Ares Management (ARES) and Alibaba (BABA) co-founder Joe Tsai led a $100 million investment in the Premier Lacrosse League, valuing the league at more than $500 million, Bloomberg reported Tuesday, citing a person familiar with the matter.

According to the report, ESPN and actor Glen Powell also participated in the funding round, with the proceeds to support the expansion of the league's women's business, media distribution, and commercial operations.

The funding comes as the eight-team league prepares to transition from a single-entity ownership model to a franchise system over the next few years, Bloomberg added.

Ares Management and Alibaba did not immediately reply to MT Newswires' request for comment.

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