The Borgen family, investors in the NWSL’s Denver Summit expansion team, are part of the group that recently invested in Austin FC at an enterprise value of $912 million.
FirstTracks Sports Ventures, which is managed by Jon-Erik Borgen, closed its investment earlier this month. The group is part of the series of transactions mostly announced back in July that brought new investors Jenny Just and Matt Hulsizer, the co-founders of PEAK6 Investments and prior backers of a few European soccer teams; billionaire Tench Coxe, a Nvidia board member; Dave Snyderman, Magnetar Capital managing partner; and Tanuj Gulati, co-founder and former CTO of Securonix.
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Sportico reported at that time that the enterprise value—team equity plus debt—in the deals was “more than $900 million.” The specific number is about $912 million, according to multiple people familiar with the matter, who were granted anonymity because the details are private.
A rep for the club confirmed the FirstTracks Sports investment but declined to comment on the terms. While it’s unclear exactly who sold the equity, or how much was purchased, all seven of Austin FC’s prior backers remain owners in some capacity, Sportico previously reported. Anthony Precourt remains the club’s majority shareholder and primary governor. Hulsizer is the team’s alternate governor.
Borgen is managing director of FirstTracks Sports, which also includes his siblings Kaia and Randi Borgen. FirstTracks Ventures is an affiliate of the Borgen Investment Group, with has portfolio that includes dozens of companies across tech, media, wellness and other industries. The Borgen family is prominent in the Denver/Vail areas.
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Like the rest of the new 2025 backers, FirstTracks is coming into Two Oaks Ventures, which owns the MLS team and operates its academy, its MLS Next Pro franchise and Q2 Stadium. Two Oaks privately funded the $260 million venue, which opened in 2021, but it is owned by the city.
Historically, minority stakes in major U.S. sports teams have sold at a discount to the control stake, but MLS has seen a lot of the opposite in recent years. Sportico’s MLS valuations, which are calculated as the price a control stake might sell for, put Austin FC at $865 million. That ranks No. 6 in the league. Club revenue in 2024 was estimated at $96 million, which was fifth in the league.
Austin FC is the only major pro sports team in the Texas capital, which has seen its population grow by roughly 40% in the last 25 years, according to census data. (The University of Texas at Austin is also located in town.) The club has sold out 87 straight home games, the longest active sellout streak in the league.
Austin finished the regular season 13-13-8, in sixth place in the Western Conference. The club faces LAFC in the first round of the playoffs starting Oct. 29.
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(This story has removed a reference to Austin-hosted MLS All-Star Game, which happened in July, in the sixth paragraph.)
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