Providence, NFL In Co-Investment Tie

Mar 19 2013 | 12:48pm ET

The National Football League is sitting on a goldmine, and it's asked a private-equity firm to help it invest it.

The league and Providence Equity Partners have launched a $300 million co-investment operation to invest in sports, media and technology start-ups. NFL owners approved the deal yesterday, 15 months after they created a $32 million strategic investment fund.

The NFL and Providence will seek out investments in companies where the league could play a strategic role, The Wall Street Journal reports. The two will invest between $25 million and $50 million in companies in exchange for a significant equity stake.

"The NFL is pretty good when it comes to running a sports and entertainment enterprise, but we're not very experienced in the direct investment business," Eric Grubman, NFL executive vice president for business ventures, said.

Providence, on the other hand, is: The $28 billion firm was an early investor in the New York Yankees' YES Network and last year took a minority stake in Major League Soccer's business arm.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat