Former Chelsea FC and Manchester United chief executive Peter Kenyon is reportedly leading a group holding discussions to purchase Premier League club Everton FC.

Current owner Farhad Moshiri is reportedly open to selling equity stakes in the club and/or external investments in the club’s new $605 million stadium at Bramley-Moore Dock. 

Reported estimates for a price tag have ranged from $609.1 million to $1.2 billion.

• In March, for the third consecutive year, the team reported a loss of more than $121 million.
• Earlier this month reports surfaced that the team was in discussions to secure new financing after voiding commercial ties with Russian companies. 

Moshiri, who acquired Everton for $242 million in 2016, reportedly intended to talk to Kenyon’s group about stadium funding, but those discussions developed into takeover talks. The negotiations are in early stages, but The Athletic reports Moshiri would likely retain a 10% stake if a deal went through.

Kenyon’s consortium includes U.S. businessman Maciek Kaminski, founder and president of Kaminski Asset Management and the chief executive of Talon Real Estate, and John Thornton, executive chairman of Barrick Gold Corporation and non-executive chairman of PineBridge Investments.

There are reportedly other parties interested in the team.

At A Crossbar

In a letter to fans last week, Moshiri apologized for the team’s poor performance in the Premier League and expressed his commitment “to securing the future success of the club by delivering a fully-funded stadium that will underpin our status as a leading club.”

A new force is emerging in private equity for sports.

Two investment firm executives are starting Dynasty, a firm that aims to invest more than $1 billion in sports teams.

• The firm is being launched by Jonathan Nelson, founder and executive chair of Providence Equity Partners, and Don Cornwell, a partner at PJT Partners.
• Nelson previously served as director of Yankees Entertainment and Sports Network, which Providence invested in. Providence has also invested in Learfield, Ironman, Topgolf, EZLINKS, and MLS’ marketing wing, Soccer United Marketing. 
• Cornwell, who focused on sports and gaming deals at Morgan Stanley before joining PJT, worked on the sales of the Buffalo Bills and Maple Leaf Sports & Entertainment, the recapitalization of the Tennessee Titans and Pittsburgh Steelers, and the creation of MLB Advanced Media.

Cornwell will be the first Black co-owner of a sports-focused private equity fund. Each founder will also remain in his current role.

Private Equity Makes Its Move

Should Dynasty succeed in raising more than $1 billion, they still likely won’t have the biggest war chest among sports-focused private equity firms. Arctos Sports Partners raised $1.1 billion for its second fund last month, putting its total assets north of $5 billion.

Private equity firms spent $51 billion on sports transactions in 2021, per Pitchbook, including $22 billion in Europe and nearly $3 billion on minority stakes in North American sports teams.

As technology becomes more ubiquitous at every level of sports, there’s a growing need for software that streamlines information and apps into a unified platform.

A tech company called Teamworks seeks to fill that need, announcing on Tuesday a $50 million Series D round from a host of investment firms and athletes. 

The company’s platform provides a hub for scheduling and communication within teams, as well as serving as a platform for third-party apps utilized by teams and athletes.

• The round, led by Delta-v Capital, brought Teamworks total funding up to $100 million. 
• General Catalyst, Seaport Capital, Teamworthy Ventures, Afia Capital, and more than 30 athletes, including NBA Hall of Famer David Robinson, Atlanta Falcons quarterback Marcus Mariota, and NWSL player Jessica McDonald, participated in the round.
• Teamworks says it works with over 4,000 college teams, 27 NFL teams, 20 NHL teams, 14 MLB teams, 12 NBA teams, and 10 MLS teams.

Next Play: Acquisitions

Teamworks acquired sports social media platform INFLCR in 2019 and nutrition platform Notemeal in 2021. The company is looking to make more additions with its latest funding.

“We will continue to look at acquisitions within sports tech, focused on tools that drive value for our existing customer base across collegiate and professional sports,” Teamworks founder and CEO Zach Maurides told Front Office Sports.

Royal Ascot, a five-day horse racing event in Berkshire, England, is underway with a record $10.5 million in prize money up for grabs. 

Regarded as one of the most prestigious events in horse racing, Royal Ascot is poised for its best year yet as it gains international attention, leading to record payouts for its participants. 

• This year’s total prize pool is an 18% increase compared to 2019’s pre-pandemic event.
• 35 races will be held across five days.
• The event will air in more than 170 territories across more than 20 broadcasters.
• Broadcasters include the free-to-air British network (and host) ITV and Sky Sports Racing. 

Royal Ascot will also have a presence in the U.S. — NBC’s streaming platform Peacock will broadcast the event to more than 24 million monthly active users and 9 million paying users. 

This year’s edition of the Royal Ascot is being exposed to a record amount of viewers due to the management of media rights by HBA Media. In January 2020, Ascot Racecourse secured a five-year contract with HBA Media, which included non-betting international media rights. 

HBA Media’s list of clients includes Racecourse Media Group and horse betting platform TVG. 

Marquee Race 

Royal Ascot will have a plethora of races throughout the week, but its marquee event, the Gold Cup, will take place on Thursday.

The 2-plus-mile race — also known as Ladies Day — will see the winner pocket $345,000.