Football news: Two veteran sports executives have collaborated to launch an investment company called Velocity Capital Management.
Velocity Capital Management, which was launched by veteran sports executives David Abrams and Arne Rees, does not intend to invest directly in sports teams at this time.
However, they want to cash in on the burgeoning sports and entertainment industry and fund early-stage sports media and entertainment companies.
The new firm has already said it will invest $50 million in these types of companies with enterprise values ​​of up to $2 billion.
Two veteran sports executives, David Abrams and Arne Rees, have teamed up to launch a new investment firm called Velocity Capital Management.
One of the co-founders of Velocity Capital management, David Abrams, is a well-known face in the world of soccer. Abrams is a co-owner of Crystal Palace in the English Premier League.
The Crytal Palace co-owner is also a former private equity partner and chief investment officer at Harris Blitzer Sports & Entertainment.
Interestingly, Harris Blitzer Sports & Entertainment is the owner of one of the most famous teams in the NBA, the Philadelphia 76ers. They also own the NHL team New Jersey Devils.
Discussing his new organization, Abrams said, “For now, we’re primarily focused on growth-stage companies.”
He also added that although they will make an uncontrolled investment in this type of company, they want to be an active advisor.
The organization also owns the Prudential Center. Prudential Center is the stadium where the Devils play. Among other sports companies, they also own an esports organization called New Meta Entertainment.
Abrams joined Harris Blitzer Sports & Entertainment as chief investment officer in 2018. Prior to that, however, Abrams worked as a partner at Apollo.
Meanwhile, the other co-founder is Arne Reese. Reese most recently served as the US CEO of Sportradar. Sportrader is a data company. The firm works with sports betting houses, sports federations and media companies.
Reese has also previously worked at ESPN and the Union of European Football Associations and is a household name in the sports world.
Velocity has already finalized its first investment in Camp NYC. Camp creates retail shopping and gaming experiences that are often based on intellectual property from popular children’s entertainment, such as Disney’s “Mickey & Friends” and “Paw Patrol.”
Velocity has reported that the company has investment capital from multiple sources, including Delaware North. Delaware North is a private company with more than 50 sports and entertainment venues, sports betting sites and the NHL’s Boston Bruins.
