i9 Sports Corporation Sells Company to Employees
Frank Fiume, founder and chairman of i9 Sports ®, the nation’s first and largest youth sports league franchise, announced he fulfilled a life-long dream by selling his company to his employees.
“Our employees have acted like owners for a long time,” said Frank Fiume. “Now, they no longer need to act – all eligible i9 Sports Corporation employees will have a literal ownership stake in the company they are helping to build. This is about more than just compensation. It’s about rewarding the contagious sense of pride and personal ownership our employees have in the company’s success.”
Companies that are employee owned are known as ESOPs (Employee Stock Ownership Plan). An ESOP is designed as a retirement benefit for employee owners linking them to the long term success of the company. Over time, employees are granted shares in the company at no cost to them.
i9 Sports just completed a record-breaking year in 2015 and is already on pace for another record leap in 2016. “A company comprised of owners who have skin in the game on top of the momentum we already have as a business is an unbeatable combination,” said Fiume. “This is a game changer for our employees and for our company.”