Ariel Investments Launches Project Level to Advance Women’s Sports

Ariel Investments has unveiled Project Level, a groundbreaking private investment vehicle designed to capitalize on the rapid growth of women’s sports while fostering sustainable and competitive businesses in the industry. With global revenues in women’s sports surpassing $1.28 billion in 2024—a 300% increase in three years—Project Level aims to accelerate this momentum through diversified investments and significant ownership stakes across professional and emerging sports teams, leagues, and related businesses.

Despite the increasing recognition of women’s sports as a burgeoning asset class, the majority of investment, attention, and profits still favor men’s sports. Project Level is uniquely positioned to level the playing field by seizing underappreciated opportunities and driving financial returns while directly benefiting women and society.

Leadership & Vision

To lead this pioneering initiative, Ariel Investments is pleased to appoint Jason Wright as Managing Partner and Head of Investments for Project Level. Wright will oversee deal sourcing, execution, due diligence, portfolio management, and value creation, bringing unparalleled expertise from his tenure as President of the Washington Commanders, where he ran all business operations and played a key role in facilitating the franchise’s record-breaking sale. Wright, a former NFL running back and McKinsey & Company partner, is a visionary leader whose deep knowledge of sports operations and business strategy will drive Project Level’s success.

Supporting Jason in the day-to-day operations, Emma Rodriguez-Ayala, Chief Administrative Officer and General Counsel at Ariel, will ensure seamless execution and operational efficiency. Rodriguez-Ayala brings two decades of experience in the investment management industry, most recently as General Counsel and Chief Compliance Officer at LGIM America, a $220 billion global asset manager.

Ariel Co-CEO Mellody Hobson will serve as Chair of Project Level, leading fundraising efforts and engaging with ultra-high-net-worth investors. Additionally, Asrat Alemu has joined as Vice President, bringing experience from McKinsey and as Jason Wright’s Chief of Staff at the Commanders.

A World-Class Advisory and Corporate Board

Project Level has assembled a prestigious board of advisors that includes accomplished leaders across sports, business, and media:

  • Beth Brooke, CPA (Director) – Former Global Vice Chair at Ernst & Young and board member of the U.S. Olympic and Paralympic Committee and New York Times Company. Her research highlights the connection between women in sports and leadership success.
  • Lewis Hamilton (Advisory Board) – Seven-time Formula One World Champion, the only Black driver in F1 history, and advocate for diversity in motorsports.
  • Queen Latifah (Advisory Board) – Grammy-winning artist, Emmy-winning actress, and former New Jersey state basketball champion.
  • Cynt Marshall (Director) – Former CEO of the Dallas Mavericks, the first Black woman CEO in the NBA, and key figure in the team’s business growth and sale.
  • Stella McCartney (Advisory Board) – Renowned fashion designer known for sustainable activewear and Great Britain’s Olympic team uniform designer.
  • Steve Mills (Director) – Former President of the New York Knicks and executive at Madison Square Garden Sports, with extensive leadership experience in the NBA and WNBA.

Strategic Investments & Initial Deal

Project Level will make diversified investments across asset classes, including venture capital, growth equity, private equity, credit, and real estate, targeting opportunities that contribute to women’s sports expansion. Even before today’s official launch, Project Level has secured its first major investment, acquiring a leading stake in the National Women’s Soccer League’s (NWSL) newest expansion team in Denver. The NWSL has seen its broadcast viewership nearly double in the past year, underscoring the sport’s rising popularity and commercial potential.

The Future of Project Level

Project Level operates alongside Ariel Investments’ existing franchises—Ariel Investments (public equities), Ariel Alternatives (private equity), and now Project Level (sports industry investments). Each entity operates with dedicated investment teams and committees under a shared services model that upholds Ariel’s 42-year tradition of excellence.

“With Project Level, we see a once-in-a-generation opportunity to transform women’s sports into a thriving investment class, driving profits while empowering athletes and communities,” said Mellody Hobson, Co-CEO of Ariel Investments. “We are thrilled to assemble a world-class leadership team and board to make this vision a reality.”

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