512 Soccer

Austin FC and the Austin Soccer Community

Precourt Sports Ventures

Two Oak Ventures is New Entity Controlling Austin FC

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Two Oak Ventures was introduced today as the parent company and ownership group that will operate Austin FC and affiliated assets, including the stadium and training facility of the club.

Don Garber and Anthony Precourt high five

Two Oak Ventures replaces Precourt Sports Ventures.

Anthony Precourt will serve as Chairman and CEO of Two Oak Ventures, as well as performing the same roles for Austin FC. Dave Greeley, Precourt’s lead executive on the MLS2ATX effort
and the founding of Austin FC, will move into the role of President of Two Oak Ventures.

Two Oak VenturesJoining Precourt and Greeley at Two Oak Ventures is Chief Financial Officer Lori McKirnan, a certified public accountant with an accomplished background that includes being a finance executive with Columbus Crew SC and the Atlanta Falcons.

Present initiatives of Two Oak Ventures include:

  • Launch of Austin FC’s first competitive season in 2021
  • Design and construction of the 100% privately financed $242 million MLS stadium at McKalla Place with its partner, the City of Austin
  • Acquisition, design, development, and construction of the $35 million training facility for Austin FC
  • Strategic real estate developments tied to the MLS stadium at McKalla Place
  • Other strategically aligned ancillary business ventures and investments

The name “Two Oak” is inspired by the Austin FC crest (logo) that shows two intertwining oak trees representing the Club and the City of Austin as one. Its two core business verticals of
sports and entertainment also inspire the company name. The logo is intended to be a natural part of the brand family, have a clean and structured look, and convey sophistication and
professionalism.

The type in the logo is the same one used in the badge for Austin FC, creating a strong connection to the Club. The border around the type is Austin FC’s Bright Verde color and frames Two Oak Ventures, giving it more prominence and making its unique name the hero of the visual identity. Austin-based The Butler Bros. designed the Two Oak logo, as the agency did with the brand work for Austin FC and 4ATX Foundation.

Texas Bill No Longer Targets Austin FC Stadium

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Texas Senate Bill 1771, which sought to collect property taxes on the future Austin FC stadium, which will be owned by the city of Austin, is no longer a threat to the stadium.

Austin FC stadium rendering

The bill’s author, Sen. Paul Bettencourt (R-Houston), amended the bill to grandfather in the city’s pre-existing deal with Precourt Sports Ventures.

Bettencourt stated at a meeting of the Texas Senate’s Property Tax Committee, “It will grandfather in everyone that has an existing… deal in place prior to Sept. 1, 2019.”

The city of Austin and Precourt Sports Ventures agreed to their deal together last year.

Under the deal, Precourt Sports Ventures will finance the stadium, and the city will remain the owner of the McKalla Place area and the stadium, which it will lease to Precourt Sports Ventures.

The groundbreaking for the stadium is scheduled for September of this year and Austin Commercial will build the stadium.

Austin FC Announces Philanthropic Organization, 4ATX Foundation

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Austin FC has announced the 4ATX Foundation, which will be a philanthropic organization focused on charitable efforts in the greater-Austin community.

Anthony Precourt

An initial $1 million seed grant was awarded by the Precourt family, led by Precourt Sports Ventures (PSV) and Austin FC Chairman and CEO, Anthony Precourt, to launch the 4ATX Foundation.

PSV and Austin FC worked with The Butler Bros of Austin on the logo of the 4ATX Foundation, just as they did for the Austin FC logo.

Austin FC Stadium Construction Manager and Design Team Announced

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Precourt Sports Ventures (PSV), the investor-operator of Austin FC, has selected their construction manager and design partners for their 100%-privately financed 20,500-seat soccer park and stadium.

The Austin FC stadium is set to break ground in mid-September at McKalla Place.

Austin Commercial has been named as the construction manager, Gensler is the lead architect, and CAA ICON is the project manager and representative for PSV.

PSV has committed to privately funding the Austin FC stadium, which is now estimated to cost $240 million, as well as building a training facility, which brings PSV’s total investment in Austin, including the value of the team, to over $475 million.

Additionally, PSV will fulfill numerous community benefit pledges related to affordable housing, equity, and youth health/wellness.

PSV will also build and refurbish soccer fields in the area, and increase access to soccer programs, particularly for underserved communities.

Here are details on the companies working on the Austin FC stadium.

Austin Commercial
Austin Commercial is a subsidiary of employee-owned, Austin Industries. Founded in 1918 and employing more than 6,000 employee-owners, Austin Industries is one of the nation’s largest, most diversified construction companies. Austin Commercial serves customers in advanced technology, aviation, corporate build-to-suit, industrial and manufacturing, interiors, health care, hospitality, office and high-rise, public/institutional, retail, sports and university market segments.

GENSLER
Gensler is a global architecture, design and planning firm with 48 locations and more than 5,000 professionals networked across Asia, Europe, Australia, the Middle East and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. The Gensler Sports + Convention Centers practice is committed to creating unparalleled game day experiences through collaborative venue design and placemaking. Notable projects include the new home of the Golden State Warriors, Chase Center, the MLS gamechanger, LAFC’s Banc of California Stadium, as well as the reinvention of Hohokam Field and the Lew Wolff Training Complex in Mesa, Arizona for the Oakland A’s.

CAA ICON
A division of leading entertainment and sports agency Creative Artists Agency (CAA), CAA ICON is the worlds-leading owners’ representative and strategic management consulting firm for public and private sports and entertainment facility owners/operators, professional franchises and leagues. With more than 50 sports, entertainment and public assembly projects and over 1,000 consulting engagements, CAA ICON has managed the development of many of the most successful venues around the world, including 11 professional sports leagues totaling nearly $20 billion. CAA ICON offers world-class service in the areas of project management, strategic advisory, feasibility and planning and beyond.

Precourt Sports Ventures and City of Austin complete landmark stadium agreement to bring Major League Soccer to Austin

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Soccer Park and Stadium Construction to be Fully Funded by Precourt Sports Ventures

AUSTIN, Texas—Precourt Sports Ventures, LLC (“PSV”) and the City of Austin today announced that they have finalized their partnership toconstruct a privately funded $225 million soccer park and stadium that will behome to a new Major League Soccer (MLS) club, Austin FC. Groundbreaking for theover 20,000 seat capacity stadium will be in 2019 and the stadium is scheduledto open in the spring of 2021.

Austin FC Stadium from above

The city-owned 24-acre parcel of land, located at 10414 McKalla Place, has been vacant for over 25 years and will be transformed into a state-of-the-art park and stadium, which will be entirely funded by PSV, including all construction costs and operating expenses during the course of the club’s lease of the stadium from the City.

“Bringing major league sports to Austin will help bring all parts of our diverse city together, so today’s lease signing is very exciting for our community,” said Mayor Steve Adler. “The partnership between the team,the League and the City is a great deal for Austin. I can’t wait for us tocelebrate our first MLS championship.”

“We are thrilled to have taken this significant step toward bringing Major League Soccer to Austin and building a world-class soccer park,” said Anthony Precourt, chairman of Precourt Sports Ventures. “We are extremely grateful to the City of Austin for allowing us to become a part of this wonderful community, and we are honored that through building this stadium we will be able to create jobs, provide a first-rate soccer and entertainment complex and bring a unifying platform for all of Austin to rally behind – all at no cost to the tax payer.”

The natural grass, open-air stadium will be a top destination for professional and local soccer, and will serve as anentertainment and multi-purpose event venue for the City of Austin offering afirst-class performance area and related facilities. The site will also house apark and open space which will be available to the public year-round.

Austin FC will not only provide a positive economic impact to the City, but also a substantial social impact as the club will invest in supporting youth soccer, nonprofit groups and affordable housing, among otherinitiatives.

“Austin is a thriving, dynamic and multi-cultural city, and we are very excited that the city and Precourt Sports Ventures have finalized their lease which will allow for the construction of a soccer stadium and for the launch of an MLS club in the capital of Texas,” said Major League Soccer Commissioner Don Garber. “The tremendous support from Austin’s passionate soccer fans, corporate community and local government is remarkable.”

MLS is determining if Austin FC will begin play in either 2020 or 2021.

“This agreement solidifies our partnership to bring MajorLeague Soccer to Austin,” said Mayor Pro Tem Kathie Tovo, who sponsored the resolutions to pursue this opportunity. “Along with a professional sports franchise, PSV will also bring youth soccer programs, discounted and free tickets, and numerous other community benefits that will enrich our city for years to come.”

On August 15, Austin City Council voted to negotiate and execute an agreement to build a privately funded soccer stadium and park at10414 McKalla Place in north Austin near The Domain.

In addition to revitalizing the underutilized site at no cost to the City, highlights and benefits of the redevelopment over the initial 20-year lease term (and any renewal terms) include:

  • $550,000 in annual rent payments paid to the City by PSV, on top of capital reserve fund contributions made by PSV
  • Net-positive contribution to the City’s annual operating budget according to the City’s estimates
  • No new or higher taxes for taxpayers with this redevelopment
  • More than $6.7 million of support for youth soccer programs, including clinics, camps, scholarships, equipment and gear donations, as well as the repair and construction of soccer fields and futsal courts
  • Nearly $4.0 million in direct contributions to Foundation Communities to build affordable housing at McKalla Place or another mutually agreed upon location
  • $2.43 million in charitable contributions and an additional 2,500 volunteer hours to Austin charitable organizations
  • $3.64 million in direct contribution to Cap Metro over 15 years
  • Private funding of site preparation and off-site infrastructure costs estimated at $3.0 million
  • Free open park, communal spaces and performance areas in a park-deficient neighborhood
  • Rent-free use of the facility by the City and affiliated public sector entities for civic-oriented events
  • Off-site traffic control, emergency responders and litter pickup on game and event nights paid by PSV
  • Opportunities for local, on-site food and beverage sales 
  • City retains ownership of the land and stadium and has no responsibility for cost overruns