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USFL: Fox hires firm that advised Denver Broncos sale to find $200 million in new investments

Jason Burgos
Credit: USA Today Network

Fox Corporation, the owner of the USFL and broadcaster for many of the league’s games this season, is reportedly looking for a nine-figure investment into the spring football league to aid in its continued growth.

On Wednesday, the New York Post broke the news that Fox “has hired investment bank Allen & Co. to find minority investors to help fund the league’s expansion.” Allen & Co. advised the Denver Broncos during their recent sale for over $4 billion dollars. The NYP claims sources have told them that the league is hoping to secure “$150 million and $200 million” in new investments.

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The influx of money will be used to help run the USFL for the 2023 season, and hopefully, beyond. Thus far, Fox has managed the league on a strict budget. The league has based its entire return season this spring out of two arenas in Birmingham, Alabama. The NYP adds that in an attempt to cut costs, the corporation has even used its own marketing team to promote the league, instead of hiring a separate marketing staff.

USFL average ratings have been better than MLS on ESPN and Premier League on NBC

Credit: USA Today Network

While ticket sales for USFL games have been horrid, and ratings have been but a fraction of what the NFL does, there is a belief within the league and Fox that the USFL can build serious value in the future. The league has reportedly averaged 695,000 viewers during the season. That is a higher number than MLS average numbers on ESPN (295,000) and the Premier League on NBC (507,000).

With MLS teams currently being valued at $400 million, Fox sees a future where USFL franchises could attain a similar worth. The report from NYP states that Fox Corp. is expected to bring the league back in 2023 even if they are unable to secure the nine-figure investment they are looking for.

Fox purchased the intellectual property rights for the defunct league that ran from 1983 to 1985 last summer.