In a groundbreaking move, Major League Soccer (MLS) franchise LAFC has taken over the storied Swiss club, Grasshopper, by purchasing a majority stake from its Chinese owner, Jenny Wang. The announcement, made during a press conference in Zurich, marks the latest addition of an American-backed club to European soccer. This acquisition, however, brings together two contrasting timelines – the establishment of Grasshopper in 1886 and the relatively recent creation of LAFC in 2014.
The acquisition of Grasshopper by LAFC signifies a momentous milestone for both clubs. Larry Freedman, co-president of LAFC, expressed their honor and humility to be a part of this acquisition, emphasizing their desire to integrate into the community. Alongside Freedman, Stacy Johns, another executive from LAFC, will join Grasshopper’s board, further solidifying the collaboration between the two entities. Johns, previously associated with the Indianapolis Colts, will assume the role of interim president for Grasshopper. Although the financial details of the transaction were not disclosed, the acquisition highlights Grasshopper’s decline from its former glory. Once a 27-time Swiss champion, the club’s last league title was secured in 2003, and its relegation to the second tier occurred just three years ago.
LAFC’s acquisition of Grasshopper is part of a wider strategy to invest in European soccer. As the reigning 2022 MLS Cup champions, LAFC has already established business ventures with prominent European clubs, including Bayern Munich, and owns Wacker Innsbruck, an Austrian club. Additionally, LAFC has ventured into South America, having acquired a club in Uruguay, and has set up a youth academy in Gambia. These international endeavors exemplify LAFC’s commitment to global football and their aspiration to establish a strong presence on multiple continents.
Bidding Farewell to Old Ties
The acquisition by LAFC effectively ends Grasshopper’s affiliation with Premier League club Wolverhampton Wanderers, owned by Jenny Wang’s billionaire husband, Guo Guangchang. The partnership with Wolverhampton saw limited success, prompting the Premier League club to send one of its officials, former Everton defender Matt Jackson, to serve as Grasshopper’s president and prepare the club for an impending sale. With the acquisition by LAFC, Grasshopper now has the opportunity to forge new alliances and chart its own path forward.
Currently occupying the eighth position in the 12-team Swiss top division, Grasshopper faces both on-field and off-field challenges. The club shares the Letzigrund arena with its city rival, Zurich, and does not own the stadium. Moreover, the much-anticipated construction of a new stadium, which has been in the planning phase for nearly two decades, has encountered numerous obstacles. Grasshopper’s primary objective is to reclaim its former home, the Hardturm stadium, where it had previously played until 2007.
The purchase of a majority stake in Grasshopper by LAFC signifies the beginning of an exhilarating new chapter for both clubs. This partnership between an established Swiss institution and an ambitious American franchise offers immense potential for growth, development, and collaboration. Under the stewardship of LAFC, Grasshopper has the opportunity to revitalize its fortunes and propel itself back into contention among Switzerland’s elite football teams. As the global football landscape evolves, this acquisition serves as a testament to the increasing interconnectedness and globalization of the sport.