A new investment consortium, featuring former Dallas Mavericks owner Mark Cuban, has secured a minority stake in the Oakland Athletics as the Major League Baseball team readies its relocation to Las Vegas by 2028. Though Harbinger Sports Group, the investment entity, hasn’t specified the percentage of its stake, CNBC’s Mike Ozanian has pegged the contribution at approximately $50 million. This investment places the Athletics’ valuation — including their impending stadium — at roughly $3.8 billion.
Harbinger Sports Group’s Ambitions
Founded last year, Harbinger Sports Group is making headlines with its first major acquisition. Mark Cuban steps in as the general partner and president. Joining Cuban are Rashaun Williams, the founder and chief investment officer, Steve Cannon from the Atlanta Falcons, and ex-MLB CFO Jonathan Mariner. The group has already raised over $460 million towards its $750 million target, showcasing its intent to buy 5% stakes in established sports franchises rather than pursue full ownership. The Athletics management welcomed the investment, highlighting the group’s expertise across sports and media as vital to their Las Vegas expansion strategy.
Las Vegas as a Sports Hub
Rashaun Williams called Las Vegas “one of the greatest sports investment opportunities of our generation,” underscoring the city’s impact on sports economics. Citing the rising valuations of franchises like the Raiders and Golden Knights, the expectation is for the A’s to follow suit once their new stadium is operational. Cuban, known for his candidness, stated, “We are minority investors looking to make our investors a lot of money.” Current majority owner John Fisher is spearheading the $2 billion, 33,000-seat domed ballpark’s construction on the Strip, which is on schedule for a 2028 launch. This massive development continues as the A’s temporarily play in a minor league park in West Sacramento.
Financing the Future
The deal with Cuban’s group is a part of the A’s strategy to raise $550 million from minority stakeholders to finance their Las Vegas venture. And previous investors include Aramark and Team61, a South Korean consortium with BTS’s Suga and former MLB player Chan Ho Park, which has already poured in $55 million, with plans for another $15 million pending MLB’s nod. This financial backing steps in at a key time, especially as the Athletics take on an additional $45 million in infrastructure projects — originally linked to a delayed Bally’s casino resort. The A’s move to Las Vegas continues to generate buzz. With the stadium slated for completion in 2028, they’re securing the funds and partnerships needed to make this transition a resounding success.
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