Wyc Grousbeck, managing partner and chief executive of the Boston Celtics National Basketball Association team, has launched an investment fund for sports media properties, according to the Forbes news website.
Alongside Grousbeck (pictured), the fund’s partners comprise Bob Higgins, founder of venture capital company Highland Capital Partners, and Mark Wan, a founder of healthcare investment firm Three Arch Partners and a minority investor in the Celtics and NFL American football team the San Francisco 49ers.
The three individuals have reportedly raised a total of $84m (€64.4m) for the fund so far.
“Our new fund intends to invest in developing and optimising sports media content,” Grousbeck said. “We will look at traditional sports as well as emerging sports across every distribution platform. We have partnered with several other pro team owners as well as media executives and professional investors to form this fund.”
Grousbeck also cited his experience in recently establishing a new media partnership for the Celtics with US pay-television provider Comcast.