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HomeInvestmentPIF Eyes €1bn EuroLeague Stake

PIF Eyes €1bn EuroLeague Stake

Saudi Arabia’s PIF joins race for EuroLeague investment amid rising sports valuations.

September 17, 2024
in Investment
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The sports investment firm owned by Saudi Arabia’s Public Investment Fund (PIF) is participating in the sale process for EuroLeague, Europe’s premier basketball competition, which is seeking to sell a minority stake valued at €1bn.

SURJ Sports Investment, a subsidiary of the $925bn PIF, is considering a joint investment with private equity firm General Atlantic to acquire a stake in EuroLeague. This move faces competition from private equity group BC Partners, which has been expanding its sports portfolio.

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Euroleague Commercial Assets, the entity that owns EuroLeague and EuroCup, is looking to sell about a third of its business. The group has been collaborating with investment bank LionTree, and negotiations for the stake sale are in advanced stages, though a final deal is not guaranteed.

SURJ, led by Danny Townsend, was established last year to enhance PIF’s sports investments. In recent years, PIF has acquired significant stakes in various sports sectors, including football and golf. Last year, SURJ made its first investment of $100mn in the US mixed martial arts series Professional Fighters League.

Recently, PIF has indicated a shift towards increasing its domestic investments.

The EuroLeague sale occurs amid a surge in private equity investments in sports teams and leagues. Gerry Cardinale, founder of RedBird Capital Partners, which owns AC Milan, noted that this trend has led to “massively inflated” valuations based on overly optimistic growth projections.

Although EuroLeague reports growing viewer numbers, it remains significantly less popular globally compared to the NBA. In the 2023-24 season, EuroLeague’s television audience grew by 27%, with notable increases in countries like Turkey, Serbia, Greece, Spain, Lithuania, and Italy. The number of users for its online viewing platform also rose by 46% to 85,000.

EuroLeague, SURJ, General Atlantic, BC Partners, and LionTree declined to comment on the matter.

Tags: EuroLeaguePrivate EquityPublic Investment FundSports Investment
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