Welcome to The PitchBook Suites!
Today, we’re proud to announce our partnership with Oak View Group and Seattle Kraken to become an Arena Partner and Suite-Level sponsor of Climate Pledge Arena.
From the start of our partnership conversations with Seattle Kraken, we knew we were kindred spirits who prioritize the same goals: serving customers as well as our local communities. At PitchBook, our first core value is Customers are King. At Seattle Kraken, its Fans come First. This shared customer-first mentality will guide the development of The PitchBook Suites, reinventing and elevating the premium hospitality experience at Climate Pledge Arena for clients, prospective clients and fans. This vision aligns with OVG and Seattle Kraken’s plans to reimagine and redevelop an arena constructed under a historic landmarked roof, originally built for the 1962 Seattle World’s Fair.
“Seattle has a once-in-a-lifetime opportunity to embark on a transformational project that will revitalize a historic landmark for future generations, build a world-class sports and entertainment venue unlike any other in the world, and enhance the urban experience at Seattle Center and its surrounding neighborhoods—all at no risk to the City or to taxpayers.” – Tim Leiweke, CEO, Oak View Group
The partnership will also provide opportunities for PitchBook to continue engaging within the communities we care so deeply about. The franchise has launched a holistic partnership with YouthCare to help move the needle in the fight to end youth homelessness in our region. Seattle Kraken is also working with public schools in the Seattle and Highline School Districts, youth-focused nonprofits such as the YMCA and UPower, and community centers to ensure everyone in our community feels included in the game of hockey and the Seattle Kraken family. As partners, PitchBook employees will have the opportunity to participate in larger scale community and philanthropic initiatives led by Seattle Kraken.
These initiatives will also support the arena’s historic commitment to becoming the first net-zero carbon certified arena in the world. We’re proud to be part of this unprecedented commitment to set the new sustainability standard for major arenas and stadiums, as well as bring awareness to the critical importance of reducing emissions and investing in renewable energy technologies.
“Our vision for Seattle Kraken not only involves building a team, but also creating an organization focused on making a positive impact within this community. Sports teams have a unique opportunity to influence positive change.” – Mari Horita, VP of Community Engagement and Social Impact, Seattle Kraken
What’s more, we’re starting to see even greater opportunities to expand the partnership as our industries—the private markets and sports—continue to intersect. Another exciting component of this partnership is becoming the Official Financial Data Provider of the Seattle Kraken.
In a shift accelerated by the pandemic, team ownership rules in several professional sports leagues are beginning to loosen, providing significant opportunities for institutional investors to acquire stakes in teams and tap into growing valuations in the sector. We’ve already seen several examples:
- MLB announced it will allow private equity funds and other private capital groups to buy minority interests in professional baseball teams.
- Galatioto Sports Partners created a $500 million vehicle—the GSP Baseball Fund—to invest in teams.
- PE firm, Arctos Sports Partners, announced plans to raise up to $1.5 billion for a new fund to acquire stakes in pro sports teams.
- Dyal Capital Partners is believed to be raising up to $2 billion to invest in NBA franchises.
- The Straus Group is in talks to purchase the Minnesota Timberwolves.
- Silver Lake, CVC Capital Partners, Bain Capital, Blackstone and Saudi Arabia’s Public Investment Fund have all either executed or been linked to deals in European soccer and rugby.
- RedBird Capital is teaming up with Billy Beane on a sports SPAC, with plans to raise $500 million to deploy in the eventual acquisition of a pro sports team. The firm also partnered with Dwayne Johnson and Dany Garcia to takeover the assets of the XFL league.
- An investment group led by Natalie Portman, alongside Initialized Capital, was awarded the rights to a professional women’s soccer team in Los Angeles that is scheduled to begin play in 2022.
Private equity is known for scaling private businesses and unlocking new revenue streams. Sports and entertainment present new greenfield opportunity to apply the PE playbook.
As the team’s exclusive financial data provider, PitchBook will support Seattle Kraken’s expansion and business development initiatives. Team owners, players, front office staff and suite owners will be able to tap into the latest market insights through the PitchBook Platform. Access to PitchBook’s data and analysis will help the franchise refine its expansion strategy, find and evaluate promising investment opportunities and better price and negotiate deals.
The transformational project by OVG, Seattle Kraken and Climate Pledge Arena is the most significant private investment in Pacific Northwest sports and entertainment history. We’re excited to be part of history.
Watch our video announcement of the news.