John Thompson III is entering a different league as investing in sports seems to be a blueprint to success.
Coming from a sports background himself, the former Georgetown basketball coach is now a minority-owner in the American Cornhole League (ACL).
The ACL’s popularity is picking up speed and its impressive growth caught his interest to invest. In his CNBC interview, Thompson III claims that “the league is positioned to increase revenue over this decade.”
“You kind of chuckle when you think about it,” Thompson III told CNBC. “But as you dive in and do the research, cornhole is one of the fastest-growing activities in the world. Is it a risk? Absolutely. But all investments are a risk. I feel strongly about the management team that’s we’re putting together and the team already in place.”
Along with Thompson, Asland Capital Partners CEO James Simmons III also invested in the first funding round for the ACL and their investments will go toward the sport’s overall expansion. According to Sportico, the league has plans to take cornhole to the biggest international sports competition in the world.
“I’m really excited about the doors this is going to open for us,” ACL commissioner and founder Stacey Moore told Sportico. “We’re looking forward to adding on partners that they can bring to the table and then business expansion in general. We like to say that we’re the only sport that can be played at another professional or college sporting event. The portability of our game is unique. And, obviously, we want to make cornhole an Olympic sport.”
The ACL launched in 2016 in South Carolina and gained partnerships early on — which in turn boosted viewership of the league’s events. The league has received media agreements with NBCUniversal, Disney-owned ESPN and also signed a multi-year deal with ViacomCBS last December, CNBC reports.
According to Sportico, the league has 120,000 players and has organized more than 30,000 tournaments.
