Weatherford Capital, an investment firm that is part of the new Tampa Bay Rays ownership group, is partnering with Red Bird Capital — which is invested in several sports enterprises, including the Boston Red Sox — are prepared to make a $2 billion investment in collegiate athletic departments.
According to reporting by Sportico, the two firms plan to make their investments in $50-$200 million increments at various universities through a recently created a company called Collegiate Athletic Solutions (CAS). As opposed to the investment company’s standard investment process, instead seeking loans with variable returns:
CAS’ approach is different from traditional private equity, or even private credit. The group does not plan to take an equity position in any athletic department’s commercial venture, nor does it intend to secure fixed payments in return for the upfront capital. Instead, a source said, the deals will be structured with returns tied to new revenue generation.
Weatherford Capital, which is headquartered in Tampa, is run by brothers Will, Sam, and Drew. Will Weatherford is the former Speaker of the Florida House and sits on the Rays Executive Advisory Board. Drew Weatherford is a former quarterback at Florida State and now sits on the university’s board.
You can read more of Drew Weatherford’s perspective on investing in collegiate sports at the following links:
Red Bird Capital is invested in the Boston Red Sox through part ownership in Fenway Sports Group, which includes Liverpool FC, Pittsburgh Penguins, and RFK Racing. They have also invested in other sports franchises like Yankees-owned companies YES Network and Legends Hospitality, and own AC Milan, Toulouse FC, and the UFL. They were recently in the news for advising and investing in the recent Paramount-Skydance merger. The resulting company is now seeking a hostile takeover of Warner Brothers Discovery.
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