How These Arizona Retirees Stuck It Rich — Pension Gurus, Pro Sports Teams & More
Written by
Cameron Diiorio
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The cutthroat world of European soccer leagues may seem far removed from the life of pensioners in Arizona — but not too far removed.
Mark Steed, chief investment officer of the Public Safety Personnel Retirement System, or PSPRS, took a risk when his fund invested in the Ipswich Town soccer team.
Ipswich Town was a losing second-tier team, barely able to make ends meet and losing fans by the game. Steed took a gamble, and the payoff was huge.
Mark Steed and the PSPRS
Made up of retired police officers and firefighters in Arizona, the PSPRS is an unlikely candidate for the purchase of a soccer team. Even more unlikely was the success that followed after purchasing Ipswich Town.
It was Steed himself who decided on Ipswich. Steed, starting at the PSPRS as an intern in 2007, steadily worked his way up the ladder to a leadership role.
He had been on the search for undervalued assets, and was finding no luck in the saturated American sports market. So, he turned to a small town in England.
“Under Steed’s leadership of the investment team, the PSPRS trust has grown to more than $20 billion from less than $10 billion,” said the Public Safety Personnel Retirement System on their website. “Investment income and additional employer contributions helped plan assets grow at a faster rate than any large U.S. pension in 2022 and 2021.”
Ipswich Town
“By all rights, the erratic, cutthroat world of English soccer shouldn’t make for safe investing — just ask any of the dozens of billionaires who have set hundreds of millions of dollars on fire trying to keep their teams,” said The Wall Street Journal in an article.
Ipswich Town’s soccer team was no different. But since Steed’s investment, Ipswich has seen steady growth — and success.
Now, Ipswich Town is one winning season away from being promoted to the prestigious Premier League, the apex of English soccer.
This success is all thanks to Mark Steed and the pensioners from Arizona, who saw the potential in an undervalued team and took the risk that catapulted them to soccer stardom.
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