F1 drivers Sainz and Norris team up with soccer stars to back and advise $54M investment fund

Tue, Sep 5, 2023
Soccer News (AP)

F1 drivers Sainz and Norris team up with soccer stars to back and advise $54M investment fund

LISBON, Portugal (AP) - Formula One drivers have teamed up with world and European champion soccer players investing in a 50 million euros ($54 million) fund launched Tuesday that will use their advice to seek sports-related targets.

F1 drivers Carlos Sainz and Lando Norris are headline investors in the Elite Performance Fund that aims to specialize in sports technology and media, fan engagement and nutrition.

Manchester United defender RaphaŽl Varane, a 2018 World Cup winner with France, and Joao Mario from Portugal's 2016 European Championship title team are also investors with Lisbon-based fund manager APEX.

"I have been investing in startups for some time now," Varane said in a statement, adding he aims to "share my investment experiences with other athletes and learn from theirs."

Tom Brady joined the trend for athlete investment in the wider sports industry last month. The NFL great was announced as having a minority stake in English second-tier soccer club Birmingham by partnering with its holding company, Knighthead Capital Management.

The APEX fund also has investments from Varane's Man United teammate Christian Eriksen, Belgium defender Jan Vertonghen and Netherlands international Daley Blind.

"Athletes aren't just our capital sources - they're our partners," APEX chief executive Antonio Cacorino said. "They infuse our decisions with genuine insights from their respective sports."


AP auto racing: https://apnews.com/hub/auto-racing

Article Copyright © 2023 The Associated Press, All Rights Reserved.