Football News: Two veteran sports executives have collaborated to launch an investment firm named Velocity Capital Management.
Velocity Capital Management which has been launched by veteran sports executives David Abrams and Arne Rees does not intend to directly invest in the sports teams at this moment.
However, they want to capitalize on the booming sports and entertainment industry and fund early-stage sports media and entertainment companies.
The new firm has already said that it will invest $50 million in these types of companies with enterprise values of up to $2 billion.
Football News: Abrams and Rees have joined hands
Two veteran sports executives David Abrams and Arne Rees have come together to launch a new investment firm called Velocity Capital Management.
The Crytal Palace co-owner is also a former private equity partner and chief investment officer of Harris Blitzer Sports & Entertainment.
Interestingly Harris Blitzer Sports & Entertainment is the owner of one of the most famous NBA teams, the Philadelphia 76ers. They also own the NHL team New Jersey Devils.
While speaking about their new organization, Abrams said “For now we are focused primarily on growth-stage companies.”
He further added although they will make a non-control investment in these types of companies, they want to be an active advisor.
The organization also is the owner of the Prudential Center. Prudential Centre is the arena where the Devils play. Among some other sports ventures, they also own an e-sports organization named New Meta Entertainment.
Abrams joined Harris Blitzer Sports & Entertainment as its chief investment officer in 2018. However, before that, Abrams worked as a partner at Apollo.
Meanwhile, the other co-founder is Arne Reese. Reese has served as the U.S. CEO of Sportradar recently. Sportrader is a data firm. The firm works with sportsbooks, sports federations, and media companies.
Reese has also previously worked at ESPN and the Union of European Football Associations and is a known name in the sports world.
Velocity has already finalised its first investment in Camp NYC. Camp creates shop-and-play retail experiences which are usually based on intellectual property from popular children’s entertainment, such as Disney’s “Mickey & Friends” and “Paw Patrol.”
Velocity has informed that the company has got investment capital from multiple sources, including Delaware North. Delaware North is a private company that has more than 50 entertainment and sports venues, sports betting sites, and the NHL’s Boston Bruins.