Florida-based investment firm Digital Athlete Ventures is buying the Cobh Ramblers, who play in Ireland’s second tier of soccer, Front Office Sports has learned, marking the latest in a growing trend of U.S. investors getting into European soccer.
The deal for a 90% stake is set to be announced this coming week, a source familiar with the matter tells FOS. Financial details were not disclosed, and a representative for the buyer declined to comment. Formed in 1922, the Ramblers play in the League of Ireland First Division, which is the second tier of Irish soccer (the highest tier is called the League of Ireland Premier Division, which the Ramblers could get promoted into depending on how this season ends). They currently sit in second place.
The news comes after the Ramblers on Thursday issued a statement to “clarify” that they were no longer owned and operated by FC32, a group formed to own multiple soccer clubs that has faced recent controversy over apparent financing issues. FC32, which purchased the Ramblers in October of last year, reportedly stopped providing capital to second-tier Austrian team SKN St. Pölten earlier this year on short notice. That led to concerns about its ownership of the Ramblers, which the team addressed in Thursday’s statement. FC32 did not immediately respond to a request for comment.
“We can confirm that the club has formally and fully parted ways with FC32 Global Investments Limited,” the statement said. “The process of separation has been completed, and Cobh Ramblers FC has returned to being solely operated by its elected committee and Directors. Any previously appointed representatives or board members affiliated with FC32 are no longer involved in the club.”
The Thursday statement also noted that the team was in “advanced” discussions with a potential buyer. Digital Athlete Ventures is that buyer. DAV is also a sponsor of singer Marc Anthony’s E1 Team Miami, an all-electric powered racing team that competes in the UIM E1 World Championship.
DAV is led by three managing partners: Bryant Clark, founder of Texas-based Fifty Five South Ventures, Ilya Movshovich, a serial entrepreneur, and venture capital veteran Pedro Lombardo, managing partner at JPX Investments. Also involved with the group is Alexander Jarvis, who advises on soccer club deals through his own firm, Blackbridge Sports LLC and recently joined DAV as an advisor. Blackbridge recently facilitated the deal that saw Lenore Sports Partners buy a minority stake in Portuguese soccer club SL Benfica.
Jarvis declined to comment on the Ramblers, but he did tell FOS the market for investment in European soccer clubs is “increasingly competitive and now very much on the radar for U.S. family offices and sports-focused funds.”
U.S. investor interest in European soccer seems to be an unstoppable trend; investors like former MLS executive Sam Porter, Bruin Capital CEO George Pyne, and two-time Super Bowl champion Logan Ryan have all recently discussed with FOS their interest in such investments.
