The Credit Edge by Bloomberg Intelligence US Billionaires Are Only Just Getting Started on Their Global Sports Invasion
Jul 24, 2025
Aaron Kless, CEO and CIO at Andalusian Credit Partners, specializes in sports, media, and entertainment investment. He reveals that U.S. billionaires are just beginning their global sports invasion, with significant interest from sovereign wealth funds. Kless discusses the implications of high-profile sports deals and the financial dynamics of being a fan. The conversation also delves into growth opportunities in stadium financing and how emerging technologies are reshaping investments in both professional and amateur sports.
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Core Middle Market Focus
- Andalusian Credit Partners focuses on core middle market businesses with EBITDA between $10 million and $60 million.
- Their strategy emphasizes "Main Street, not Wall Street", prioritizing fundamentals over macroeconomic noise.
Current Rate Underwriting Advantage
- Higher interest rates pose challenges mainly for deals made in lower rate environments or during M&A booms.
- Andalusian benefits from underwriting deals at current rates, seeing opportunities rather than challenges.
Active Credit Monitoring Advice
- Focus on deal structure, downside protection, and primary due diligence regardless of deal size.
- Actively monitor credits and engage proactively instead of waiting passively for quarterly reports.