FirstTracks Sports Ventures, managed by Jon-Erik Borgen and part of the ownership group behind NWSL expansion side Denver Summit, has completed its investment in Austin FC at an enterprise value of $912 million. The investment closed earlier this month as part of a broader ownership restructuring that brought multiple new backers to the MLS club.

The Borgen family joins investors Jenny Just and Matt Hulsizer, co-founders of PEAK6 Investments; billionaire Nvidia board member Tench Coxe; Magnetar Capital managing partner Dave Snyderman; and Tanuj Gulati, co-founder and former CTO of Securonix. All seven of Austin FC's prior backers remain owners in some capacity, according to Sportico.

Anthony Precourt remains the club's majority shareholder and primary governor. Hulsizer serves as the team's alternate governor following the ownership changes announced in July.

Multiple sources familiar with the matter confirmed the $912 million enterprise value, which includes team equity plus debt. The specific breakdown of equity sold and to whom remains unclear as the details are private.

A club representative confirmed the FirstTracks Sports investment but declined to comment on terms. The investment group includes Jon-Erik Borgen's siblings Kaia and Randi Borgen through the Borgen Investment Group.

The $912 million enterprise value exceeds Sportico's $865 million control stake valuation for Austin FC, ranking sixth in MLS. The club generated an estimated $96 million in revenue during 2024, fifth-highest in the league.

Austin FC has sold out 87 consecutive home games, the longest active sellout streak in MLS. The Texas capital's population has grown approximately 40% over the last 25 years, making it an attractive market as the city's only major professional sports franchise.

FirstTracks invested in Two Oaks Ventures, which owns the MLS team and operates its academy, MLS Next Pro affiliate and Q2 Stadium. The $260 million venue opened in 2021 and is owned by the city of Austin.

Austin FC finished the regular season 13-13-8 in sixth place in the Western Conference and faces LAFC in the first round of the playoffs starting October 29.