Sportsology Capital Partners, a private equity firm co-founded by Mike Forde, has clinched its second deal and first in a major U.S. sports league, acquiring a minority stake in the Texas Rangers.

Financial terms and sellers were not announced for the deal, which closed Monday.

Sportsology’s investment in the MLB franchise, whose majority owner is Ray Davis, culminates roughly one-and-a-half years of negotiations. Ares was involved in initial discussions but did not reach the final allocation, according to Sportsology executives. Last year, Ares and Sportsology invested in France’s SailGP team. Ares could not immediately be reached for comment.

“We’re very privileged to be part of the ownership group,” said Sportsology’s Forde, a former head of Chelsea FC’s football operations. “This is a great group of people with a tremendous track record of success.”

A valuation for the Rangers, which won their first World Series in 2023, was not disclosed. In 2025, the Texas club was valued at $2.47 billion, per Sportico. The average MLB team is worth $2.8 billion.

The Rangers investment is the second from Sportsology’s upcoming fund. The PE firm is currently marketing its debut pool, which is targeting about $500 million, people familiar with the situation said. The fund will feature institutional investors, family offices and high net worth executives such as Joe Pastora and Garrick Patterson, the people said.

With its first fund, Sportsology will focus on investing in the top five U.S. sports leagues, including MLS. The PE firm is seeking minority stakes in teams and leagues, as well as adjacent sports media and entertainment platforms. It plans to do fewer than 10 deals, and will likely not target deals in sports technology.

Since major U.S. sports leagues began easing restrictions in 2019, private equity investing in sports has become more accepted, said John Carroll, a Sportsology Capital co-founder, who previously worked at Coller Capital and is a former partner with Willowridge Partners.

More investment firms are coming into the space, and the velocity of completed transactions has increased, Carroll said. “Obviously, the sector is developing, but I wouldn’t say it’s a fully mature market,” he said. “If you look at the investments done five to six years ago, they have done well.”

Marcus Lollie of Moelis provided financial advice to Sportsology Capital, while Michael Kuh, a partner at Hogan Lovells, was their legal advisor.