TFG have created the firm Pursuit Sports in the US as they target more sports assets to acquire
Dan Friedkin and the new Everton stadium
Dan Friedkin and the new Everton stadium
Everton owners The Friedkin Group have formed a new company in the United States to bring together their sporting assets. The move isn’t a precursor to a multi-club model.
TFG, who acquired Everton back in December of last year, already has Italian side AS Roma under their stewardship and French side AS Cannes, and the company wants to add a team in one of America’s major four sporting leagues, the NFL, NHL, NBA and MLB, in the near future.
The creation of Pursuit Sports, which was communicated to US trade media on Wednesday morning, sees Dave Beeston, formerly of Chelsea co-owners Clearlake Capital and Liverpool owners Fenway Sports Group, come on board as CEO.
The creation of the new company will see some operational efficiencies across the teams with the aim to support growth across the group, but it has been stressed that each club will operate independently of each other, something that has become front and centre in recent weeks owing to the issues seen with owning multiple teams when it came to Crystal Palace and their position in the Europa League.
Speaking to Sportico, Beeston said: “The intention has been to form a parent company that would do two things: provide operational excellence—amplify our operations for the clubs we own now—and evaluate opportunities to grow.
“When I wake up I am thinking about how I am helping Roma, Everton, Cannes get to where they want to get to… and at the same time thinking about growing the company through acquisition.”
Acquisition is front of mind for TFG and Pursuit Sports as they expand their sporting portfolio away from just football, with the group having been in the running to acquire the Boston Celtics NBA team earlier in the year before it was eventually sold to private equity billionaire Bill Chisholm.
TFG are understood to be interested in bringing an NHL expansion franchise to Houston, where they have their base.
“Truthfully, there’s a focus on the next thing we do—in North America and not soccer would be my guess,” Beeston said. “We are actively evaluating a few opportunities right now across the sports that you would think. Our focus in the short term and medium term is teams. Sports is the last must-see viewing opportunity. We want to be where the eyeballs are.”
At FSG, Beeston was a key figure over a 12-year period, rising to chief strategy officer, responsible for mergers and acquisitions and playing an active role in FSG’s purchase of the Pittsburgh Penguins NHL team.
And Beeston believes that there are learnings to be had from FSG and how they have approached their portfolio growth with Liverpool, the Boston Red Sox, the PGA Tour’s commercial operations and the Penguins.
Said Beeston: “One of the companies I oversaw by the end of my tenure was Fenway Sports Management, which was selling sponsorships for the Red Sox, NESN, Liverpool, Penguins, PGA Tour, Boston Common Golf. The more you can scale that, it doesn’t sacrifice anything, because it drives incremental revenue.
Beeston added: “I don’t know if I’ve ever seen fan bases pop champagne bottles for ownership groups, but if they begrudgingly say, ‘These guys have been good for our club, they’ve backed up what they said they were going to do,’ then that’s a massive win for us.
“These sports teams have souls you really need to nurture.”