(Bloomberg) -- The family office of Bill E Ford, the chief executive officer of private equity firm General Atlantic, has emerged as a significant minority shareholder in York City FC, a 102-year-old English football team.
Ford’s family office bought a 24% shareholding in the club earlier this year, according to people familiar with the matter. York City announced “a new strategic partner” in June but didn’t identify them.
The investment is driven by Ford’s sons — Billy and Tim — one of the people said, asking not to be identified discussing confidential information. York City said in its June statement that the new member of its ownership group would operate as a silent partner.
A spokesman for General Atlantic and Ford declined to comment. A representative for York City said they couldn’t speak about the club’s shareholders.
York City is majority owned by the wife and son of Lance Uggla, who is vice chair of General Atlantic and founded IHS Markit, the data firm that merged with S&P Global in 2022. The Ugglas secured a majority shareholding in York City in June 2023, with the rest of the equity then owned by the York City Supporters’ Trust.
Ford joined General Atlantic in 1991, and became CEO in 2007. The private equity outfit is best known for successful investments in tech firms including Facebook and Uber Technologies Inc., and has identified climate investing as one of its core businesses. In 2022, General Atlantic hired Uggla as CEO of BeyondNetZero, its climate growth equity venture.
The investment from Ford’s family office represents yet another foray by an American group into the lower leagues of English football, following bets on teams including Carlisle United FC, Birmingham City FC, Lincoln City FC and Swansea City AFC. Among the most notable deals was the acquisition of Wrexham AFC by Hollywood stars Ryan Reynolds and Rob McElhenney.
York City competes in the National League, the fifth level of the English football league system, and is enjoying a positive start to the current season — standing in second place in the division with home crowds averaging 5,000.
Like many small teams, York City has had its financial problems and in 2002 went into administration, a form of financial distress. York City made a loss of £125,556 ($167,993) on revenue of £3.85 million in its financial year through June 2023, according to the latest accounts filed with Companies House.
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