A League Of His Own—Blackstone Bigwig Becomes First Person To Own Stake In Teams All 5 Major U.S. Men's Sports Leagues

There is a long tradition of high-profile businessmen owning professional sports franchises, but Blackstone (NYSE: BX) executive David Blitzer has taken that trend to a new level. According to Business Insider, Blitzer is the first person to own an equity share of a team in all five major U.S. men's sports leagues. Although owning pro-sports franchises carries an undeniable "cool factor," Blitzer's involvement in sports is based on his belief in the industry's growth potential.

That's not to say that he isn't a sports fan. “I thought I was good when I was, you know, like a teenager. Then I realized by high school that I was adequate at best and certainly was not playing past high school,” he told Bloomberg's "The Deal" podcast. Blitzer may not have possessed the athletic prowess to be a top player, but he never lost his passion for sports. 

Don't Miss:

• Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share
• $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation.

He made his name as an investor with Blackstone, and then pro sports began gravitating in his direction. Ownership of major sports franchises is increasingly becoming a billionaire's playground. There is a limited supply of teams, and a growing list of billionaires who want to buy in. That lack of supply and high demand is combining to drive the value of professional sports teams through the roof.

Look no further than the Buss family as an example. They recently struck a deal to sell their majority stake in the Los Angeles Lakers for $10 billion. Purchase prices like that are increasingly putting pro-sports ownership into private equity territory. Blitzer has the home-field advantage there. Blitzer's involvement with sports ownership began in 2011. He joined forces with Apollo Asset Management (NYSE:APO) co-founder Josh Harris to form Harris-Blitzer Sports and Entertainment, which bought the NBA's Philadelphia 76ers for $280 million.

Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share

“We had a lot of experience in corporate carve-outs. We had a lot of experience in bringing in new management teams and thinking about incentive structures in ways that I don’t really think sports had really done in the past,” Blitzer told "The Deal." Harris-Blitzer also purchased a share of the NHL's New Jersey Devils. Blitzer's portfolio includes stakes in the NFL's Washington Commanders, MLB's Cleveland Guardians and MLS' Real Salt Lake.

According to Business Insider, Blitzer's combined ownership makes him the first person to own equity stakes across all five leagues. However, it was strategy, not ego, that motivated Blitzer to diversify his sports franchise portfolio so heavily. Owning shares in multiple teams allows him to leverage multiteam advertising partnerships with advertisers. It's an attractive package that Blitzer's contemporaries who own one or two clubs can't match.

See Also: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — You Can Become an Investor for Just $500.25

A recent promotional partnership between Campbell’s soup (NYSE: CPB), the Devils, the Commanders, the 76ers, and Joe Gibbs Racing is a perfect example of the unique deals Blitzer can leverage.  “These are content and media businesses, and they have some of the best IP in the world. And frankly, in today’s world, when you think about live content, there’s probably nothing more valuable,” Blitzer told The Deal.

Blitzer isn't resting on his laurels either. According to Business Insider, he has turned his attention to youth sports. In May, he and Harris launched Unrivaled Sports. Unrivaled Sports will operate 15 youth sports facilities, including baseball fields and action sports academies. MLB Hall-of-Famer Cal Ripken Jr. will assist Unrivaled Sports with youth baseball development, and Olympic gold medalist Shaun White will advise on action sports.

Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $10. 

Image: Shutterstock