Mark Cuban's Firm Buys Minority Stake in Oakland Athletics Ahead of Las Vegas Relocation
Harbinger Sports Partners, the private equity firm backed by Mark Cuban, has purchased a minority stake in the Oakland Athletics, the team announced in a move ahead of their relocation to Las Vegas in 2028.
The investment, worth an undisclosed amount, is part of the team's effort to raise $550 million in investment money to help build a planned $2 billion stadium on the Las Vegas strip. This deal is in addition to other investors, including $100 million (plus a $75 million capital expenditure) from stadium concessions company Aramark Sports + Entertainment and $70 million from a South Korean group that includes BTS member Suga and Chan Ho Park.
The Athletics were valued at $2 billion in their most recent MLB valuations, making them the 18th most valuable team in baseball. This investment marks a significant expansion of Mark Cuban's sports portfolio, which includes his minority stake in the Dallas Mavericks.
Cuban's firm, Harbinger Sports Partners, is led by co-founder and CEO Steve Cannon, who praised the A's in a statement released. "As someone who helped lead the development of Mercedes-Benz Stadium, I was incredibly impressed with the Athletics' vision," Cannon said. "The new ballpark will be more than a baseball stadium. It will become a year-round entertainment venue and another landmark destination on the Las Vegas Strip."
Buying into MLB has been a long-term effort for Cuban in particular. He has attempted to purchase several teams in the past, including the Pittsburgh Pirates in 2005, the Chicago Cubs in 2008, the Texas Rangers in 2010, and the Los Angeles Dodgers in 2012.
The move to Las Vegas is expected to be completed in 2028, with the team's new stadium serving as a major entertainment destination. With this investment, Harbinger Sports Partners is demonstrating its commitment to the team's future success in its new home.
The partnership between Harbinger Sports Partners and the Oakland Athletics is an interesting development in the world of professional sports. As the team prepares to relocate to Las Vegas, this investment will undoubtedly play a significant role in shaping their future.
Source: Yahoo Sports