progress,'' said MLS Commissioner Don Garber. ''We couldn't be more pleased to add an investor of the caliber of Stan Kroenke to our League.''
Timothy Leiweke, president & CEO of AEG, said, ''The Colorado Rapids, AEG's initial acquisition into MLS, has been an important asset to our organization since day one. Although we are selling this asset, we are doing so with the belief that the Kroenke Sports will do a phenomenal job continuing the success of the Rapids.
''The acquisition is great news for the Rapids and their fans and equally great news for MLS to have the Kroenke Sports and the synergies of all of its other Colorado-based sports holdings on board.
''It is new partnerships like this along with the imminent expansion of MLS that point to a thriving league and an even brighter horizon for the future of soccer in this country.''
The Rapids led MLS in attendance last season with average crowds of 20,687. This season, they are second in attendance with 17,455, trailing the Los Angeles Galaxy (21,470), one of AEG's five remaining clubs.