SAO PAULO (Reuters) – Brazilian investment manager and broker XP on Thursday launched a fund to raise some 800 million reais ($162 million) to buy commercial rights of some soccer clubs from the country.
The fund, which targets accredited and institutional investors, plans to buy a stake in the broadcast rights for a group of 23 clubs of Brazil’s top three professional soccer divisions, including Cruzeiro, Botafogo and Fluminense.
“Brazilians are passionate about soccer, but the sport as an investment product has never been accessible,” said Bruno Castro, CEO of XP Asset, which manages a portfolio of 155 billion reais.
“Some of the biggest soccer leagues in the world have been empowered by this business model, and now Brazilian soccer will have the opportunity to reach its full potential in terms of revenue generation and visibility.”
XP launched the fund with asset manager Life Capital Partners after a 2021 law cleared the way for clubs to raise money from outside investors. Some teams have created a league to centralize talks to sell broadcast rights and marketing contracts.
($1 = 4.9471 reais)
(Reporting by Paula Arend Laier; Writing by Peter Frontini; Editing by Richard Chang)
