Market Chatter: Ares Management, Alibaba Co-Founder Joe Tsai Lead $100 Million Investment in Premier Lacrosse League

MT Newswires Live18:58

Ares Management (ARES) and Alibaba (BABA) co-founder Joe Tsai led a $100 million investment in the Premier Lacrosse League, valuing the league at more than $500 million, Bloomberg reported Tuesday, citing a person familiar with the matter.

According to the report, ESPN and actor Glen Powell also participated in the funding round, with the proceeds to support the expansion of the league's women's business, media distribution, and commercial operations.

The funding comes as the eight-team league prepares to transition from a single-entity ownership model to a franchise system over the next few years, Bloomberg added.

Ares Management and Alibaba did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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