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Associated Press
17-05-2025
- Business
- Associated Press
Steve Cannon, Mark Cuban and Rashaun Williams Announce Plans to Launch Harbinger Sports Partners, a $750 Million Fund That Will Focus on Major U.S. Sports Franchises
Atlanta, GA May 16, 2025 --( )-- Management of the Harbinger Sports Partners Fund I, LP, a $750 million private equity vehicle, officially announced plans to launch today with a differentiated model built around direct operational experience, secondary market expertise, and a data-driven approach to identifying undervalued sports assets. As private equity capital increasingly flows into U.S. sports franchises, a new entrant is redefining how institutional investors participate in the space. The fund is expected to launch in May 2025. The fund will be dedicated to acquiring minority stakes in professional sports franchises across all major leagues, targeting a select group of U.S.-based teams with durable economics and long-term growth potential. The firm is led by a group of experienced operators and investors with deep ties to league offices and team ownership: Rashaun Williams, Founder and Managing Partner, a veteran venture investor and Limited Partner of the Atlanta Falcons. Steve Cannon, Co-Founder and Managing Partner, former CEO and Vice Chairman of AMB Sports and Entertainment (Atlanta Falcons, Atlanta United FC), and former CEO of Mercedes-Benz North America. Mark Cuban, General Partner, longtime NBA owner of the Dallas Mavericks and investor, brings league-level perspective and operational experience. Harbinger's strategy will center on acquiring 1–5% minority positions in a defined universe of 92 franchises, with deal sizes expected to range from $50–$150 million. The fund will be structured to provide institutional access to a historically illiquid and restricted asset class, at a moment of shifting league policies and rising investor interest. The announced launch of Harbinger coincides with recent changes to league ownership rules, in North American professional sports leagues, which have opened the door for private capital to participate in sports ownership in a more scalable and transparent manner. 'The professional sports sector is maturing into an institutional-quality asset class,' said Rashaun Williams, Founder and Managing Partner. 'Harbinger will be structured to operate within league frameworks while offering long-term capital, operational fluency, and a responsible ownership mindset.' 'Harbinger's unique sports expertise spans ownership, team and league operations, and stadium construction. Our goal is to add insight and value to all our sports investments,' said Steve Cannon, Co-Founder and Managing Partner. In addition to sourcing and underwriting deals, Harbinger will bring secondary market experience, liquidity planning and value-added capital to team partners. The firm plans to develop secondary transaction infrastructure to create flexibility for LPs and is actively collaborating with trusted counterparties to ensure compliant execution. About Harbinger Sports Partners: Harbinger Sports Partners Fund I, LP is expected to be a private equity fund that will focus on minority investments in major U.S. professional sports franchises. Led by a team of operators and investors with direct experience managing franchises and working within league frameworks, Harbinger combines institutional rigor with domain-specific expertise to unlock long-term value. Disclaimer: Investing involves the risk of loss of capital. The information provided in this press release is for illustrative purposes only and there can be no assurance that the investment opportunities the fund intends to pursue will be available or prove successful. Nor can there be any assurance that the fund will launch on the anticipated time frame, size, or terms described herein. Investors should carefully evaluate the information in fund offering documents before making a decision to invest. Media Inquiries: [email protected] Capital Formation Inquiries - Investor Relations: [email protected] Harbinger Sports Partners Fund I – FAQ 1. What is Harbinger's investment focus? The second generation of sports team investors, the Harbinger Sports Fund will target 1–5% minority stakes in professional franchises across the U.S. Major Leagues. The investment universe includes 92 eligible teams, selected based on ownership openness, long-term revenue contracts, and projected appreciation. As more leagues become profitable it is expected that they will become eligible for investments from Harbinger Sports Fund. 2. Why minority stakes, and why now? Recent rule changes from major U.S. leagues have made it possible for institutional capital to participate in minority ownership. We believe minority stakes offer predictable exposure to a durable asset class with historically low volatility, strong brand affinity, and long-term capital gains potential. 3. Who are the General Partners? Harbinger is led by: Rashaun Williams – Veteran investor, Limited Partner of the Atlanta Falcons, venture capitalist with 180+ investments and 50+ exits. Steve Cannon – Former CEO and Vice Chairman of AMBSE (Atlanta Falcons, Atlanta United), with direct operational oversight of NFL and MLS teams. Mark Cuban – Entrepreneur and Dallas Mavericks NBA franchise owner. 4. What is the expected fund size and structure? Fund Size: $750 million Typical Check Size: $50–$150 million per transaction Hold Period: 7–10 years Preferred Return: 8% Legal Counsel: Latham & Watkins LLP Auditor: Ernst & Young 5. How does Harbinger plan to manage liquidity? The fund intends to incorporate secondary transaction mechanisms through private market liquidity providers to offer structured liquidity in an otherwise illiquid market. Additionally, the firm is permitted to pursue GP-led continuation vehicles and other alternative liquidity solutions for long-term holds. 6. Does Harbinger take control positions? No. Harbinger will focus exclusively on minority stakes. The firm works with ownership groups and leagues to remain in compliance with governance rules and league approvals. 7. What is Harbinger's value proposition to teams? - Strategic capital with limited pressure to exit - Experience operating teams and venues - Familiarity with league office processes - Infrastructure to support liquidity planning and governance 8. Will Harbinger invest outside the Big Three leagues? The fund will focus on the U.S. Major League Sports due to their revenue durability, media rights strength, and institutional investor frameworks. As more leagues become profitable it is anticipated that they will become eligible for investments. Contact Information: Harbinger Sports Partners LaNeah Williams 646-653-4651 Contact via Email Read the full story here: Steve Cannon, Mark Cuban and Rashaun Williams Announce Plans to Launch Harbinger Sports Partners, a $750 Million Fund That Will Focus on Major U.S. Sports Franchises Press Release Distributed by
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
