Global asset management firm Avenue Capital Group has announced the successful final closing of the Avenue Sports Fund, which has garnered over $1 billion in capital commitments. This substantial amount reflects strong investor confidence in the potential of the sports industry.
The Avenue Sports Fund, which launched in November 2023, is strategically designed to explore and capitalize on investment opportunities in the dynamic sports sector. It focuses on providing both debt and equity capital across a wide array of sports entities, including professional sports teams, leagues, and businesses related to sports, often referred to as sports-adjacent enterprises.
The fund’s investment strategy is particularly attuned to targeting established leagues, emerging leagues, and initiatives promoting women’s sports, highlighting its commitment to inclusivity and growth in all areas of athletics.
At the helm of the Fund is Avenue Capital’s Chairman and CEO, Marc Lasry, whose leadership is underpinned by his extensive experience and profound passion for the sports industry. Lasry’s noteworthy background includes his previous role as co-owner of the NBA’s Milwaukee Bucks, which has provided him with unique insights and relationships within the sports world. Under his direction, the dedicated sports investment team at Avenue Capital has developed strong, strategic connections with athletes, management teams, league officials, industry executives, advisors, and franchise owners, creating a rich network that enhances the fund’s investment opportunities.
The Avenue Sports Fund benefits from the capabilities and deep expertise derived from Avenue Capital Group’s over 30-year history in complex investment strategies that encompass structured debt and equity. Its international perspective and extensive sourcing relationships enable the fund to identify and seize promising investment opportunities on a global scale.
Since its inception, the Avenue Sports Fund has made significant strides in diversifying its investment portfolio by engaging with various sports leagues and franchises across North America and Europe. For instance, it has invested in The Bay Golf Club, holding a stake in TGL, a groundbreaking golf league co-founded by iconic athletes Tiger Woods and Rory McIlroy, which signals a commitment to innovative formats in sports entertainment. Another significant investment is in Trackhouse Entertainment Group, a dynamic motorsports business that owns a NASCAR Cup Series team and a MotoGP team, reflecting the fund’s engagement with high-profile racing leagues.
Additionally, the fund has taken a stake in Cosm, an immersive technology, media, and entertainment company, aligning with the increasing intersection of technology and sports. Its investment in Ipswich Town Football Club, which competes in the prestigious English Championship League, underscores the Fund’s involvement in international soccer. Supporting Mercury/13, an ownership group focused on acquiring European women’s football franchises, highlights the fund’s dedication to promoting women in sports. The investment in PGA Tour Enterprises, the for-profit commercial arm of the PGA Tour, showcases the fund’s commitment to prominent golf organizations.
The Avenue Sports Fund has also financially engaged with the Baltimore Orioles, a storied Major League Baseball team, underscoring its diversification across various sports. It has invested in the New York Mavericks of the Professional Bull Riders Team Series, adding a unique entertainment aspect to its portfolio. Furthermore, the Fund’s stake in CityPickle, a leading lifestyle brand promoting pickleball in urban settings, reflects its recognition of emerging sports trends and lifestyle changes. Supporting the United States SailGP Team underscores the Fund’s commitment to various sporting disciplines and its investment in the Men in Blazers Media Network, which focuses on soccer coverage, thereby enhancing its engagement with sports media.
Through these diverse investments, the Avenue Sports Fund exemplifies its mission to drive growth and bring innovation to the sports industry while capitalizing on emerging market trends.
KEY QUOTES:
“This is a dynamic time in sports and we are grateful for the strong support of our investors and partners in the Avenue Sports Fund. We have an incredible investment team and advisors, and we are honored that the Sports Fund is further distinguished by its extraordinary athlete team members. We are thrilled by the range of investments we have made to date, and we are excited to continue to provide capital solutions and make equity investments in a wide variety of sports teams and leagues, as well as in sports-related media and entertainment rights, real estate, and other adjacent businesses. We believe emerging leagues and women’s sports are areas of potential rapid growth, and the globalization of sports in various leagues will also create a wide range of opportunities to invest.”
Marc Lasry
