🔊 Drake Star Releases 2024 Sports Tech Report

📰 TOP STORY
Here’s The 2024 Sports Tech Recap From Drake Star

Drake Star recently released their 2024 sports tech report.

Here are some interesting takeaways in case you missed it (I’ll include the full report at the bottom of this section as well):

➊ Recording-breaking year for sports tech deal making:

• $86B Deal Value

• 1,152 Deals Completed

• 18 M&A Deals Over $1B

• 17 Financing Deals Over $50M

• $6B+ in New Funds Raised

❷ Some of the most active early and late investors include:

• Will Ventures

• BOLT Ventures

• Ryan Sports Ventures

• Phoenix Capital Ventures

• Verance Capital

• Eberg Capital

• Elysian Park Ventures

• Antler

• Elevate Ventures

• APEX

❸ The biggest M&A deals in Q4 all fell under these three verticals:

• Sports Betting & Fantasy

• Content & Media

• Sporting & Outdoor Lifestyle Products

❹ The biggest acquisitions included:

• Endeavor transferred IMG, On Location & Professional Bull Riders League to TKO for $3.25B

• La Française des Jeux (FDJ) acquired Kindred Group, a provider of online sports betting and gambling services, for $2.7B

• Czechoslovak Group (CSG) acquired The Kinetic Group, a manufacturer of ammunition for shooting sports, for $2.2B

• Sports streaming company DAZN acquired Australian media company Foxtel for $2.2B

• Saudi Arabia’s Public Investment Fund (PIF) purchased a 54% stake in the media company MBC Group from Istedamah Holding Company for $2.0B

• Strategic Value Partners (SVP) acquired Revelyst, a provider of sporting and outdoor lifestyle products, for $1.1B

❺ The biggest individual raises included:

• ŌURA raised $200M

• TOCA Football raised $100M

• League One Volleyball raised $100M

• Riser Fitness raised $72M

• Players Health raised $60M

➏ The top ten announced funds in terms of size:

• Arctos ($4.1B)

• Shamrock Capital ($1.6B)

• Otro Capital ($500M*)

• Avenue Capital Group ($445M)

• Velocity Capital Management ($200M)

• Courtside Ventures ($100M*)

• Next Ventures ($100M*)

• Tru Skye Ventures ($100M*)

• Merak Capital ($80M)

• OneTeam Partners ($75M*)

(*Not necessarily raised but targeted)

Market Outlook as reported by Drake Star:

• Strong M&A activity is anticipated to persist, with both strategic and financial buyers expected to remain highly active

• Expect a gradual increase in mid to late-stage financings, and early-stage rounds continue to lead the deal counts

• Several sports tech companies could pursue IPOs in 2025-26 as market conditions improve

• Key segments to watch: AI and predictive analytics, fan engagement and immersive tech, ticketing and venue tech

Link to full report → Here

Why Does This Matter?

Data doesn’t lie. The sports tech market has seen a steady increase in activity year over year, and 2024 was another record-breaking year for total deal dollar amount and number of deals completed. Many estimates suggest the market is expected to reach at least $70B by 2030, but depending on how you define sports tech, it could be much bigger than that. One of the questions I get asked the most is, “Where do you see the biggest opportunity in sports?” And the truth is, opportunities are everywhere. Whether sport-centric, geographically-centered, or vertically-focused, there is capital flowing, problems to solve, and spaces to disrupt. In short, there is no better time to build, innovate, or invest in sports. The real key is creating the right relationships, understanding how the ecosystem works, and executing day by day.

💰 MERGERS & MONEY MOVES 
Billionaire Sports Owners Take 5% Stake In Prominent Investment Firm

• TWG Global Acquires 5% Stake In Mubadala. TWG Global, the investment firm led by Mark Walter and Thomas Tull, will invest $2.5B for a 5% stake in Mubadala Capital. In return, Mubadala Capital will lead a $10B investment in TWG’s $15B equity raise. TWG Global has interests across financial services, insurance, AI and technology, sports and entertainment, and energy. It has an enterprise value of over $40B, and its portfolio includes sports franchises such as the LA Dodgers, LA Lakers, and Chelsea FC. Meanwhile, Mubadala Capital is the alternatives division of the $330B Abu Dhabi sovereign wealth fund Mubadala Investment Company (more here).

• Fanstake Raises $6.25M. Fanstake, the first fan-powered NIL marketplace and engagement platform, announced a $6.25M Seed round. The round was led by Courtside Ventures, with participation from Susa Ventures, Will Ventures, Scrum Ventures, Myriad Ventures, Alumni Ventures, and others. Fanstake allows college sports fans to pledge money to recruit or retain athletes for their favorite teams, but only pays if the athlete commits to their team (more here).

• On3 Acquires Rivals From Yahoo Sports. The ownership group behind On3 has agreed to acquire Rivals, the leading digital platform in recruiting, high school sports, and fan communities, from Yahoo Sports. The acquisition will merge two of the biggest names in college and high school sports media, forming a network to serve millions of fans and student-athletes nationwide. Together, On3, led by CEO Shannon Terry, and Rivals will offer comprehensive coverage of college sports, recruiting, and the rapidly evolving NIL landscape (more here).

IN PARTNERSHIP WITH DEALMAKER SPORTS
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 🤝 PARTNERSHIPS
IBM & Ferrari Partner On Redesigned AI App

• IBM & Ferrari Form Partnership. IBM and Scuderia Ferrari HP have launched a revamped mobile app to transform the F1 fan experience using generative AI. The redesigned app introduces new features to deliver deeper engagement and exclusive insights for the team’s global fanbase. The app is also available in English and Italian, reflecting the team's commitment to its international audience. At the core is an all-new Race Centre and Racing Insights section, powered by IBM’s Watsonx AI platform. These features provide real-time access to race data, post-race analytics, and historical comparisons (more here).

• Ballogy & PrepStar Form Partnership. Ballogy, the leading skills development and assessment platform for youth and amateur athletes, announced a new partnership with PrepStar, the nation's premier college recruiting service. This collaboration will integrate the Ballogy Skills Assessment into the recruiting profiles of PrepStar athletes, providing college scouts and coaches with objective, data-driven insights for athletes across all sports (more here).

• Atlassian Williams Racing & Airia Form Partenrship. Atlassian Williams Racing has announced a new multi-year partnership with Airia, an innovative enterprise platform that enables organizations to orchestrate, deploy, and manage AI solutions securely and at scale. Airia will become the Official AI Partner to Atlassian Williams Racing. Williams will use the Airia platform to connect teams across the organization to AI capabilities, enabling faster access to knowledge and insights (more here).

🔊 ATHLETES & OTHER NEWS
Washington Commanders Are Headed Back To DC

• Washington Commanders Reach $3.5B Stadium Deal. Josh Harris’ Washington Commanders are returning to RFK Stadium in DC, the team's home from 1961 to 1996. The Commanders will pay $2.7B to build the stadium. According to Mayor Muriel Bowser's administration, the city will contribute $500M for other projects on the site. EventsDC will contribute $181M. Another $175M will come from "stadium activity," the senior officials said. Officials said $1.147B will come from public funds (more here).

• TPG Launches Dedicated Sports Investing Business. TPG, a leading global asset management firm, announced the launch of TPG Sports, a dedicated investing business focused on partnering with companies, teams, and leagues shaping the future of sports. TPG is launching the fund in partnership with golfer Rory McIlroy, his business partner Sean O'Flaherty, and their team at Symphony Ventures. McIlroy and O'Flaherty will serve as Operating Partners, contributing to sourcing investments and value creation across the portfolio (more here).

• FC Barcelona Is Moving Its US Headquarters To Miami. FC Barcelona will move its US commercial operations to Miami from New York, burnishing the South Florida city’s reputation as an American soccer hub. The Club will open a business space in downtown Miami focused on managing FC Barcelona's assets in the region and promoting the search for new opportunities to bring potential investors closer and offer new experiences to the Barça community on the continent (more here).

• Investors Sue Nike Following Shutdown Of RTFKT NFT Platform. Nike is being sued by buyers of its RTFKT NFTs who allege the company engaged in deceptive marketing and other misconduct. Filed in New York’s Eastern District, the suit seeks “unspecified damages of more than $5M for alleged violations of New York, California, Florida, and Oregon consumer protection laws (more here).”

• Eli Manning Puts Together Bid For New York Giants Stake. Bloomberg reported this week that Legendary New York Giants quarterback Eli Manning has spoken to potential investors, which include retired NFL players, about buying a minority stake in the Giants. The Giants are estimated to be valued at around $8B, per Bloomberg. The Giants confirmed in February that they are exploring selling a minority, non-controlling share of the team (more here).

• Greenlite Ventures Launches AI-Powered NBA Daily Fantasy Sports Platform. Greenlite Ventures has launched an innovative AI-powered NBA Daily Fantasy Sports (DFS) platform, marking a significant advancement in the fantasy sports industry. The platform features their proprietary AI engine, No Limit Intelligence, which provides real-time player insights and predictive analytics (more here).

• ASU Launches SPORTx. Arizona State University announced the launch of SPORTx, a new initiative built to accelerate sports-related entrepreneurial ventures and empower student-athletes. The initiative is supported by several resources and partners, including Sun Devil Athletics, GoDaddy, and LEAD Venture Corporation, further reinforcing ASU’s position as a global leader in innovation and entrepreneurship for student-athletes (more here).

• Genius Sports Launches BetVision For Soccer. Genius Sports recently launched BetVision for Soccer, the first platform that combines live streaming, real-time stats, and in-play betting. Sportsbooks can now offer the BetVision experience across many of the world’s leading soccer leagues, including the French Ligue 1, Brasiliero Série A, Dutch Eredivisie, Turkish Süper Lig, UEFA Champions League qualifiers, and dozens more. Genius Sports has also partnered with Infront, the rights holder for several top-tier football competitions, for premium video content as a part of the launch (more here).

🎙️ PODCAST INTERVIEWS
Insights From A Former NHL CEO With Xavier Gutierrez

This week’s guest on the Vetted Sports podcast is Xavier A. Gutierrez.

Xavier A. Gutierrez is Chairman & CEO of ImpactX Sports Group, a private investment and strategic advisory firm focused on the global sports industry.

Previously, he served as CEO of the Arizona Coyotes NHL franchise. In addition to serving as the first Latino CEO in the NHL's history, Gutierrez is one of the only real estate executives and private equity investors to have led a major professional sports franchise.

In this episode, we discuss:

‣ His experience running a professional sports franchise and some of the challenges
‣ Transitioning out of operations and building his own advisory firm
‣ Thoughts on the future of the sports asset class

Check out the full episode here: Apple | Spotify | YouTube