In a move aimed at diversifying its investment offerings, Goldman Sachs Group Inc (NYSE: GS ). is reportedly establishing a new sports franchise division within its investment banking sector. The initiative, first reported by The Wall Street Journal on Friday, is designed to provide affluent clients with opportunities to acquire ownership stakes in privately held sports teams.
The new unit will leverage the bank's mergers and acquisitions practice as well as its sports financing team. These resources will be used collaboratively with asset and wealth managers to facilitate investments in high-profile transactions such as stadiums and sports teams.
The leadership of this innovative venture will be shared between Greg Carey, current chairman of Goldman's public sector and infrastructure group, and Dave Dase, who oversees the investment banking unit's Southeast region. Both Carey and Dase are seasoned bankers bringing significant experience and expertise to the new division.
This initiative forms part of an ongoing strategy by Goldman Sachs to cater to the unique investment interests of its high-net-worth clients. The bank's decision to diversify its offerings into sports franchises indicates a recognition of the lucrative potential within this sector.
Following the announcement of this new venture, there was a slight uptick in Goldman Sachs' stock which rose by 0.3% in premarket trading on Friday.
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