Michael Spirito

Jul 27, 2023

Designed by Mario Paulis On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams speak with Sapphire Sport founding partner Michael Spirito about the group’s investment thesis, the current state of the industry, and how new media and technology are changing how young fans consume sports. Sapphire Sport has nearly $300 million under management via two funds—a $117 million first fund and a second $181 million fund that closed earlier this year. The group’s backers include a wide swath of the sports business world, including team owners (Madison Square Garden, David Blitzer, City Football Group), major brands (Adidas), and private equity firms (Arctos Sports Partners). Spirito discusses a handful of the companies in the group’s portfolio, including POAP , Aglet and Overtime , which has expanded over the past few years into owned sports properties in youth basketball, football and boxing. He also discusses Buzzer, a Sapphire-backed media startup that recently shut down its app. Spirito also talks about the current fund-raising realities—both for founders and for fund managers—including advice he would give to young companies that might be struggling to bring in capital over the last 12 months. Lastly, he dives into Sapphire’s investing thesis. The group looks for early stage companies that are looking for more than just money. The group’s value proposition, he says, includes the operational expertise of the Sapphire founders and the experience of the group’s wide LP base. (You can subscribe to Sporticast through Apple , Google , Spotify or wherever else you get your podcasts.) Read More About: