On Thursday, Athletes Unlimited announced that it had raised $30 million from investors to support its continued rapid expansion. These investors include Rich Kleiman and Kevin Durant’s 35V, four-time Olympian in hockey Angela Ruggiero, and Schusterman Family Investments.
The boost is just another indication that the league (and women’s sports in general) is headed in the right direction following the introduction of a second softball league, a basketball league, and a multi-year rights deal with ESPN. Since its softball league’s inaugural pitch in August 2020, during the height of the COVID-19 pandemic, Athletes Unlimited has experienced a swift ascent.
Athletes Unlimited (A.U.) is a network of basketball, lacrosse, volleyball, softball, and fantasy sports leagues that use a methodology akin to fantasy sports to determine an individual champion. Athletes make all the choices regarding games and league leadership because there are no coaches.
Kevin Durant Increases His Sponsorship of Women’s Sports
Sports stars and non-sportspeople are among the investors. The two biggest names, Kleiman and Durant, are increasing their stake in women’s sports investments. They participated in the May 2021 round of seed finance for Just Women’s Sports and, in May 2022, became minority investors in NJ/NY Gotham FC, an NWSL team.
“Athletes Unlimited is at the vanguard of women’s sports and serves as a motivation for how sports leagues can flourish with an athlete-first business model,” Durant stated in a statement issued by the league.
Since A.U. was founded in 2020, Durant, Kleiman, and Ruggiero have served on its advisory board. Olympic softball player Jessica Mendoza and former USWNT player Abby Wambach are also members of the advisory board. Athletes have voting rights on the board of directors, are part of the long-term profits, and oversee the Player Executive Committee in each league, which sets rules, among other things.
“Every pro sports leagues should make note of what A.U. is doing, especially the pathway for athletes to have a financial stake in their leagues,” Kleiman said in a statement issued by the league.
The remaining investors in the capital campaign include Salil Seshadri, Keith Meister, David Blitzer, film producer Sharon Harel-Cohen, and former journalist Jane Gottesman. Gottesman is going to be added to the board of directors.
What A.U.’s Capital Increase Entails for Women’s Professional Sports
Since professional women’s sports are still in their infancy, they have far more room to grow than well-established men’s pro sports. Therefore, they could eventually catch up to men’s professional sports, even though they are now at a different level financially or in terms of viewership. And as interest in women’s sports continues to rise, investors are jumping on board.
Co-founder Jonathan Soros said, “These investors share our concept and our ambition to not only reimagine skilled sports, but also to rethink how a business can—and should—show up in the world. Over A.U.’s first two years, growth has exceeded my expectations. These strategic investors’ participation will only increase the energy and resources available to support future expansion.”
More of what A.U. has prioritized since its inception two years ago will be possible with a financial infusion. The network cares for the health and welfare of its athletes, which it demonstrates by providing maternity leave and health insurance as well as making sure each member has access to the kind of uniform that fits them best. A.U. has consistently promoted storytelling, which is essential for enticing viewers to care about the players and league.
Increased investment indicates a heightened level of interest, as demonstrated by the announcement in April of a two-year agreement with ESPN to broadcast its lacrosse and softball leagues. A.U.’s CEO and co-founder, Jon Patricof, told Yahoo Sports that the company was “exploring all of our options and [having] discussions with several parties” over broadcast agreements for its basketball and volleyball leagues.
This past January saw the debut of A.U.’s basketball league, which featured Sydney Colson, who won the championship with the Las Vegas Aces, and Natasha Cloud, who would lead the WNBA in assists throughout 2022. The current champion is Tianna Hawkins. The second season will debut early in 2019.
