Sixth Street owns stakes in the New England Patriots, Boston Celtics, San Francisco Giants and San Antonio Spurs. It has committed hundreds of millions of euros to Real Madrid and Barcelona. It controls Bay FC and, since June 2026, holds a majority stake in Sunderland AFC Women through Bay Collective.
Real Madrid and Barcelona sold long term rights to specific revenue streams. The Patriots, Giants, Spurs and Celtics positions are minority stakes alongside their owners who run the teams. Bay FC and Bay Collective are control investments in a market where Sixth Street believes there is still significant value to create. Legends gives the firm exposure to ticketing, hospitality, sponsorship and venue economics across hundreds of properties it does not own.
And Legends came first. Sixth Street acquired a majority stake in the business in January 2021 at a valuation of roughly $1.35 billion, five months before the Spurs deal and more than a year before the Real Madrid and Barcelona investments. The portfolio was built from the operating layer of sport outward.
Bloomberg reported in 2024 that Sixth Street was considering a dedicated sports fund. It was never announced, but CalPERS records show a $775 million commitment.
This report maps Sixth Street’s complete sports portfolio and explains the strategy behind its revenue rights, team stakes, control investments, infrastructure and dedicated sports fund.
Inside Sixth Street
Every deal in the portfolio falls into one of four categories: contracted cash flow, minority ownership, control and company building, or infrastructure and services. The firm uses different structures because the source of return is different in each case.