In the last decade, examples of private equity investment in sport have been relatively sporadic and isolated. Aside from the largest and most notable sports properties and brands, the sector has been viewed with caution by investors; likewise, leaders of sports businesses, attempting to balance the desire to grow their sport against the need to respect the idiosyncrasies of the game, have viewed external investment with caution.

Over the last 18 months, however, there has been a notable shift in activity and appetite on both sides of the field: investors and sports entities are increasingly looking for innovative ways to partner and accelerate towards transformative growth. In recent months, this activity has grown as both sides identify opportunities to both weather the shorter-term challenges posed by the pandemic and to position themselves to enter the new normal stronger.