‘Leveling the playing field’ in women’s sports is goal of new Ariel private investment fund

February 03, 2025 at 12:43 PM EST

Ariel Investments has launched a private investment fund that aims to capitalize on the rising popularity of women’s sports by bankrolling a wide array of ventures across the athletic spectrum.

In an open memo posted on the Ariel Investments’ website, Co-CEO and President Mellody Hobson said Project Level will seek to harness the exploding talent, fandom, viewership and media interest in women’s sports by working to accelerate growth through diversified investments and significant ownership stakes.

“Although sports is a burgeoning asset class with growing investment banking and institutional coverage, men’s sports receive the lion’s share of investment, attention and profits.” she wrote in the memo. “Hence, the opportunity to create a private investment vehicle purposely built to ‘level the playing field’—to capitalize on a generational shift in women’s sports and raise it to its rightful place in the major leagues.”

“Our highly curated portfolio will range from professional and emerging sports teams and leagues, to junior and college sports opportunities, along with related businesses that contribute to and directly benefit from the global expansion of women’s sports,” she said.

The announcement of Project Level did not specify a dollar amount that the new fund seeks to raise, but did say the fund will be a leading investor in the National Women’s Soccer League’s newest expansion team in Denver — a league whose broadcast viewership nearly doubled last year. Hobson noted the fund’s investment team has already identified an “abundance” of such opportunities.

“Over time, we expect to generate compelling financial returns by capitalizing on the underappreciated growth and value embedded in women’s sports today. Our endgame is to elevate women’s sports by fostering strong and sustainable businesses that compete at the highest level,” she said.

The memo noted that women’s sports are expected to have scored more than $1.28 billion in global revenues in 2024, representing 300% growth in three years, with more than half generated in the U.S. The WNBA accounted for a large part of that enthusiasm, sparked by last season’s rookie rivalry between Caitlin Clark and Angel Reese.

Chicago-based Ariel Investments manages nearly $14 billion in assets and its portfolios have held shares of publicly traded sports entities over the years. It took a position in Madison Square Garden in 2011 and holds shares of spin-off entities, including MSG Sports. In 2021, it bought shares of the U.K.-based soccer team, Manchester United, which we still hold.

Ariel founder and Chairman John Rogers, who served as captain of Princeton University’s basketball team, has been personally invested in the WNBA’s Chicago Sky since it arrived 2005. Hobson’s sports portfolio includes investments in the Chicago White Sox, the Denver Broncos, LOVB (League One Volleyball) and the WNBA itself.

Ariel Investments photo

“We see a tremendous opportunity to bring our experience, relationships and insights to a nascent asset class to drive profits while directly benefitting women and society—a trifecta in our view. Doing so requires an outstanding leader who combines business expertise with a deep understanding of sports and sports operations,” Hobson said.

Jason Wright, former president of the NFL’s Washington Commanders, will serve as Project Level’s managing partner and head of investments.

Hobson also said the company was assembling advisory and corporate boards for the fund that to date include:

Beth Brooke (director) is the former global vice chair of public policy at Ernst & Young where she was also a member of the firm’s global executive board. Among other endeavors, she currently serves on the board of the New York Times Company as well as the United States Olympic and Paralympic Committee.
Lewis Hamilton (advisory board) is a seven-time Formula One Champion and the most decorated driver in the history of the sport. Recently signed to drive for the Ferrari F1 team, he is the only Black driver on the track and the only F1 driver to be knighted while still competing.
Queen Latifah (advisory board) is a Grammy-award winning, Emmy-award winning and Academy Award-nominated rapper, singer and actress. She currently stars in and executive produces the hit television series “The Equalizer.” In addition to global fame and numerous accolades, she is a two-time New Jersey state high school basketball champion.
Cynt Marshall (director) is the former CEO of the Dallas Mavericks—the first Black woman CEO in the NBA. During her tenure, she helped launch a new TV partnership and oversaw a stadium upgrade. In 2023, she helped guide the sale of the franchise.
Stella McCartney (advisory board) is the named founder of the British fashion house distinguished by its design as well as its focus on sustainability. Her successful activewear collection combines high-performance and high-style — including collections for running, swimming, yoga and tennis.
Steve Mills (director) is the former president of the New York Knicks and former COO of Madison Square Garden where he oversaw the business operations of the NY Knicks, NHL’s Rangers and WNBA’s New York Liberty.

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‘Leveling the playing field’ in women’s sports is goal of new Ariel private investment fund

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