Finra, the California-based private equity firm that specializes in the financing of high-profile corporate and investment projects, announced on Wednesday that it will be exiting its partnership with the NFL and is looking to sell its holdings in the NFL, NBA and NHL.
Finra is expected to file for bankruptcy protection, meaning it will liquidate its assets, including a $1.5 billion investment fund that was originally built to fund investments in the private equity and venture capital sectors.
The fund was meant to be the vehicle for Finras new portfolio of assets.
The move comes as Finra has become increasingly focused on diversifying its portfolio, and as the NFL struggles with an unprecedented level of injuries and suspensions.
In January, the NFL announced that it would invest in its own concussion-research initiative, which is also being led by Finra.
And on Tuesday, the league announced it was raising $250 million to help the league combat the crisis.
Finras investments in both sports and investments have been a major driver of its business and financial performance.
Finrac is currently the No. 1 private equity fund in the United States and in China, according to the Center for Public Integrity.
But in the past few years, Finra’s investments have become a headache for the NFL.
The NFL’s salary cap is currently at $2.9 billion, and the league has lost more than $100 million on its investments in football, including an additional $75 million last year.
In March, the commissioner of the NFL Players Association, DeMaurice Smith, said the league was considering selling the franchise.
The league’s decision came amid reports that the league is considering restructuring its entire operations, including the stadium deal and the new $1 billion concussion initiative.
The timing of the announcement of the new strategy could also be related to the NFL’s struggles in the aftermath of the birth of the social media era.
The social media movement has sparked a number of companies, including Twitter, to invest heavily in video content.
Finrra is also a member of a group of companies called the Social Capital Group that are also planning to raise money through the sale of shares in companies like Uber and Airbnb.