Mark Cuban leads Harbinger Sports Partners to $450m first close in bid for US sports stakes

Harbinger Sports Partners, an Atlanta-based private equity fund targeting minority stakes in major US sports leagues, has reached $450m in investor commitments at the first close of its flagship fund.

The vehicle is ultimately targeting $750m, with the possibility of stretching to $1bn if investor demand warrants it, according to Bloomberg sources.

The fund was established last year by a team with deep roots across professional sport. Its founders include Mark Cuban, who holds a minority stake in the NBA’s Dallas Mavericks; Steve Cannon, a former exec…