💸 Upside Analysis: The Emergence of Family Offices Owned by Teams & Athletes

Following the publication of our analysis on the top 52 sports tech investors which was very well received, we thought we would do a follow up analysis on the the rise of family offices in elite sports. Why? Many sports tech startups are not too familiar with the family office landscape. We have also been working with a number of family offices owned by teams and athletes to bring them deal flow. With that in mind, family offices in elite sports is a strategic shift in how team owners and players manage wealth, diversify investments, and create enduring legacies. These structured entities enable stakeholders to optimize financial growth, invest in innovative industries, and contribute to societal impact. In this analysis we discussed the key drivers, challenges and the most notable family offices owned by teams and top athletes.

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Key Drivers Behind the Trend

1. Exponential Growth in Franchise Valuations

   • Sports franchises have seen dramatic increases in value over the past decade. Teams like the Dallas Cowboys (valued at $10 billion) and Minnesota Vikings have motivated owners to establish family offices to manage wealth strategically.

2. Diversification of Revenue Streams

   • Family offices allow stakeholders to go beyond traditional income streams, investing in industries such as real estate, technology, and entertainment, which mitigate risks associated with reliance on team revenues.

3. Brand Leverage

   • Leveraging globally recognized brands through family offices enables investment in synergistic areas, such as sports tech, merchandise, and media.

4. Legacy and Community Building

   • Family offices provide a platform for owners and players to engage in philanthropy and community development, fostering a positive legacy.

5. Wealth Management Control

   • Direct oversight of financial strategies through family offices ensures alignment with long-term goals and values.

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Challenges in Establishing and Running Family Offices

1. High Capital Requirements

   • The cost of acquiring and operating sports franchises is significant, such as the $6 billion sale of the Washington Commanders. Family offices require additional resources to fund operations and diversified investments.

2. Market Volatility

   • Franchise revenues can be affected by team performance, injuries, and broader economic factors, creating investment risks for family offices.

3. Regulatory Complexity

   • Sports league regulations and compliance requirements can limit investment strategies and require careful navigation.

4. Operational Expertise

   • A successful family office depends on skilled teams to identify opportunities and manage risks across various industries.

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Notable Team-Owned Family Offices

1. 5Point Venture Partners (5PVP)

   • 5Point Venture Partners (5PVP)

   • Owned by: Dallas Cowboys

   • Focus: 5Point Venture Partners (5PVP) is the venture investment arm of the Dallas Cowboys, dedicated to leveraging the power and global reach of the Cowboys' brand to invest in cutting-edge technology startups and innovative business ventures. The firm seeks to identify, support, and accelerate companies operating at the intersection of sports, media, technology, and consumer engagement. By providing strategic capital, industry expertise, and access to the Cowboys' vast network, 5PVP aims to foster innovation that enhances fan experiences, sports performance, and business operations within the broader entertainment and technology landscape.

   • Example of portfolio companies:

     • Ozlo, a company operating in the consumer electronics sector.

     • Camb.ai, an AI-driven platform specializing in video content localization for creators and media producers. It enables users to dub videos into over 140 languages while preserving the original speaker's voice through advanced AI voice cloning technology

2. Rock Ventures

   • Owned by: Cleveland Cavaliers (Dan Gilbert)

   • Focus: The investment arm of Cleveland Cavaliers owner Dan Gilbert, Rock Ventures oversees a diverse portfolio spanning real estate, fintech, and community development. With a strong commitment to revitalizing Detroit, the firm plays a key role in large-scale urban renewal projects, fostering economic growth, and supporting entrepreneurship in the city. Rock Ventures is also heavily involved in financial technology, backing innovative companies that disrupt traditional banking, lending, and investment sectors. Through strategic investments and partnerships, the firm seeks to drive long-term impact in both business and community development.

   • Site: Rock Ventures

   • Rock Ventures, the holding company for Dan Gilbert's diverse portfolio, encompasses over 100 companies across various sectors. Notable examples include:

     Financial Services:

     • Rocket Mortgage: A leading online mortgage lender offering residential loans across all 50 U.S. states.

     • Amrock: Provides title insurance, property valuations, and settlement services for residential and commercial real estate transactions.

     Real Estate:

     • Bedrock: A full-service real estate firm specializing in acquiring, developing, leasing, and managing properties, primarily in Detroit and Cleveland.

     Gaming and Entertainment:

     • Jack Entertainment: Operates gaming and hospitality facilities, including Jack Cleveland Casino and Jack Thistledown Racino in Ohio.

     Sports:

     • Cleveland Cavaliers: An NBA team based in Cleveland, Ohio.

     Technology and Media:

     • StockX: An online marketplace for sneakers, streetwear, and collectibles, operating as a "stock market of things."

     • Benzinga: A financial media outlet providing news and analysis.

3. Kroenke Group

   • Owned by: Stan Kroenke (Los Angeles Rams, Denver Nuggets, Arsenal F.C.)

   • Focus: The Kroenke Group, owned by Stan Kroenke, is a powerhouse in real estate development, stadium construction, and sports media investments. The group operates through its various subsidiaries, including Kroenke Sports & Entertainment (KSE), which owns and manages a vast portfolio of professional sports teams, venues, and media entities.

   • Stan Kroenke’s influence extends across multiple leagues, making him one of the most powerful figures in global sports ownership. His portfolio includes:

     • NFL: Los Angeles Rams – The team won Super Bowl LVI in 2022 after moving to the Kroenke-built SoFi Stadium, one of the most advanced stadiums in the world.

     • NBA: Denver Nuggets – The franchise secured its first NBA Championship in 2023, cementing itself as a dominant force in basketball.

     • Premier League: Arsenal F.C. – One of England’s most historic football clubs, Arsenal has seen increased investment under Kroenke’s ownership.

     • NHL: Colorado Avalanche – The team won the Stanley Cup in 2022.

     • MLS: Colorado Rapids – A stable but less dominant presence in American soccer.

     Real Estate & Stadium Construction

     • SoFi Stadium (Los Angeles, CA) – A $5.5 billion stadium, home to the Rams and Chargers, and the future host of World Cup 2026 matches and the 2028 Olympics.

     • Ball Arena (Denver, CO) – Home to the Nuggets and Avalanche.

     • Emirates Stadium (London, UK) – Arsenal’s home stadium, owned by the club and developed under Kroenke’s tenure.

4. Fenway Sports Group Family Office

   • Owned by: Boston Red Sox and Liverpool F.C.

   • Focus: Sports franchises, stadium development, and media rights.

   • Site: Fenway Sports group Family Office

   • Fenway Sports Group (FSG) has a diverse portfolio encompassing various sports teams, venues, and media entities. Here are some of their notable holdings:

     • Boston Red Sox: Acquired in 2002, this Major League Baseball team has secured multiple World Series titles under FSG's ownership.

     • Liverpool F.C.: Purchased in 2010, this Premier League football club has achieved significant success, including winning the UEFA Champions League and the Premier League.

     • Pittsburgh Penguins: FSG expanded into the National Hockey League by acquiring the Penguins in 2021.

     • New England Sports Network (NESN): An 80% stake in this regional sports network, which broadcasts Red Sox and Boston Bruins games.

     • RFK Racing: A 50% ownership in this NASCAR team, reflecting FSG's involvement in motorsports.

     • Fenway Sports Management (FSM): Established in 2004, FSM handles sponsorship sales and marketing for FSG's properties and partners.

     • Fenway Sports Group Real Estate (FSGRE): Oversees the development and management of FSG's real estate assets, including stadiums like Fenway Park and Anfield.

     • Fenway Music Company: Manages music and entertainment ventures, including the House of Blues in Boston

5. WISE Ventures

   • Owned by: Wilf Family (They own Minnesota Vikings / NFL, Orlando City SC (MLS) and Orlando Pride (NWSL).

   • Focus: Technology, sports tech, and real estate investments (Garden Homes is the name of the Wilf’s real estate development arm).

   • Site: WISE Ventures

   • WISE Ventures' portfolio includes a dynamic mix of companies innovating in sports, tech, and fan engagement.

     • WSC Sports uses AI to automate sports video highlights.

     • FEVO simplifies group ticketing.

     • Tagboard amplifies fan interaction through social media tools,

     • Slate helps athletes monetize their IP.

     • Ozlo offers smart sleepbuds.

6. Markee Ventures

   • Owned by: Ricketts Family (Chicago Cubs)

   • Focus: Real estate, media, and fan experience enhancements.

   • Site: ,Markee Ventures

   • Their portfolio includes:

     • Guidesly: A platform connecting anglers with fishing guides, enhancing the fishing experience through technology.

     • Anzu: A company specializing in in-game advertising solutions, integrating ads seamlessly into video games.

     • Firestorm: A company focused on 3D printing warfare drones, aiming to revolutionize defense technology.

     • New Era ADR: A company specializing in alternative dispute resolution services, offering innovative solutions for conflict management.

7. Spurs Sports & Entertainment Ventures

   • Owned by: San Antonio Spurs

   • Focus: Fan engagement platforms and community outreach programs.

   • They own and operate several sporting franchises, including:

     • The NBA's San Antonio Spurs, the NBA G League's Austin Spurs, and the USL Championship club San Antonio FC.

     • Frost Bank Center, a multi-purpose facility in San Antonio.

     • While SS&E primarily focuses on their own sports teams and venues, they also engage in various partnerships and collaborations within the sports and entertainment industry. For example, in January 2023, they announced Victory Capital as the naming rights partner for their new performance center, the Victory Capital Performance Center.

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Family Offices Launched by Athletes

Athletes, recognizing the importance of financial security and legacy-building, have increasingly launched their own family offices. These entities allow them to manage their wealth, diversify investments, and transition smoothly into post-career ventures.

1. Reform Ventures (Thad Young)

   • Founded by: NBA veteran Thad Young

   • Focus: Investments in technology, media, and real estate. Reform Ventures focuses on empowering underrepresented entrepreneurs and creating sustainable value.

   • Site: Reform Ventures

   • Reform Ventures has a diverse portfolio of innovative companies (200+) across various industries. Some of their notable investments include:

     • Huupe, specializing in recreational goods,

     • Myavana, a company in the application software industry.

     • Casa Azul, a beverage company,

     • Bunches, a social platform software company.

     • Adventr provides media and information services,

     • BoxedUp offers services in the B2C non-financial sector.

     • Joylux is a personal products company,

     • FlyGuys operates in commercial services.

     • Ashby is a business/productivity software company,

     • Spline focuses on multimedia and design software.

     • Plantiga, a company using technology to enhance human movement and biomechanics.

     • Epicore Biosystems, a company developing advanced sweat-sensing wearables that provide real-time personalized health insights for hydration, stress and wellness.

     • Dapper Labs, known for its work in blockchain and digital collectibles.

2. Unanimous Media (Stephen Curry)

   • Founded by: NBA star Stephen Curry

   • Focus: Media and entertainment projects, including storytelling that reflects Curry’s values of family, faith, and diversity.

   • Site: Unanimous Media

   • Their notable projects include:

     • "Emanuel": An Academy Award-nominated documentary that delves into the aftermath of the 2015 Charleston church shooting, highlighting themes of forgiveness and resilience.

     • "Holey Moley": A comedic mini-golf competition series that premiered on ABC, blending sports and entertainment.

     • "Stephen vs. The Game": A documentary series offering an intimate look into Stephen Curry's life and career.

     • "Breakthrough": A faith-based drama film produced in collaboration with 20th Century Fox.

     • "The Second Chance": A faith-based film produced in partnership with Sony Pictures.

     • "The Faithful": A documentary series exploring the intersection of faith and sports.

     • "The Golden State Warriors Championship Documentary": A behind-the-scenes look at the Warriors' 2018 championship season.

     • "The Underdog": A documentary series highlighting inspiring stories from the sports world.

     • "The Faithful Podcast": A podcast series discussing faith and sports.

     • "The Unanimous Podcast": A podcast featuring interviews with athletes and entertainers.

3. Thirty-Five Ventures (Kevin Durant)

   • Founded by: NBA star Kevin Durant and business partner Rich Kleiman

   • Focus: Investments in media, sports tech, and startups, including companies like Postmates, Coinbase, and Overtime.

   • Site: Thirty-Five Ventures

   • Notable portfolio companies include:

     • Acorns: A financial technology company offering a micro-investing platform that allows users to invest spare change from everyday purchases.

     • Coinbase: A leading cryptocurrency exchange platform that enables users to buy, sell, and store various cryptocurrencies.

     • Overtime: A sports media company focusing on creating content for the next generation of athletes and fans.

     • Dapper Labs: A blockchain-based company known for creating NBA Top Shot, a platform for buying, selling, and trading officially licensed NBA collectible highlights.

     • Postmates: A logistics company specializing in delivering food, groceries, and other goods on-demand.

     • OpenSea: A decentralized marketplace for buying, selling, and discovering digital assets, including NFTs.

     • Just Women's Sports: A media company dedicated to providing coverage and content focused on women's sports.

     • Underdog Fantasy: A fantasy sports platform offering daily and season-long fantasy sports games.

     • Skydio: A drone manufacturer specializing in autonomous flying technology.

     • Creatively: A platform connecting creative professionals with job opportunities.

     • Hey Rowan: A company offering personalized skincare solutions.

     • Suzy: A real-time market research platform.

     • Mars Reel: A sports media company focusing on high school basketball content.

     • Yoshi: A mobile app providing on-demand gas delivery services.

4. More Than a Vote (LeBron James)

   • Founded by: LeBron James and partners

   • Focus: Civic engagement and social justice initiatives. While not a traditional family office, it operates as a philanthropic entity aligned with James’s legacy goals.

   • While it doesn't own companies in the traditional sense, it has formed strategic partnerships with various organizations to advance its mission.

     • In 2020, More Than a Vote collaborated with Live Nation to launch the "We Are the Voices" campaign, aiming to mobilize Black voters through music and entertainment.

     • More Than a Vote has partnered with BallotReady, a non-profit that provides a free, digital, non-partisan guide to candidates and upcoming elections across the U.S., helping voters make informed decisions.

5. Seven Seven Six and Serena Ventures (Serena Williams)

   • Seven Seven Six Capital: Founded by: Alexis Ohanian, Serena Williams’ husband (as part of Serena Williams’ broader venture investments)

   • Serena Ventures: Founded by: Serena Williams.

   • Focus: Supporting innovative companies with a strong emphasis on diversity and inclusion.

   • Sites: Seven Seven Six, Serena Ventures

   • Seven Seven Six’s notable investments include:

     • ScorePlay, a company specializing in AI-powered media asset management for sports organizations.

     • Yuga Labs: A high-tech company specializing in digital collectibles and virtual assets.

     • CoinTracker: A fintech company offering an app-based portfolio management solution for cryptocurrency.

     • Stoke Space: A high-tech company developing reusable rocket engines for space exploration.

     • Riverside.fm: A high-tech company providing a platform for recording podcasts and video interviews.

     • Hgen: A high-tech company specializing in gene therapy for aging and age-related diseases.

     • CoinTracker: A fintech company offering an app-based portfolio management solution for cryptocurrency.

     • Troveo: A fintech company providing a platform for buying and selling used cars.

   • Notable investments from Serena Ventures include:

     • MasterClass: An online education platform offering classes taught by experts in various fields.

     • Tonal: A fitness technology company specializing in digital strength training equipment.

     • Impossible Foods: A food technology company known for creating plant-based meat alternatives.

     • Noom: A health and wellness platform focusing on behavior change for weight loss.

     • Hello Alice: A platform providing resources and support for small business owners.

     • Daily Harvest: A food delivery service offering healthy, pre-portioned meals.

     • Mayvenn: A beauty company specializing in hair extensions and related products.

     • Billie: A women's shaving brand offering high-quality razors and skincare products.

     • ShoppingGives: A platform enabling consumers to donate a portion of their purchases to charity.

     • Honeylove: A fashion brand known for its shapewear and apparel.

     • Neighborhood Goods: A retail company focusing on modern department store experiences.

     • Kiira Health: A health tech company providing telemedicine services.

     • Zipline: A logistics company specializing in drone delivery services.

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Why Teams and Players Are Launching Family Offices

1. Personalized Financial Strategies

   • Family offices provide tailored solutions for wealth management, ensuring alignment with personal and professional goals.

2. Post-Career Planning

   • Athletes use family offices to transition from sports to entrepreneurship, creating long-term financial security.

3. Legacy and Social Impact

   • Family offices serve as platforms for philanthropy and social impact, reinforcing players' legacies.

4. Access to Emerging Markets

   • Investments in sports tech, real estate, and media allow players to explore high-growth industries that align with their careers.

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The Future of Family Offices in Elite Sports

The emergence of family offices in elite sports reflects a maturing approach to wealth and asset management. Whether launched by team owners or athletes, these entities enable strategic investments, innovation, and societal contributions. As team valuations rise and the sports industry becomes increasingly complex, family offices will play a central role in shaping the future of sports finance and legacy building. Moving forward we expect more teams and athletes to launch their own family offices as a way to expand their brand, and drive additional revenues.

If we forgot to mention a key family office owned by a team or an athlete, and if you are a startups looking to get traction with pro teams, raise money, or get guidance on your product, feel free to contact me at julien@upsideglobal.co

Best,

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