- Mark Cuban is launching a new $750 million private equity fund focused on sports franchises, called Harbinger Sports Partners.
- The fund will be led by Cuban, Steve Cannon and Rashaun Williams.
- The fund plans to take minority stakes in undervalued sports assets.
Mark Cuban is launching a new $750 million private equity fund focused on sports franchises, called Harbinger Sports Partners.
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WATCH HEREAs sports valuations soar and teams look for new capital, the professional leagues have increasingly opened the door to private equity investment. In August, National Football League owners became the last major sports league to approve private equity investment, allowing up to a 10% stake by select firms.
HSP says it will focus its investments on acquiring minority stakes in pro sports franchises across all U.S. leagues, adding it will deploy a data-driven approach to identifying undervalued sports assets. It will look to acquire positions of between 1% and 5% in 92 franchises. Deal sizes could range between $50 million and $150 million, the founders said in a statement.
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Joining Cuban as founding partners are two veteran sports executives, Rashaun Williams, who is a limited partner in the Atlanta Falcons, and Steve Cannon, former CEO of Atlanta Falcons parent company AMB Sports and Entertainment.
"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."
Money Report
Cuban sold his majority stake in the National Basketball Association's Dallas Mavericks in December 2023 to Miriam Adelson and her family but still holds a 27% minority stake in the team.
Harbinger says in addition to sourcing and underwriting deals, it will help with liquidity planning for its portfolio teams.
