Private equity is changing the sports financing game

It is joining private capital counterparts in an arena previously dominated by banks. Recent announcements from Ares Management and CVC Capital Partners demonstrate an appetite for what they consider an undercapitalised market: sports. 

These firms see long-term stability in injecting money into leagues with loyal fans and few business competitors. Last week Apollo declared plans to launch a “permanent capital vehicle” for sports finance, allowing the booming £500bn firm to take equity positions in professional franchises. Their aim is to help teams and leagues grow and gain capital through longer-term loans. 

Ares meanwhile has proposed a “new media and entertainment fund designed for individuals, a departure from the traditionally exclusive nature of sports finance”, according to a report by Bloomberg. This fund is their second focused on sports after closing their first in 2022 at $3.7bn. Ares declined to comment on the new fund.

Despite recent changes in sports financing regulation – notably in baseball and football – there remains a rigorous approval process for PE firms, noted Jim Miller, co-head of sports, media and entertainment at Ares.

“There's a very real moat that exists around getting access to this market. An institution can't just show up and start investing without support from the league and team owners,” said Miller. 

As Apollo expands into European sports it is also taking stakes in some of the continent’s other industries like nuclear power and pensions. Its reported investment in Ares-backed Atlético Madrid would be part of an €800m infrastructure deal around the club’s stadium.

Backing sports is more established at Ares. It provided $400m capital to finance Eagle Football’s acquisition of a controlling stake in Olympique Lyonnais in 2022, the largest takeover in French football, and a 10% stake in the NFL’s Miami Dolphins in 2024. According to its projections, the total investment opportunity in such “adjacent strategies” could be worth $2.5tn. 

Long established across Formula 1, Spain’s La Liga and rugby leagues and tournaments, CVC, as revealed by Sky last weekend, plans to refinance its £9bn-plus sports portfolio. A new entity named SportsCo, chaired by former EE chief Marc Allera, will group together CVC’s sports investments to capitalise on the powerful consumer base that is sports fandom and bring in new revenue streams.

The new sports investment platform will drive commercial appeal through fan engagement, new forms of media and sponsorship, seeking to corner a slice of this rapidly developing market, as well as the potential prize of investment from the Gulf sovereign states.

CVC declined to comment on SportsCo and Apollo did not respond to a request for comment.

This article was amended on July 31 2025 to make clear that Ares Management provided capital to Eagle Football to finance Eagle Football’s acquisition of Olympique Lyonnais, and that they declined to comment on the new investment fund.  

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