Happy hump day, PE Hubsters! Rafael Canton here with you for the US edition of the Wire. Let's begin the Wire with a dive into professional sports teams. PE Hub has seen several deals involving teams in 2026.

August has been particularly busy with Apollo Sports Capital agreeing to invest $2.6 billion in the New York Yankees, and Joshua Kushner and Bob Iger reaching an agreement to acquire the Los Angeles Lakers in a $12.5 billion transaction. We'll look at some recent deals and at what's driving this interest. Then, we have a deal from this morning.

Genstar Capital has agreed to sell First Eagle Investments to Victory Capital for approximately $7 billion. We'll finish up with a deal from Tuesday. Superstep Capital made an investment in Google Cloud consultancy Zencore.

Sports surge Investors are flocking to the sports sector in droves. And professional sports teams are the main attraction. Due to a scarcity of assets and the consistent rise of pro sports team valuations, investors have seen an opportunity to pick up stakes in teams across the National Football League, National Basketball Association and Major League Baseball.

Deals, both big and small, are happening across football, baseball and basketball. And some of the most prominent teams in sports are the recipients, such as the Los Angeles Lakers, New York Yankees and Seattle Seahawks. PE Hub has been tracking the deal activity in the sector, which has picked up recently.

Five deals have been announced or reported on in August. PE firms like Apollo and KKR-backed Arctos are active, but we're also seeing the heads of PE and VC firms like José E. Feliciano and Joshua Kushner make splashy sports moves.

Let's look at a few of the deals I highlighted. Kwanza Jones and José E. Feliciano acquire San Diego Padres at $3.9bn valuation An ownership group led by Kwanza Jones and José E.

Feliciano is acquiring the San Diego Padres from The Seidler Family. Major League Baseball owners unanimously approved the deal earlier in August. The transaction values the Padres at $3.9 billion.

Feliciano is managing partner and co-founder of Clearlake Capital Group. In a Fireside Chat at NEXUS 2026 with PE Hub editor-in-chief Mary Kathleen (MK) Flynn, Feliciano explained that sports has become a predictable revenue source that's extremely sticky. Joshua Kushner and Bob Iger to buy Los Angeles Lakers in $12.5bn deal Earlier in August, Joshua Kushner and Bob Iger agreed to acquire the Los Angeles Lakers from Mark Walter in a $12.5 billion transaction.

Kushner will be the controlling owner according to a source close to the deal. The deal is still subject to approval from NBA owners. Thrive Eternal is expected to be part of the financing in the transaction according to a source.

Founded in 2026, Thrive Eternal is a permanent capital holding company that will be concentrated on a small number of assets that it can "steward over many decades." Apollo to acquire stake in New York Yankees In another August deal, Apollo Sports Capital agreed to provide $2.6 billion to Yankee Global Enterprises, the holding company of MLB team, the New York Yankees. According to a release, the capital infusion will be used to support the continued growth of the Yankees franchise as well as refinancing of existing debt. The transaction is expected to close imminently.

Apollo Sports Capital CEO Al Tylis will join YGE's board, which will expand by one seat. The Steinbrenner family will maintain full control of the Yankees and Hal Steinbrenner...