Goldman Sachs not too long ago launched a new sports franchise unit aimed at assisting its ultra-wealthy consumers invest in the sports sector. This consists of investing in sports teams in all big sports, as nicely as sports-associated corporations such as sports media and technologies corporations. The company’s spokesperson confirmed this improvement on September 19.
In a memo sent to employees on September 15, it was stated that there has been a considerable enhance in capital that is wanted to be invested in the sports sector. This improved interest prompted Goldman Sachs to establish a new unit inside its investment banking division.
The new unit is headed by Dave Dase and Greg Carey, each of whom will retain their present positions in addition to their roles with the sports franchise unit. Dase is head of the US Southeast area for Goldman Sachs’ investment banking division, even though Carey serves as group president for the public sector and infrastructure.
Goldman Sachs is not new to sports offers, as the firm is increasingly involved in assisting consumers negotiate offers inside the sports sector. This consists of assisting British billionaire Jim Ratcliffe’s ongoing bid for Manchester United soccer group, as nicely as the $five.1 billion joint buy of Chelsea by American businessman Todd Boehly and private equity firm Clearlake Capital final year.
Carey, who specializes in infrastructure, has considerable knowledge in financing sports projects. He has effectively negotiated several stadium financing offers for many specialist sports teams, such as the New York Yankees and the Minnesota Vikings.
3 executives from Goldman Sachs – Ellis Jones, Staci 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 Sonenberg will oversee the worldwide small business.
The announcement comes on the heels of the National Football League (NFL) revealing the formation of a committee tasked with re-evaluating its ownership guidelines. At the moment, private equity funds, pension funds and sovereign wealth funds are prohibited from investing in NFL teams, but this committee aims to evaluate and potentially revise these regulations.