Former Utah Jazz and New York Knicks president Dave Checketts is shifting his investment focus toward the rapidly growing sectors of golf and women’s sports. His private equity vehicle, The Cynosure | Checketts Sports Capital, has positioned itself to deploy a US$1.2 billion fund toward high-potential sports properties globally.
Strategic Investment Goals
After securing an initial investment in ALK Capital—the owner of Burnley and Espanyol—last year, Checketts is now turning his attention to golf and the women’s sports landscape.
- Golf Sector: Checketts expressed high confidence in the leadership of the PGA Tour and LIV Golf. Despite ongoing merger negotiations, the sector remains a primary target due to its scarcity value and strong operational markets.
- Women’s Sports: Highlighting women’s sports as a prime investment destination, Checketts is exploring opportunities similar to the rapid growth seen in the NWSL, WNBA, and newer disruptor properties like League One Volleyball (LOVB) and the Unrivaled basketball competition.
Market Context
The investment landscape remains dynamic, with significant capital flowing into golf. LIV Golf has seen an estimated US$5.3 billion investment from Saudi Arabia’s Public Investment Fund (PIF), while the PGA Tour recently reported a valuation exceeding US$12.9 billion. Meanwhile, emerging platforms like TMRW Sports (owner of TGL) hold a valuation of approximately US$500 million, with plans to launch a women’s edition, WTGL, next winter.
The College Sports Dilemma
Despite the massive capital available, Checketts remains skeptical about institutional investment in US college sports. He highlighted a fundamental “culture clash” between the traditional fan experience and the private equity requirement for 25% returns.
“How do you take a college sports program that has never generated much cash and make it worthy of generating 25 per cent returns for private equity? The answer is that you’re going to have to take everything and redo it… but fans of those college teams, that’s not what they want.”
— Dave Checketts
As the industry navigates these transitions, the role of private equity continues to be a central debate for the future of collegiate athletics versus professional franchises.