Dave Checketts, along with the Eccles family of Utah, are combining to create a sports focused private equity fund that plans to invest more than $1.2 billion. It will be called the Cynosure | Checketts Sports Capital Fund.
The fund, announced Monday, is meant to target investments across several elements of the sports industry, including teams, leagues, facilities, technology and media ventures; specific investment pursuits have yet to be announced. It will have offices in New York City and Salt Lake City.
Checketts is part-owner of multiple sports organizations worldwide, including Burnley FC in the UK. He has previously been the team president of the Utah Jazz and New York Knicks, and he founded the WNBA’s New York Liberty and MLS’ Real Salt Lake. The Eccles family, which backs the Cynosure Group, also has longstanding sports ties. Spencer Eccles, co-founder and managing director of Cynosure, currently serves on the board of the Salt Lake Organizing Committee for the 2034 Winter Olympics.
U.S. sports organizations are becoming warmer toward private equity money. Private equity firms have made headway buying into sports as professional leagues relax ownership restrictions. The NFL last fall approved private equity funds to buy up to 10% of a franchise, having previously prohibited private equity groups from buying into teams. Already, several funds have taken advantage of the new rules to buy stakes in franchises, including the Buffalo Bills and Miami Dolphins.
College sports has also attracted private equity buzz, and Sportico reported this year that the Big Ten Conference was taking taking preliminary bids from private equity firms.
