Latest news with #HarbingerSportsPartners
Yahoo
17-05-2025
- Business
- Yahoo
Mark Cuban is leaving Shark Tank — and making a $750 million return to sports
Mark Cuban is best known for turning around the fortunes of the Dallas Mavericks from worst to first, after he bought the team in 2000. After selling his majority stake in 2023 to Miriam Adelson, Cuban announced Thursday his return to a big play in the sports industry: a $750 million private equity fund looking at minority stakes in NBA, NFL and MLB franchises that may be undervalued. At the same time, Cuban confirmed that Friday's season finale of Shark Tank (SONY), the VC reality show on which he's appeared since 2011, would be his last episode. He had signaled his imminent departure back in 2023, saying he wanted to spend summers — when the show is filmed — with his kids. Cuban's new firm will be called Harbinger Sports Partners, with two men associated with the Atlanta Falcons of the NFL: Rashaun Williams, a limited partner in the team, and Steve Cannon, the recently retired vice chairman and formCEO of AMB Sports and Entertainment, the Falcons' parent company. Major-league sports franchises are worth hundreds of millions of dollars, which can make it difficult for exiting owners to find buyers. Sportico estimates there are only 500 people in the world who could afford one. Hence the move toward allowing minority interests to be sold to private equity firms. Last August, the NFL became the last major league to allow private equity firms to invest in team ownership, up to a 10% stake. The MLB did so in 2019, allowing up to 15% private equity, and the NBA did so in 2020. Harbinger intends to invest between $50 million to $150 million to acquire positions of up to 5% in 92 franchises in the three North American major leagues. There was no mention of the NHL. 'The professional sports sector is maturing into an institutional-quality asset class,' Williams said in a statement. 'Harbinger will be structured to operate within league frameworks while offering long-term capital, operational fluency, and a responsible ownership mindset.'For the latest news, Facebook, Twitter and Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-05-2025
- Business
- Yahoo
Rashaun Williams Launches $750M Sports Fund
Rashaun Williams, Harbinger Sports Partners Founder & CIO speaks with Romaine Bostick about starting a $750M fund with Mark Cuban in US pro sports. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
15-05-2025
- Business
- National Post
Mark Cuban and sports insiders to invest in major American teams
A group of professional sports team insiders, including Dallas Mavericks minority owner Mark Cuban, is launching a $750 million private equity fund designed to take small stakes in US pro sports teams. Article content Article content 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. Article content Article content 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. Article content 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. Article content 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. Article content Business Chops Article content 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. Article content 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. Article content Article content '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. Article content 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. Article content
