On Monday, Sixth Street announced it would pay $600 million for a 27% stake in Pinnacle Gas Services, a deal that values the energy company at $2.2 billion.
While the transaction does not involve sports directly, there is a sports connection: Pinnacle Gas Services is a subsidiary of Comstock Resources, the publicly traded natural gas driller controlled by Dallas Cowboys owner Jerry Jones.
The deal highlights the various ways large institutional firms such as Sixth Street are approaching their growing interest in servicing sports teams and their billionaire owners. This is not the first touchpoint between Sixth Street and the owner of the world’s most valuable sports team; Sixth Street is the majority owner of Legends, the sports consultancy co-founded by the Jones family more than a decade ago.
The Pinnacle deal comes as Sixth Street and many of its largest rivals dive deeper and deeper into sports ownership. In addition to the 2021 Legends acquisition, Sixth Street has invested in the San Antonio Spurs, Boston Celtics, San Francisco Giants and New England Patriots, and it purchased an NWSL expansion team, Bay FC, all in the last six years. It’s also invested in commercial ventures tied to Real Madrid and Barcelona.
