Investment and management company Two Oak Ventures has replaced Precourt Sports Ventures (PSV) as the owner of Austin FC and assumed responsibility for overseeing the development of the future North American Major League Soccer expansion franchise’s new stadium.

Two Oak Ventures has been created by executives from PSV, the previous investor-operator of Austin FC.

In March, PSV selected Austin Commercial as the construction manager for the team’s 20,500-seat soccer park and stadium, which is expected to open ahead of Austin FC’s MLS debut season in 2021.

Last month, the club released renderings of the $242m (£191m/€213m) development, which will be privately financed, ahead of groundbreaking in September. Gensler is the lead architect, with CAA Icon set to serve as the project manager and Two Oak representative.

Two Oak will also oversee the acquisition, design, development and construction of the club’s new $35m training facility, as well as strategic real estate developments tied to the MLS stadium at McKalla Place.

Anthony Precourt will serve as chairman and CEO of Two Oak and Austin FC. Dave Greeley, Precourt’s lead executive on the founding of Austin FC and the successful expansion franchise bid, will move into the role of president of Two Oak. Meanwhile Lori McKirnan has been appointed as chief financial officer.

“Given MLS’s growth trajectory, to be successful and compete for championships and to realise our full ambition as a soccer club, we have to be more than a soccer club,” Precourt said.

“Two Oak will help us realise that vision. Bringing in strategic, local investors will also play a key role in this evolution. We expect to announce in the near term a prominent group of local Austinites who will join Two Oak Ventures.”

Austin FC was announced as the 27th MLS franchise in January, and the franchise will become the first major league sports team in Austin.

Image credit: Austin FC