ESPN senior NFL insider Adam Schefter is one of several high-profile names to cash in from an early five-figure investment in Underdog.
The fantasy sports and prediction market operator has been sold to U.K.-headquartered online trading firm IG Group for up to $2.15 billion in total consideration. That total comes from $1.1 billion IG Group is paying upfront, a $200 million earnout payable to Underdog shareholders, and up to $850 million that could go to “eligible Underdog employees” depending on the company’s future performance.
Schefter—who recently signed a new long-term deal with ESPN—was part of a group of investors that raised $10 million for Underdog in 2021. Other contributors at the time included Mark Cuban, Kevin Durant, and Jared Goff.
“Underdog confirms Schefter was an early-stage investor,” an Underdog spokesperson tells Front Office Sports. ESPN declined to comment.
Sources say that the NFL insider’s investment in the company was a “small investment.” He hasn’t made any further investments or had any role with Underdog or the company’s operations since then.
