Dave Checketts (an influential figure in global sports business) and The Cynosure Group (a diversified private investment firm founded by the Eccles family) announced the formation of Cynosure | Checketts Sports Capital, which is a new strategic collaboration dedicated to investing in high-potential sports opportunities.
The team has already started on identifying and implementing plans in the global sports space, with several deals already in the pipeline, and their initial fund targets commitments in excess of $1.2 billion. And the partnership will have offices in both New York and Salt Lake City.
This strategic partnership combines Checketts’ unique experience across four decades in sports management and investment, with Cynosure’s established investment expertise and financial resources. And it also brings back together two powerful entities who worked closely to keep the Utah Jazz of the NBA in Salt Lake City over 30 years ago, effectively driving one of the most desirable sports investment communities in the world today.
Cynosure | Checketts Sports Capital will target investments across multiple segments of the sports industry, including:
— Professional and collegiate sports teams
— Sports leagues and governing bodies
— Stadiums, arenas, and other sports facilities
— Sports technology and innovation companies
— Media rights and broadcasting ventures
Checketts has been at the forefront of the sports business for over four decades. And his career spans leadership roles as President and CEO of the Utah Jazz (1983-1990), President of the New York Knicks (1991-1994), and President and CEO of Madison Square Garden (1994-2001), which included The Knicks, The New York Rangers, the WNBA’s New York Liberty, MSG Networks and Radio City Music Hall. And as an owner, he won a Stanley Cup with the St. Louis Blues NHL franchise and an MLS Cup with the Real Salt Lake MLS team, which he founded. Plus, Checketts also served as Chairman and CEO of Legends Hospitality Management, and now serves as Director of Burnley Football Club in the UK, where he is also a part-owner.
Currently, he is the Managing Partner of Checketts Partners Investment Management, which is a private equity firm focused on sports, media, and entertainment investments founded in 2011. The funds under its management hold significant stakes in Gravity Media/EMG – a leading global provider of broadcast services and media solutions for the sports and entertainment industry, and Rhone Apparel, a performance activewear and wellness brand founded and controlled by the Checketts family.
The Cynosure Group is a private investment firm founded in 2013 by senior investment professionals from some of the country’s leading asset managers to take a new approach to various investment challenges. The firm is backed by the Eccles family of Salt Lake City and named after the historic ship that transported young David Eccles to America in the 1860s. And the firm manages billions of dollars for over 100 family offices, university endowments, and institutional investors, and across multiple private investment funds with a global investor base.
Spencer Eccles is a co-founder and managing director of Cynosure and a fifth-generation member of the Eccles family, continuing the family’s longstanding traditions in sport and finance. A former international alpine ski racer, he serves as a Salt Lake Organizing Committee board member for the 2034 Olympic Winter Games. And he also led the development and organization of the Alpine Downhill and Super-G competitions at Snowbasin for the 2002 Olympic Winter Games. As a former executive director of the Utah Governor’s Office of Economic Development (2009–2014), he led the state through the Global Financial Crisis. Plus, Spencer also serves on the Alta Ski Lifts company board, chairs a statewide economic planning effort for the Salt Lake Chamber of Commerce, and is a co-founder of Utah Development and Construction.
Randal Quarles is the Chairman of Cynosure and a former Vice Chair of the Federal Reserve System, where he was an architect of the Fed’s crisis response in March of 2020, credited with maintaining the functioning of the US and global financial systems, as described in the books Limitless and Trillion Dollar Triage. Before launching Cynosure, he was a long-time partner of The Carlyle Group, one of the world’s largest private equity firms. Earlier in his career, he was an Under Secretary of the Treasury, executive director of the International Monetary Fund, and a partner at the international law firm of Davis Polk & Wardwell.
KEY QUOTES:
“This partnership is a dream come true for me, reuniting me with the Eccles family, who were key in keeping the Jazz in Salt Lake City, bringing the Olympic Winter Games to Utah in 2002 and building tremendous intercollegiate athletic programs in the state. By joining forces today with The Cynosure Group, we are creating a powerhouse entity with assets that will make us competitive on a global scale and will give us great opportunities to help shape the future of the industry right away.”
– Dave Checketts
“We have known Dave Checketts for nearly half a century, since the years when our family’s bank provided the financing for the Utah Jazz, and we’ve always admired his achievements and integrity. This venture brings together Dave’s storied career in the business of sport and his remarkable team, with Cynosure’s disciplined investment process and financial horsepower. We’re confident that Cynosure | Checketts will quickly establish itself as a leading investor in this space.”
– Spencer P. Eccles, managing director of the Cynosure Group
“Sports represents a unique asset class with tremendous growth potential. By partnering with Dave Checketts, whose expertise in building value across multiple sports properties is unmatched, we are positioning ourselves to capitalize on the most compelling opportunities in this dynamic market.”
– Randal Quarles, Chairman of The Cynosure Group and former Vice Chairman of the Federal Reserve
