Special Edition: The Future of MLS Next Pro

Jason is on the road to Pawtucket, Rhode Island for a live Morning Kick Around at Centreville Bank Stadium — so rather than leave you hanging, he's crossing the streams. This episode features the full Morning Kick Around interview with Eben Novy-Williams, deputy editor at Sportico, on KKR's blockbuster investment in MLS Next Pro through the newly formed Hometown Soccer Holdings.

Jason and co-host Rob Kerr dig into what it all means for the soccer wars, lower-division soccer in America, MLS valuations, the Vancouver Whitecaps crisis, and what the World Cup might — or might not — do for the game's long-term trajectory.

TIMESTAMPS:

[0:00:28] — Welcome & road trip intro: Jason heads to Pawtucket for Morning Kick Around live at Centreville Bank Stadium, Rhode Island FC vs. Tampa Bay Rowdies, May 9th

[0:01:02] — Check out Morning Kick Around on YouTube: youtube.com/@MorningKickAround

[0:03:35] — Support the show at patreon.com/thebestsoccershow — World Cup content incoming for Besties, plus Wednesday office hours and the Bestie Slack

[0:05:00] — Interview begins: Eben Novy-Williams, deputy editor at Sportico, joins Jason and Rob Kerr

[0:05:46] — Why KKR? MLS launched Next Pro in 2022 with a minor league baseball vision — teams in non-MLS cities building a full pyramid. Four years in, most clubs treated it as a sunk cost, not a business. KKR changes that calculus.

[0:07:12] — The moat strategy: MLS wants to control the entire pro soccer pyramid in the U.S. — and this deal widens the moat against USL considerably.

[0:09:03] — KKR's timeline is likely five years. They want to build the commercial structure, prove the concept, grow the league, then find a successor. From MLS's side, this is Next Pro 2.0.

[0:11:25] — The real estate angle: soccer stadium investment in mid-sized cities is as much about surrounding land development as the sport itself — just like minor league baseball.

[0:19:33] — A quiet rule change: US Soccer dropped the required controlling ownership stake from 35% to 15%, opening the door to bigger consortiums and more institutional investment across all pro divisions.

[0:22:18] — World Cup reality check: hotel bookings are flat, the ticketing process has been a mess, and once the tournament ends, MLS loses its biggest sales pitch. What does the league look like in the rearview mirror?

[0:25:44] — Valuation tension: every MLS team is roughly in the top 50 most valuable soccer clubs globally. No pro/rel and a salary cap create cost certainty investors love — but fans see a ceiling on quality.

[0:27:00] — The two-tier ownership problem: some owners paid under a million dollars for their clubs. New owners paid $500M. Those groups see the league's future very differently.

[0:28:00] — Grant Gustafson and the Vancouver situation: Eben confirms the Gustafson family (Public Storage heirs, Kentucky thoroughbred farm) are the main Vegas-connected group in talks. Phoenix and Indianapolis also mentioned as relocation candidates.

[0:34:45] — Find Eben's work at sportico.com and on X at @Novi_Williams

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