Checketts Sports Capital: $1.2B Fund Targets Golf & Women’s Sports | Burnley Owner ALK Capital Investment

Latest York and Salt Lake City-based private equity fund The Cynosure | Checketts Sports Capital, led by former Utah Jazz and New York Knicks president Dave Checketts, is actively pursuing investment opportunities in golf and women’s sports. The US$1.2 billion fund, formed in partnership with The Cynosure Group, recently made its inaugural investment in ALK Capital, the ownership group of Burnley and Espanyol.

Speaking at SportsPro New York, Checketts emphasized the potential he sees in the evolving sports landscape. “Women’s sports especially, is a great place to invest and that’s where we’re looking,” he stated. His focus extends to golf, where he expressed admiration for the leadership currently steering the sport. “There could not be two better commissioners with Brian Rolapp at the PGA Tour and Scott O’Neill in LIV Golf. Those are two of the smartest guys in sports.”

Checketts outlined a specific investment strategy, prioritizing “scarcity value, good markets, good operators, minority stakes and people that will let us get involved and help them create the kind of culture where people do their best work.” This suggests a preference for collaborative partnerships rather than outright control, aiming to leverage existing expertise and infrastructure.

The interest in golf arrives at a pivotal moment for the sport. The PGA Tour and LIV Golf are navigating complex merger talks, with the Saudi Arabia’s Public Investment Fund (PIF) having already invested US$5.3 billion in LIV Golf, anticipating continued losses for the next five to ten years. Meanwhile, the PGA Tour itself was recently valued at just over US$12.9 billion following a US$1.5 billion investment from the Strategic Sports Group (SSG) in 2024. The emergence of TGL, the indoor golf league backed by Tiger Woods and Rory McIlroy, further demonstrates the innovative energy within the sport, with TMRW Sports valued at approximately US$500 million after a Series A funding round. A women’s edition of the competition, WTGL, is slated to debut next winter, with Alex Morgan’s Trybe Ventures as the lead capital partner.

Beyond traditional golf, Checketts’ fund is also eyeing opportunities within the rapidly expanding women’s sports sector. Properties like League One Volleyball (LOVB) and the Unrivaled three-on-three basketball competition are gaining traction, even as established leagues such as the National Women’s Soccer League (NWSL) and the Women’s National Basketball Association (WNBA) are attracting increased investor attention. This surge in interest reflects the growing popularity and commercial viability of women’s sports, driven by increased viewership, sponsorship deals, and athlete visibility.

While enthusiastic about the potential of college sports, Checketts expressed reservations about the suitability of private equity investment in the current landscape. “I think there’s a major culture clash between those two things,” he explained. He questioned the feasibility of achieving the typical 25% returns expected by private equity firms within the framework of college athletics, suggesting that significant changes would be required, including the introduction of premium seating and increased ticket prices.

However, Checketts acknowledged the potential resistance from fans who value the traditional, community-focused nature of college sports. “Fans of those college teams, that’s not what they want. They love their school, they love their team and they’re not looking to pay US$1,000 for better hospitality. It’s just not what they’re looking for.” He concluded by stating, “Where private equity ends up in college sports is one of the great questions around and I would love to invest, and we have the capital to invest, but I don’t understand how that’s all going to play out.”

Checketts is seeking to acquire “significant minority stakes in clubs with good operators,” indicating a preference for partnering with established management teams rather than taking a controlling interest. This approach suggests a belief in the importance of local expertise and a desire to avoid disrupting existing successful operations. The fund’s focus on golf and women’s sports positions it to capitalize on two sectors experiencing significant growth and innovation, while its cautious approach to college sports reflects a recognition of the unique challenges and cultural sensitivities within that market.