On Friday, 19 August 2022, Smith Entertainment Group announced that it has accepted what is termed as both a "substantial" yet "minority investment" from Arctos Sports Partners.
According to the news release, the stated two-fold purpose of the Arctos investment in, and partnership with, SEG is to
- "Bring a third professional sports franchise to the state," and to
- "Build a premier sports and entertainment center (in Utah)."
SEG is the majority owner of the
- Utah Jazz (NBA),
- Real Salt Lake (MLS),
- Vivint Arena,
- Rio Tinto Stadium,
- The Salt Lake City Stars (NBA G League),
- Utah Jazz Gaming (NBA 2K League),
- Real Monarchs (MLS NEXT Pro),
- The Zone Sports Radio Network, and
- Other Utah-centric business ventures.
In addition, SEG currently manages the Salt Lake Bees.
Conversely, Arctos is self-described as "a private investment platform focused on professional sports franchises in North American leagues and European Soccer," and (according to Sports Business Journal), the firm holds ownership stakes in over 25 professional sports groups and franchises.
According to its latest ADV filing with the U.S. Securities and Exchange Commission, Arctos began 2022 with over $3.94 billion in assets under management (AUM), which is not a number to shake a stick at, especially considering the firm was just launched in 2019.
However, during the first week of May, Arctos raised an additional $1.1 billion in its Fund II, jumping its AUM to more than $5 billion.
According to Ryan Smith, SEG chairman,
“My wife Ashley and I are passionate about the state of Utah and are committed to building organizations that can be a unifying force in our community. Few things do that as powerfully as sports. We are excited to partner with Arctos. They are committed to Utah and to investing in this community and our sports teams and facilities. As SEG continues to build out the professional sports landscape in the state, the Arctos partnership brings strong commitment to Utah sports and a deep connection across all major sports leagues.”
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