JPMorgan unit buys stake in sports data provider Kraft Analytics
(Reuters) - JPMorgan Chase & Co's asset and wealth management division has taken a stake in Kraft Analytics Group (KAGR), the sports-focused data analytics firm said on Thursday.
New England Patriots owner Robert Kraft's KAGR has clients that include the National Football League, teams across major American sports leagues as well as college athletic programs.
Through the deal, J.P. Morgan Asset & Wealth Management is looking to leverage the huge data flowing in from ticketing sales and legal sports betting to better cater to its clients.
"Sports ownership is capital intensive, and specialized analytics are essential to the deal-making process," the unit's Chief Executive Officer Mary Callahan Erdoes said.
The financial terms of the deal were not disclosed.
(Reporting by Eva Mathews in Bengaluru, Additional reporting by Elizabeth Dilts in New York; Editing by Sriraj Kalluvila)
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