Roots, Soul quickly pass $1M in funding
The Oakland Roots and Soul soccer clubs surpassed $1 million on the first day of a community-investment campaign that allows fans to purchase ownership stakes.
The organization reached the halfway mark of its $2 million goal after just six hours Wednesday, and it stood at $1.64 million Friday afternoon. Investors will receive an official stake in ownership in the club, regardless of amount. Fans can invest anywhere from $100 to $25,000 or more as options on the “Wefunder” crowd-funding platform.
The organization lists a total valuation of $78 million for the Roots of the USL Championship and the Soul of the USL W League, with $3.8 million in revenue for 2022.
The campaign will last “three or four weeks,” according to the organization.
Each level of investment comes with different perks, such as early merchandise access or a “behind-thescenes experience.” People who invest more than $1,000 will have their names added to an art installation at the club’s future home stadium.
The $2 million goal will support the 510 men’s pipeline program and other initiatives. The Soul have announced their intention to move up a level to the upcoming USL Super League, which would require player salaries. The Soul currently operate as a “pre-professional” team with primarily college players.
Anyone who invests in the current round of fundraising will receive a portion of the club’s Class C ownership shares — shortterm investment shares that do not hold voting power — based on the amount invested. All investors also will get an annual report that includes detailed financial statements from the organization and can participate in an annual survey that gets shared with the board.
The Soul and Roots have been working with the city of Oakland and Alameda County to create a temporary 10,000-seat stadium that would be their 10-year home at 8000 South Coliseum Way, known as the “Malibu lot.” The City Council will vote Tuesday on whether to allow Oakland to negotiate with the Soul and Roots exclusively.
The Roots will play their second consecutive season at Hayward’s Cal State East Bay in 2024. The Soul’s home is yet to be announced. They spent most of 2023 at Merritt College.