Major League Soccer and KKR (NYSE: KKR) announced a strategic investment to accelerate growth of MLS NEXT Pro through a newly formed platform called Hometown Soccer Holdings.

The partnership will focus on stadium development in new communities, creating club brands for MLS-affiliated teams, and enhancing fan experiences. HSH will serve as the commercial engine for MLS NEXT Pro, supporting expansion into new markets and developing soccer-specific infrastructure.

Tom Glick will serve as CEO of HSH, with Chris Klein as president. Glick previously held executive roles at Manchester City FC and New York City FC, while Klein played 13 seasons in MLS and served as president of the LA Galaxy for 12 years.

"Having KKR as a strategic partner is a significant step forward for MLS NEXT Pro and will strengthen player development across the U.S. and Canada," said MLS Commissioner Don Garber.

MLS NEXT Pro launched in 2022 and currently consists of 30 clubs, including 27 MLS affiliates and three independent teams. The league reports that 255 players who competed in MLS NEXT Pro have signed first team contracts in MLS. Four additional independent teams will begin play in 2027.

KKR is making the investment through its Ascendant Fund as part of its Americas Private Equity platform. The firm has committed nearly $9 billion to sports investments since 2010, according to the press release.

HSH plans to pursue development of new soccer stadiums designed to serve as community anchors for professional soccer. The partnership will work with municipalities, civic leaders, and community stakeholders on these projects.

Ted Oberwager, a partner leading KKR's gaming, entertainment, media and sports verticals, said the firm sees opportunities to help clubs expand into new communities through a more scalable operating model.