A.Gain, a relatively unknown sports investment fund, has made significant inroads into football by acquiring stakes in Leeds United, Atletico Madrid, and Deportivo Cali. The firm has recently launched a $150 million fund to accelerate its unique approach to multi-club ownership, aiming to build a diversified portfolio of seven to eight teams.
Bobby Aitkenhead: From College Basketball to Football Investing
Bobby Aitkenhead, co-founder and managing partner of A.Gain's sports fund, is a former college basketball player who represented Guatemala. His background in sports and finance has driven the firm's strategy. Aitkenhead, along with partners Richard Lee and Reeta Holmes, has committed 20% of their own capital to the fund.
A.Gain's portfolio currently includes minority stakes in Leeds United and Atletico Madrid, both acquired in recent months, and a majority stake in Colombian side Deportivo Cali. The fund aims to raise between $150 million and $175 million, with three additional deals in the pipeline.
A Unique Twist on Multi-Club Ownership
Unlike traditional multi-club models that feature a dominant club feeding smaller satellites, A.Gain's approach involves minority stakes in five elite clubs in major leagues, such as Leeds and Atletico, alongside larger stakes in two or three 'alpha clubs' needing investment. This strategy balances risk and return, with Deportivo Cali as an example of a higher-risk, higher-reward investment.
Aitkenhead explains: 'We thought it was very important to have a few deals locked in. The ideal strategy is seven to eight clubs, but with five you're diversified and have the minimum financial profile.'
Investment Thesis: Capitalizing on Sports Growth
The fund's thesis is that sports experiences will continue to boom, particularly as AI increases leisure time. Well-run clubs with strong brands stand to benefit. Aitkenhead notes significant dispersion in valuations and management quality across clubs, creating opportunities for outsized returns.
'In football, we found huge dispersion between how clubs are managed in the same leagues. That gives you an opportunity to expose yourself to assets that are being transformed into institutional quality,' he says.
Why Leeds United and Atletico Madrid?
Leeds United is described as a 'sleeping giant of Europe,' with impressive shirt sales even in the Championship. Aitkenhead compares the club's passionate fan base to Atletico's, emphasizing the family-oriented atmosphere at Elland Road.
Atletico Madrid was chosen for its progressive value creation through a modern stadium and sports city project, as well as its ambition to challenge Real Madrid and Barcelona. 'The returns don't depend on Atletico becoming second or first, but the club is making real efforts,' Aitkenhead says.
Deportivo Cali, a former club of Colombian legend Carlos Valderrama, was in 'massive distress' but offered opportunities in real estate and talent development. A.Gain's intervention helped save the club from potential disappearance.
Living the Dream, but Not a Passion Project
Despite the glamour of attending matches at Wembley and the Metropolitano, Aitkenhead stresses that A.Gain is a financially driven, impact-driven project. 'We are passionate about sports, but this could never be a passion project. It had to be 100% financially driven,' he says.
The fund's managers, all former athletes, are committed to delivering outsized returns with downside protections. 'To put together a product that is unique, diversified, and has the likelihood of outsized returns in football is very meaningful and very fun,' Aitkenhead concludes.
