New $7 B private-equity fund aims to reshape NBA ownership and launch sports leagues
A group of former Obama officials, media executives and athletes have created a $7 billion private-equity fund called Blacksun to acquire sports assets and start new leagues.
Blacksun, a newly launched $7 billion private-equity vehicle, brings together ex-Obama staffers, media veterans and several professional athletes to invest in sports franchises and related ventures. Nick Rathod, a former Obama-era operative, serves as chief of strategy and global communications, criticizing the historic “good-ol-boy” ownership model exemplified by recent NBA deals. The fund is headed by Atonn Muhammad, who previously founded the Real Hip-Hop Network, and is financed by a mix of wealthy individuals, institutional backers and Greenstone Equity Partners of Dubai.
Blacksun’s agenda includes creating a World American Football League, a combat-sports league called Knockout Fights, and forming a group to bring the Seattle Supersonics back to the NBA by securing tribal land for a new arena and entertainment district. Athlete advisors such as Jason Kidd, Roy Jones Jr., Lawrence Taylor and Gary Clark, along with former Yahoo and one outlet executive Ross Levinsohn, are attached to guide the venture.
Why it matters
The fund could alter how professional sports teams are owned and bring new leagues to market, affecting fans, cities and investors.
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