Former Rocket CEO is latest mortgage exec moving into sports

Former Rocket Cos. CEO Jay Farner is now the second longtime senior executive of the mortgage giant to own a professional sports team. 

Farner's single-family office and investment firm Ronin Capital Partners, which he founded after retiring from Rocket, announced it reached an agreement to buy a stake in Detroit City Football Club. Described as "catalytic" for the United Soccer League team, the deal marks the single largest investment in DCFC's 14-year history. 

Financial terms of the deal were not disclosed. DCFC leaders said the investment would fuel construction of its 15,000-seat soccer stadium, AlumniFi Field, which will serve as the foundation for a larger mixed-use development in the Motor City. The stadium is expected to open in 2028. 

With the investment, Farner also joins DCFC Holdings' board of directors.

"Detroit's been a large part of my life for many decades, and I'm excited to support DCFC's growth here in our hometown," Farner said in a press release. "With the continued growth of the United Soccer League and an amazing permanent stadium on the horizon, Detroit City FC is uniquely positioned for success."

What is Ronin Capital?

Farner launched Ronin Capital in 2023, following a 27-year career with the lending giant. In his final three years with the company, he served as CEO of Rocket's full line of businesses, after previously heading the mortgage unit.  

His investment firm provides capital resources and strategic guidance to businesses in a range of sectors, including real estate, technology and financial services. The new agreement with DCFC comes via the company's Ronin Sports & Entertainment Group arm, which is currently providing capital to organizations, such as a pickleball ratings system and an indoor golf league. 

"What we're seeing is a different caliber of investor entering the game," United Soccer League President and CEO Paul McDonough said of the Ronin transaction. "These are experienced business leaders who recognize the long-term opportunity in community-rooted clubs with ambitious ownership."

Within real estate, Ronin Capital has also invested in several multifamily developments across the country in the three years since inception. 

The mortgage connection to sports

Farner is the latest high-profile mortgage name to enter the pro sports arena, following the footsteps of Rocket's founder and chair, Dan Gilbert, who has been the majority owner of NBA's Cleveland Cavaliers for over two decades.  

In 2023, United Wholesale Mortgage CEO Mat Ishbia, the longtime professional and business competitor to Rocket's leaders, joined the ranks of professional team owners with a majority purchase of the Phoenix Suns, taking over the NBA franchise from previous investors that included private equity firm Blue Owl Capital. The deal also gave him ownership of the professional women's basketball team Phoenix Mercury.   

In an ironic twist to the often bitter and intense rivalry between Ishbia and Gilbert, Blue Owl, which continues to hold investments in several NBA teams, announced in late June it had entered an agreement with Gilbert to become a minority owner of the Cavaliers. 

Fueling the tension between UWM and Rocket executives beyond home lending is their battle for local clout, with both mortgage companies based in the Detroit area, and influence within the Michigan State University athletic community. Farner, Ishbia and Gilbert are all alumni of the university and high-profile supporters of its sports programs.

Other prominent mortgage executives with ties to pro sports leagues include Freedom Mortgage's founder and CEO Stan Middleman, who purchased a stake in Major League Baseball's Philadelphia Phillies in 2023. 

Last year, Union Home Mortgage's CEO Bill Cosgrove was one of the names belonging to an investor group that became majority owner of MLB's Tampa Bay Rays. Leading the group was another figure well known in homebuilding and lending circles, Dream Finders Home CEO Patrick Zalupski.