A US$1.2 billion private equity fund led by former NBA executive Dave Checketts is targeting investments in golf and women’s sports, seeking opportunities in what the veteran sports businessman describes as high-growth sectors. The Cynosure | Checketts Sports Capital fund, formed last year through a partnership between Checketts and The Cynosure Group, has already made its first investment in ALK Capital, the ownership group behind English soccer club Burnley and Spanish side Espanyol. Speaking at SportsPro New York, Checketts outlined his investment strategy focused on acquiring minority stakes in well-operated sports properties.
The fund’s interest in sports investment opportunities reflects growing private equity activity across multiple sectors of the industry. Checketts, who previously served as president of the Utah Jazz and New York Knicks, emphasized that his approach prioritizes scarcity value, strong markets, and experienced operators willing to collaborate on building successful organizational cultures.
Golf Sector Attracts Private Equity Attention
Checketts specifically praised the leadership of Brian Rolapp at the PGA Tour and Scott O’Neill at LIV Golf, calling them “two of the smartest guys in sports.” His comments come as both organizations continue to operate independently while merger discussions remain stalled. According to recent reports, Saudi Arabia’s Public Investment Fund has invested approximately US$5.3 billion in LIV Golf, with O’Neil acknowledging the circuit will operate at a loss for the next five to ten years.
Meanwhile, the PGA Tour’s most recent annual report reportedly valued the organization at just over US$12.9 billion following a US$1.5 billion investment from the Strategic Sports Group in 2024. The contrasting financial positions of the two golf entities highlight the varied investment opportunities within the sport.
Women’s Sports Emerge as Investment Priority
Additionally, Checketts identified women’s sports as a particularly attractive investment area for the fund. The sector has experienced significant capital inflows recently, with properties like League One Volleyball and the Unrivaled three-on-three basketball competition attracting high-profile backers. Established leagues including the National Women’s Soccer League and the Women’s National Basketball Association have also become popular targets for institutional investors.
The indoor golf league TGL has demonstrated investor appetite for innovative sports properties, with its owner TMRW Sports valued at approximately US$500 million after a Series A funding round in 2024. The company, backed by Tiger Woods and Rory McIlroy, plans to launch a women’s edition called WTGL next winter, with Alex Morgan’s Trybe Ventures named as the lead capital partner.
College Sports Present Investment Challenges
However, Checketts expressed uncertainty about private equity investments in college sports, despite acknowledging the sector’s appeal. He questioned whether institutional capital aligns with the traditional culture of college athletics programs. According to Checketts, generating the 25 percent returns typically expected by private equity investors would require significant changes to college sports operations, including premium seating additions and price increases that may not align with fan expectations.
In contrast to professional sports properties, college programs have historically not generated substantial cash flow. Checketts suggested that implementing revenue-enhancement strategies like building luxury suites in college football stadiums could conflict with the values of traditional fans who prioritize school loyalty over premium hospitality experiences.
The fund’s investment strategy focuses on acquiring significant minority stakes rather than majority control, allowing existing operators to maintain day-to-day management while benefiting from the capital and expertise Checketts brings. This approach aims to balance investor returns with preserving the organizational cultures that make sports properties successful.
The direction of private equity involvement in college sports remains uncertain as the sector continues to evolve. Checketts indicated his fund has the capital available for college sports investments but will monitor how the regulatory and cultural landscape develops before committing resources to that segment.
