Frank McCourt-backed Premier Jumping League raises £37m from first team sale

The Premier Jumping League has raised $50m (£38m) from the first sale of a team in the new showjumping competition backed by former LA Dodgers owner Frank McCourt.

The team, which will be one of 16 in the PJL when it launches next year, has been bought by US investor and racing driver Jason McCarthy. The price is believed to be a record for a new franchise in a startup league yet to hold its first event.

“This investment is a powerful endorsement of the PJL’s vision and the future potential of jumping,” said McCourt, who also owns French football club Olympique Marseille.

“From the outset, our ambition has been to attract new capital and new growth opportunities to the sport. Jason and his family embody the values and ethos we aim to uphold within the League, and we are delighted to welcome McCarthy Jumping Team as the PJL’s first ownership group.”

The sale price is a major boost for the PJL, which aims to attract the sport’s top riders and horses with $300m (£227m) in prize money over its first three seasons, as well as targeting sponsors keen on its affluent following.

Its plans include a 14-leg calendar based in North America, Europe and the Middle East, and a behind-the-scenes documentary by Box to Box Films, makers of Formula 1’s Drive to Survive.

McCarthy, who has raced supercars professionally, said: “We believe strongly in the PJL’s vision – a league committed to the highest ethical standards, meritocracy, and elite competition, underpinned by a sustainable commercial model that attracts the world’s best riders and delivers fan experiences on par with the greatest global sporting competitions.

“We see enormous potential for the sport to grow its global audience while remaining true to the values that make it so special. We are confident the PJL will help realise that potential and drive meaningful growth for the sport we have come to love.”