SportsTech Investment Recap – May 17th
This week’s investment recap highlights the potential massive takeover of Manchester United, new AI investment funds, and successful fundraising rounds in the Web3 & Esports sector.
Fanatics to buy PointsBet’s US business for US$150m
Fanatics has agreed to acquire the U.S. operations of PointsBet, marking the sports giant’s first major leap into U.S. sports betting. The deal is worth about $150 million in cash. The companies announced the deal Sunday night soon after CNBC reported an agreement was reached.
Group agrees to buy Washington Commanders for record $6 billion
A group led by Josh Harris that includes Magic Johnson has agreed to buy the NFL’s Washington Commanders from longtime owner Dan Snyder and his family. The sides announced the deal in a joint statement Friday, roughly a month after they reached an agreement in principle on the sale for a record $6.05 billion.
Sheikh Jassim increases bid to buy Manchester United up to $6Billion
Mail Sport understands that, in a seismic development, Sheikh Jassim Bin Hamad Al Thani has submitted a final, improved bid in an attempt to see off competition from rival Sir Jim Ratcliffe and conclude a deal for total ownership of the Premier League giants to end a protracted saga.
Daktronics gets $100M in new capital commitments
Daktronics, which had to declare a going concern in late 2022 due to evaporating cash flow, announced late Thursday that it has secured $100M in capital commitments, including a new three-year, $75M credit line from JPMorgan Chase, and more.
Appen to cut staff, raise $60m as AI challenges persist
Appen has launched a $60m equity raising at a deep discount to shore up its balance sheet after missing the initial boom in the next phase of the artificial intelligence revolution.