Yes, we’ve all heard the Middle East is investing more in sports. But just this past week, Saudi Arabia planted its biggest flag in gaming (and sports): a $55B buyout of Electronic Arts, led by the kingdom’s PIF alongside Silver Lake and Jared Kushner’s Affinity Partners. At $210/share and a 25% premium, this marks the largest leveraged buyout in history.
Let’s Break Down The Deal
$36B equity (PIF the anchor) and $20B debt from JPMorgan. Valuation: 22–23x EBITDA, in line with Microsoft’s $69B acquisition of Activision. The EA deal is set to close mid-2026, with current management in place.
The noise splits in two. Optimists say going private frees EA from quarterly pressure, opening space for AI-driven cost cuts, faster game IP development, and “maybe even movies”. Skeptics warn this looks more like TXU 2.0 - too much debt (nearly $2B annual interest vs ~$2B cash flow), stagnating revenue ($7.4-7.6B for three years), and a maturing console market (3% projected CAGR). Citi’s Jason Bazinet even pegs the deal’s IRR at low single digits, well below private equity targets.
Both sides have a point. But framing this as a standard “buy-build-sell” LBO misses the bigger picture.
This is not merely a financial play.
This is also a strategic land grab for Saudi Arabia - the crown jewel in its push to become the global epicenter of gaming.
And most importantly...
Sports.
Saudi Arabia’s National Gaming & Esports Strategy
As part of Vision 2030, the kingdom rolled out its National Gaming & Esports Strategy (NGES) to diversify away from oil and turn gaming into a core growth engine. The targets are bold: $13B in GDP contribution, 39K jobs, 250+ gaming companies, and a global reputation as the #1 esports host.
Two vehicles carry the strategy. Savvy Games Group - PIF’s gaming arm - has dropped billions to build global reach: $4.9B for Scopely (Monopoly GO!), $3.5B for Niantic Games (Pokémon GO), plus ESL + FACEIT merged into the world’s biggest esports operator. And Qiddiya Investment Company (QIC) - developer of Saudi’s $10B megaproject Qiddiya City - is building the physical hub: stadiums, esports districts, and a city designed for play.
Together, Saudi is spinning webs of influence across the globe through major culture engines in gaming: esports events, mobile platforms, distribution, and even physical venues.
EA brings priceless non-sports IP to the fold - Apex Legends, Sims, and Battlefield. But the missing puzzle piece was EA’s sports IP - FC, Madden, NHL, UFC, NCAA to name a few - which also strengthens Saudi’s global sports hub position.
Saudi’s Gaming IP + Sports Approach
The kingdom’s sports development strategy has followed a two-pronged approach:
Team/League Transactions. Their sovereign wealth fund initially focused on acquiring franchises across the sports landscape: Newcastle United, Aston Martin F1, PFL. But it’s too plodding of an approach to cement Saudi dominance. Not only are other oil-rich Gulf states competing for the same assets, but regulatory and cultural barriers make it nearly impossible to buy cornerstone properties - especially U.S. teams in the NFL, NBA, or MLB. If you want to be the apex of sports culture, you can’t just collect teams abroad. You have to own the layer where fandom actually lives.
Creating Sports IP. The kingdom has also tried to build its own leagues and events: the Roshn Saudi League (landing Ronaldo and other stars with record contracts), LIV Golf (nearly merged with PGA), Zuffa Boxing (launching with TKO in 2026), and the upcoming 2034 FIFA World Cup. While these projects are developing sports culture domestically, they still lack the gravitational pull of sports dominated by the U.S. and its leagues.
So if Saudi is to truly become the next global sports hub, it won’t come from just buying another franchise or launching another league. It requires owning a unique piece of Intellectual Property in the cultural infrastructure of sport.
EA is that piece.
Gaming Drives the Cultural Sports Zeitgeist
Those who see sports video games as pure entertainment are missing the picture. It’s actually gateways into fandom.
EA’s portfolio is built for this funnel. Just look at EA FC - 350M players engaging with 19K athletes and 700 clubs, introducing casual fans to leagues worldwide.
But for all its potential, EA has consistently struggled to build that same reach in international markets outside of North American & Europe, mainly through their struggle in cementing a profound esports culture with their sports gaming IP and penetrating the mobile gaming market. Markets like MENA & Asia on the other hand have a powerful esports culture - but EA has not deeply invested in the pro circuits for their international brands like EA FC. Mobile dominates in Asia (52% share of a $107B market) - while EA still trails (only 16% of annual revenue + misfire on the $2.4B GLU Mobile acquisition in 2021).
That’s where Saudi steps in. Savvy’s Scopely and Niantic have proven scale in mobile with hits like Monopoly GO! and Pokémon GO! - leveraging a playbook of virality, real-world activations, and daily engagement that could unlock EA’s international sports IP (EA FC, UFC, F1) on a global stage. And on esports, Saudi already runs the circuits: Gamers8, the Esports World Cup, and soon Qiddiya City’s dedicated gaming district. That’s access to a 640M-plus global esports audience, 57% of which lives in APAC.
This is only the start. With PIF’s capital, expect Saudi to chase more sports IP - from basketball to cricket to emerging leagues. Every acquisition makes the ecosystem stickier, every license is another thread tying fandom back to the kingdom. And with every league pushing to globalize, owning EA gives Saudi the keys to the world’s sports fandom engine.
Sports-Tech Market Activity: Investors & Deals
Funds
Avenue Sports Fund, a Marc Lasry-led sports investment vehicle, closes with $1B in commitments (Sept. 29th)
$1B+ to back teams, leagues, and sports-related companies; Portfolio includes MLB’s Baltimore Orioles, Ipswich Town FC, US SailGP Team, and Cosm
Fund active in women’s sports, with stakes in Mercury/13 and past bids for Angel City FC and the NC Courage [Sportico]
Underdog Global Partners, a new private equity firm, launched to target sports, media IP, and real estate assets (Sept. 30th)
Backed by HNWIs and family offices, starting operations with ~100 employees
Future investments may include a US youth sports academy and arena, signaling expansion beyond traditional club ownership [SBJ]
Apollo launched ‘Apollo Sports Capital’ to fund global sports and live events via long-term credit and hybrid capital approach (Sept. 29th)
ASC to serve franchises, leagues, venues, media, and events; spearheaded by Al Tylis as CEO and Apollo partners Rob Givone and Lee Solomon as co-portfolio managers
Apollo’s existing platform has deployed approximately $17B in S&E (Sports & Ent.) investments, supporting media rights, stadiums, and league financings [Apollo]
Harbinger Sports Partners, a Mark Cuban-backed PE fund targeting $750M for team investments, expands leadership hires (Sept. 30th)
Ex-Nasdaq Private Market’s Eric Folkemer joins as Head of Operations & CCO
Cameron Barwick, as VP/Investment Strategy & Analytics, brings MLB labor economics background; next hire: MD of Investor Relations expected in October [SBJ]
Venture Capital
Scorability, a SaaS college recruiting platform aiming for more transparent and efficient processes across all levels, raised $40M in funding (Oct. 1st)
Funds will fuel product innovation, expand into new sports, and expand team
Investment led by Bluestone Equity; other investors include Luther King Capital affiliates, Silverton Partners, and Next Coast Ventures, among others [FinSMEs]
AudioShake, a sound separation startup present in sports properties, raised $14M in Series A, bringing total funding to $19M (Oct. 1st)
Funds will fuel live audio product expansion, APIs, GTM, and engineering & sales hiring
Clients include NFL Films and Warner Bros. Discovery; tech helps remove unlicensed music and clean audio for sports/media
Investment led by Shine Capital; other investors include Thomson Reuters Ventures and Origin Ventures, among others [SBJ]
Ankored, a SaaS youth sports safety and compliance provider, raised $4M in Seed funding (Oct. 2nd)
Platform automates compliance across concussion protocols, abuse prevention, and health data; integrating with TeamSnap, LeagueApps, and SportsEngine
Investment led by Rally Ventures [SBJ]
League & Team Transactions
NBA plans to sell Basketball Africa League franchises amid global growth push (Sept. 30th)
NBA will shift the BAL (2019) from qualification model to 12-team franchise league, with rights and arena development sold to operators
Adam Silver said sales will begin ‘soon’; part of NBA’s plan to lock in permanent members in high-potential African markets [SportsPro]
NLT Cliff Diving Championship, an athlete-owned, cliff diving league, launched with investors and £40M revenue target (2035) (Oct. 1st)
Inaugural event set for Oct. 4 at Hell’s Gate, TX; expanding across North America, Europe, Middle East, and Asia (2026); targets 8B social media views by 2030
Investors backed by ESL FACEIT co-founder Michele Attisani; commercial partners secured with Athletic Brewing, New Motion Beverages, and Waiakea [SportsPro]
Collegiate athletic conference Big Ten ‘in talks’ for $2B private capital deal, possibly bringing 10-year extension to league’s grant of rights (Oct. 1st)
Discussions include forming new entity, Big Ten Enterprises, to house media rights, sponsorships, and revenue stream; framework would lock schools in until 2046
Immediate cash payouts would go to schools, with distributions to investors tied to financial stakes [SBJ]
Italy’s Serie A reportedly considers PE stake sale in international media rights and agency partnership for global growth push (Sept. 30th)
JP Morgan hired to advise on proposals, including forming media subsidiary and selling minority stake to investors
NWSL’s $250M club, Angel City FC, adds Horizon Ventures’ Solina Chau and NBA star Chris Paul to cap table (Sept. 29th)
Both join group that counts 100+ backers across sports, entertainment, and business
Marks first new investor group since Willow Bay and Bob Iger acquired control in 2024 [Sportico]
Tampa Bay Rays sale ‘officially closed’ for $1.7B in franchise takeover (Sept. 30th)
Closed Tuesday morning; RE developer Patrick Zalupski leads new ownership
Ownership shift puts stadium plans back on table, with early-stage designs for new ballpark and mixed-use entertainment district [SBJ]
Newcastle United received £111.5M ($149.1M) cash injection in largest single share issue since 2021 PIF takeover (Sept. 26th)
£106.5m directed to men’s operations and £5m to Newcastle Women
Owners injected £462.9M across nine capital raises since acquisition, primarily funding cashflow and day-to-day operations [TheAthletic]
MLB franchise Baltimore Orioles adds Venturehouse Group founder Mark Ein as minority owner (Sept. 29th)
Wharton/Harvard alum, joins David Rubenstein’s $1.725B-led ownership group
Rubenstein has already added Michael Bloomberg, Cal Ripken Jr., and Ares CEO Mike Arougheti as investors; Ein’s portfolio spans Washington Commanders, Leeds United, and DC Open tennis tournament [CityBiz]
M&A and Investments
Electronic Arts (EA) to be taken private in $55B in all-cash acquisition, marking largest ever LBO deal (Sept. 29th)
PIF, Silver Lake, and Affinity Partners will acquire 100% at $210 per share, a 25% premium to its unaffected price
Rival, a gaming fan engagement platform for sports properties, acquires gamified social platform Shake and raised ~$3M in funding (Sept. 30th)
Closes all-stock acquisition of the short-form prediction gaming startup, targeting Gen Z through digital arcades for leagues, teams, and brands
Concurrently raising an oversubscribed round with $2.8M already committed, expected to top $3M by October [SBJ]
Peloton repositions into connected wellness via AI-powered Peloton IQ, Cross Training Series, and health and performance app Breathwrk acquisition (Oct. 1st)
Peloton IQ to use computer vision and wearable integrations for real-time form correction, adaptive workouts, and performance tracking
Zepp Health, maker of Amazfit wearables, acquires hormonal fitness and wellness platform Wild.ai to expand underserved women’s fitness offerings (Sept. 26th)
Wild.ai users include Olympians and pro women’s soccer teams; will be built into Amazfit
Signal Rock Capital, a private investment firm, invested in subscription-based wellness retreat Thermae Retreat (Sept. 29th)
Retreat offers sauna, cold plunge, and integrative wellness practices
Marks Signal Rock’s entry into consumer wellness; plans to expand physical spaces, add new services, and create scalable multi-location model [SingleRock]
Strategic Ventures
PE firm Arctos Partners launches sports capital markets platform ‘Arctos Capital Markets’ to connect investors with sports franchise stakes (Oct. 1st)
Division aims to enhance sports ownership liquidity, targeting HNWI
Platform leverages Arctos’ data science, industry relationships, and investment pipeline to facilitate minority and control ownership deals
Arctos’ stakes in 25+ teams include the Bills, Chargers, Warriors, Dodgers, and Liverpool; remains as only PE firm to own equity in all five major US men’s leagues [SportsPro]
F1 team McLaren Racing partnered with LPU developer Groq for AI-powered inference workloads (Sept. 26)
Integrating its custom LPU to deliver real-time AI inference for McLaren’s F1 operations
Aims to boost analysis, development, and race-day decision-making with cost-efficient, high-speed compute; adds to tech partners roster Google, Cisco, and Salesforce [McLaren]
Amazon Prime Video partners with FanDuel to launch real-time NBA bet tracking (Sept. 30th)
Fans can now link FanDuel accounts to Prime Video to track parlays, odds, and wagers during live games; new ‘OddsView’ overlay provides moneylines, spreads, and props in real time, exclusive to NBA (and WNBA starting 2026)
Move rivals sports betting into live streaming integrations, including ESPN’s ESPN BET and NBC’s DraftKings partnership [CNBC]
AiFi, a spatial intelligence company developing autonomous retail solutions for sports venues, launched ‘eddie’ AI agent for data-driven operations (Sept. 30th)
API tool eddie (Event Driven Data Interpretation Engine) converts spatial data into contextual insights to improve analysis, staffing, and inventory workflows
Tech powers shopping for major sports venues, including Intuit Dome, KeyBank Center, and Miami Freedom Center [SBJ]
Headsafe, maker of the Nurochek headset, unveils world’s first portable concussion scanner in New Zealand, with possible rugby applications ‘in talks’(Sept. 24th)
$3K headset delivers binary yes/no result in two minutes by measuring 400K brain activity data points; approved by FDA after 7+ years of R&D [NZHerald]
Zuffa Boxing, Dana White’s new fight promotion under TKO, licensed long-term media rights to Paramount across US, Canada, and LATAM (Sept. 29th)
White and TKO’s Nick Khan to sign 400-450 fighters, nearly UFC’s roster size of 675
Starting Jan. 2026; deal includes 12 annual fight cards on Paramount+, with discussions to air select events on CBS [SBJ]
Smart sleep tech company Eight Sleep launches AI-powered Pillow Cover for head and neck temperature regulation (Oct. 1st)
Product regulates temperature via silent hydro channels, staying up to 25°F cooler than traditional pillow covers
Pod Pillow Cover retails integrates with Eight Sleep’s Pod Cover and Pod Blanket; studies show stable cooling can cut time to fall asleep by 20% [Athletech]
Sportsbox AI, a 3D swing analysis golf app, partnered with Google Cloud to integrate Gemini AI (Sept. 26th)
Gemini enables natural language swing analysis, reducing hours of data science work
Golfer and Sportsbox partner, Bryson DeChambeau, who credits Sportsbox in his 2024 US Open win, has been testing the Gemini-powered beta during Ryder Cup prep [SBJ]
NBA partners with Amazon AWS in multiyear AI and cloud deal to launch AI-powered advanced stats platform (Oct. 1st)
Becomes Official Cloud and Cloud AI Partner of NBA, WNBA, G League, Basketball Africa League, and NBA 2K League
Launching NBA Inside the Game, new AI-powered analytics platform delivering real-time stats, including Defensive Box Score, Shot Difficulty, and Gravity [NBA]
NFL commits to multiyear deal to host 3 regular-season games in Rio de Janeiro over 5 years (Sept. 26th)
First game set for 2026 at Maracanã Stadium; follows 2024, 2025 São Paulo matchups
Brazil housing ~36M NFL fans, reportedly making it the league’s No. 2 market outside the US [NFL]
PUMA extended its partnership with ‘world’s fastest-growing fitness sport’ HYROX, through 2030, via early renewal (Oct. 1st)
Projects 1.3M participants across 100+ events for 2026, doubling from 650K last season
Move builds on early entry (2017) and global expansion move (2023); PUMA becomes HYROX World Championships’ exclusive title partner and official sportswear provider [PUMA]
PrizePicks partnered with safer gambling software company Mindway AI to enhance player risk detection across 13M+ players monthly (Oct. 1st)
Builds on historic PrizePicks’ iCAP accreditation from NCPG
Partnership integrates Mindway’s GameScanner to monitor at-risk gaming behavior via personalized interventions with nudges, budget tools, and behavioral health resources [PrizePicks]
Zenoti, a cloud-based software platform used by beauty, fitness, and wellness studios, launches AI workforce tools targeting fitness and wellness brands (Oct. 1st)
Builds on fitness industry push via CorePower Yoga and Planet Fitness partnerships
AI agents automate tasks from booking to dispute management, with Receptionist & Concierge live; additional functions set to rollout promptly [Zenoti]
Online retailer Tennis Warehouse partnered with tennis smart court system Zenniz for AI-powered content integration and data-backed retail marketing (Sept. 30th)
Zenniz’ system to capture metrics: shot speed, spin rate, and ball trajectory to power racket and string reviews
Six TW testers will generate on-court data for social media, product descriptions, and video content [SBJ]
Lawsuits
Whoop, the Cristiano Ronaldo-backed performance wearable company, sues China-based rival Shenzhen Lexqi, alleging faceless strap design copycat (Oct. 1st)
Whoop files 36-page federal complaint in Massachusetts, citing trade dress infringement, false designation of origin, and unfair competition under the Lanham Act [Athletech]
Job Board & Opportunities: Week of October 3rd
Here are some cool roles we found and personally curated this week - enjoy!