Apollo, Ares Eye Bigger Role Backing Sports Leagues, Teams

Apollo Global Management Inc. and Ares Management Corp. are both pushing deeper into sports investing, the latest multibillion-dollar alternative asset managers to put more money into the booming sector.

Ares has begun talking to investors about a new media and entertainment fund designed for individuals, a departure from the traditionally exclusive nature of sports finance. The semi-liquid fund will target both debt and equity investments across sports leagues and businesses.