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Former Georgetown coach John Thompson III invests in American Cornhole League

John Thompson III, Head of Athletes Development and Engagement for Monumental Basketball, will pose for a portrait at Capital One Arena in Washington, DC on July 22, 2019.

Ned Dishman | National Basketball Association | Getty Images

Former Georgetown University men’s basketball coach John Thompson III is now the owner of the Cornhole Sports Company.

James Simmons III, CEO of Thompson III and Asland Capital Partners American Cornhole League.. This transaction is ACL’s first funding round, but no specific terms are offered.

In an interview with CNBC on Monday, Thompson III, son of legendary Georgetown University coach John Thompson, explained his investment in ACL, which puts the league in a position to increase revenue over the last decade. I added. Growing popularity..

“When you think about it, you make a kind of laugh,” Thompson III said about investing in cornholes. “But if you dive in and investigate, cornhole is one of the fastest growing sports in the world.”

ACL was launched in South Carolina in 2016. The company has successfully leveraged a popular game in which participants need to throw a bag of corn nuts onto a platform for points for bowling-like television sports.

ACL seduced media contract NBCUniversal, Disney-Own ESPN and signed a multi-year contract Viacom CBS Last December. According to ESPN, the number of viewers of ACL content has increased by 3% year-on-year compared to 2020. The most watched broadcast on ACL in 2021 was Pro Invitational, which averaged 468,000 viewers.

American Cornhole League

Source: American Cornhole League

ACL was introduced in 2018 CNBC profile, The player states that he can win up to $ 25,000 in prize money. ACL is in its fifth season and will host a $ 250,000 prize pool contest on Saturday. In a 2018 article, ACL founder Stacey Moore targeted a $ 1 million prize pool in the future. Thompson III praised Moore for “growing and raising awareness of the sport,” adding that ACL has a “potential growth path.”

The league also has sponsorships with companies, including sports betting companies Draft Kings..

“Is that a risk? Of course,” said Thompson III. “But every investment comes with risks. I feel strongly about the management team we have formed and the teams we already have.”

Return to the bystander?

Thompson III named himself a “calculated investor” when discussing his investment strategy. He uses New York-based investment firm InnerCircle Sports to advise on ACL contracts and sees the company’s e-commerce service as an opportunity.

ACL makes money from Cornhole products, products and apparel. In a statement announcing the deal, Moore said the new capital-business relationship “will help take our growth to the next level by continuing to evolve as a professional sport and organization.” rice field.

Prior to his departure in 2017, Thompson III led the Hoyas Men’s Basketball Program and set a career record of 346-193, including four years at Princeton University. Thompson III is currently an executive at Monumental Sports and Entertainment, which owns the Washington Wizards franchise of the National Basketball Association.

Asked if he wanted to return to coaching, Thompson III did not deny the possibility, but added that he enjoyed the role of the front office.

“The business side of running an organization is very similar to running and managing a team, but very different,” said Thompson III, a name, image, that later allows college athletes to make money. I took the portrait into account.

Rules prohibiting athletes from making a profit It was lifted in July last yearFollows the US Supreme Court Arbitrage..Top program soccer players have already agreed to the deal Over $ 1 Million.. Thompson III said the NCAA’s adoption of the NIL was the “right thing”, but warned about the “positive and negative impacts.”

Thompson III said: “Inter-university sports changed a lot when it passed. I’m not saying it’s a bad thing. It’s a different world now. Coupled with transfer rules, college coaching is a completely different job. . “

Disclosure: NBC Universal is CNBC’s parent company.

Former Georgetown coach John Thompson III invests in American Cornhole League

Source link Former Georgetown coach John Thompson III invests in American Cornhole League

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