Premier League football club Burnley director Dave Checketts and The Cynosure Group – a private investment firm – have announced a new joint venture aimed at investing in “high-potential sports opportunities”.
Several deals are already in the pipeline, according to an announcement by the Cynosure Group on April 21, and the initial fund is targeting commitments in excess of $1.2bn (£900m).
Read more: Arctos Partners mulls Hayfin buyout
The two parties have a shared history, having worked to keep NBA team the Utah Jazz in Salt Lake City over three decades ago. Checketts has a long history in basketball, having previously been team president of the Utah Jazz and the New York Knicks.
“This partnership is a dream come true for me, reuniting me with the Eccles family, who were key in keeping the Jazz in Salt Lake City, bringing the Olympic Winter Games to Utah in 2002 and building tremendous intercollegiate athletic programs in the state,” said Checketts.
“By joining forces today with The Cynosure Group, we are creating a powerhouse entity with assets that will make us competitive on a global scale and will give us great opportunities to help shape the future of the industry right away.”
Read more: Private markets stalwart Bosworth Monck joins Aeon Investments board
Cynosure | Checketts Sports Capital will target investments including professional and collegiate sports teams, sports leagues and governing bodies, stadiums, sports technology companies, and media rights and broadcasting ventures.
Randal Quarles, chairman of The Cynosure Group and former vice chairman of the Federal Reserve, added: “Sports represents a unique asset class with tremendous growth potential.”
Read more: Generali Investments and Partners Group launch private credit secondaries fund
