Triangle Professional Sports LLC, the soccer team’s parent company, announced today that Lulu.com and former Red Hat Inc. CEO Bob Young has joined its ownership group.

Young is the founder and CEO of Lulu.com, a self-publishing web-based company headquartered in Morrisville.

Before founding Lulu.com, Young co-founded Red Hat in 1993, where he served on the board of directors with Selby Wellman who, with son Brian, holds the majority stake in Triangle Professional Sports and the RailHawks.

This is not the first foray into professional sports for Young. In 2003 he acquired the Canadian Football League’s Hamilton Tiger-Cats and currently serves as the League’s vice-chairman.

The announcement followed a press release from the team Wednesday that it had bought out partner and founder Chris Economides and cut ties with coach Scott Schweitzer.

Economides was instrumental in bringing the Carolina RailHawks franchise to the Triangle and built the foundation for professional soccer in the area.

Economides moved to the area in 2006 from Rochester, N.Y. where he had been instrumental in the success of the United Soccer League Division 1 Rochester Rhinos.

Schweitzer, a former N.C. State All-American and United Soccer Leagues’ all-star defender, finished his two-year RailHawks stint with a 24-24-24 record.

Schweitzer, who was hired by Economides, led the RailHawks to the semifinals of the 2007 U.S. Open Cup and a spot in the 2007 United Soccer Leagues Division I playoffs.

The RailHawks did not qualify for the 2008 playoffs and lost in the fourth round of the 2008 U.S. Open Cup.