Mark Cuban's Group Buys $50M Stake in Athletics' Ballpark

A new investment group led by Mark Cuban is betting on the Athletics' future in Las Vegas. Harbinger Sports Partners announced Thursday it acquired a minority stake in the MLB team. The Atlanta-based private equity firm did not disclose the size of its investment. However, CNBC's Mike Ozanian reported the amount to be near $50 million. That figure implies a post-money valuation of $3.8 billion for the Athletics and their new stadium. The deal marks Harbinger's first major sports investment since launching last year. It also adds fresh capital to the team's Las Vegas ballpark project.

Who Is Behind Harbinger Sports Partners?

Harbinger Sports Partners launched last May as a sports-focused private equity firm. Mark Cuban serves as the group's general partner and president. He remains a minority owner of the Dallas Mavericks after selling his majority stake in 2023. Rashaun Williams, a minority owner of the Atlanta Falcons, founded the firm and serves as chief investment officer. He previously worked at Goldman Sachs, Wachovia Securities, and Deutsche Bank. Co-founder and CEO Steve Cannon serves as the vice chairman of AMB Sports and Entertainment. That company oversees Mercedes-Benz Stadium and the Atlanta Falcons. Managing partner Jonathan Mariner previously served as chief financial officer for Major League Baseball. Cannon said he was impressed by the Athletics' vision for their new ballpark.

Harbinger's Investment Strategy and Other Backers

Harbinger has raised more than $460 million in less than six months. The firm is targeting $750 million total for investments across professional sports.

Rather than buying entire franchises, Harbinger typically purchases stakes of around 5%.

The Athletics welcomed the new partners in a statement. Team officials cited the group's experience across sports, media, and entertainment.

Cuban described the group's approach in blunt terms. "We are minority investors looking to make our investors a lot of money," he said. The Athletics have sought to raise $550 million from outside investors. Other recent backers include Aramark Sports and Entertainment, which contributed $100 million. A South Korean group featuring BTS member Suga and former pitcher Chan Ho Park added roughly $70 million.

Las Vegas Ballpark Construction and Investment Outlook

The Athletics are building a $2 billion domed stadium on the Las Vegas Strip. Once finished, the venue will seat roughly 33,000 fans. Construction remains on track for the 2028 season opener. Team owner John Fisher is overseeing the stadium project. The Athletics currently play in a Triple-A ballpark in West Sacramento, California. This season marks the second of three planned years there before the Las Vegas move. Harbinger's investment adds credibility to the team's financing efforts. The deal arrives about 18 months before the new stadium is scheduled to open. Officials from Harbinger have framed Las Vegas as a rare sports investment opportunity. The city's growth has reshaped the economics of professional sports, according to the group.