Avenue Capital Group, managed by Marc Lasry and Sonia Gardner, is raising $1.5 billion for their sports investment fund with support from star athletes.
Launched in October 2023, this fund aims to finance sports leagues and teams across North America and Europe and eventually extend to Africa, Asia, South America, and Australia.
With support from high-profile athletes such as Michael Strahan, Candace Parker, and Stephen Curry, the fund has already garnered significant attention and initial investment.
Star Athletes Bolster Avenue Capital’s Ambitious Fundraising
Curry, Lauren Holiday, Harry Kane, Parker, Strahan, and Lindsey Vonn are the names backing Avenue Capital Group’s sports investment initiative.
“All of us are workers, and as it goes to the model HLY, ‘hustle like you’re broke,’ and that’s what we do as athletes on the field, and that’s what we’re doing now in this space,” Strahan said at the 2024 Forbes Iconoclast Summit.
Curry and Strahan’s involvement has been key in securing the fund’s first investment: the Bay Golf Club, part of Tiger Woods’ tech-infused TGL league.
Aiming for Global Expansion with a Robust Financial Strategy
Avenue Capital Group’s sports fund has already raised $500 million, with plans to surpass $1.5 billion through multiple fundraising rounds over the next 18 months.
This approach involves successive funding rounds throughout the summer, fall, and into the next year, ensuring a steady flow of capital to support their expansive vision.
The fund’s goals extend beyond financial injections into teams and leagues. It plans to offer financial solutions and invest in sports media, entertainment rights, real estate, and associated ventures.
Image Credits: Kyle Terada/USA TODAY Sports, Noam Galai/Getty Images, and Ezra Shaw/ Getty Images
