Theo Epstein has added a second job, less than three months after he resigned as Cubs president of baseball operations.
Epstein has joined Arctos Sports Partners as an executive-in-residence, the private-equity firm announced Monday. Arctos buys passive minority stakes in pro sports franchises and works with ownership groups to improve liquidity and financial flexibility.
According to the Wall Street Journal, which was first to report Epstein’s new endeavor, Epstein will serve as a resource to team owners on organizational leadership, culture-building and other business matters. Arctos invests in teams across several leagues.
“Being part of an ownership group is something that has always appealed to me,” Epstein said in his Cubs farewell press conference, “but it can seem so unattainable that I haven't been really realistic about it yet. … A lot of things would have to go right for that to happen.
“Usually for that type of thing to happen you need you need access to a lot of capital, you need to be used to have pretty good proximity to those types of transactions, you need to be able to single-handedly transform a baseball organization. Who knows, maybe I have plans for some of those things down the line, but a lot would have to go around for that to happen. But that would be a great role.”
He takes a step in that direction with this new job. A press release added that Epstein will be involved in all aspects of Arctos’ investment operations.
Epstein will also continue to work with Major League Baseball as a consultant regarding on-field matters, a position he took last month.
Epstein spent the past nine years as the Cubs president of baseball operations. He’s overseen three World Series championship teams, one with the Cubs and two with the Red Sox.