RedBird Capital is 1/3 of the ownership group of the XFL, and many consider them the bank that Dany and Dwayne are using to find the restart – after a proposed merger or partnership with the CFL.
RedBird, while this process is going on, is looking to open up some capital, that might be worth $800 million. What is on the table is 40% of OneTeam, a group that works with the NFLPA, and the MLBPA for its licensing of names and likenesses for the leagues.
Many in the finance world believe that the total property is worth $2 billion, which is why the 40% value is where the firm sets its asking price. The thought is that RedBird invested in the business, got more than what it was aiming for in equity, and now wants out.
The others, close to the football side of it, believe this is a move to open up capital to help fund what’s coming for the XFL.
RedBird’s role in the partnership includes negotiating terms for OneTeam, finding new collective rights opportunities and growing value. It makes a percentage of the return from revenue. The firm is betting the NIL space will explode with colleges coming online, and thinks non-fungible tokens (NFTs) will play a factor. Add in the built-in licensing deals from the aforementioned companies, and it sees value with OneTeam.CNBC’s Article
OneTeam launched in 2019, and seems to have grown past the expectations. Because of what it’s done for their players, it is a hot commodity, especially considering growth opportunities for both leagues moving forward.
The firm just hired a long-time NFL executive responsible for obtaining the largest broadcasting rights contract, and the best streaming packages a professional league has ever had. Kevin LaForce brings the experience, tools, and resources to really boost whatever project he’s working on, and these two moves could be exactly what the CFL and XFL talks needed to push toward the finish line.
It’s no secret the CFL needs something to generate more revenue, with LaForce in the fold, their broadcasting deals could increase if a merger or partnership were to happen. And now, RedBird is looking to open up that capital. We’ll see what is really behind the move soon.
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