The $750m private equity fund will focus on acquiring minority stakes in franchises across the NBA, NFL, and MLB—tapping into the growing institutional appetite for exposure to US professional sports assets.

Harbinger is led by Rashaun Williams, a limited partner in the NFL’s Atlanta Falcons, and Steve Cannon, former CEO of AMB Sports and Entertainment. The fund intends to deploy between $50m and $150m per deal, acquiring stakes of up to 5% in each team and ultimately building a 15-team portfolio.

Exits will be structured through secondary offerings, with a holding horizon of seven to ten years. “We’re at the very early innings in how we view investing in sports,” said Williams. “As we go from sports 1.0 to 2.0, teams are evolving from ticket and sponsorship sales operations into media companies with diversified revenue streams.”

The fund will leverage the operational expertise of Cuban and Cannon to add strategic value to its investments. Cuban sold his controlling stake in the Mavericks in late 2023 in a deal that valued the team at $3.5bn, retaining a minority share.

Harbinger will require regulatory approval from each of the leagues it plans to invest in. Currently, only four private equity funds have clearance to invest in NFL franchises, underscoring the exclusivity and competitive edge of Harbinger’s positioning.

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