Champ, the athlete-equity fund backed by LVMH, has taken a minority stake in Rhoback, a US premium activewear brand, for nearly $50 million. More than 200 professional athletes co-invest as brand partners, replacing endorsement fees with equity.
A new $500 million vehicle backed by LVMH and more than 200 professional athletes has made its first move, taking a minority stake in the U.S. activewear brand Rhoback in a deal worth nearly $50 million, the Wall Street Journal reported on June 15. The transaction is the opening bet of Champ (short for Champion Athlete Managing Partner), a fund designed to give sports stars equity rather than endorsement fees, converting influence into balance-sheet alignment.
The fund was formed in April by L Catterton, the Greenwich, Connecticut-based private equity firm whose main backer is LVMH, and Patricof Co, a sports advisory firm. Together, they have assembled a roster spanning the NFL, NBA, WNBA and Major League Baseball: Dallas Cowboys quarterback Dak Prescott, Indiana Pacers guard Tyrese Haliburton, Cincinnati Bengals wide receiver Ja’Marr Chase, WNBA forward Cameron Brink, and Los Angeles Angels outfielder Mike Trout are among those participating as both investors and brand partners.
The structure deserves a closer look
Rather than compensating athletes with appearance fees or per-post payments, Champ asks them to commit their own capital, turning attention into owned distribution rather than rented endorsement. The logic is that athletes with genuine equity stakes will advocate for portfolio brands with more durability and intensity than contractual spokespeople. Whether that thesis holds across a $500 million portfolio remains to be seen, but the Rhoback deal is its first real test.
From a Charlottesville basement to $200 million in revenue, selling performance polo shirts
Rhoback is a premium activewear brand built around performance polo shirts, founded in 2016 in Charlottesville, Virginia. The early years were spent on the road: the co-founders traveled across the country selling the polos from a camper van, building a customer base through direct contact rather than wholesale distribution. The brand’s signature - sweat-wicking polo shirts featuring a dog logo - gradually found traction in golf communities and among finance and business circles, a crossover appeal that has proved durable.
Revenue surpassed $150 million in 2025, and the co-founders told the WSJ the company is on pace to exceed $200 million in 2026. Rhoback has been profitable since day one, they said, an unusual claim in a category where venture-backed brands routinely prioritize growth over margin. The Champ investment is the company’s first external funding in ten years of operation.
The brand currently operates only one store, in Charlottesville. The Champ proceeds are earmarked for new store openings, expanded collegiate partnerships and a push into broader influencer channels targeting both male and female audiences. Rhoback was an early mover on name, image, and likeness (NIL) rights, signing college athletes after the 2021 NCAA rule change allowing NIL monetization: a decision that built credibility with younger consumers and established a playbook the brand intends to scale.
What the Champ model signals for the sporting goods industry and for the athlete economy
The Rhoback deal is a proof-of-concept for a wider fund thesis. Champ’s $500 million target implies a portfolio of consumer brands, each receiving not just capital but an athlete network that functions simultaneously as a marketing team, a distribution accelerator, and a credibility signal.
The broader implication for the athletic apparel sector also has to do with the investors backing Champ: LVMH’s indirect involvement through L Catterton reflects the luxury conglomerate’s continuing effort to identify premium consumer brands with room to grow, particularly in performance and lifestyle categories where heritage luxury has limited presence.
For the athletes themselves, Champ represents a maturation of how professional sports figures approach brand relationships. NIL rights opened the commercial market to college athletes. Champ applies a version of that logic at the professional level, formalizing athlete investment as a structured vehicle rather than a series of ad hoc equity arrangements.
Cameron Brink’s participation is also notable in the context of SGIE’s editorial lens. WNBA athletes have historically had limited access to the equity deals available to male counterparts, and Brink’s inclusion in the fund’s founding roster is a data point worth tracking as the vehicle scales. We will follow up.
