Kevin M. Nagle

Last updated
Kevin Nagle
Born (1954-09-15) September 15, 1954 (age 69)
Moorhead, Minnesota, United States
Alma mater California State University, Long Beach
University of Southern California
UCLA Anderson School of Management
Children2

Kevin M. Nagle (born September 15, 1954) is an American businessman, investor, and philanthropist who was the co-founder and chief executive officer of EnvisionRx, a health care and pharmacy benefit management (PBM) company, from October 2001 to March 2014. He is the chairman and CEO of Sacramento Republic FC, a USL Championship club seeking to join Major League Soccer (MLS), and an investor in the Sacramento Kings of the National Basketball Association (NBA). On June 22, 2023 he acquired ownership of English football club Huddersfield Town A.F.C.

Contents

Early life and education

Nagle was born in Moorhead, Minnesota, raised by a single mother in Long Beach, California, along with his two older sisters. His family spent most of his early life in borderline poverty conditions, barely able to pay for basic living expenses. [1] Nagle’s entrepreneurial spirit became evident at the early age of six, when he started collecting golf balls at a nearby course and selling them to golfers for a profit. [2]

Nagle went on to earn a Bachelor’s in Political Science and Speech Communication from California State University, Long Beach; a Master’s in Business and Public Administration, from the University of Southern California; and an Executive Management Certificate in Medical Marketing from the UCLA Anderson School of Management.

Business career

Health care entrepreneur

Nagle began his career briefly as an investment banker with EF Hutton before discovering a passion for health care. In 1980, he joined The Upjohn Company (later acquired by Pfizer), where he would spend the next thirteen years in various management positions. In 1994, he joined Foundation Health Systems and co-founded Integrated Pharmaceutical Services (IPS). After serving in several senior leadership positions, Nagle left IPS in 1999 to co-found HMN Health Services, Inc. [3]

In 2001, Nagle became Co-Founder and Chief Executive Officer of Envision Pharmaceutical Holdings, Inc. The company is credited as the first transparent PBM and pioneered crediting drug manufacturer rebates, administrative fees and other discounts directly to payers and consumers at the point of sale. Nagle and his partners, including TPG, sold Envision to Rite Aid in 2015 for $2.3 billion. [4] In March 2014, Nagle voluntarily stepped down as CEO, staying on as Vice Chairman of the Board of Directors until the closing of the sale to Rite Aid.

Business ventures and investments

Nagle owns all or significant holdings in several real estate and financial ventures:

Kevin Nagle recent sold all his shares and investments in the King's for a whopping $8 billion.

Sports ownership

Sacramento Kings and Golden 1 Center

Nagle is a minority owner (and the largest Sacramento-based owner) of the Sacramento Kings. From 2011 – 2013, Nagle was instrumental in marshaling the Sacramento business community behind then-Sacramento Mayor Kevin Johnson’s efforts to prevent the relocation of the Kings. In May 2011, Nagle joined with Mayor Johnson to raise $10 million in corporate sponsorships in only ten days, effectively countering claims that Sacramento lacked a sufficient corporate base to continue to support an NBA team. The sponsorships helped persuade the Kings ownership and NBA to opt against relocating the team to Anaheim for the 2012-2013 season and give Sacramento more time to develop a viable plan to build a new arena for the team. [1]

In January 2013, Kings ownership announced plans to sell the Kings to an investment group led by hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer and relocate the franchise to Seattle, Washington. [9] In response, Nagle reprised his leadership role with Mayor Johnson, once again rallying corporate support for the team to stay in Sacramento. In addition, Nagle joined a new investor group led by technology entrepreneur Vivek Ranadive willing to purchase the team, develop a new arena, and keep the franchise in Sacramento. On the strength of this proposal, the NBA Board of Governors voted against relocation in May 2013. [10] The Ranadive group subsequently purchased the team for a then-record valuation of $534 million, and developed the acclaimed Golden 1 Center and Downtown Commons credited with jumpstarting the revitalization of downtown Sacramento. [11]

Sacramento Republic FC and Major League Soccer bid

Kevin Nagle in 2017 representing civic and business leaders in support of Major League Soccer expansion to Sacramento Kevin Nagle Bring It Home.jpg
Kevin Nagle in 2017 representing civic and business leaders in support of Major League Soccer expansion to Sacramento
Kevin Nagle, Matt Alvarez, Ron Burkle, MLS Commissioner Don Garber, Sacramento Mayor Darrell Steinberg and California Governor Gavin Newsom at the MLS to Sacramento press conference. MLS2SAC.jpg
Kevin Nagle, Matt Alvarez, Ron Burkle, MLS Commissioner Don Garber, Sacramento Mayor Darrell Steinberg and California Governor Gavin Newsom at the MLS to Sacramento press conference.

Nagle is Chairman and CEO of Sac Soccer & Entertainment Holdings (SSEH) the parent company of Sacramento Republic FC, a men’s professional soccer team in the United Soccer League (USL). [12]

Since 2014, Nagle has led Republic FC’s bid to join Major League Soccer (MLS), personally investing millions to acquire Republic FC, fund predevelopment of a new MLS stadium at the downtown Sacramento Railyards, and complete the formal expansion application process with MLS. During this time, Republic FC’s rabid fan base has consistently broken league records for attendance and revenues to showcase the community’s strong support for soccer. [13] In July 2017, Nagle announced plans to begin construction of the stadium in advance of an MLS award in an effort to demonstrate the maturity of SSEH’s stadium plans and depth of commitment to MLS. [14]

As a result of these efforts, Sacramento was awarded an MLS expansion team in October 2019 with Sacramento Republic FC becoming the league's 29th team and beginning play in MLS in 2022. Plans called for construction of a new, $300 million, 20,100-seat soccer stadium in the downtown Railyards District. [15] In addition to Nagle, the club's ownership group included investor Ron Burkle, an owner of the Pittsburgh Penguins, as well as the entertainment executive Matt Alvarez. [16]

On February 26, 2021, Burkle announced that he was pulling out his interests in Major League Soccer expansion club in Sacramento due to the COVID-19 pandemic. This move placed Sacramento expansion hopes in doubt. [17] Nagle and Sacramento Mayor Darrell Steinberg pledged to seek out a new lead investor and continue the city’s bid to join Major League Soccer by 2023. [18]

NRG Esports

In 2017, Nagle became an investor in NRG Esports, an esports organization founded in December 2015 by Gerard Kelly and Nagle’s fellow Kings minority owners Andy Miller and Mark Mastrov. Other investors include Jennifer Lopez, Alex Rodriguez, Shaquille O’Neal, Marshawn Lynch, and Michael Strahan. [19] The team will compete in the Overwatch League, a creation of Kotick and Activision Blizzard.

Huddersfield Town

On 29 March 2023 it was announced that Nagle was the buyer behind a takeover of English Football League Championship club Huddersfield Town. Nagle bought 100% of the shares from previous owner Dean Hoyle, and the deal was expected to be formally approved over the course of the next few months. [20] The takeover deal was fully completed on 22 June 2023.

Awards and accolades

Civic and philanthropic activities

Nagle is a Trustee at Saint Mary’s College of California and serves as Chair of the Board. Nagle also serves on the Board of Advisors for UC Davis School of Medicine and is a Founding Member of Greater Sacramento Economic Council.

He also served as a Board Member (Chairman of Finance Committee) of the St. HOPE Public Schools in Sacramento, 2011's Charter School of the Year (PS7).

Nagle supports numerous philanthropic causes, and has been instrumental in major fundraising campaigns for the St. Hope Foundation and Cristo Rey Sacramento.

As part of his support for UCP, Nagle set a new chapter fundraising record of over $480,000 from its annual dinner in May 2019 with nearly 700 attendees. [31] UCP of Sacramento and Northern California is the region’s leading provider of comprehensive services to children and adults with developmental disabilities, serving 5,730 individuals per month in an eight-county area. [32]

Personal life

He resides in El Dorado Hills, California and has two daughters, Lindsay and Haley.

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References

  1. 1 2 Wilser, Jeff (August 23, 2016). "Game Face". Comstock's magazine . Retrieved August 23, 2016.
  2. ↑ Foreman, Rich. "Sacramento Republic FC Owner Kevin Nagle Shares Business Insights". Techwire. Retrieved October 4, 2016.
  3. ↑ "Kevin Nagle - The Greater Sacramento Economic Council". The Greater Sacramento Economic Council. Retrieved 2017-10-10.
  4. ↑ Kasler, Dale (2015-02-11). "Sacramento Republic investor's pharma company is sold". The Sacramento Bee. ISSN   0890-5738 . Retrieved 2017-10-10.
  5. ↑ "Ice Blocks | Midtown Sacramento | Preserving history in a dynamic urban environment". Iceblocksmidtown.com. Retrieved 2017-10-10.
  6. ↑ "Kevin Nagle". Moneta Ventures. Retrieved 2017-10-10.
  7. ↑ "Moneta Ventures LP: Private Company Information". Bloomberg.com. Retrieved 2017-10-10.
  8. ↑ Patton, Victor (June 2, 2017). "EXCLUSIVE: Nagle to launch $100 million-plus venture capital fund". Bizjournals.com. Retrieved 2017-10-10.
  9. ↑ "Steve Ballmer-led group to buy Sacramento Kings, bring basketball back to Seattle". The Verge. Retrieved 2017-10-10.
  10. ↑ "Kings to stay in Sacramento as owners reject Seattle move". NBA. Archived from the original on November 4, 2016. Retrieved May 15, 2013.
  11. ↑ "Kings to stay in Sacramento as owners reject Seattle move". NBA.com. Archived from the original on 2016-11-04. Retrieved 2017-10-10.
  12. ↑ "Front Office & Coaching Staff". Sacrepublicfc.com. Retrieved 2017-10-10.
  13. ↑ Paterson, Bill (2015-09-09). "Republic FC breaks own USL season attendance record". The Sacramento Bee. ISSN   0890-5738 . Retrieved 2017-10-10.
  14. ↑ Lillis, Ryan (2017-07-27). "Big step in Sacramento's Major League Soccer bid". The Sacramento Bee. ISSN   0890-5738. Archived from the original on 2017-10-09. Retrieved 2017-10-10.
  15. ↑ Bogert, Tom (October 21, 2019). "Major League Soccer awards expansion team to Sacramento". Major League Soccer.
  16. ↑ "M.L.S. Adds Sacramento as League's 29th Team". The New York Times. Associated Press. 2019-10-21. ISSN   0362-4331 . Retrieved 2019-10-24.
  17. ↑ "MLS Expansion to Sacramento in Peril After Burkle Backs Out of Ownership". Si.com.
  18. ↑ [ dead link ]
  19. ↑ "Lynch, Strahan, J.Lo part of $15 million investment in NRG Esports". ESPN.com. Retrieved 2017-10-10.
  20. ↑ "CLUB STATEMENT: KEVIN M. NAGLE". Huddersfield Town AFC. 28 March 2023. Retrieved 29 March 2023.
  21. ↑ Robertson, Kathy (December 25, 2015). "Kevin Nagle shifts into overdrive". Bizjournals.com. Retrieved 2017-10-10.
  22. ↑ "2015 Alumni Hall of Fame Inductees Announced by Long Beach City College Foundation". Everything Long Beach. 2015-09-22. Retrieved 2018-11-27.
  23. ↑ "Distinguished Alumni Recognized at Annual Banquet". Web.csulb.edu. Retrieved 2018-11-27.
  24. ↑ "St. HOPE Dinner - St. HOPE". Sthope.org. Retrieved 2018-11-27.
  25. ↑ "The Royal Order of Constantine the Great and Saint Helen". Rocgsh.org. Retrieved 2019-06-17.
  26. ↑ "Jeans & Jerseys Community Impact Awards". Positivecoach.org. Retrieved 2018-11-27.
  27. ↑ FC, Sacramento Republic (2018-09-17). "Kevin Nagle Named 2019 UCP Humanitarian of the Year". Sacramento Republic FC - USL. Retrieved 2018-11-27.
  28. ↑ "CFF (916) 568-3237 | CFF Sacramento". CFF (916) 568-3237 | CFF Sacramento. Retrieved 2019-06-17.
  29. ↑ [ dead link ]
  30. ↑ "Honorary Degrees". Csus.edu.
  31. ↑ Communications, Republic FC (2019-06-06). "Kevin Nagle Leads Record-Breaking Fundraising Effort For UCP". Sacramento Republic FC - USL. Retrieved 2019-06-17.
  32. ↑ "Home - UCP of Sacramento and Northern California". UCP of Sacramento and Northern California. Retrieved 2018-11-27.
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