AUSTIN (KXAN) — Austin FC will be owned and operated by a new firm with the same leadership structure.

Two Oak Ventures, LLC is the new ownership group operating Austin FC and the Major League Soccer park and stadium at McKalla Place in northwest Austin, the franchise announced Wednesday.

Two Oak Ventures formally replaces Precourt Sports Ventures. Anthony Precourt will serve as Chairman and CEO of the new firm, performing the same roles for Austin FC.

Dave Greeley, the lead executive with Precourt, moves into the role of President of Two Oak and will oversee all aspects of the firm in conjunction with Precourt.

Two Oak Ventures primary logo Photo: The Butler Bros/Austin FC

“As Austin FC’s new parent company, Two Oak Ventures’ principal focus is building a vibrant MLS club that unites and instills pride in the City of Austin, and this proven executive team will continue to be critical to our success,” Precourt said.

Precourt added that the firm will bring in strategic, local investors and expects to announce a prominent group of local Austinites will join Two Oak Ventures soon.

The name Two Oak is inspired by Austin FC signage and symbols which displays two oak trees.

Two Oak Ventures is currently focused on launching Austin FC’s first competitive season in 2021. The firm will also design and oversee the construction of the MLS stadium at McKalla Place along with a $35 million training facility for Austin FC.