WHO IS JOSH KUSHNER, THE BILLIONAIRE WHO JUST BOUGHT THE LAKERS?

Joshua Kushner, founder of Thrive Capital, speaks during the Hill & Valley forum at the US Capitol in Washington, DC, on Wednesday, April 30, 2025. Al Drago/Bloomberg/Getty Images

New York —  Josh Kushner doesn’t give many interviews or make public appearances often, but he’s keen on making headlines.

Kushner, the brother of President Donald Trump’s son-in-law Jared, announced that he was teaming up with former Disney CEO Bob Iger to buy the Los Angeles Lakers for a record-breaking $12.5 billion.

It’s just one of many flashy deals and investments involving the 41-year-old as of late. His successful career as founder of Thrive Capital, a venture capital firm that raised more than $10 billion in its latest round, has served as a springboard to build his status as a powerful mogul.

“I think Thrive is a very small percentage of its potential. I feel like we’re just getting started,” Kushner said in a February podcast, frequently mentioning loyalty and humility as his core leadership values.

“I believe that my word, the word of the firm, is more important than anything else,” he continued.

Thrive has amassed a massive portfolio, ranging from early investments in high-profile technology companies like OpenAI and SpaceX, to trendy brands such as Spotify, Kim Kardashian’s SKIMS and movie studio A24. It’s also involved in sports, owning minority portions of the San Francisco Giants and the Miami Heat.

The New York-based firm also has an offshoot, called Thrive Holdings, which invests in companies that are working to modernize traditionally old-school industries through AI.

“I think this is the most important moment in our lifetimes. In many respects AI is underhyped,” Kushner said in a 2025 interview at the tech and policy summit The Hill & Valley Forum.

Kushner’s Thrive is also a pivotal investor in OpenAI, most recently funneling another $1 billion to the company in December, CNBC reported. He shares a close working relationship with OpenAI CEO Sam Altman.

“Josh makes high-conviction bets on high-quality companies and founders, and he doesn’t care too much about what other investors think. I feel a lot of camaraderie with that,” Altman told Fortune in 2024.

Josh, born in New Jersey, is the son of real estate tycoon Charles Kushner. He’s the younger brother of Jared Kushner, who is more well known these days as the son-in-law of President Donald Trump. His father Charles was pardoned by Trump in 2020 over a 2005 conviction on federal tax evasion charges.

Founder and CEO of Thrive Capital Josh Kushner attends the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 10, 2026 in Sun Valley, Idaho. Kevin Dietsch/Getty Images

Josh, however, has largely steered clear of associating himself with the Trump family. Rather, he’s building one of his own with model Karlie Kloss, who married in 2018 and have three children. The pair are regulars at the Met Gala.

Still, the two have not been fully able to separate themselves from his family. (“Not even to dinner with the Kushners?,” one contestant on reality TV show Project Runway infamously quipped to Kloss over criticism about a dress designed for her.)

“I’m sure I’m not the only person in this country who does not necessarily agree with their family on politics,” Kloss said in a later interview. “… my man and I have been through a lot together and you know I’m so proud that he’s my partner.”

Kushner said in 2017 that “It is no secret that liberal values have guided my life and that I have supported political leaders that share similar values.”

Kushner also founded Oscar Health in 2012, a health insurance company that initially capitalized on the creation of the Affordable Care Act marketplaces and recently posted record profits.

According to Forbes, Kushner is worth about $5 billion.

Still, not all of his bets are successful: Last month Kushner’s Thrive Eternal was part of a controversial —and quickly scrapped — plan with FIFA to sell private stakes in upcoming World Cup tournaments. FIFA said that the money generated will be reinvested back into the sport.

Kushner’s purchase of the Lakers “serves as a way to put the FIFA controversy behind him quickly and almost turn a new leaf in the sports sector,” Mark Conrad, professor of law and ethics at Fordham University’s Gabelli School of Business, told CNN over email.

“It certainly puts him on the map more than before,” he said.

- Jordan Valinsky and Ramishah Maruf

PRIME MINISTER ANDY BURNHAM CALLS FOR 'WROND MAN' GIANNI INFANTINO TO BE REPLACED AS FIFA CHIEF

AFP

Prime Minister Andy Burnham has branded Gianni Infantino the wrong man to lead FIFA following widespread backlash over plans for private equity to sell stakes in the World Cup. Burnham condemned the controversial commercial proposals after a senior adviser resigned and key regional confederations united to oppose the governing body’s blueprint.

Burnham condemns Infantino leadership

Burnham has launched a stinging attack on Infantino’s leadership of FIFA following a wave of backlash against plans to commercialise the organisation. The resistance has intensified following the resignation of senior adviser Carlos Cordeiro and formal opposition from the Asian Football Confederation (AFC), UEFA, and CONCACAF. Burnham argued that Infantino’s attempt to sell off a stake in FIFA competitions to private investors represents a fundamentally flawed decision for the future of world football.

SW Pix

Prime Minister demands change

Speaking to reporters on Friday, Burnham openly condemned the proposed private equity scheme. He said: "This was an outrageous suggestion," before questioning Infantino's suitability to remain in charge of FIFA: "The idea that it could even be brought forward shows that, in my view, [he] is the wrong man to lead the organisation."

Private equity blueprint rejected

Burnham's scathing critique reflects a broader global resistance, including a firm stance taken by the Asian Football Confederation (AFC).

In an official statement, the AFC rejected plans to establish the FIFA Forward Enterprise (FFE) commercial subsidiary and stressed the necessity of preserving the integrity of football's premier tournament: "The Fifa World Cup is the pinnacle of global football and derives its strength from the participation of all Confederations and the world's leading football nations.

"Any proposal that risks undermining the unity and universal character of the competition must be reconsidered."

-Adhe Makayasa

AFC 'STANDS IN SOLIDARITY' WITH UEFA AND CONCACAF OVER FIFA WORLD CUP PLANS

Asian governing body joins growing opposition to Infantino's controversial private investment scheme

The Asian Football Federation (AFC) has become the latest governing body to come out in opposition against Fifa's controversial private investment scheme.

Fifa insist it will be pushing ahead with a consultation process about whether to sell off stakes in the World Cup and its other tournaments to private investors, despite widespread criticism of the proposal

The pushback since football's world governing body revealed its plan to sell a 20 per cent stake in a subsidiary company set up to run Fifa's competitions has been relentless.

And now the AFC has joined the growing chorus of disapproval which had already reached fever pitch on Thursday when Uefa, European football's governing body, announced that they will boycott the World Cup – and all Fifa's competitions – if the plan of president Gianni Infantino was not scrapped.

“The AFC stands in solidarity with Uefa and Concacaf in expressing  concerns over Fifa’s proposal to introduce private investment into [its] flagship competitions and the decision-making process around Fifa Forward Enterprise [FFE],” it said in a statement.

AFC stands in solidarity with UEFA and CONCACAF following recent developments surrounding the proposed establishment of FIFA Forward Enterprise (FFE).https://t.co/k7MjAvWOhX

— AFC (@theafcdotcom) July 31, 2026

“The fact that the situation has reached the point where the real possibility of a Fifa World Cup boycott has entered public discourse should concern everyone who cares about the future of our game. Football should never have been placed in such a position.

“Against this backdrop, and in light of the clear positions expressed by Uefa and Concacaf, as well as the unprecedented divisions that have emerged across the football world, the AFC believes that the proposed FFE cannot realistically achieve the necessary broad consensus and unity required to move forward.

“The Fifa World Cup is the pinnacle of global football and derives its strength from the participation of all Confederations and the world’s leading football nations. Any proposal that risks undermining the unity and universal character of the competition must be reconsidered.”

The Confederation of African Football has said it will be hosting meeting of its executive committee next week to “assess and evaluate” the proposals, while South American governing body Conmebol has yet to comment publicly.

Uefa have been the provided the most vocal opposition, saying on Wednesday Fifa were using football “to enrich themselves and their friends” and 24 hours later they made the strength of their protest even more clear.

“Uefa and its national associations will not participate in Fifa competitions,” it said in a lengthy statement that would accuse Fifa of “governance by intimidation”.

“Some things are simply too important to sell,” Uefa said in a statement on Thursday. The Fifa World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale.”

Uefa said there was no “meaningful consultation” before Fifa announced its plan. “This is not merely a profound failure of leadership, but an abdication of Fifa's duty as the custodian of world football,” it added.

FIFA logo. IMAGN IMAGES via Reuters Connect

Despite all the anger, Fifa are digging their heels in, saying earlier on Friday that they will be continuing with an “open and democratic consultation” process with all its 211 Member Associations (MA).

“We have heard the feedback provided by the respective confederations in relation to the proposed establishment of Fifa Forward Enterprise (FFE) and would like to address the issues that have surfaced since the initial media reporting on Tuesday,” it said in a defiant statement.

“We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation.

“⁠Our planned consultation process was disrupted by incorrect media reports. We will proceed with this consultation process to ensure that each MA has the ability to express its vote based on facts.”

Devastating blow for Infantino after Asian football confederation issues damning statement. pic.twitter.com/4aG03Lu3ng

— Martyn Ziegler (@martynziegler) July 31, 2026

The statement also goes on to say that: “Nobody is selling football. This is not something Fifa would ever entertain.

“Everyone has the right to express their opposition and to seek further clarification but no single entity can claim to represent all 211 MAs around the world. Each MA should be allowed to review the proposal and have a say in shaping their own future. These are the democratic principles of Fifa.”

Fifa also insist that each MA will receive $20 million of Fifa Forward Development funding over the next four years “irrespective of its individual support”.

“Without the support of the majority of MAs, Fifa's commercial activities would remain unchanged,” it added. “FFE would not be established.

“These components represent the starting point of the consultation process and are open for discussion as part of that process. This can include approval, rejection or amendment in their entirety or individually.”

On Wednesday, Infantino had described the plan to create a $20 billion subsidiary as a proposal but “not an obligation”.

“It’s part of a democratic process – a consultation process – and, above all, it is an opportunity but not an obligation, and, as I said, it kicks off the consultation process,” Infantino said in a video released by Fifa.

- The National

GIANNI INFANTINO PLANS TO SELL WORLD CUP IN 'NUCLEAR BOMB' OF FOOTBALL

Fifa president would expect to bank millions as head of new company that would control tournament after his current term ends in 2031

Gianni Infantino is Fifa president until 2031 Credit: Eduardo Verdugo/AP

Gianni Infantino, the president of Fifa, is plotting a World Cup sell-off to private investors.

Uefa, the European governing body of football and an increasingly vocal critic of Fifa, reacted with fury to a proposed £15bn deal, accusing it of trading the game’s “soul”.

Telegraph Sport understands Uefa is now considering its legal options over the biggest threat to football as it currently exists since the failed 2021 Super League plot. One source said a “nuclear bomb” had gone off in the game. The Football Association was said to be completely blindsided by the proposals.

The plan, announced nine days after the World Cup, would result in a group of investors controlling the commercial interests of Fifa’s top men’s and women’s competitions.

Thrive Capital – run by Joshua Kushner, the younger brother of Donald Trump’s son-in-law, Jared Kushner – will lead the proposed investor group. Sources played down suggested involvement from the Trump administration in the plans.

Infantino has been heavily criticised for cosying up to Trump in the lead up to and during the 2026 World Cup, which culminated in the US president personally intervening to successfully get Folarin Balogun’s suspension overturned for the co-host’s last-16 match.

Saudi Arabia, who will host the 2034 World Cup, are highly likely to express interest in the company via their PIF sovereign wealth fund, and Qatar have maintained close ties to Infantino since winning the hosting rights of the 2022 World Cup.

JP Morgan, which was previously involved in the abandoned Super League plot, is Fifa’s financial adviser on the project.

Although there is no binding agreement on the plans, they increase the likelihood of an expanded World Cup or the tournament being held more regularly than every four years.

The move would also include the women’s World Cup and Club World Cup, which could both be played more frequently than the current four-year cycles.

One senior football figure said of Infantino: “He has definitely lost his mind. We will fight it fiercely.”

Another senior figure in European football told Telegraph Sport: “This is one man trying to make himself incredibly rich. Fifa doesn’t need the money, nor do the member associations as they have plenty from the World Cup.”

Fifa’s commercial rights spanning broadcast, sponsorship, ticketing, and licensing would be privately owned under the plans.

‘None of us own football – it is not Fifa’s to sell’

Uefa said in a statement: “This crosses a line that football’s governing institutions should never cross. Uefa takes it extremely seriously. So should every National Football Association. So should every stakeholder: leagues, clubs, players, supporters, governments and everyone who cares about the future of the game. The soul and governance of football are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of football. It is not Fifa’s to sell."

Fifa, on Tuesday afternoon, said in a press release: “[it] intends to expand football development funding to over $10bn (£7.5bn), subject to approval by Fifa member associations.

“If approved, football development in every corner of the world would benefit immediately from increased funding available to all 211 Fifa member associations.”

A so-called Fifa forward enterprise (FFE) project which would consolidate all commercial and event operations “would raise up to $4.2bn later this year”, projections said.

The numbers are based on an initial equity valuation of $20bn (£15bn) “by carefully selecting long-term investors who will purchase minority, non-controlling interests in FFE”.

“All net benefits of FFE will be reinvested back into football worldwide,” the plan claimed.

Sepp Blatter, the former Fifa president, joined the backlash on Tuesday night. “The close relationship between the Fifa president and the US president has reached a financial dimension that is deeply damaging football,” he wrote on X. “No one has the right to sell our game.”

Infantino defends plans

Greg Maffei, the chief executive of Bann Ventures and formerly president and chief executive of Liberty Media during its acquisition and ownership of Formula One, has been a key commercial adviser and will remain involved, Telegraph Sport understands. Other advisers such as OpenEconomics are engaging with prospective long-term investors.

“The process is focused on assembling a geographically diversified investor group that reflects the global nature of Fifa and the game; expressions of interest to date include investors from across every major region of the world: Europe, the Americas, Asia and Africa,” a Fifa press release said.

Infantino said: “Our next stage of growth needs a structure built for it, one where the commercial side of the game operates as a focused, dedicated business, with its value shared more and better all around the world. Every Fifa member association should have an opportunity to seek a fair share of the available funding to shape its own future, deciding for itself rather than relying on others. This is about the democratisation of football worldwide.”

Who would be chief beneficiaries?

If approved, Fifa would offer each of its 211 member associations “the opportunity” to access up to $20m “in one-off capital”.

“The process is focused on assembling a geographically diversified investor group that reflects the global nature of Fifa and the game; expressions of interest to date include investors from across every major region of the world: Europe, the Americas, Asia and Africa,” a Fifa press release said.

Infantino said: “Our next stage of growth needs a structure built for it, one where the commercial side of the game operates as a focused, dedicated business, with its value shared more and better all around the world. Every Fifa member association should have an opportunity to seek a fair share of the available funding to shape its own future, deciding for itself rather than relying on others. This is about the democratisation of football worldwide.”

Who would be chief beneficiaries?

If approved, Fifa would offer each of its 211 member associations “the opportunity” to access up to $20m “in one-off capital”.

“Participation would be entirely voluntary, and no member association would be required to participate,” the details stipulated. “The additional funding would be financed through FFE’s planned initial capital raise of up to $4.2bn (£3.1bn).”

The Times and Financial Times were first to report the outline plans. Fifa has denied claims Infantino was being lined up to become chief executive of the new entity. He would expect to bank millions of pounds if he took up such a role.

“However, the Fifa president and the Fifa administration will and must have leading roles in this entity – if approved – to always be in control of any Fifa subsidiary in accordance with Fifa’s statutes and regulations for the benefit of Fifa member associations,” a statement added.

The governing body said that “Jared Kushner is not an investor” and also denied suggestions staff had signed non-disclosure agreements over the plans.

The move comes amid growing pressure on Infantino following a rant in which he defended the World Cup and his position as the head of world football.

On Monday, a Democrat attorney requested Infantino appear before the House Judiciary Committee to discuss the extent of his relationship with Trump. Representative Jamie Raskin, the senior member on the committee, also requested Fifa provide all of its records on its contacts with Trump, his administration and the Trump Organisation family business.

- Tom Morgan and Ben Rumsby

FIFA WORLD CUP SPONSORS OUTPERFORM FTSE 100 AND S&P 500

Major Fifa World Cup sponsors outperform FTSE 100 returns by a factor of five and the S&P 500 by three as brands look to dominate the conversation during the tournament.

IG research looking at the performance of major World Cup sponsors saw an average return of 7.1 per cent during tournament cycles – from 30 days before the first match to three months after the tournament across the last four editions – versus a 1.9 per cent increase on return for the US stock market.

Across the same period the London-based FTSE 100 had an average decline of 1.1 per cent.

Apparel brands appear to be the most lucrative markets. Nike saw a surge to the tune of 17.7 per cent, while rival Adidas averaged a 1.6 per cent increase.

Kia (12 per cent), Coca Cola (8.6 per cent), and AB InBev (7.9 per cent) all outperformed the World Cup average of 7.1 per cent.

World Cup a growth market?

Chris Beauchamp, chief market analyst at IG, said: “The World Cup creates a unique environment where a small group of globally recognised brands capture a disproportionate share of attention – and that visibility can feed through into stronger stock performance over a relatively short period.”

The negative FTSE 100 performance stems from the 2014 and 2018 windows, while this year’s World Cup, coming amid a conflict in Iran that is damaging global oil supply chains, could also see figures impacted.

Added Beauchamp: “It’s particularly interesting when you set that against the traditional ‘Sell in May’ narrative, where markets are often expected to drift or soften over the summer months. What we’ve seen is that World Cup sponsors can cut against that trend, with tournament-driven demand, marketing spend and consumer engagement helping to support share prices at a time when the wider market can lack direction.

“What stands out is the gap between these companies and the broader indices. Even in years where markets have struggled, sponsor-linked stocks have often been able to outperform – although not without volatility, and with outcomes still heavily influenced by timing and wider market conditions.”

- Matt Hardy

LIV GOLF SEEKS 'LONG-TERM FINANCIAL PARTNERS' AS SAUDI ARABIA'S PIF CONFIRMS EXIT

 

[US, Mexico & Canada customers only] Feb 5, 2026; Riyadh, SAUDI ARABIA; Bryson DeChambeau in action during the second round of play at LIV Golf Riyadh at the Riyadh Golf Club. Mandatory Credit: Reuters via Imagn Images

LIV Golf plans to continue without the financial backing of Saudi Arabia's Public Investment Fund, touting "100% year over year" financial growth in 2026.

The Public Investment Fund (PIF) formally announced it would end financial support of LIV Golf at the end of the 2026 season.

"PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season," a PIF statement read Thursday. "The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy. This decision has been made in light of PIF's investment priorities and current macro dynamics."

Under a reshaped model, LIV established a new, independent board and envisions further commercial agreements to stabilize the intended PGA Tour competitor.

"LIV Golf is transitioning from a foundational launch phase to a diversified, multi-partner investment model, with a formal process underway to attract long-term financial partners," the circuit said in a statement Thursday, hours after learning the financial underpinning from the PIF was ended.

Signs of a fracture in the PIF-LIV emerged earlier this year and simmered to the surface last week, when ESPN obtained an email LIV CEO Scott O'Neil sent to staff claiming the 2026 season will continue "exactly as planned, uninterrupted and at full throttle." He made no mention of LIV's future beyond 2026, however.

LIV said the new board will be headed by Eugene Davis, the Chairman and Chief Executive Officer of PIRINATE Consulting Group LLC and Jon Zinman, the founder and managing member of JZ Advisors LLC. They are tasked primarily with "institutionalizing the league, formalizing its ownership structure, and evaluating the range of strategic opportunities," LIV Golf said Thursday.

Founded in 2021, LIV Golf made its debut in June 2022 and used lavish, guaranteed contracts to lure dozens of stars like Dustin Johnson, Phil Mickelson, Jon Rahm and Bryson DeChambeau away from the PGA. PIF has provided LIV with more than $5 billion, but the league has reportedly lost millions of dollars per year. Earlier this month, Yasir Al-Rumayyan, PIF's governor and LIV's main financial backer, shared a plan for the kingdom to cut back on international investments and focus on more domestic projects.

DeChambeau, Cameron Smith and Rahm reportedly turned down the opportunity to return to the PGA Tour earlier this year. According to MSN.com, some LIV players have reached out to the DP World Tour.

--Field Level Media

CRISTIANO RONALDO BUYS 25 PERCENT STAKE IN SPANISH CLUB ALMERIA

The Al Nassr and Portugal forward has acquired the stake through the subsidiary CR7 Sports and the investment comes as part of the club ownership consortium led by SMC Group

Cristiano Ronaldo has bought a 25 percent share in Almeria, the Spanish club have announced. Pic: Niall Carson/PA Wire.

Cristiano Ronaldo has bought a 25 percent share in Almeria, the Spanish club have announced.

The Al Nassr and Portugal forward has acquired the stake through the subsidiary CR7 Sports and the investment comes as part of the club ownership consortium led by SMC Group.

Almeria are currently third in the Segunda Division and are two points away from leaders Racing in the bid for promotion to LaLiga.

Ronaldo said in a statement on the club's X account: "It has been a long-held ambition of mine to contribute to football, beyond just on the pitch. UD Almeria is a Spanish club with strong foundations and clear potential for growth.

Official statement:

Cristiano Ronaldo invests in UD Almería as part of the club ownership consortium led by SMC Group pic.twitter.com/0lk92FUjPH

— UD Almería (@UDAlmeria_Eng)

February 26, 2026

"I look forward to working alongside the leadership team to support the next phase of the club's growth."

President of Almeria Mohamed Al Khereiji added: "We are very pleased that Cristiano has chosen to invest in our club.

"He is regarded as the greatest to ever play the game, he knows Spanish football very well and he understands the potential of what we are building here both in terms of the team and the academy."

- PA

THE SEATTLE SEAHAWKS ARE OFFICIALLY UP FOR SALE

Paul G. Allen’s estate launches a multi-year franchise sale aimed at record NFL valuations and major philanthropic impact.

Summary

• The Seattle Seahawks are officially up for sale less than two weeks after winning Super Bowl 60 in Santa Clara

• Paul G. Allen’s estate has begun a formal sale process, honoring his directive to sell his sports holdings and direct the proceeds to philanthropy

• Investment bank Allen & Company and law firm Latham & Watkins will run a multi‑year sale expected to fetch a record NFL franchise price while the team stays locked into Lumen Field and Seattle

Fresh off a second Lombardi and a parade that shut down downtown, the Seattle Seahawks are suddenly the hottest asset on the sports market. The Paul G. Allen Estate has kicked off a formal sale process for the reigning Super Bowl champions, an unprecedented move in the modern NFL and the climactic chapter in the late Microsoft co‑founder’s plan to liquidate his sports empire for charitable giving. Allen bought the franchise in 1997 for just under $200 million, keeping it from bolting to Southern California, and under Paul and Jody Allen the Seahawks evolved from league afterthought to perennial contender and two‑time Super Bowl winner.

The estate has tapped Allen & Company and Latham & Watkins to handle the deal, a process the team says will stretch through the 2026 offseason before any buyer is vetted and ratified by at least 24 of 32 NFL owners. Public valuations peg the Seahawks in the $6.6 billion USD to $7 billion USD range, with some post‑title projections pushing the number toward eight digits, positioning the sale to eclipse the Washington Commanders and even challenge the $10 billion USD Los Angeles Lakers benchmark. With a long‑term lease at Lumen Field, sold‑out crowds since 2003 and the NFL’s next media‑rights cycle on deck, whoever steps in next inherits a ready‑made contender, a locked‑in city and one of the league’s most powerful platforms for both business and philanthropy.

- Hypebeast

RYAN REYNOLDS AND BOB MCELHENNEY SELL WREXHAM STAKE TO US PRIVATE EQUITY GROUP

Club gets boost for development of Racecourse Ground, but move comes months after it received £14m state aid

 Rob McElhenney and Ryan Reynolds have attracted big-name sponsors to Wrexham AFC and multiplied the company’s valuation. Photograph: Kya Banasko/Getty Images

The Wrexham AFC owners Ryan Reynolds and Rob McElhenney have sold a stake in the company to the US private equity investors Apollo, less than three months after the football club was given £14m in state aid.

The Welsh club on Monday announced the investment by Apollo Sports Capital, part of the New York-listed investor. It did not reveal the size of the investment, but said Reynolds and McElhenney, who has changed his name to Rob Mac, would remain majority owners.

The investment will help to finance the development of Wrexham’s Racecourse Ground (Y Cae Ras in Welsh), the club said. Apollo is one of the world’s largest investors, with as much as $840bn (£630bn) in assets under management. It has previously loaned money to the Premier League club Nottingham Forest.

Wrexham have risen up the English Football League to the Championship thanks to the backing of Hollywood owners Reynolds, the producer and star of the Deadpool film franchise, and McElhenney, the creator of the comedy series It’s Always Sunny in Philadelphia. They have attracted big-name sponsors and multiplied the company’s valuation in part through a Disney TV documentary, Welcome to Wrexham, which has charted the team’s successive promotions.

Apollo’s investment is likely to have been made more attractive by the prospect of significant government support. Wrexham AFC was awarded £14m in non-repayable grants on 17 September, after receiving £3.8m last year, according to state aid disclosures revealed last month by the Guardian.

The deal is highly unusual in awarding a direct, non-repayable grant to a football club. No other club has received more than £2m in grants, according to the database. Other clubs have received significant support from local councils, but the councils usually retained ownership of assets, including stadiums.

The Apollo investment adds to questions over why the council argued that the club needed millions of pounds of government money, said Stefan Borson, a football finance expert and the head of sport at the law firm McCarthy Denning.

“The investment from Apollo is a significant milestone and likely at a record pre-money valuation for a Championship club,” he said, referring to a report by Bloomberg that Wrexham was valued at as much as £350m.

“It confirms the commercial attraction of Wrexham to one of the largest investors in the world,” he said. “Alongside the existing owners, this provides the club with substantial funding for the development of the stadium and a push for the Premier League. However, in that context, the Apollo investment raises questions again as to why the Welsh government needed to provide £18m of non-repayable grant.”

State aid disclosures, which appear to have been written by an officer of Wrexham county borough council, claimed there was “no incentive for the private sector to pursue the project” of redeveloping the stadium, and that developing to international standard would be “commercially unviable”.

Yet in just over a year, Wrexham AFC has been able to repay loans worth £15m to a company co-owned by McElhenny and Reynolds, according to its latest accounts. It has also attracted tens of millions of pounds in investment from the wealthy New York-based Allyn family.

In a joint statement, McElhenney and Reynolds said: “From day one, we wanted to build a sustainable future for Wrexham AFC. And to do it with a little heart and humour. The dream has always been to take this club to the Premier League while staying true to the town.”

Lee Solomon, an Apollo partner, said: “Wrexham is on an incredible journey, and we are thrilled to be a part of it and to support the club, the Wrexham community and Rob and Ryan. This is a multifaceted investment where Apollo Sports Capital can provide long-term, patient capital to help Wrexham reach its goals and to contribute to the ongoing revitalisation of the facilities and local economy.”

Wrexham county borough council and the Welsh government were approached for comment. They have previously said that the investment was needed to prepare the stadium for international matches, which would provide benefits to the local economy.

- Jasper Jolly

HOW MUCH MONEY EVERY PREMIER LEAGUE OWNER HAS INVESTED p

 

KEVIN DURANT BUYS STAKE IN LEAGUE 1 CHAMPS PARIS SAINT-GERMAIN

Nike.com

NBA star Kevin Durant has become a new minority shareholder of three-time defending Ligue 1 champions Paris Saint-Germain, the French club announced on Wednesday.

The recent Olympic gold medalist with Team USA at the 2024 Olympics has invested a few millions dollars of his own money to join the club, a source told ESPN.

He did so via Arctos Sports Partners, the American investment fund which bought a 12.5% stake in the club in 2023, with PSG valued at $4.6 billion (€4.25bn). The aim of Durant's arrival at the club is to further develop the PSG brand in the U.S. from a marketing and sponsorship point of view, especially with the 2025 Club World Cup and the 2026 World Cup set to be hosted in America over the next two summers.

Durant, 35, who plays for the Phoenix Suns, is a big soccer fan and part owner of MLS side Philadelphia Union. He is a good friend of PSG president Nasser Al Khelaifi and has visited the Paris training ground and Parc des Princes stadium several times prior to his investment.

As recently as Aug. 6, he went by the Campus PSG to say hello to some of the players, staff and head coach Luis Enrique.

Durant is very excited to be involved with the club, a source told ESPN, and is very serious about his investment in the club.

- Julien Laurens, Correspondent

MARK VUBAN MADE 1,127% RETURN ON INVESTMENT

A reminder that Mark Cuban purchased the Dallas Mavericks for $285 million in 2000 — and 23 years later, sold a majority stake in the team for $3.5 billion.

That's an approximate 1,127% return on his investment.

INTER MILAN GET NEW OWNER AFTER MISSED PAYMENT

 United States-based investment fund Oaktree Capital Management said on Wednesday it has become the new owner of Serie A champions Inter Milan after a missed €395 million ($428m) payment from the club's Chinese holding company, Suning.

Oaktree granted the loan to Suning in 2021 and it was guaranteed by their stake in the club. Oaktree took charge after Suning failed to meet Tuesday's deadline of repaying the debt.

Under such a scheme, Oaktree had the potential right to take control of the club in the event of a default on the loan and interest from it.

It had been unclear whether Oaktree would look to sell Inter, but managing director Alejandro Cano said it is looking to the long-term future while a source told Reuters that the fund is not planning to offload the club immediately.

Oaktree will be a "patient investor," the source added.

"Our initial focus is operational and financial stability. We have great respect for Inter Milan's management team," Cano said.

Inter becomes the seventh Serie A club under American ownership. The others are AC Milan, Atalanta, Fiorentina, Roma, Genoa and newly promoted Parma.

Founded in 1908, Inter are among the most famous clubs in Italian football, having won the league 20 times, and are home to top players including Lautaro Martínez and Nicolò Barella.

Suning bought a majority stake in the club in 2016 in one of the highest-profile forays by a Chinese business into European football.

"As new owners, we recognize our responsibility to Inter Milan's community, history and legacy," Cano said in a statement. "We are committed to the long-term success of the Nerazzurri and believe our ambitions for the club are united with those of its passionate fans in Italy and around the world."

Information from The Associated Press and Reuters was used in this report.

- ESPN

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