"Fans as Partners, Not Customers: The New Frontier in Owning Global Clubs"

Bubble, but Make It Art": Inside the Billion-Dollar Games of Sports Dealmakers They’ve built teams, moved billions, and shaped entire leagues — but none of them will call it just a “hobby” anymore. Meet Jerry Cardinale (RedBird Capital, AC Milan), Amanda Staveley (Newcastle United investor and dealmaker extraordinaire) , Greg Carey (veteran advisor on mega sports deals) , and Brendan Mullin (architect of some of sports’ biggest transformations) . In this electric roundtable, they break down the skyrocketing valuations, the sneaky power of media rights, and how a soccer club in Milan or a lacrosse league in the US can become an empire. They also dive into the new wave: women's sports, globalization of fanbases, and the growing appetite for sports as the ultimate emotional investment. From the NFL to AC Milan to streaming wars — here’s the playbook, raw and unfiltered. The Lowdown Sports is an "asset class" now — think fine art, but sweatier Minority stakes used to be "expensive season tickets"; now they’re cash machines NFL might hit $10B per team valuation, and that’s not even peak Women's sports: the next big thing, but timing is everything Media rights fuel valuations more than actual game-day revenues Global fans mean global money, but also chaos in valuations Institutions bring process and patience, fans bring the chaos and heart WHAT HAPPENDED SINCE APPROVAL OF INSTITUTIONAL OWNERSHIP In August 2024, the NFL approved institutional (private equity) ownership for the first time. Funds can now acquire up to 10% of a team , with no voting rights. A single fund can hold stakes in no more than six teams . The controlling owner must keep at least 30%  ownership. Approved investors include Arctos, Ares, Sixth Street, and others. Early deals: Buffalo Bills (10% to Arctos), Dolphins (10% to Ares), Eagles (8% stake sale), and 49ers (6% sold to new minority owners). Move creates liquidity for owners, boosts valuations, and formalizes sports as a major institutional asset class. 10 Investment Lessons From the Billion-Dollar Sidelines Scarcity wins.  Owning a top team is like owning a Picasso — there aren’t many, and everyone wants one. Think beyond cash flow.  Valuations today reflect cultural relevance more than spreadsheets. Minority stakes = liquidity + prestige.  They’re no longer just "expensive seats," they’re tradable wealth assets. Fans drive value.  Emotional connection fuels revenue more than any sponsorship deal. Media is the secret sauce.  Control the rights, control the money. Timing is everything in new markets.  Women’s sports are inevitable, but fund structures need patience. Global reach multiplies upside.  More fans worldwide means higher merchandising and media potential. Cash flow should build competitiveness, not just line pockets.  Sustainable success trumps quick wins. Institutional discipline meets street-level passion.  Process is critical, but don’t kill the spark. Ride the transitions, don't fight them.  Whether it’s streaming chaos or new leagues, evolution favors the bold. "Bubble." Sports are the ultimate flex, and valuations keep inflating — just like art. Sports franchises are magnets for capital, driven by scarce assets and massive media deals. The Broncos sold for $4.6B, Commanders for $6B, Dolphins might touch $7B for a minority stake — none of it makes sense on cash flows. The game? Valuations have shifted from financial logic to pure cultural value. Everyone wants a piece, and new institutional capital is flooding in, pushing prices higher and creating liquidity where none existed. "These are phenomenal pieces of intellectual property intrinsically valuable beyond revenue multiples." — Jerry Cardinale "It's like art — worth what someone's willing to pay." — Brendan Mullin "Liquidity unlocks the next generation." Institutional money isn’t killing passion — it’s giving old families a lifeline. Sports teams were once billionaire toys. Now, they’re billion-dollar wealth centers needing liquidity for generational handoffs. Institutional investors offer exit options, turning minority stakes from sunk costs into tradeable assets. New players can finance everything: stadium upgrades, player acquisitions, or transfer windows — transforming the entire ecosystem. "Buying a minority stake used to be just really expensive season tickets." — Greg Carey "Flexible capital fuels both the teams and everything orbiting them." — Brendan Mullin "Sports are the last true live event." Media killed everything but sports — and that’s why everyone wants in. Streaming broke the old TV model. Live sports are the last content you can’t skip or binge later — they need you now. And that urgency? Advertisers, sponsors, and investors love it. The global reach of leagues like the EPL made fans in LA think they’re Liverpool ultras, creating a worldwide monetization playground. "93 of the top 100 US broadcasts last year were NFL games." — Jerry Cardinale "Sports deliver ads without interrupting the show — pure gold." — Greg Carey "Women's sports: unstoppable wave or patience test?" The next unicorn is wearing a ponytail, but you might have to wait. Women's sports are blowing up — viewership records, NCAA surges, and cultural hype. But institutional investors struggle with timing since fund lifespans are often too short to capture the long-term upside. New capital structures (longer fund horizons, flexible liquidity) could unlock the full potential, turning patience into power. "Long-term trends are undeniable. The timing? That's the puzzle." — Brendan Mullin "Fans aren’t customers — they're partners." AC Milan is more than a club — it’s a living, breathing entity. Jerry’s AC Milan experience flipped the American ownership playbook. European fans see themselves as partners, not passive supporters. Success means balancing the constant demand to win now with the need to build sustainable cash flow and infrastructure. Cash flow is reinvested to improve squads, creating a virtuous circle — like any well-run company, just with ultras instead of shareholders. "These are multi-billion-dollar entertainment businesses, not hobbies." — Jerry Cardinale "Process beats passion — but only just." Institutions bring structure; fans bring unpredictability. At Newcastle, Amanda Staveley doubled down on process: strong exec teams, professional structures, and long-term vision. The challenge? Keep the magic alive while turning chaos into cash. In a world of evolving media rights and globalization, teams must innovate to stay valuable, blending passion with business logic. "Process professionalizes the club, but fans are the heartbeat." — Amanda Staveley What's Next (Quickfire) When people come asking to buy into sports, what do they really want? Brendan:  Most want teams. Few understand league ownership — that's the real Holy Grail. But massive potential exists around the ecosystem (media, data, fantasy, betting). Greg:  Many buyers see it as civic duty, not just investment. They want to uplift their cities, build real estate, and create pride.