Wednesday, 29 July 2015
Last updated 7 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…