Report: Sporting KC stake sold at $700M valuation

(Photo credit: Jay Biggerstaff-Imagn Images)

Wealth advisor Peter Mallouk finalized his purchase of a majority stake in Sporting Kansas City at a valuation of $700 million, ESPN reported.

Previously a minority shareholder, Mallouk's ownership stake will increase to 80% as a result of the sale, according to the report on Monday.

Sporting KC confirmed Mallouk's investment to the Kansas City Star and sai