MacFarlane sells stake
By: Craig Stouffer
Examiner Staff Writer
May 22, 2009
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| Victor MacFarlane, right, sold his interest in D.C. United’s operating rights on Thursday to co-managing partner Will Chang. (Getty Images) |
Developer out as United co-managing partner
Less than two months after D.C. United's second failed attempt in less than a year to secure a partnership with a local jurisdiction to build a new stadium, co-managing partner Victor MacFarlane sold his interest in the franchise's operating rights on Thursday to co-managing partner William "Will" H.C. Chang, who now assumes sole control of the team.
"It has been an exciting and challenging last few years for D.C. United," said MacFarlane in a statement.
Since partnering with Chang to purchase United's operating rights in January 2007 for a reported $33 million, MacFarlane, a prominent African-American real estate investor, had spent much of his time leading United's pursuit of a stadium deal. But a potential project at Poplar Point in the District fell through last year and another collapsed with Prince George's County last month.
"I'm sorry that my good friend, Victor, has to focus on his business -- so he decided the best thing for him at this point in his life is to reduce his financial involvement," said Chang, chairman of the global investment firm Westlake International Group and one of the owners of Major League Baseball's San Francisco Giants. "But he continues to be fan."
Chang said he faces a learning curve when it comes to the pursuit of a stadium -- in contrast to MacFarlane's dominant personal stature in the real estate and African-American business communities, Chang wants to de-personalize the process -- but that little else about United's front office will be different.
"Will Chang is going to be out there in Lot 8 sharing a beer with the fans," said Chang. "I'm the same guy who's going to be out there in the stands beating the drum, cheering for our team. Nothing's going to change."
