Tsai is said to be encouraged by lacrosse's growth in popularity and Rabil's leadershipGETTY IMAGES
Paul Rabil's Premier Lacrosse League has a "new high-profile backer," as the upstart effort "just closed a Series A funding round" that was led by Alibaba co-Founder Joe Tsai, according to Scott Soshnick of BLOOMBERG NEWS. Tsai is "joined in the investment" by Hildene Capital Management President Brett Jefferson and the Raine Group, which "led the league’s initial round in September." Terms of the latest financing deal "weren’t disclosed." The investors are "betting that growing demand for live sports" can help "sustain a new league." PLL players will be "full-time employees, and they’ll receive health benefits, performance incentives and an undisclosed equity stake in the organization." Tsai said that he is "encouraged by the sport’s growing popularity." Tsai believes Rabil & Co. "can bring lacrosse into the mainstream consciousness." The league "hasn’t announced where its teams will play." Cities "being considered" include Baltimore, Boston, Chicago, Dallas, Houston, L.A., N.Y., Philadelphia, S.F, Seattle, Toronto and Vancouver (BLOOMBERG NEWS, 2/12). Tsai is also owner of the NLL San Diego Seals and has a 49% stake in the Nets (THE DAILY).
