Legendary US rock star Iggy Pop has become a minor investor in United States lower-league soccer club Detroit City FC.
The Michigan native has also lent his voice to a marketing campaign as Detroit City looks to sell a 10-per-cent stake in the club to its fans in an effort to raise $1.2m.
Detroit City, which has both men’s and women’s teams, is selling limited equity units starting from $125. Due to the global Covid-19 pandemic, the club has not been able to admit fans to its games this year, a key revenue source.
Proceeds from the fundraising, which will come via crowdfunding investment site WeFunder, will primarily be used for improvements to Keyworth Stadium, increased front office staff, and reserve funds for continued coronavirus-related costs.
As well as helping the club financially, community investors will also be given the opportunity to shape the culture of the club by proposing and voting on issues such as annual charity partners, honouring players, and certain club and stadium policies, as well as having regular calls and meetings with the team’s front office.
Detroit City co-owner and chief executive Sean Mann said in a statement: “Detroit City FC has grown over the past decade from a grassroots effort to bring together neighbors through the beautiful game to Detroit’s first professional soccer team in generations. None of the club’s success would have been possible without the support of the community that surrounds the club and that has constantly lifted it to new heights.
“As the club navigates through the current pandemic and economic crisis, and positions itself for success and continued growth for years to come, it only made sense for us to turn to our fans to shape our future. Our fans who have given so much to the club have a justified sense of ownership in its success, and now they have the opportunity to have a legal ownership stake in the organization,” Mann added.
Detroit City is following the lead of fellow National Independent Soccer Association club Chattanooga FC, which also offered minor stakes in the club to fans to raise funds.
The size of Pop’s investment has not been disclosed.