Raine was an early investor in DraftKings — which helped establish the US sports-betting sector — and has been investing at a rate of about three companies a year.
Raine is looking to take stakes in leagues with rights they can monetize in various ways and invest in growing, founder-led companies.
Raine says college sports still hold a big opportunity for outside investors, even if the structure of college athletics adds complexity.
In 2019, Raine helped the Pac-12 Conference explore raising private equity (which it ultimately decided against doing).
Raine also helped the PGA Tour raise $3 billion this year through a for-profit entity.
Persons:
Joe Ravitch, Jeff Sine's, It's, Raine, Colin Neville, that's, Garrett Gomes, Raine isn't, Banks, JPMorgan Chase, Neville
Organizations:
Imagine, Business, Apple, Premiere Lacrosse League, RCX Sports, Private, Florida State, Sixth, JPMorgan, CNBC, PGA
Locations:
DraftKings, Florida