A group of former Major League Baseball players, including David Ortiz, announced on Wednesday the formation of a new private equity firm to invest in baseball-specific companies.
Hall of Famers Nolan Ryan and Barry Larkin, along with Ortiz, Torii Hunter and Vernon Wells are the principal financial backers of the firm called Dugout Ventures.
The firm follows the trend of athletes investing in companies. Carmelo Anthony founded Melo7 Tech Partners in 2013 and Kobe Bryant announced a $100 million venture capital firm in August.