JPMorgan Chase & Co. has bought a stake in the analytics company that helped make New England Patriots owner Robert Kraft a sports mogul.
The unusual partnership signals the growth potential JPMorgan
sees in sports ownership for its wealthiest clients. The idea is to use the heaps of data that flows from legal sports betting, mobile ticketing and concession sales, among other things, to advise clients looking to buy and owners trying to wring more profit out of their teams.
“The biggest thing we realized is everyone who buys a sports team initially, they’re very focused on the field,” said Kraft, whose team has won six Super Bowls. “Very few prioritize the business side, and this really helps to do that.”
The Kraft Analytics Group, or KAGR, has more than 20 clients, including the National Football League, teams in all five major American sports leagues, and college athletic programs. JPMorgan is its first strategic investor. The parties declined to discuss the financials of the deal. The proprietary data KAGR provides can give owners a better understanding about who their customers are and help them find other uses for their stadiums.
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Source : MTV