Mark Cuban launches a $750 million fund targeting U.S. sports franchises
- Mark Cuban has launched Harbinger Sports Partners, a $750 million private equity fund aimed at purchasing minority stakes in U.S. sports franchises.
- The fund will target 1-5% ownership interests in 92 franchises, with expected deal sizes ranging from $50 million to $150 million.
- This investment strategy aligns with recent trends where professional leagues have started welcoming private equity, indicating a shift towards multi-billion dollar institutional investment in sports.
In Atlanta, Georgia on May 16, 2025, Mark Cuban, along with seasoned sports executives Steve Cannon and Rashaun Williams, officially announced the launch of Harbinger Sports Partners Fund I, LP. This new $750 million private equity fund aims to acquire minority stakes in U.S. professional sports franchises, targeting stakes ranging from 1% to 5%. As sports valuations continue to rise and teams seek fresh capital, the motivation behind forming this fund is closely aligned with recent league changes that allow greater private equity investment. The strategic focus of Harbinger will be on undervalued sports assets across the four major leagues – the NBA, NFL, MLB, and NHL. With rigorous analytical methods and an operationally informed approach, Harbinger is poised to leverage both market insights and direct league dynamics. Cuban, who maintains a minority stake in the Dallas Mavericks after selling his majority ownership in 2023, emphasizes a long-term investment vision that avoids pressures for quick exits characteristic of traditional private equity. As the U.S. professional sports environment continues to evolve and professional leagues embrace more institutional capital, Harbinger Sports Partners aims to integrate seamlessly within existing league frameworks. The new venture is anticipated to benefit from Cuban's extensive experience and connections in the industry, combined with Cannon’s background as a former CEO within the sports sector, and Williams’ seasoned venture investing experience. The underlying objective remains to contribute towards enhancing liquidity and operational efficiency among its portfolio franchises. With sports franchises increasingly perceived as institutional-quality assets, Harbinger Sports Partners signifies a new era of investment, one where the focus is not only on financial returns but also on responsible ownership and sustainable growth. The founders are confident that by targeting 1-5% stakes, they will help broaden access to institutional investors while maintaining compliance with league governance rules.