Mark Cuban and sports insiders to invest in major American teams
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Cuban is joining Steve Cannon, the former chief executive officer of the company that controls the NFL's Atlanta Falcons, and Rashaun Williams, a venture capitalist and limited partner in the Falcons, to target investment opportunities in the NBA, NFL and Major League Baseball.
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The Harbinger Sports Partners Fund will focus on acquiring stakes of as much as 5%, the group said in a statement. It expects to invest $50 million to $150 million in each transaction, and use secondary offerings to exit the positions within seven to 10 years.
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Team valuations have boomed in recent years with institutional funds making more investments. In 2024, the NFL became the latest pro league to allow institutional money.
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Sports clubs are attractive because they've maintained television ratings better than other entertainment, which has boosted revenue from media rights. In a sign of how much values have climbed, the NBA's Boston Celtics sold for a record $6.1 billion earlier this year.
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Business Chops
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Williams, an early investor in firms such as Lyft Inc. and Coinbase Global Inc., said that the operational experience that Cuban and Cannon bring, along with the fund's focus on leagues with strong revenue, will set Harbinger apart from other recently launched sports private equity funds.
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Wealthy private equity investors want to invest in sports teams where they can get a high-growth asset that isn't tied to equity markets, he said.
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'My background is getting into private, illiquid companies and getting out in the secondary market,' he said, explaining how the fund expects to operate in an environment where team owners often hold onto their controlling stakes for decades.
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Cannon, who retired last year after leading Arthur M. Blank Sports and Entertainment, the owner of the Falcons and Major League Soccer's Atlanta United, said the partnership combines unique sports expertise that spans ownership, team and league operations, as well as stadium construction.
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