Sports
Ariel Investments Starts New Fund to Tap Into Women’s Sports
- Project Level will take stake in NWSL expansion team in Denver
- Former Washington Commanders president will be general manager
Ariel Investments, a Chicago-based firm that manages $13.8 billion, is starting a new fund to buy up holdings in women’s sports.
The Project Level fund will make one of its first investments in a National Women’s Soccer League’s expansion team in Denver, Ariel Co-Chief Executive Officer Mellody Hobson said in a letter to clients Thursday. Hobson will be an alternate governor of the yet-to-be-named team, while Rob Cohen, CEO of IMA Financial Group, will be the controlling owner.