A new $750m private equity fund co-founded by Dallas Mavericks minority owner Mark Cuban is set to enter the booming US professional sports sector, aiming to acquire minority stakes in teams across the NBA, NFL, and Major League Baseball, according to a report by Bloomberg.
The vehicle, Harbinger Sports Partners Fund, is being launched in partnership with former Atlanta Falcons CEO Steve Cannon and venture capitalist Rashaun Williams, who is also a limited partner in the Falcons. The fund will focus on minority investments of up to 5% per franchise, targeting deal sizes ranging from $50m to $150m.
The fund’s strategy aligns with a growing trend among institutional investors to gain exposure to professional sports — an asset class increasingly prized for its consistent revenue streams, brand durability, and strong media rights valuations. Harbinger expects to hold assets for 7–10 years and exit via secondary market transactions, offering LPs exposure to long-term value creation in a traditionally illiquid segment.
“The combination of operational expertise and private markets discipline gives Harbinger a differentiated position in a competitive space,” said Williams, citing the team’s experience in navigating sports ownership, stadium development, and league dynamics.
Private equity interest in professional sports has surged in recent years, with leagues like the NBA and MLB opening their doors to institutional capital and the NFL following suit in 2024. Franchises have seen significant appreciation, underscored by the $6.1bn sale of the Boston Celtics earlier this year — a record for an NBA team.
While several funds have recently launched to capitalise on this trend, Harbinger aims to stand out by leveraging the inside access and industry knowledge of its leadership team. Cannon, who led Arthur M Blank Sports and Entertainment, brings deep operational experience from managing the Falcons and MLS’s Atlanta United.
“Our goal is to add insight and value to all our sports investments — not just capital,” said Cannon. “We’re building a platform that understands the business of sports from the inside out.”
The fund will seek to provide investors with access to high-growth, non-public assets insulated from equity market volatility — a key consideration for many LPs looking to diversify private portfolios.
