Colorado Rush

Overview

Colorado Rush is a competitive youth soccer club based in Littleton, Colorado (Denver metro), formed in 1997 through a merger of Club Columbine and Lakewood United Soccer Club. Legal entity: Columbine Lakewood Colorado Soccer Association (EIN: 84-1411827). The club services 5,000+ youth players annually across multiple Front Range locations.

Critical update (March 2026): Colorado Rush has completed a nonprofit-to-for-profit conversion. Management agreement, operating agreement, and asset purchase agreement are in place. The club is running at ~15% EBITDA margins and is raising a ~$15M convertible note.

Financials

Most recent nonprofit filing (FY2024, pre-conversion):

Metric	FY2024 (990 filing)
Total Revenue	$4,026,356
Total Expenses	$3,328,345
Net Income	$698,011
Net Assets	$1,280,382

Post-conversion update (March 2026):

• ~15% EBITDA margin achieved
• ~$15M convertible note raised, multiple funding sources agreed to terms
• New kit deal secured (described as lucrative)
• Growth capital uses: back office support, key staff, commercial team expansion (head of marketing, head of sales), jersey/tournament sponsorship sales, facility planning, salary increases

Financial Assessment: Revenue of $4M with 15% EBITDA (~$600K) is strong for a youth soccer club. The for-profit conversion and $15M raise signal serious ambitions beyond typical club operations. (HIGH confidence)

Teams & Players

• 5,000+ youth players annually
• 11 USYS National Championships
• 1 ECNL National Championship
• 1 US Club Championship
• Multi-location: Denver, Aurora, Lakewood, Littleton, Pueblo, Colorado Springs, Evergreen

League Affiliations

• ecnl — Girls (ECNL, ranked 17th nationally in SoccerWire Top 100 Girls Clubs)
• ECNL-RL — Boys and Girls
• girls-academy — Competitive pathway
• DPL — Through Rush Soccer network
• Pre-ECNL — U11/U12 boys and girls (starting Fall 2026)
• Considering leaving Rush National affiliation

Facilities

Multi-location operations across the Front Range. Facility planning is identified as a growth capital use in the convertible note raise. Specific facility ownership details not confirmed.

Leadership

• john-carroll — Leadership (email: jcarroll@coloradorush.com). Key decision-maker. Open to dialogue but guarded. Skeptical of PE/platform value propositions. Confident in 20+ years of internal leadership experience.
• Gennaro (Austin Sports Ventures) — Advisor/facilitator alongside Carroll

Competitive Position

Colorado Rush is the #2 club in Colorado behind Real Colorado, but is the most operationally sophisticated in terms of business structure:

Strengths:

• Already for-profit — eliminates conversion friction for acquisition
• 15% EBITDA margins — proven profitability
• 5,000+ players, 7 locations — significant scale
• 11 national championships — strong competitive brand
• $15M convertible raise signals institutional backing
• Multi-market presence across the Front Range

Weaknesses:

• Actively raising capital — may not need or want a platform partner
• Leadership skeptical of PE/platform models (documented)
• Philosophical misalignment: Rush focused on constituent experience vs. financial optimization
• $1.3M net assets (pre-conversion) — relatively thin
• Considering leaving Rush National — brand transition risk

Strategic Notes

Colorado Rush’s for-profit conversion is a notable case study in club restructuring. At $4M revenue and ~15% EBITDA margins, the club has reached a scale and financial profile that supports institutional capital — as evidenced by the ~$15M convertible note raise.

Key observations from public-facing posture and leadership statements (March 2026):

• Club leadership views Rush as already successful and self-sufficient; skeptical of external platform value propositions.
• Philosophical orientation: mission-driven constituent experience rather than financial optimization. This position is likely shared by other established clubs that have built strong local brands over 20+ years.
• Rush is actively discussing partnership structures with other clubs, suggesting the possibility of forming its own multi-club network rather than joining an external platform.
• The club’s skepticism of platform consolidation is an important data point for understanding where operator resistance is concentrated in the Colorado market.

Rush’s for-profit conversion demonstrates that the nonprofit-to-for-profit transition is viable for established clubs — relevant context for the broader Colorado competitive landscape.

Open Questions

• What is the status of the $15M convertible note? Who are the investors?
• Has Rush formally left the Rush National affiliation?
• What clubs is Rush talking to about joining their structure?
• Is there a follow-up opportunity for Trevor to present a specific structure proposal?
• What does the for-profit entity structure look like? Management company + club assets?