Previously, to invest in private companies one had to be accredited as an investor and have a minimum net worth. Now, anyone can own a part of the men's and women's soccer teams with a price as low as $100.
"Oakland Roots and Soul Sports Club is unlike anything I’ve ever seen," said Oakland native Dr. Akilah Cadet, the campaign's lead investor. "Ownership of a professional sports team, typically not accessible for most, is something our community can invest in."
The round first launched Wednesday at 9 a.m. As of 3 p.m. Wednesday, the crowdfunding has reached more than half its goal of $2 million.
Fans can be local residents or anywhere worldwide to invest.
All investors will receive equity in the team, according to the Oakland Roots and Soul Sports Clubs.
While other teams have left Oakland, such as Las Vegas Raiders and the Oakland A's appear likely to relocate, the Roots and Soul are allegedly determined to stay in the town.
The Roots have been working with the City of Oakland and the County of Alameda to bring a stadium to the Malibu lot at the Coliseum that will seat up to 10,000.
"With the future of other sports in Oakland so uncertain, the success of the Roots and Soul has been a beacon of hope for local sports fans, who now have the chance to invest in the team’s future," the club said in a statement.
"There couldn’t be a better time to bring ownership of Oakland sports to the fans," said CMO Edreece Arghandiwal. "Oakland deserves this and we want to deliver one of the more successful community investment campaigns in U.S sports."
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