The world's largest communications services group, WPP, announced yesterday that it was leading a syndicate investing $250m (£165m) in Bruin Sports Capital, a sports marketing startup. Bruin was launched by former IMG sports and entertainment president George Pyne.
Bruin will build its portfolio organically as well through acquisitions and investments in established sports marketing businesses, sports federations, leagues and franchises. WPP will benefit from a preferred partnership with Bruin allowing clients of its operating companies to access media and sponsorship opportunities in sport. Before IMG, Pyne was chief operating officer at Nascar, where he successfully developed the regional sports brand into a key player in US sports.
“WPP’s investment in sports and sports content through Bruin Sports Capital is an important part of its strategy, as it impacts new markets, new media, data investment management and the application of technology and horizontality,” said WPP chief exec Sir Martin Sorrell.