23 Capital invests in SRM Sport & Entertainment

29 Jan 2019

By: Sport Industry Group

23 Capital, which specialises in providing finance and solutions to the sports, music and entertainment sectors, has announced its investment in commercial rights business SRM Sport & Entertainment.

The knowledge-sharing partnership will see the UK venture capital firm support SRM’s ongoing growth, with SRM advising on select 23 Capital projects.

SRM was co-founded by former Formula One Legal Counsel Judith Griggs (pictured above, right) and ex-Syco Chief Executive Charles Garland.

The investment announcement coincided with news that former Gfinity Chief Commercial Officer Mark Brittain is to become the commercial rights firm's inaugural CEO. 

SRM specialises in unlocking value for international rightsholders across sport, music and entertainment, handling high value and complex transactions with an offer that spans consultancy, rights representation and rights creation.

The firm has a track record of international success with top-tier properties across Europe, USA, the Middle East and Australasia.

Since forming in 2014, London-based 23 Capital has deployed and advised on $2.7bn of transactions within the sports, music and entertainment business.

23 Capital lends across multiple asset classes including highly visible and predictable IP cash flows, broadcasting rights, music royalties, licensing agreements and sponsorship.

It was announced in December that 23 Capital had invested in digital football platform, Otro, which provides fans exclusive curated content and player interaction with the world’s biggest names in football.

The partnership with SRM represents one of 23 Capital’s first investments for 2019, which it clams will deliver "direct synergies" for both businesses.

Commenting on the announcement, Stephen Duval, 23 Capital Co-Founder (pictured above, left), said: “The digital revolution continues to transform the sports, music and entertainment industries and SRM Sport & Entertainment’s experience of working with rights holders is not only invaluable but sits perfectly alongside 23 Capital’s specialist sector knowledge.”

Charles Garland and Judith Griggs, added: “Their (23 Capital) portfolio of investments in the sports and entertainment sectors plays directly to SRM’s strengths across commercial rights consultancy, representation and ownership.

“We look forward to creating a combined centre of excellence that will benefit both 23 Capital and SRM businesses.”