Former Best Buy exec named new CEO of Minnesota United

During her 26 years with Richfield-based retailer Best Buy Co., Shari Ballard held leadership roles inside the company's stores, human resources, legal and international operations.

Now, she's planning to bring those skills and experiences learned at the multibillion-dollar company into the professional sports world as the next chief executive of the Minnesota United FC Major League Soccer team.

The franchise, which is playing its fifth season in the MLS, announced Ballard as its next CEO at an event Tuesday inside the team's 19,400-seat, $250 million home stadium in St. Paul.

Chris Wright, the team's current CEO, is stepping down at the conclusion of the season.

Ballard said she was drawn to the organization's values, winning atmosphere and its commitment to diversity and youth sports. She said she'll spend the next several weeks meeting staff and team personnel, as well as learning about the organization's sponsorship and brand partnership revenue models and opportunities.

"We're going to do our best," Ballard said. "I'm going to do my best and the team is going to do their best. You'll get everything I've got in terms of trying to honor what's been built here, and then just keep taking it to newer and newer levels. But what's been built here is utterly remarkable."

At Best Buy, Ballard learned how to build a brand around a product or service that serves a need for people. With the Loons, she sees the same opportunity.

The Loons had a total attendance of 335,291 fans at Allianz Field in 2019, the year the stadium first opened, which meant on average it was over capacity for each home game. The new stadium helped Minnesota United grow its corporate partnership base to over 70 companies.

Among its awards, ESPN gave Allianz Field its 2019 Best MLS Stadium Experience Award, and the stadium was named Best New Venue by SportsTravel. Ballard is also looking into growing and engaging a fan base beyond what happens inside the stadium on game day.

That includes creating more digital content, she said.

"The stories around sports — of the players, of people in it — the content around that is of interest to people too, beyond the competition on game day," she said. "These are all things we'll talk about and learn."

Minnesota United is currently valued at $520 million, making it the 15th most valuable franchise in Major League Soccer, according to sports data firm Sportico. The team's revenue dropped 61% to $16 million in 2020 due to the COVID-19 pandemic, Sportico reported, compared with $41 million in revenue in 2019.

Ballard retired from Best Buy in 2019. Her last position with the company was president of multichannel retail, which made her responsible for the company's U.S. stores, e-commerce, Best Buy Mexico and the company's real estate strategy.