Published on: May 2, 2026, 05:24h.

Updated on: May 2, 2026, 05:24h.

• A billionaire submits a formal proposal to MLS, representing an investment group aimed at acquiring the team and relocating it to Las Vegas
• The Whitecaps have been on the market since 2024, citing financial hurdles of operating in Vancouver
• MLS has released a statement reaffirming its commitment to maintaining the team in Vancouver

A billionaire has come forward with a formal proposal to Major League Soccer (MLS), representing an investor group intent on purchasing the Vancouver Whitecaps and relocating the franchise to Las Vegas.

Is Las Vegas Next?

Grant Gustavson, the son of billionaire Tamara Gustavson—one of North America’s wealthiest women—has emerged as a key figure. A representative for Gustavson and the investor group verified the news to CBC News, a report initially covered by The Athletic.

The group’s spokesperson informed CBC that they are financing the venture privately but did not disclose the specifics of their proposal. However, they confirmed the intent to relocate the team to Las Vegas and stated they have no ties to the recently proposed arena projects in the city.

On the field, the Whitecaps have had notable success; they competed in the MLS Cup last December, losing to Lionel Messi’s Inter Miami CF. This season, the Whitecaps rank second in the MLS Western Conference with an 8-0-1 record.

Nevertheless, team executives and MLS CEO Don Garber have discussed the economic difficulties of running the franchise in Vancouver. The current owners, which include former NBA star Steve Nash, placed the team on the market in 2024.

Lease Challenges

The financial difficulties are largely related to the team’s lease at BC Place. The lease limits matchday revenue opportunities and restricts scheduling flexibility. BC Place, not specifically designed for soccer, is province-owned. MLS owners have convened to address the Whitecaps’ situation, with Garber indicating that matters are at a critical juncture.

Reports suggest that MLS is considering all alternatives, including retaining the team in Vancouver, while preferring a solution that enables the Whitecaps to thrive locally. However, The Athletic also indicated that the league is exploring a potential move for the franchise, with Las Vegas being a primary candidate.

According to Sportico, the Whitecaps are valued at $450 million, ranking 28th out of 29 teams in the league. Additionally, a $500 million franchise fee was paid in May 2023 for MLS’s 30th team in San Diego.

Business Struggles

The Whitecaps’ owners have reportedly struggled to find a buyer to keep the franchise in Vancouver. Local supporters have voiced their wish to retain the team in the city, notably through a “Save the Caps” campaign at BC Place.

On April 27, the Whitecaps released a statement:

We acknowledge the current reports. The club has faced well-documented challenges regarding stadium economics, venue access, and revenue limits that have hindered efforts to secure buyers committed to keeping the team in Vancouver. Over the last 16 months, we’ve engaged with more than 100 parties, yet no viable offers have been presented to keep the club here.

“Our ownership group remains strongly inclined to discover a solution in Vancouver. If there exists a local ownership group with the vision and resources to drive this forward, we encourage them to step forward.”

Vancouver’s MLB Aspirations

The Whitecaps’ situation arises amid a pivotal moment for Vancouver sports fans. The city is set to host seven FIFA World Cup matches this summer.

Additionally, it has been reported that Vancouver’s Mayor Ken Sim is spearheading an initiative to secure a Major League Baseball franchise for the city. The Vancouver city council has approved a strategy to identify and evaluate potential owners for an MLB expansion franchise. Sources indicate that multiple parties are interested in bringing a team to Vancouver.

By August, the city is expected to select its preferred candidate, leading to further discussions with MLB about a potential franchise. Plans for stadium designs are already in progress with one of the investor groups, according to Sportsnet.