NEW YORK, July 9, 2020 /PRNewswire/ -- C.K. McWhorter is reportedly interested in the purchase of a professional sports team or limited partnership options. According to unnamed professional sports league, sources say, "C.K. McWhorter has his eye set on deals with current league owners," though Sources did not cite the names of any specific teams or leagues that McWhorter may be interested in for sake of disclosure. Were McWhorter to purchase a team, the purchase within any league would make him one of the youngest team owners in history at age thirty. The purchase would expand his already extensive portfolio of investments through CTRL USA in fields ranging from tech to major commercial real estate developments.
Through the current haute of sports, new opportunities to buy stakes in teams has arisen. Experts say a drop in team control and limited-partner positions could occur, as COVID-19 hammers sports owners revenue streams. Sports teams throughout the country could be on the verge of ownership changes as the coronavirus pandemic continues to impact the economy.
Charles Baker, a partner at law firm O'Melveny, told CNBC there are "often one-off conversations" among interested buyers and owners in U.S. big-league teams, as COVID-19 continues to impact revenue streams of league owners.To raise liquidity as other revenue is disrupted, some owners could offer to sell shares of teams, while other shares could become available as current partner look to get out.
Baker, who represented billionaire David Tepper in his $325 million acquisition of a Major League Soccer expansion franchise in Charlotte, estimated a "potential 15% to 20% drop" in team control and limited-partner positions. He said teams heavily dependent on "match day revenue" are most at risk for ownership changes.
Comment From Founder, Chairman & CEO of CTRL USA C.K. McWhorter:
It is an opportune moment in all markets and I have been aggressive with all business opportunities within the current state of our economy during COVID-19. It is my firm belief that younger thriving investors are within a opportune moment of transition. Id like to be clear in my aim to be especially aggressive in my pursuit of any major sports team options. I am also aware of the responsibility of the role especially as an individual representing a new day and age in team ownership.
The current civil state of our country has been very encouraging in regards to the opening of such possibility and opportunities to minority individuals such as my self I am honored by the privilege to possibly paved the way for a new generation of ownership. I'd especially like to thank all current team owners and associates that are in support of my biddings.