Washington Soccer Properties, which owns the Spirit, will need to determine if Kang has enough support from its voting members to be the controlling owner.
The National Women’s Soccer League Board of Governors announced on Saturday that it unanimously approved the leadership changes and makeup within Washington Soccer Properties ownership group, which manages the Spirit.
Co-owner Y. Michele Kang made a move to gain majority voting interest earlier this month, reportedly convincing eight debt-holders to convert their debt to equity. The most notable was Devin Talbott, who reportedly sold his stake “in the form of his note” to Kang, and now, she reportedly owns more shares than Steve Baldwin and Bill Lynch own as individuals, per The Athletic.
The other seven decided to go the debt to equity route, the outlet reported. Given the reported investors siding with Kang, she and the group backing her have 52% share of voting interests, The Athletic previously reported.
Although the board approved Kang acquiring additional shares, it clarified in the league's announcement that it was up to Washington Soccer Properties to determine if she has controlling interest.
“Our collective focus is to create the best environment for the Washington Spirit players, fans, and team employees, and to operate the NWSL in a manner that supports excellence on the field of play and in front offices around the league,” the league said in a statement. “Our priority is determining what is in the best interest of the NWSL, Washington Spirit, its players, and the D.C. soccer community. We believe Y. Michele is fully committed to elevating this club and delivering for its players and it is now a matter for WSP shareholders to determine who holds a controlling interest. We are committed to allowing the required ownership process to be resolved in the appropriate, orderly manner.”
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