A newly formed investment group, featuring former Dallas Mavericks owner Mark Cuban, has acquired a minority interest in the Athletics as the MLB team gears up for its relocation to Las Vegas in 2028. Harbinger Sports Group has not publicly revealed the exact percentage of its stake. However, CNBC’s Mike Ozanian mentioned via Twitter that the investment is estimated at around $50 million, resulting in a post-money valuation of $3.8 billion for the Athletics along with their future stadium.
This acquisition signifies Harbinger’s first significant investment since its inception late last year. Cuban takes on the roles of general partner and president, with founder and chief investment officer Rashaun Williams, Atlanta Falcons executive Steve Cannon, and former MLB CFO Jonathan Mariner forming the leadership team.
The Athletics expressed their enthusiasm for the new partners, emphasizing the wealth of experience the group brings from sports, media, and entertainment as the franchise prepares for its new chapter in Las Vegas.
According to Harbinger’s official statements, the firm has successfully raised over $460 million in less than six months, aiming for a target of $750 million. The focus is on acquiring small stakes (around 5%) in well-established franchises rather than purchasing entire teams.
Cuban Sees Financial Potential
Williams described Las Vegas as “one of the premier sports investment opportunities of our era,” asserting that the city has significantly altered the financial landscape of professional sports. The firm cited the skyrocketing valuations of teams like the Raiders and Golden Knights as indicators that the Athletics could experience a similar rise upon their establishment in Southern Nevada.
Mark Cuban, framing the initiative in straightforward financial terms, emphasized that Harbinger’s objective is clear: “We are minority investors aiming to generate substantial returns for our investors.”
Majority owner John Fisher is leading the development of a $2 billion, 33,000-seat domed stadium located on the Strip. Construction is progressing, with work on the upper deck already underway, and officials have confirmed that the facility is set to open in 2028. Meanwhile, the A’s are currently in their second of three temporary seasons at a minor league park in West Sacramento.
This investment is part of the Athletics’ strategy to secure up to $550 million from minority investors for the construction of their Las Vegas stadium, set to debut in time for the 2028 baseball season. Previous minority investments included partnerships with Aramark and a South Korean consortium.
The incoming funds will play a crucial role in the project, as the A’s have also committed an additional $45 million toward surrounding infrastructure developments. This includes a six-story parking garage and an on-site utility facility, which were initially linked to a nearby Bally’s resort project that has faced delays.