Three former NFL quarterbacks are teaming up to raise $100M for a new sports-centric real estate investment vehicle.
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John Elway, Blake Bortles and Tim Tebow are working together alongside Orlando-based Magnolia Hill Partners under the banner of Momentous Sports. The new venture is focused on mixed-use projects anchored by sports stadiums, according to a press release.
The trio are not just celebrity partners in name — they have invested and are involved in day-to-day operations, Magnolia Hill CEO Marley Hughes told Sportico.
“Owning a team is great. Owning the land under it? Even better,” Elway said in a press release. “Momentous has a real strategy that combines both, and that is what drew me in.”
Four Stones Real Estate, a company helmed by Chick-fil-A CEO Andrew Cathy, and former Robinhood President Scott Friedman are also involved.
As Momentous searches for new opportunities — with a focus on less mature markets like Omaha, Nebraska, and Charleston, South Carolina — it is already working on a major real estate project in Tebow’s native Jacksonville, Florida.
The company is developing a mixed-use district around the proposed Sporting Jax stadium. The professional soccer organization with men’s and women’s teams also has a youth academy serving more than 12,000 players. Sporting Jax hasn’t publicly identified a site for its new venue.
The last few years have seen a flurry of massive stadium projects announced.
Among those has been the will they-won't they saga of the NFL’s Chicago Bears, which last week announced the team will move from storied Soldier Field to a new stadium in the suburb of Arlington Heights.
The team is planning a mixed-use development at the 326-acre site it purchased for nearly $200M in 2023. It is expected to bring $10B in economic impact and 9,000 permanent jobs to Cook County, Bears President Kevin Warren said earlier this month. The organization aims to have construction wrapped up by 2031.
CORRECTION, SEPT. 15, 6:10 P.M. ET: A previous version of this story included incorrect information about one investor's position. It has since been updated.
CORRECTION, SEPT. 17, 11:40 A.M. ET: A previous version of this article mentioned a site that is not longer being considered by Sporting Jax. It has since been updated.
