The Oakland Roots soccer club on Wednesday launched its community investment opportunity for anyone interested in buying in.
Since the launch at 9 a.m., more than 1,200 investors from all over the world have raised over $1 million. The goal is $2 million.
"We sat here literally watching in real time hundreds and hundreds of people joining the ownership group," said Mike Geddes, co-founder of the Roots and the Soul, the women’s club team. "That just shows that people believe in what we are trying to do. They believe that Oakland deserves pro sports."
Geddes said they are keeping in line with their slogan of “Oakland first, always,” allowing the community to become owners of the team.
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Ownership starts at $100, with levels going up to $25,000. Shares are based on the amount invested.
With every dollar, the organization says its priority is transparency.
"We already operate at a level of transparency that is pretty unprecedented in American sports, but this is taking it to a much deeper level where we will be providing financial reports to the investors," Lindsay Barenz said.
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Lead investor Akilah Cadet said the team's commitment to community is what prompted her to use her own money to push their mission forward.
"We're in a place in Oakland where we are still losing teams, have lost teams," she said. "We are heartbroken. We are recovering. But what we are is really dedicated fans, and it's really important that Oakland has teams that allow them to have that experience."
As their proposal to secure a new 10,000-seat stadium near the Oakland Coliseum heads to the city council next week, Geddes said investments will help support and accelerate the organization's growth and community impact.
"To get to where we are trying to get to, which is bringing men's and women's pro soccer in our own stadium in Oakland, it requires a lot," he said.
The Roots plan to keep the community investment open until they reach $5 million, which is the maximum money allowed to be raised.
