Athletes Unlimited softball players huddle up. Athletes Unlimited Athletes Unlimited — the collective of women’s pro sports leagues — has raised $30 million in funding. New investors include NBA superstar Kevin Durant, Olympian Angela Ruggiero, and 76ers and Devils co-owner David Blitzer.
AU CEO Jon Patricof told Insider the raise “reflects the continued momentum in women’s professional sports. ” Athletes Unlimited — the collective of women’s professional sports leagues — has raised $30 million in fresh funding. Since its founding in 2020, the organization has grown from one start-up softball season to four flourishing professional leagues, featuring the world’s best women’s softball, volleyball, lacrosse, and basketball players.
And now, with a group of new investors who sit at the intersection of the sports and business worlds, Athletes Unlimited is set to continue its impressive growth over the coming years. Lacrosse superstar Charlotte North went pro with Athletes Unlimited. Athletes Ulimited”It reflects the continued momentum we’re having — the continued momentum in women’s professional sports,” AU co-founder and CEO Jon Patricof told Insider.
“We’re diversifying our shareholder base and bringing in new partners, and I’m really excited about the value that they’re going to be able to add. “Athletes Unlimited’s brought on some of the biggest names in sports with its recent eight-figure raise. NBA superstar Kevin Durant and his longtime business partner, Rich Kleiman, invested through their joint media and investment company, 35 Ventures.
American hockey star and Olympic gold medalist Angela Ruggiero also joined the group, alongside business executive David Blitzer, who co-owns several major professional sports franchises like the NBA’s Philadelphia 76ers, NHL’s New Jersey Devils, MLB’s Cleveland Guardians, and Premier League’s Crystal Palace FC. Ruggiero described Athletes Unlimited’s “athlete-first business strategy” as a crucial differentiator in the larger professional sports space. Durant went so far as to call the company’s model — which splits league profits with the players and empowers participating athletes to control everything from uniforms and accommodations to roster formation and league rules — “an inspiration for how sports leagues can thrive with an athlete-first business model.
“WNBA star Natasha Cloud competes in Athletes Unlimited’s inaugural basketball season. Lucas Peltier-USA TODAY Sports”Every pro sports league should take note of what AU is doing,” Kleiman added via AU’s release. “Especially the pathway for athletes to have a financial stake in their own leagues.
“The revenue sharing model isn’t the only way Athletes Unlimited has shifted power back to the players. AU’s “Athletes Causes” program has enabled players to donate up to 50% of their season bonuses to a cause of their choosing. Even the product on the field or court is athlete-focused.
In each league within Athletes Unlimited, players earn points based on both team wins and individual performance. The player leaderboard changes in real-time, and at the end of each week, the top four point earners become the captains of reshuffled squads for the following week’s games. The “winner” of each season is the player who comes away with the most points.
Athletes Unlimited volleyball players celebrate after a point. Athletes Unlimited. Even investors outside of the traditional sports landscape were drawn to Athletes Unlimited’s player-centered approach and the markedly different viewing experience it offers fans as a result.
With their investments in the network of leagues, film producer Sharon Harel-Cohen, Schusterman Family Investments, and Earlystone Management’s Jane Gottesman all recognized that “professional women’s sports are poised for astounding growth, and Athletes Unlimited distinguishes itself by aligning investors over the long term with other crucialstakeholders — especially players,” as the latter noted. “What you’re seeing here is that we’re building a strong shareholder base that is really committed to what we’re building,” Patricof told Insider. “We’ve had a number of incredible signs of success in the brief two and a half years that we’ve been in existence: a great group of corporate partners, great media and broadcast relationships, we’ve obviously signed up over 250 incredible, world-class pro athletes.
It’s a tremendous amount of success. “We’re far ahead of where we expected to be two and a half years in,” he added. “But we also know this is gonna require a lot of investment going forward, and I think that we’re building an investor base that understands that and is committed to funding the business and long-term investment.
“Read the original article on Insider.
From: insider
URL: https://www.insider.com/athletes-unlimited-raise-womens-sports-growth-kevin-durant-2022-9
