• Sat. Sep 23rd, 2023

Goldman Sachs establishes and launches new sports franchise division


Sep 19, 2023
Goldman Sachs establishes and launches new sports franchise division

Goldman Sachs has lately launched a new sports franchise unit with the objective of assisting its ultra-wealthy consumers in investing in the sports sector. This involves investing in sports teams across all important sports, as effectively as sports-connected corporations such as sports media and technologies corporations. The firm’s spokesperson confirmed this improvement on September 19th.

In a memo sent to employees on September 15th, it was noted that there has been a considerable improve in capital searching for to invest in the sports sector. This heightened interest has prompted Goldman Sachs to establish the new unit inside its investment banking division.

Heading the new unit are Dave Dase and Greg Carey, who will each retain their existing positions in addition to their roles in the sports franchise unit. Dase is the head of the Southeast area in the US for Goldman Sachs’ investment banking division, though Carey serves as the chairman of the public sector and infrastructure group.

Goldman Sachs is not new to sports bargains, as the firm has been increasingly involved in assisting consumers negotiate bargains inside the sports sector. This involves assisting in British billionaire Jim Ratcliffe’s ongoing bid for the Manchester United football group, as effectively as the joint $five.1 billion acquire of Chelsea FC by U.S. businessman Todd Boehly and private equity firm Clearlake Capital final year.

Carey, who specializes in infrastructure, possesses considerable experience in financing sports projects. He has effectively negotiated several stadium financing bargains for many qualified sports teams, such as the New York Yankees and the Minnesota Vikings.

3 managing directors from Goldman Sachs – Elis Jones, Stacy Sonnenberg, and Mike Kenworthy – will also join the new unit and report to Carey and Dase. Jones will concentrate on Europe, the Middle East, and Africa, Kenworthy will concentrate on the Americas, and Sonnenberg will oversee worldwide business enterprise.

This announcement follows closely immediately after the National Football League (NFL) revealed the formation of a committee tasked with reassessing its ownership guidelines. At the moment, private equity, pension funds, and sovereign wealth funds are barred from investing in NFL teams, but this committee aims to evaluate and potentially revise these regulations.