The Kansas City Chiefs are a professional American football team based in Kansas City, Missouri. The Chiefs compete in the National Football League (NFL) as a member club of the league's American Football Conference (AFC) West division. The team was founded in 1960 as the Dallas Texans by businessman Lamar Hunt and was a charter member of the American Football League (AFL). In 1963, the team relocated to Kansas City and assumed their current name. The Chiefs joined the NFL as a result of the merger in 1970. The team is valued at over $2 billion. Hunt's son, Clark, serves as chairman and CEO. While Hunt's ownership stakes passed collectively to his widow and children after his death in 2006, Clark represents the Chiefs at all league meetings and has ultimate authority on personnel changes.