The fund will target holdings across five major North American sports leagues, including the NFL and NBA, alongside investments in film and TV companies, music catalogues, and live event properties. CAIS Advisors will launch the vehicle with a minimum investment as low as $25,000. Investors may redeem up to 5% of net asset value twice a year, subject to approval. The management fee is set at 0.95%. According to the firms, the initial portfolio will include exposure to more than 30 sports franchises, media assets, and live entertainment businesses. Neil Blundell, chief investment officer at CAIS Advisors, said the structure will give retail investors access to a diversified slice of the fast-growing sports economy. Eldridge, founded by Todd Boehly, has a long-standing presence in global sport with stakes in the Los Angeles Dodgers and Lakers, and previously led the acquisition of Chelsea FC in 2022. Arctos is one of the most active sports investors globally, with holdings across multiple teams and leagues....

When its season ended early this month, Angel City FC finished 11th out of 13 teams, a disappointing result for the Los Angeles soccer franchise that venture capitalist Kara Nortman co-founded in 2020. But the season's struggles tell only part of a much larger story that's reshaping how investors think about women's sports. Despite its lackluster on-field performance, Angel City itself has become a case study (including literally, inside Harvard Business School) in how to best construct a women's sports property. The team's celebrity ownership group, including Natalie Portman and Serena Williams, has helped generate nearly unprecedented buzz. The franchise has also been savvy about sponsorships, breaking records before players kicked a ball. 'We went from zero to $30 million in revenue. We sold out games. We built something people didn't think was possible,' Nortman reflected in an interview last month, pointing to Angel City's commercial success from the very outset of the team's formation....

The The Hong Kong-listed company has hired an adviser to evaluate a deal. Rival Chinese brand Li Ning has also taken an early look at Puma and held financing talks with banks. Other possible suitors include Asics, though the Japanese group said it is not in discussions and has no plan to acquire Puma. Talks remain preliminary. Sources said the valuation expectations of Puma's biggest shareholder, the Pinault family, could prove a major obstacle. Puma shares surged 19% in Frankfurt after news of the interest but remain down more than 60% this year, giving the company a market value of '2.5bn. Artemis, the Pinault family's holding company, owned 29% at the end of last year. Anta owns brands including Fila and Jack Wolfskin. It has a market value of $31bn and has experience leading international acquisitions. In 2019, it partnered with Asian buyout firm FountainVest Partners to acquire Amer Sports for $5.2bn. Amer later listed in New York, with Anta retaining its position as the largest investor. Li Ning, valued at $5.8bn, said it is focused on its own brand and has not conducted any substantive evaluations relating to Puma....

Are sports the most valuable commodity in the world' On this episode of Galaxy Brain, Charlie Warzel is joined by Pablo Torre for an examination of the role that sports and rampant sports betting are playing in our politics, culture, and economy. Pablo Torre is a longtime journalist and the host of the show Pablo Torre Finds Out, where he reports on everything from football fans on death row and what it's like to be a transgender athlete in high school to analyzing the coach Bill Belichick's shirtless ring-cam footage. Torre is a student of the internet as well, and a keen observer of our attention economy. Sports, he argues, are the last monocultural product'the only sure way to draw eyeballs on an ever-fractured internet. In this episode, Warzel and Torre dig into why billionaires and nation-states are buying teams and partnering with sports leagues. Torre discusses what he's learned about journalism from bingeing YouTube videos and why having good taste is more important than ever now online. Then Warzel and Torre turn their attention to sports gambling. Are same-day parlays the new American dream' Are sports leagues at risk of losing their legitimacy' And why is nobody playing the long game'...