Jeroslyn JoVonn
2 min read
Venture capitalist Rashaun Williams has joined forces with two industry powerhouses to form a new investment group focused on acquiring ownership stakes in NBA, NFL, and MLB teams.
Williams, a limited partner in the Atlanta Falcons, has teamed up with Steve Cannon, the former CEO of the company overseeing the Falcons, and business mogul and “Shark Tank” star Mark Cuban, a principal and current minority owner of the Dallas Mavericks, to launch Harbinger Sports Partners Fund. The new investment group aims to acquire stakes of up to 5% in ownership opportunities across the NBA, NFL, and Major League Baseball, Bloomberg reports.
The partnership comes in response to soaring team valuations in recent years, as institutional investors increasingly enter the market. In 2024, the NFL became the newest pro league to permit institutional investments.
Williams, an early investor in companies like Lyft Inc. and Coinbase Global Inc., cites the operational expertise Cuban and Cannon both bring, which pairs well with the fund’s focus on leagues with strong revenue. The plan is to distinguish Harbinger from other recent sports private equity funds as wealthy investors seek sports teams as high-growth assets and not affected by equity market fluctuations.
“My background is getting into private, illiquid companies and getting out in the secondary market,” he said.
“Our goal is to add insight and value to all our sports investments,” Cannon said in a statement.
Cannon’s new partnership comes one year after his retirement following years of leading Arthur M. Blank Sports and Entertainment, the owner of the Falcons and MLS’s Atlanta United. Cannon says the partnership brings together rare sports expertise across ownership, team and league operations, and stadium development.
Cuban owned the Mavericks for 2, 3 years before selling his majority stake to Miriam Adelson’s family and retaining a 27% ownership share. Credited for being a savvy investor, Cuban no longer manages the team’s daily operations and now appears to be looking for new sports investments after leaving “Shark Tank.”
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