🔊 This Tech Mogul Is Doubling Down On Women's Sports

📰 TOP STORY
Reddit Co-Founder Continues To Bet Big On Women’s Sports

Reddit Co-Founder and prominent women’s sports supporter Alexis Ohanian acquired a 10% stake in Chelsea FC women’s team this past week. “I’ve bet big on women’s sports before -- and I’m doing it again,” Ohanian said via X. The investment, estimated at around £20M (around $26M), earns Ohanian a seat on the board and values the women’s club at approximately £200 million. Ohanian is a part-owner in the NWSL team Angel City FC alongside Disney CEO Bob Iger and his wife, Willow Bay. Last year, he also launched a women's track event called Athos. Chelsea FC Women have won six consecutive Women’s Super League titles and are the most valuable women’s team globally based on current foreign exchange rates. Ohanian says he sees the opportunity to grow a worldwide brand within women’s football. His wife, legendary tennis star Serena Williams, has minority stakes in teams such as the Miami Dolphins, Los Angeles Golf Club, Angel City FC, and the recently announced WNBA team, Toronto Tempo.

Why Does This Matter?

You don’t need me saying this, but this is major positive signaling around the potential of women’s sports. Former Washington Commanders President and current Managing Partner at Ariel Investments, Jason Wright, recently stated in an interview, “Women’s sports are undervalued and misunderstood, but poised for acceleration.” I believe this is a spot-on assessment. Earlier this week, I also spoke to another women’s sports investor. They said, “If you work in and around the world of sports, you see the growth, you hear the deals, and you read the headlines, but most people outside the industry don’t understand how much upside there is in the women’s sports space.” It’s an asset class that oozes with opportunity. And it’s not just teams and leagues. It’s infrastructure. It’s technology. It’s sponsorship. We’re at a point where people are taking notice, but aren’t truly grasping what’s happening, or just believing it’s a fad. And to me, that’s a great place to be. In a few years, many investors will be looking at this space, realizing they missed the boat, and wondering why they didn’t get in when they had the chance.

💰 MERGERS & MONEY MOVES 
New $750M Fund Dedicated To Sports Team Ownership

• Sports Owners Launch $750M Fund. Mark Cuban, Rashaun Williams, and Steve Cannon have launched Harbinger Sports Partners, a new sports-focused private equity fund. The fund looks to raise $750M by 2027 and is targeting minority stakes in NBA, MLB, and NFL franchises. They aim to acquire up to 5% in their minority positions in teams and are targeting about 15 total investments. Deal sizes will range from $50-$150M. The partners aim to separate themselves from other groups with their extensive operational experience in sports and ties to league offices and team ownership groups (more here).

• 49ers To Sell Nearly 6% Stake At Record Sports Team Valuation. The owners of the San Francisco 49ers have agreed to sell about 6% of the franchise to a trio of Bay Area families at a valuation higher than $8.5B, which is the highest valuation ever for a global sports team in a transaction. The buyers are the Khosla family, the Griffith family, and the Deeter family, a source told Bloomberg, who was granted anonymity because the details are private. The Khosla family is buying the biggest stake, the source said, but it is unclear how the 6% is being broken up between the families. The NFL’s finance committee has reviewed the deals, though they still require more formal approval. The 49ers are majority owned by the York family and were valued by Sportico at $6.86B this year (more here).

• Dream Sports Invests $50M Into Cricbuzz & Willow TV. Dream Sports, the parent company of fantasy sports giant Dream11, sports travel experience company DreamSetGo, and sports content platform FanCode, will invest $50M in Cricbuzz, a platform for live cricket scores and commentary, and Willow TV, a cricket broadcaster in North America. Cricbuzz and Willow TV are both owned by Times Internet. This investment pairs India’s largest SportsTech company with the most visited cricket media and broadcast ecosystem (more here).

• Redwood Holdings Limited Acquires Reading FC. Reading FC announced this week that Redwood Holdings Limited, a subsidiary company of Dogwood LLC, owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana, has completed the acquisition of 100% of the shareholding in the Club. They will also take control of Car Leasing Stadium and Bearwood training ground from former Reading owner Dai Yongge, whose tenure as majority shareholder has been since 2017 (more here).

• Lenore Sports Partners Acquires Stake In Benfica SAD. Lenore Sports Partners, an investment group led by Cresent Capital co-founder Jean-Marc Chapus and Elliot Hayes, has acquired a minority stake in Portuguese pro soccer team Benfica. Lenore Sports Partners has purchased 753,615 Benfica SAD shares previously seized from former president Luís Filipe Vieira, which equals around 5.24% of the organization (more here).

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 🤝 PARTNERSHIPS
Prominent AI Company Forms Partnership With Top F1 Driver

• Perplexity.AI & Lewis Hamilton Form Partnership. Perplexity AI, a leading AI-powered answer engine, makes its first move in sports via a deal with seven-time world champion Lewis Hamilton. The company is valued at around $9B, and has been looking for new ways to promote itself. The specifics of the partnership weren’t disclosed, but per SportBusiness, it will see a Perplexity logo on Hamilton’s helmet, and “collaborative content” on social media (more here).

• Tampa Bay Lightning & Scripps Sports Form Partnership. The Tampa Bay Lightning have entered into a multi-year media rights agreement with Scripps Sports, making it easier for fans throughout the Tampa Bay area to watch Lightning hockey games for free beginning with the start of the 2025-26 NHL season this fall. This new agreement allows The Scripps Company to produce and distribute all preseason, regular season, and first-round playoff Lightning games that aren’t allocated exclusively to national broadcasts (more here).

🔊 ATHLETES & OTHER NEWS
Several Notable Athletes Invest In Tidal League

• Tidal League Brings On Several Athlete Investors. NBA Veterans Charlie Villanueva, Theo Pinson, Justin Jackson, Devonte' Graham, and NFL Pro Bowler Eric Ebron join Tidal League as strategic investors and launch a new live sports show, To The Baha. Tidal League is a multimedia company for storytelling in sports and culture. Through original podcasts, video series, live broadcasts, and feature documentaries, Tidal League is raising the bar for athlete- and creator-driven content. Financial details weren’t disclosed (more here).

• LA Chargers In Talks To Sell Stake To Arctos. The LA Chargers are in advanced discussions to sell a minority stake to private equity firm Arctos Partners, according to reports. If the deal is completed, the Chargers would be the third NFL team to secure private equity investment (Buffalo Bills, Miami Dolphins), following recent changes in NFL rules that allow institutional investors to acquire up to 10% ownership. Arctos is currently the frontrunner in negotiations among the four NFL-approved private equity groups (more here).

• Paul Allen’s Estate Announces The Sale Of The Portland Trailblazers. The estate of the late Paul Allen announced this week its intent to sell the Portland Trail Blazers. The franchise hired a law firm to assist with the sale process, which it expects to draw out into the 2025-26 NBA season. All proceeds from the sale will go toward philanthropic endeavors, per Allen's wishes, the team announced. The Trail Blazers hired Allen & Company, an investment bank, and Hogan Lovells law firm to "lead the sales process." (more here).

• Connecticut Sun Hires Allen & Company To Explore Sale. The owners of the WNBA team Connecticut Sun, are considering a sale of the team, according to Sportico. The Mohegan Tribe, which has owned the franchise since 2003, has hired investment bank Allen & Company to explore raising capital, with a controlling stake considered the most likely outcome. In the event of a sale, the franchise will likely be relocated away from its home in Uncasville. Reports state there are multiple potential buyers for the Sun, given that more than ten groups have already submitted bids for a WNBA expansion franchise (more here).

• Future Of Sport Lab Announces New Cohort. Future of Sport Lab, Canada’s premier SportsTech accelerator, announced the selection of ten new startups for its incubator program. This year’s cohort features a diverse range of companies spanning AI, athlete training, fan engagement, wearable technology, and athlete wellness, including several Canadian-founded companies and a startup led by former NHL star Mike Weaver and Canadian Olympian Jill Moffatt (more here).

• Phoenix Mercury Launch All-In-One App. The Phoenix Mercury announced the launch of PHX ID, an innovative feature within the Mercury team app that streamlines the gameday experience for fans. The new feature is a one-stop shop where fans can use a single rotating QR code to access their game tickets, pay for concessions and merchandise, and earn exclusive offers and rewards. The app is powered by Fortress, a sports tech company focused on serving, connecting, and engaging fans (more here).

• Rich Paul Backs New Media Company Homecoming. Paul Rivera, the media entrepreneur behind The Shop, is launching Homecoming, a video podcast network focused on authentic, community-driven storytelling at the intersection of sports, business, and culture.⁠ ⁠Backed by Rich Paul, who will serve as lead investor, Homecoming will spotlight raw, behind-the-scenes content from the duo’s deep networks. Former UTA partner Rich Statter will join Rivera as General Manager, alongside strategic investors including The Matthew Pritzker Company and Forbes Family Sports (more here).

🎙️ PODCAST INTERVIEWS
Insights On The Legal Challenges Of Buying & Selling Sports Teams With Michael Rueda

This week’s guest on the Vetted Sports podcast is Michael Rueda.

Michael is a corporate partner and head of US sports and entertainment at the law firm Withers.

His sports and entertainment practice advises various companies and investors in the sports and entertainment industries, including live event companies, sports and entertainment agencies and management companies, investors in sports franchises and sports and entertainment properties and assets, production companies, and athletic apparel and equipment brands.

In this episode, we discuss:

‣ Some of the complexities around buying and selling sports teams
‣ Why having athletes and celebrities on cap tables matters
‣ Where the space is headed and how family offices are thinking about it

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