DIRS.INFO The most relevant business & tech news

☆ Joel Embiid signs 3-year, $192.9 million extension with Sixers, reports say
▼ + stars: | 2024-09-20 | by ( Noah Levick | Nbc Philadelphia | ) www.nbcnews.com time to read: +3 min

Superstar center Joel Embiid has signed a three-year, approximately $192.9 million extension with the team that runs through the 2028-29 season, ESPN’s Ramona Shelburne reported Friday morning. The seven-time All-Star is set to make approximately $51.4 million in the 2024-25 season and $55.2 million in 2025-26, according to Spotrac. The Sixers later officially announced that Embiid signed a “multi-year” extension. While he returned late in the regular season, Embiid had semi-regular injury scares and also dealt with Bell’s palsy during the playoffs. The Sixers will hope George can lessen the burden on Embiid and Maxey to create shots and summon late-game heroics.

Persons: Joel Embiid, Ramona Shelburne, Shams, Embiid, ” Embiid, they’ve, Josh Harris, David Blitzer, Nick Nurse, “, Paul George, Tyrese Maxey, George, Maxey, USA’s Organizations: Sixers, NBA, Spurs, Knicks, Paris Locations: Cameroon, Philadelphia, Bahamas

☆ The NFL is open to private equity team ownership of up to 10%, Commissioner Roger Goodell says
▼ + stars: | 2024-07-11 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

"We've had a tremendous amount of interest [from private equity firms], and we believe this could make sense for us in a limited fashion, probably no more than 10% of a team. The National Football League is considering allowing minority private equity ownership for its 32 teams of up to 10%, Commissioner Roger Goodell said in an exclusive CNBC interview Thursday. "I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." Private equity incentives around reaching investment targets and exit thresholds could alter the motivations for ownership in ways that make the bigger sports leagues uncomfortable. Private equity firms, tasked with finding investment vehicles to make returns on their assets under management, may be better suited to minority ownership.

Persons: Roger Goodell, Goodell, CNBC's Julia Boorstin, We've, Josh Harris, Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, They're, Ted Leonsis, You'll Organizations: National Football League, Allen & Company Sun Valley, National Basketball Association, Major League Baseball, National Hockey League, Major League Soccer, NFL, Allen & Co, Sun Valley Conference, CNBC, Apollo Global Management, Washington, Summit, Washington , D.C, NBA, Blackstone Group, Philadelphia 76ers, New Jersey Devils, Women's Soccer League, Washington Capitals, Wizards, Mystics, ESPN Locations: Sun Valley , Idaho, Washington ,

☆ Private equity investment in NFL teams is coming, Washington Commanders owner Josh Harris says
▼ + stars: | 2024-06-05 | by ( Ian Thomas | ) www.cnbc.com time to read: +6 min

"I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." While U.S. pro sports leagues had prohibited private equity investors previously, they've largely softened their stances in recent years, aside from letting any firm be a controlling owner of a team. "We've got a lot of interest in the private equity space," NFL Commissioner Roger Goodell said at the league's spring meeting in May. "We are making real progress on potential private equity. Ross Sorkin asked Harris if allowing private equity investors into sports would have any negative impacts on the teams or the league's overarching strategy as those investors look toward an exit.

Persons: Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, Jeff Bezos, Dan Snyder, Apollo Global Management —, Josh Harris, David Tepper, Rob Walton, Mat Ishbia, Joe Tsai, Steve Cohen, We've, Roger Goodell, Goodell, Ross Sorkin, Stanley Kroenke, I've, Kroenke Organizations: NFL, CNBC, Summit, Washington , D.C, Blackstone Group, 76ers, Devils, Amazon, NBA's Philadelphia 76ers, New Jersey Devils, Premier, Apollo Global Management, Washington Commanders, Carolina Panthers, Walmart, Denver Broncos, United Wholesale Mortgage, Phoenix Suns, Brooklyn Nets, New York Mets, MLB, Guggenheim Baseball Management, Los Angeles Dodgers, U.S, PE, NBA, Los Angeles Rams Locations: Washington ,

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Since then, private-equity firms have poured $54.6 billion into sports, according to PitchBook data. And the field of potential investors is growing with Goldman Sachs helping rich clients invest in teams, which can drive up prices. AdvertisementLeagues also restrict PE investments, with some caps on the number of teams a firm can own stakes in or the ownership share a fund can hold. Scroll down to read about the private equity firms, listed alphabetically, that have been making the biggest moves in sports in recent years.

Persons: —, Josh Harris, Rob Walton, Carlyle, Ben, Blackstone, Goldman Sachs, Harris, Blackstone Group's David Blitzer, Lauren Leichtman, Arthur Levine, Sportico, RedBird, Gerry Cardinale, There's Organizations: Service, MLB, NBA, Business, Washington, Denver Broncos, Amazon, Sports, Ben Fund, Bluestone Equity Partners, GMF, Apollo Global Management, Blackstone Group's, Levine, Capital Partners, San Diego Wave, NFL Locations: downturns

☆ With Washington Capitals, Wizards move to Virginia, owner Ted Leonsis pursues his vision of a $10 billion sports empire around Washington, D.C.
▼ + stars: | 2023-12-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +8 min

Glenn Youngkin (L) looks on during the announcement of a new sports arena for the Washington Wizards NBA basketball team and Washington Capitals NHL hockey team, on December 13, 2023 Virginia. Win Mcnamee | Getty Images News | Getty ImagesTed Leonsis, the owner of the NBA's Washington Wizards and the NHL's Washington Capitals, has a grand vision for growing a regional sports empire. Glenn Youngkin announced that the Capitals and Wizards have agreed to move to a new arena in Alexandria, Virginia, as part of a $2 billion entertainment complex in 2028. How will they compete with big market teams? "We could have a billion-and-a-half-dollar revenue run rate and a $10 billion to $15 billion trend of valuation," Leonsis said.

Persons: Ted Leonsis, Glenn Youngkin, Win Mcnamee, Leonsis, we'll, aren't, I'm, it's, It's, David Rubenstein, David Blitzer, Blackstone, James Dolan, Stan Kroenke, Kroenke, I've Organizations: Monumental Sports, Entertainment, Virginia Gov, Washington Wizards NBA, Washington Capitals NHL, Getty, Washington Wizards, NHL's Washington Capitals, CNBC, Summit, Washington , D.C, AOL, Capitals, Wizards, Washington Mystics, Capital, D.C, Sports, Mystics, NHL, Baltimore Orioles, Washington Nationals, MLB, Carlyle Group, Bloomberg, Orioles, Red Sox, Fenway Sports Group, Boston Red Sox, Pittsburgh Penguins, Premier League's Liverpool, Philadelphia 76ers, New, New Jersey Devils, Washington, Cleveland Guardians, MSG, Sphere Entertainment, Madison Square Garden Entertainment, New York Knicks, Rangers, MSG Networks, Atlanta Braves Holdings, Liberty Media, Sports & Entertainment, Nuggets, Avalanche, Los Angeles Rams, Premier League's Arsenal FC, Qatar Investment Authority, MSG Sports, NHL's Rangers, NBA's Knicks, Phoenix Suns, NBA, Ottawa Senators, Braves Locations: Virginia, Alexandria , Virginia, Washington ,, Washington, London, Richmond, Delaware, New Jersey, Real Salt Lake, Denver, MLS's Rapids, Colorado, Monumental

Tiger Woods couldn't be more involved with primetime TGL unless he had built the arena. Woods, Rory McIlroy and former Golf Channel president Mike McCarley are founding partners in TMRW Sports, the sports and entertainment company behind TGL. “Having the opportunity to not only compete, but also own a team to represent Jupiter is an exciting next chapter for me,” Woods said Tuesday. Woods referred to TGL as a “modern twist of traditional golf” that ultimately will make it more accessible by leaning the glitz of technology. The prize fund is $21 million, with $9 million going to the winning team and players eventually getting equity in the league.

Persons: He's, Woods, David Blitzer, Rory McIlroy, Mike McCarley, ” Woods, Woods hasn't, ” McCarley, McIlroy, Keegan Bradley, Adam Scott, Tyrrell Hatton, Arthur Blank, Alexis Ohanian, Venus Williams, Alex Morgan, Michelle Wie West, Steven Cohen, Marc Lasry, Stephen Curry, Blitzer, “, I've, ”, —, LIV, TGL, Collin Morikawa, Bradley Organizations: TGR Ventures, Jupiter, Golf Channel, TMRW Sports, “, SoFi, ESPN, Technology, Fenway Sports Group, New England, Keegan, Atlanta, Atlanta Falcons, Los Angeles Golf Club, New York Mets, Avenue, Fund, Golden State, —, Philadelphia 76ers, New Jersey Devils, Cleveland Guardians, Washington Commanders, Real Salt Lake, Crystal Palace FC, Premier League, Ryder, Saudi, LIV Golf Locations: Palm Beach Gardens , Florida, Los Angeles, Boston, Serena, New York, San Francisco, Golden, American, Real Salt, LIV .

☆ Woods to own and play for Florida team in virtual golf league
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

The team, named Jupiter Links Golf Club, will begin play in January when TGL launches its inaugural season at a custom-built arena in South Florida that will feature a massive simulator screen and an adjustable putting surface. "Having the opportunity to not only compete, but also own a team to represent Jupiter is an exciting next chapter for me. "I expect Jupiter Links GC to showcase the golf culture of my hometown as we compete against the best players in the world." Woods, a 15-time major champion and widely considered the greatest golfer of his generation, is the only player announced so far for the Jupiter Links team. Before each match teams will name three players each to compete in 15-hole contests featuring alternate-shot and singles play.

Persons: Woods, Jason Cairnduff, David Blitzer, Harris, Frank Pingue, Ken Ferris Organizations: TGL, Jupiter, Harris Blitzer Sports & Entertainment, Cleveland Guardians, Crystal Palace Football Club, Atlanta, Boston, Angeles Golf Club, Thomson Locations: Carnoustie, Britain, South Florida, TGL New York, San Francisco, Toronto

☆ SlamBall, which combines basketball and football with trampolines, snags big investors
▼ + stars: | 2023-03-21 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Are you ready for some ... SlamBall? A star-studded lineup of investors in and around sports are jumping into the sport, which is a mashup of football, basketball and trampolines that was buzzy for a short time in the early 2000s. The investment comes as SlamBall plans to relaunch this summer, more than 20 years after the alternative sport was shut down in the U.S. as ratings fell in its second season. SlamBall recently closed an $11 million Series A funding round led by Roger Ehrenberg's IA Sports Ventures and Eberg Capital, a stakeholder in MLB's Miami Marlins. It took founder and CEO Mason Gordon and Mike Tollin – a producer behind the popular Chicago Bulls docuseries "The Last Dance" who helped launch the league the first time – nine months to secure their full roster of investors.

☆ Exclusive: Blackstone set to raise as much as $10 billion for tactical opportunities
▼ + stars: | 2023-02-23 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 23 (Reuters) - Blackstone Inc (BX.N), the world's largest private equity firm, is set to raise as much as $10 billion for its tactical opportunities strategy, which gives it versatility to invest in a range of assets, people familiar with the matter told Reuters. Blackstone has amassed about $5 billion for the Blackstone Tactical Opportunities Fund IV, which was initially aiming to raise only $4 billion, Reuters previously reported. Blackstone has raised three previous tactical opportunities funds that cumulatively collected about $16.4 billion from investors since the first of them was first launched in 2012. The $6.7 billion Blackstone Tactical Opportunities Fund II and the Tactical Opportunities Fund III, which raised $4.09 billion, had generated a net internal rate of return of 14.1% and 11.7%, respectively, as of June last year, according to the California Public Employees' Retirement System. Blackstone's tactical opportunities division has about $34 billion in assets under management.

☆ Blackstone's Ike leaves to start new investment firm
▼ + stars: | 2023-02-22 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 22 (Reuters) - Melvin Ike, a managing director in Blackstone Inc's (BX.N) tactical opportunities group, has resigned to start his own investment firm, the private equity firm told Reuters. Ike's resignation was announced during a meeting of Blackstone's tactical opportunities fund investors held last week in New York, the firm said in a statement on Tuesday. Ike's transactions for Blackstone's tactical opportunities unit include the sale of a majority stake in Wisconsin-based home improvement lender Aqua Finance for $1 billion to Apollo Global Management (APO.N) in 2021. He also led Blackstone's acquisition of a majority stake in collectibles authentication firm Certified Collectibles Group as well as the minority investments in digital marketing firm Recurrent Ventures and Cybersecurity firm Geocomply. Blackstone's tactical opportunities unit, which is run by David Blitzer, invests in assets that typically fall outside the scope of the firm's other funds, from timber and mines to oil tankers and satellites.

☆ Serena Williams, Justin Timberlake are among big-name investors in Tiger Woods and Rory McIlroy's sports venture
▼ + stars: | 2022-11-02 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Co-founders Tiger Woods, Rory McIlroy and Founder, CEO Mike McCarley Courtesy: TMRWSportsTiger Woods' and Rory McIlroy's new sports startup — which is already planning a new golf league — is drawing some big-name investors. TMRW Sports' first project is its TGL golf league, which was launched in partnership with the PGA Tour this summer and comes as professional golf is being disrupted by the arrival of upstart league LIV Golf. TMRW Sports is looking to draw in younger sports fans with a format that makes the golf league more compatible with prime-time television. McCarley said the company sought investors who were passionate about golf and would represent a diversity of expertise and backgrounds in media and entertainment. Rendering of the custom built arena where the TGL golf league will play.

☆ How Josh Harris, the owner of the 76ers and Devils, upset Apollo insiders with the time he spent on personal investments
▼ + stars: | 2022-09-20 | by ( Casey Sullivan | Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

One former Apollo executive couldn't wrap his mind around how the firm got investors onboard with Harris' personal activities. One advisor to Harris' family office said there would be an internal conversation every year to ensure the proper expense allocations. Several former Apollo employees, however, said other Apollo executives were concerned about Harris' use of firm resources. Few if any sources Insider spoke with expected much to change in how private-equity executives managed their personal investments. The lawyer said that the documents often state that a firm's executives will dedicate "as much time as reasonably necessary" to managing their investments.

☆ Two veteran sports execs launch firm aiming to invest up to $50M in early-stage companies
▼ + stars: | 2022-09-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Two longtime sports executives are launching an investment firm they say will back startups capitalizing on the growing opportunities at the intersection of sports, media and entertainment. Velocity Capital Management said Tuesday it will invest up to $50 million in early-stage companies with enterprise values of up to $2 billion. "Camp is a business that cuts across some of the things we've been looking at as a firm," said Abrams. Before joining Harris Blitzer Sports & Entertainment as its chief investment officer in 2018, Abrams served as a partner at Apollo for much of his career. Rees previously guided Sportradar, a data firm that works with sportsbooks, sports federations and media companies, through its IPO in 2021.

Search resuls for: "David Blitzer"

13 mentions found