A new venture capital firm focusing on the sports and entertainment industries has been launched by leading US sports agent Leigh Steinberg.
The 66-year-old has founded Steinberg Ventures, a joint venture with the Alpha Strategies private equity firm. Steinberg will work alongside Alpha Strategies founder and president Jay Rogers on the project, which will focus on aiding the development of emerging companies and start-ups in the sports and entertainment sectors.
“The expertise of Jay and his team gives us the ability to analyse and evaluate the investment potential for all the exciting deals that we encounter,” Steinberg said, according to US magazine Variety. “There are promising businesses with innovative ideas emerging daily in the sports and entertainment space – we want to help them achieve their goals.”
The companies that the venture will provide support to will primarily be recommended by the Steinberg Sports & Entertainment agency, which is led by Steinberg himself alongside chief operating officer Chris Cabott.
Steinberg Ventures will aid the development of projects in fields such as movies, TV programmes, sports properties, consumer goods, food and beverages, clothing, gaming and mobile applications.
“Leigh is a visionary in the sports industry who has always been able to recognise value beyond the numbers on a contract,” Rogers added. “When you consider how large and diversified the sports, health and fitness, media and entertainment industries have become, you get a sense of the upside potential for Steinberg Ventures.”
Steinberg has represented the No.1 overall pick in the draft for the NFL American football league on eight occasions. He was the inspiration for Tom Cruise’s character in 1996’s Jerry Maguire and served as a technical consultant on the film.