David Checketts, the former co-founder of MLS team Real Salt Lake, has acquired a stake in a holding company that owns Premier League team Burnley FC and RCD Espanyol de Barcelona from La Liga.
Checketts is investing approximately $200 million (€173 million) in the venture, according to a person familiar with the matter. He previously worked with ALK founder Alan Pace at Real Salt Lake.
This deal marks the first sports investment for Cynosure Checketts Sports Capital, a newly launched private equity fund co-founded and managed by Checketts. The fund is currently targeting $1.2 billion in capital commitments.
Checketts began his sports career as president of the Utah Jazz, then led the New York Knicks and later Madison Square Garden Company. He also co-founded Real Salt Lake and owned the St. Louis Blues.
Around half of the 20 clubs in England’s Premier League are majority-owned by US investors. Woody Johnson, owner of the NFL’s New York Jets, agreed in June to acquire a major stake in Crystal Palace FC.
Earlier this year, ALK reached an agreement to buy a majority stake in Espanyol, previously under the majority control of the Chinese Rastar Group. Following the deal, ALK has been actively seeking additional equity investors.
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Burnley’s involvement marks its entry into the growing trend of football groups developing multi-club networks. This model is also employed by City Football Group, which owns numerous teams globally; Blue Co, Chelsea’s holding company, has acquired Strasbourg; and Bill Foley of Bournemouth has been investing in clubs worldwide, including Moreirense FC in Portugal.
