May 15, 2025
Mark Cuban, billionaire entrepreneur and longtime sports investor, is teaming up with finance executive Rashaun L. Williams and former Mercedes-Benz USA CEO Steve Cannon to launch Harbinger Sports Partners, a new $750 million fund focused on acquiring minority stakes in NBA, NFL, and MLB franchises.
The fund aims to capitalize on the rising valuations of professional sports teams by targeting investments of $50 million to $100 million per deal, with the goal of building a diversified portfolio of up to 5% ownership in around 15 select franchises.
Strategic Vision Behind Harbinger Sports Partners
The launch of Harbinger comes as team valuations across the major U.S. sports leagues continue to soar, driven by media rights, global fandom, and innovative revenue streams like sports betting and digital content. By targeting minority stakes, the fund avoids the complexities of full ownership while still gaining exposure to the upside of professional sports assets.
This investment model also allows Harbinger to:
- Diversify across multiple leagues and markets
- Partner with majority owners while adding operational expertise
- Tap into strategic synergies in tech, media, and branding
Cuban, best known for his ownership of the Dallas Mavericks and appearances on Shark Tank, brings decades of experience in sports, entertainment, and digital media. Rashaun L. Williams, a seasoned investor in tech and consumer ventures, adds deep knowledge of emerging markets and athlete-focused capital. Steve Cannon, with a background in brand-building and fan engagement from both Mercedes-Benz and the Atlanta Falcons, rounds out the leadership trio.
Why It Matters
The launch of Harbinger Sports Partners underscores the increasing interest from private capital in sports ownership, particularly at the minority stake level, where barriers to entry are lower, and returns are increasingly attractive.
With NBA, NFL, and MLB franchises now regularly valued in the billions, even small slices represent significant assets. Harbinger’s sizable capital pool and high-profile leadership suggest it could become a major player in this evolving sector.
“We’re at the very early innings in how we view investing in sports,” Williams said in a phone interview. “Folks talk about the raw number in terms of valuation of these teams looking from the outside in, we focus inside as owners and operators, valuation growth is a result of core fundamentals. As we go from sports 1.0 to 2.0, we see teams moving from ticket and sponsorship sales organizations to media companies and even finding new revenue sources locally to grow revenue.”
The NFL permits a single investment fund to hold stakes in up to six franchises. In the NBA, the limit drops slightly to five teams, with a cap of 20% ownership per team. Major League Baseball stands out as the only major U.S. sports league with no limit on the number of teams a fund can invest in—though ownership is restricted to 15% per franchise.
Stay tuned for which teams Harbinger targets first—and how this move could reshape sports ownership models for the future.