Citizens Private Bank Unlocks Elite Sports Ownership via Harbinger Sports Partners

Citizens Private Bank has announced a move to provide its high-net-worth clients with unprecedented access to professional sports ownership through a new partnership with Harbinger Sports Partners.

The collaboration allows qualified purchasers to invest in Harbinger’s debut USD750 million private equity fund, co-founded by billionaire entrepreneur Mark Cuban, venture capitalist Rashaun Williams, and former AMB Sports and Entertainment CEO Steve Cannon.

The deal marks the first sports-focused investment vehicle available on the Citizens alternative assets platform. Harbinger Fund I targets minority stakes (typically up to 5%) in premier NBA, MLB, and NFL franchises, capitalizing on recent league rule changes that have opened the door for institutional capital.

Commenting on the announcement, head of private equity at Citizens Private Bank, Scott Aleali, said: “We are going to be able to give our clients an opportunity to be part of investing in this ecosystem.”

“Sports, in my opinion, is in the beginning [of its asset class evolution], but it’s following suit with private credit and secondaries,” Aleali said.

Harbringer’s Advantage and Leadership Bench

Harbinger distinguishes itself from competitors like Arctos Partners or RedBird Capital through the specific “owner-operator” expertise of its executive committee.

• Mark Cuban: Former majority owner of the Dallas Mavericks.
• Steve Cannon: Former lead executive for the Atlanta Falcons and Atlanta United.
• Jonathan Mariner: Former CFO of Major League Baseball.
• Rashaun Williams: Limited partner in the Atlanta Falcons.

Solving the Liquidity Puzzle

A primary hurdle in sports private equity has historically been the “exit.” Unlike traditional buyouts, minority stakes in sports teams are famously illiquid. Rashaun Williams, Harbinger’s chief investment officer, plans to apply his extensive background in tech secondaries to solve this.

“The secondary market for sports is already developed, just not for the average investor.”

“We have a strategy to create liquidity for our investors… facilitating transactions where current owners sell to new buyers rather than relying on M&A or an IPO,” Williams noted.

Market Context and Expansion

The launch of Harbinger on the iCapital Marketplace in January 2026 further signals the “democratisation” of this asset class for sophisticated investors. Citizens Private Bank, which managed approximately USD100 million in client assets through this strategy as of late 2025, expects gradual but sustained growth in the sector as major leagues like the NFL continue to relax ownership caps.

To participate, Citizens clients must generally be qualified purchasers, holding at least USD5 million in investable assets. This threshold ensures that the capital entering the space is seasoned and capable of navigating the unique risk profiles associated with multi-billion dollar sports franchises.

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