LAS VEGAS (KTNV) — An investment group, led by 'Shark Tank' investors and sports executives Mark Cuban and Rashaun Williams, has purchased a minority stake in the A's.
Harbinger Sports Partners announced the news on Thursday.
The group was founded by Wlliams, who is also a limited partner with the Atlanta Falcons, and Steve Cannon, the vice chairman of AMB Sports and Entertainment, which oversees Mercedes-Benz Stadium and the Atlanta Falcons. The group also includes Cuban, who is the former principal owner and current minority owner of the Dallas Mavericks, and former Major League Baseball Chief Financial Officer and Chief Investment Officer Jonathan Mariner.
"No major U.S. city has experienced a transformation quite like Las Vegas. Since 2017, the city has welcomed the NHL's Golden Knights, the NFL's Raiders, Formula One's Las Vegas Grand Prix, the WNBA's Aces, and will soon become the permanent home of Major League Baseball's Athletics. Industry observers widely expect the NBA to award and expansion franchise to Las Vegas in the coming years, further solidifying the city's position as one of the premiere destinations in global sports," a company press release reads in part. "Harbinger Sports Partners believes this transformation is only beginning."
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According to the press release, company officials say they acquired a minority ownership interest in the Athletics as part of the Club's recently completed equity financing for construction of its new ballpark on the Las Vegas Strip.
"We're not simply investing in a baseball franchise," Williams said. "We're investing in a city that has fundamentally changed the economics of professional sports."
Sources close to the situation told me the group confirmed the full financing for the ballpark in December 2024 and the specifics of the fundraising remain private.
Harbinger was the only private equity firm invited to participate in the financing and while several individual investors participated, the A's selected Harbinger because of the firm's "unique combination of institutional investment capabilities and an ownership group comprised of experienced sports owners and operators."
"We are very pleased to welcome Harbinger Sports Partners as an investor in the Athletics," a team statement reads in part. "The experience of their principals across sports, media, and entertainment, combined with their long-term perspective, makes them a valuable addition to our ownership group as we work to build the future of the franchise in Las Vegas."
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While this is the first investment for the group in Las Vegas, there could be more in the future.
According to Harbinger, they believe Las Vegas will continue attracting additional professional franchises and marquee sporting events over the next decade.
"While the firm does not comment on specific future transactions, it intends to be an active participant in opportunities that emerge across the Las Vegas sports ecosystem, including potential future franchise ownership opportunities should they become available," the press release states.
Harbinger has previously stated they would like to invest in about 10 to 12 projects with their first fund. They recently announced they have raised more than $460 million in assets in less than six months. The fund has no hard cap so they can add additional capital for future opportunities.
As for the ballpark itself, construction continues. On Tuesday, the team raised the second steel roof truss at the ballpark.
The overall price tag for the ballpark is now estimated at $2.1 billion.
