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PIF-owned SURJ Sports Investment is reportedly bidding for a EUR 1 bn minority stake in the EuroLeague, the Financial Times reports, citing people familiar with the matter. EuroLeague Commercial Assets, the owner of EuroLeague and EuroCup Basketball, is looking to sell about a third of the business with talks reaching “advanced stages,” the FT said.
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Who else is in the running? SURJ may partner with private equity firm General Atlantic for its bid, putting it up against British investment firm BC Partners.
IN CONTEXT- The PIF, through SURJ, is focusing on expanding its sports investments, having previously invested USD 100 mn in the Professional Fighters League and USD 270 mn in a new cycling league, among other investments in golf and other sports.
By the numbers: EuroLeague’s television audience grew 27% y-o-y in the 2023-24 season, driven by gains in Turkey, Serbia, Greece, Spain, Lithuania, and Italy. Users of its online viewing platform grew 46% to 85k. However, it still lags behind its American counterpart, the NBA.
ADVISORS- EuroLeague Commercial Assets is reported coordinating with investment bank LionTree on the stake sale, the Financial Times reports.
An inflated market? Private equity firms have been jumping on investments in sports teams and leagues. The surge has led to “massively inflated” valuations based on “facile notions” about future growth, a separate FT report cites founder of the private equity firm RedBird Capital Partners Gerry Cardinale as saying.
