• Loading stock data...
Thursday, July 3, 2025

Ryan Smith’s Billion-Dollar Sports Tech Bet

Utah Jazz and Utah Hockey Club owner Ryan Smith is looking to raise $1 billion for a fund that will invest in the rapidly growing sports tech sector.

Feb 26, 2025; Salt Lake City, Utah, USA; Utah Jazz owner Ryan Smith walks past head coach Will Hardy in the second half during a game against the Sacramento Kings at Delta Center.
Jamie Sabau-Imagn Images

Since selling management software company Qualtrics for $8 billion in 2019, Ryan Smith has purchased the NBA’s Utah Jazz and brought NHL hockey to Utah. Now, he’s betting on the intersection between sports and technology with a private investment fund that is looking to raise up to $1 billion.

HX One LP, a private investment fund led by Smith and his longtime investment partner Ryan Sweeney of venture capital firm Accel, has a ceiling of $1 billion in investment, according to a Monday U.S. Securities and Exchange Commission filing. The fund will be housed under a corporate entity called Halo Experience. 

The duo have been working together for more than a decade – Accel invested in Qualtrics in 2012 as part of the company’s $70 million Series A funding, and as part of that agreement Sweeney joined the Qualtrics board.

Fast forward 13 years, and Smith and Sweeney see a hole in the rapidly growing sports investment space. 

“We have this massive AI movement where we think there’s trillions of dollars of spend that’s going to be shifted, and processes that are going to be changed, and we kind of sit at the forefront of both,” Smith tells Front Office Sports.

Rather than solely focusing on businesses already in the sports realm, they feel there’s an opportunity to target tech companies across the board that could play a role in what they describe as the “experience economy” in sports.

“Sports effectively touches all parts of our economy,” Sweeney tells FOS. “Think about the intersection of digital media, of social media, payments, security, health and wellness, the list goes on and on. All the big markets we talk about, whether it be investing or just broadly speaking in terms of the economy, all have a role and all play a part within the sports ecosystem.”

They aren’t wrong about investor appetite for sports tech. A January report from consulting firm Altman Solon showed that 62% of the more than 250 global sports executives surveyed view technology as the “most attractive investment opportunity.” A March report from M&A and financial advisory firm Oaklins similarly pointed to “sportstech” as a primary driver of increased transaction volume in the sports sector. The report points to 2024 deals such as Tiga Investments’ acquisition of Dream Sports, which owns one of the largest fantasy sports platforms in India, as well as DraftKings’ deal for Simplebet, which allows users to place “microbets” on specific events within a game, such as whether a particular player will score a touchdown during a specific quarter.

Smith and Sweeney aren’t the first private investment players to believe they can capitalize on the growing sports tech sector. They face competition from firms like Sapphire Sport and Bluestone Equity Partners. But together, they think they have an advantage. Smith, who co-founded Qualtrics back in 2002, is the majority owner of the Utah Jazz and Utah Hockey Club. Sweeney, who is a minority owner in both those teams, is invested in at least 25 companies as a partner at Accel, according to the firm’s website, from Venmo to Hootsuite.

They view Halo Experience as a long-term play, with multiple funds to come in the future, and think their penchant for leaning on the expertise of more experienced peers will ensure their success.

“We’ve always surrounded ourselves with people who are more senior and wise,” Smith says. “If you look at [CEO] Danny Ainge running basketball [for the Jazz], it’s really a perfect combo. Because on one end you’ve got ourselves, who are younger and a young head coach [in Will Hardy], but on the other hand, you’ve got this Hall of Famer who’s been to the finals 10 times and we’re actually all working together.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Dec 29, 2024; Philadelphia, Pennsylvania, USA; Dallas Cowboys quarterback Cooper Rush (10) passes the ball against the Philadelphia Eagles during the first quarter at Lincoln Financial Field.
breaking

California AG Says Daily Fantasy Sports Are Illegal

The AG rejected arguments that DFS are games of skill, not chance.

Geoffrey Esper Can’t Catch a Break at Nathan’s Hot Dog Eating Contest

“Hot dogs is not one of my favorite competitions of the year.”
Jun 9, 2025; Cleveland, Ohio, USA; Cleveland Guardians starting pitcher Luis Ortiz (45) throws a pitch during the first inning against the Cincinnati Reds at Progressive Field.

Guardians Pitcher Luis Ortiz Put on Paid Leave Amid MLB Probe

Reports say the investigation is tied to gambling.
Mike Crapo

Trump Bill’s Tax Hike on Gamblers Was Authored by Sen. Mike Crapo

Crapo’s office did not respond to several messages seeking comment.

Featured Today

The Battle Over Wimbledon’s Ambitious Expansion Plan

A classic NIMBY standoff on one of the most hallowed grounds in sports.
Seattle Rough & Tumble
June 28, 2025

Women’s Sports Bars Are on the Rise. Survival Isn’t Guaranteed

Some women’s sports bars are cashing in. Others are clawing for funding.
June 27, 2025

Shitposters Have Taken the Reins of Pro Sports’ Official Voices

Meet the social media pros turning sports teams into internet trolls.
Jun 17, 2025; Sunrise, Florida, USA; Florida Panthers center Sam Reinhart (13) hoists the Stanley Cup after winning game six of the 2025 Stanley Cup Final against the Edmonton Oilers at Amerant Bank Arena
June 26, 2025

Stanley Cup’s International Summer Tour: Rules, Repairs, and Raucousness

No pro trophy tour compares to the NHL’s three-month global victory lap.
Crest Surf Clubs
exclusive

New York Private Surf Club Wants to Raise $45M, Charge $100K

The average membership fee for Crest is $20,000 a year.
May 29, 2025; New York, New York, USA; New York Knicks forward Precious Achiuwa (5) sets a pick against Indiana Pacers guard Bennedict Mathurin (00) for Knicks guard Jalen Brunson (11) during the third quarter of game five of the eastern conference finals during the 2025 NBA Playoffs at Madison Square Garden.
June 26, 2025

Activist Investor Thinks the Knicks Are Trapped Inside MSG Sports

An activist investor wants the Knicks to be spun off or sold.
Stephen Ross
exclusive
June 29, 2025

Dolphins Owner Stephen Ross Nears Deal to Buy Nearly Half of Miami..

Ross is set to own a minority stake in the tennis tournament.
Sponsored

Hottest Matchups Following NFL Schedule Release

The NFL released the 2025 regular-season schedule, and anticipation is already building in the ticket marketplace with four months to go.
May 29, 2025; Dublin, Ohio, USA; The TaylorMade club cover of Tommy Fleetwood is seen during the first round of the Memorial Tournament presented by Workday golf tournament.
June 25, 2025

Golf Equipment Maker TaylorMade Caught Up in Fight Over Who Owns It

There is a dispute over which Korean entity controls the company.
Dec 28, 2024; Sunrise, Florida, USA; Montreal Canadiens head coach Martin St-Louis watches from the bench against the Florida Panthers during the third period at Amerant Bank Arena.
June 25, 2025

PE Firm Led by Ex-NHL Star Invests in CCM Hockey

The deal marks CCM’s second private-equity investment within the last year.
Dec 31, 2024; Orlando, FL, USA; South Carolina Gamecocks quarterback LaNorris Sellers (16) before the play call against the Illinois Fighting Illini in the fourth quarter at Camping World Stadium.
June 24, 2025

College QBs Are the Newest VC Investors

Three Division I quarterbacks are investing in a venture fund.
Mar 30, 2025; Austin, TX, USA; The team of Alex Marquez (73) of Spain and BK8 Gresini Racing MotoGP celebrate as he comes in second place in the 2025 Grand Prix of the Americas at Circuit of The Americas.
June 23, 2025

European Watchdog Clears Liberty Media’s $5B MotoGP Buy

Liberty Media now owns both the motorcycle racing league and F1.