Finance

NewSpring acquires Underdog Venture Team

Morning Buzz / Monday, June 26, 2023

The empire of Underdog Venture Team is expanding. The marketing services agency, founded in early 2022 with a promise of greater diversity within a field that offers little, has been acquired by suburban Philadelphia private equity firm NewSpring Holdings. What will now be known as Underdog & Co. will...

Wrexham ownership buys into Alpine F1 team

Morning Buzz / Monday, June 26, 2023

Actors Ryan Reynolds and Rob McElhenney , who also own English soccer club Wrexham AFC, are "joining Otro Capital and RedBird Capital Partners in an investor group" taking a 24% equity stake in F1 team Alpine Racing. The $218.1M deal values England-based Alpine Racing...

MVP Index raises $20M in Series B funding round

Morning Buzz / Monday, June 26, 2023

Sponsorship measurement and valuation platform MVP Index has raised a $20M Series B led by Verance Capital. The Austin-based company measures sponsor asset valuations across video, audio and experiential channels, and its partners include Amazon, Apple, CAA, Endeavor, the Red Sox, the Cowboys, the NHL and the PGA Tour,...

Renault, RedBird in talks on Alpine F1 investment

Closing Bell / Thursday, June 22, 2023

Renault SA is "in talks with RedBird Capital Partners over a possible investment in its Alpine Formula 1 team." RedBird is "considering buying a minority stake" in the U.K. operations of Alpine, and the companies "could announce a deal as soon as June 26." However, sources said that an...

Tanenbaum close to selling share of MLSE holdings

Morning Buzz / Thursday, June 22, 2023

Larry Tanenbaum is "close to selling a share" of his Maple Leaf Sports & Entertainment holdings to OMERS, a pension plan for 540,000 Ontario municipal employees, "at an enterprise value of more than" $8B. Tanenbaum owns 25% of MLSE, with Rogers Communications and Bell Canada owning the other...

Joe Gibbs Racing sells minority stake to Josh Harris, HBSE

Daily / Tuesday, June 20, 2023

Joe Gibbs Racing has sold a minority equity stake in the team to Harris Blitzer Sports & Entertainment, bringing in some of the most aggressive and talked-about owners in sports to NASCAR. The deal will be announced later this morning with terms undisclosed, though it is said...

UTA acquires search & consulting firm James & Co.

Morning Buzz / Tuesday, June 20, 2023

United Talent Agency has acquired James & Co., a leading executive search and human capital consulting firm working across the sports, media, entertainment, digital and consumer sectors. The new division within UTA will be led by James & Co. founders Michele James and Roysi...

Online Sports Database starts crowdfunding round

Morning Buzz / Tuesday, June 20, 2023

Online Sports Database, the sports stats and information platform cofounded by Jets QB Aaron Rodgers , is launching a crowdfunding campaign to raise $1.235M. That funding will be part of a $2.5M bridge round, of which OSDB has already raised $1.2M from investors including baseball agent Scott...

Finance: Team sales in 2023 are setting new standards across sports

Weekly / Friday, June 16, 2023

Last August, billionaire Rob Walton led a group of investors in acquiring the Denver Broncos for $4.65 billion. The deal not only set a new global record for a team sale price, but it was the high point in a year full of...

Monumental's continued growth sees demands on CFO heighten

Daily / Friday, June 16, 2023

Monumental Sports & Entertainment CEO Ted Leonsis said the demands on MS&E CFO Peter Biché have "heightened as the stakes have increased, the valuations have increased, the revenues have increased, the demands by the fans have increased.” Biché was profiled on “Bloomberg Chief Future Officer” where he discussed the company’s stable...

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