: Goldman Sachs plans to launch sports franchise unit to offer sports team stakes to high net worth clients: WSJ

Goldman Sachs Group Inc. GS is planning to launch a new sports franchise unit in its investment banking business to offer its wealthier clients ownership stakes in private sports teams, The Wall Street Journal reported Friday. The business will include the bank’s mergers and acquisitions practice, as well as its sports financing team to work with asset and wealth managers on offering investments in stadiums, teams and other high profile transactions, the report said. Banker Greg Carey, who is chairman of Goldman’s public sector and infrastructure group, will co-lead the new Goldman Sachs unit along with Dave Dase, who heads up the investment banking unit’s Southeast region. Goldman Sachs stock was up 0.3% in premarket trading on Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.