Private Equity Meets Sports: How TPG Sports Is Reshaping the Industry
On May 1, 2025, TPG, a global asset management firm with US$251 billion in assets under management, announced the launch of TPG Sports, a new investment fund focused on supporting companies, teams and leagues driving innovation in the sports industry. This initiative was launched in partnership with professional golfer Rory McIlroy, his business partner Sean O’Flaherty and their investment firm Symphony Ventures. McIlroy and O’Flaherty, both seasoned investors, previously founded GolfPass and co-founded TGL (TMRW Golf League).
TPG Sports aims to apply a private equity model to sports investing by providing targeted capital and operational expertise to accelerate the growth of sports IP and operating businesses. The fund has already secured backing from Lunate, an independent investment manager with more than US$110 billion in assets under management.
TPG president Todd Sisitsky stated, “The continued rise in sports viewership and fandom is creating new opportunities that demand creative, growth capital.” He emphasized that TPG Sports integrates a long-term partnership strategy, deep operating capabilities and key industry figures like McIlroy and his team at Symphony Ventures. McIlroy echoed this sentiment, noting that the sports landscape is evolving rapidly and that TPG Sports combines the capital and expertise needed to invest in and scale businesses driving this transformation.
This announcement reflects a growing trend of private equity firms investing in sports. In August 2024, the NFL voted to allow private equity firms to purchase stakes in its teams, leading to investments from Arctos Partners and Ares Management in the Buffalo Bills and Miami Dolphins, respectively. In March 2025, the NBA’s Boston Celtics was sold to multiple investors, including private equity firm Sixth Street. As discussed in our previous article, private equity firms are also exploring opportunities in college athletics, recognizing its untapped commercial potential.
The increasing presence of private equity in sports marks a significant shift in how teams, leagues and businesses are funded and scaled. While these investments provide substantial capital and operational support, they also raise important questions about whether private equity’s focus on maximizing financial returns will align with the long-term interests of athletes, fans and the broader sports ecosystem. As the industry continues to evolve, one thing is certain – sports are entering a new era of growth, innovation and investment, with private equity playing a pivotal role in shaping its future.
The Sports, Media & Entertainment Group at Aird & Berlis LLP assists clients in navigating contracts, transactions, regulations, disputes and more. Please contact the authors or a member of the group if you have questions or require assistance.
