Starting a new professional sports league is not an easy venture or one with an expected success rate, but for the few that breakthrough, the rate of return can be immense and does change the sports landscape. It appears that the Professional Fighting League is well on its way to being one of the breakthrough sports leagues and Monday’s news indicates that it is moving in the right direction.
The Professional Fighters League (PFL), a mixed martial arts league, announced that it has raised $30 million from a group of investors that includes Beats Electronics co-founder Jimmy Iovine, who is the Chairman of Interscope Records. The league has already been backed by Washington Wizards and Washington Capitals owner Ted Leonsis and actor Kevin Hart. The Series C round that was announced yesterday is intended to improve its data and analytics capabilities as well as devoting resources to expanding its global audience to secure more viewers and more fighters for its rotating series of events.
Leonsis, who originally achieved his fortune as an AOL executive, has previously taken part in the PFL’s Series B round that included Riot Games co-founder Brandon Beck and reality TV producer Mark Burnett. Investors in the original round also included Ventas Inc. Chief Executive Officer Debra Cafaro, a part owner of the Pittsburgh Penguins.