Orlando City owner Flavio Augusto da Silva has sold a minority ownership stake in the organization to Albert Friedberg from the FCMI group of companies, Da Silva has told ESPN FC.
Friedberg has acquired an 8.63 percent stake in the cluband, based on the organization's enterprise value of $490.53 million, it amounts to an investment of $42.33 million.
Da Silva will continue as the majority partner and chairman of Orlando City, and retains a majority stake in the club amounting to 78.96 percent. Other minority partners own the remaining 12.41 percent.
"We've been working the last four years building everything in the club," Da Silva told ESPN FC. "We had the capital to do that. Everything is done, and financially we're in good shape.
"Now is the time to [expand] our ownership and bring more people to the projects we have in the future. Albert is a smart and experienced guy, not only with the money he's putting into the club but also his knowledge and experience in business. It's always good for us strengthen our ownership."
Since joining MLS in 2015, Orlando City has built its own privately-funded stadium and acquired a franchise in the National Women's Soccer League, the Orlando Pride.
"It's very important money for us because we are organizing our financials," Da Silva said. "We have just built the stadium, but we also have some financing that we need to restructure."
Asked whether future projects included the proposed training facility in the Lake Nona area of Orlando, Da Silva said, "For the Lake Nona facility, we have some different financial structuring in line.
"We're working on that. We are just looking forward to finish this process to start building it."
Friedberg is founder and president of Friedberg Mercantile Group Ltd., a Toronto-based investment firm. He is the principal strategist of the firm and is the sole manager of two mutual funds that bear his name.
In addition, he serves as chairman and president of the FCMI group of companies, his family holding entities, which are involved in a wide range of investments that include real estate, mining and forestry operations. He was a minority shareholder in Scottish champions Celtic from 1994 to 1999.
Friedberg said in a prepared statement: "I am delighted to be part of Orlando City SC, one of the best managed and financially solid teams of the MLS.
"And I am extremely gratified to have partnered with Flavio, whose vision and integrity are legendary, and with his very competent team. Under their able direction, Orlando City SC will be certain to share in the explosive growth that I see ahead for soccer in the US."
Da Silva said the process to bring Friedberg on board took 10 months, and that it had been Friedberg who approached Orlando City.
"Friedberg is a professional investor," he said. "He's been taking a look in MLS and many clubs. He chose us, and in the moment we met him we saw that we had not only a guy who can invest money in the club, but also a guy who can help us on a daily basis and the projects we have in the future."
Born in Lyon, France, in 1946, Friedberg was raised in Uruguay. He earned his B.Sc. (Business) at John Hopkins University, an M.B.A. (International Banking) at Columbia University and a Ph.D., (Department of Near and Middle Eastern Civilizations) at the University of Toronto.