Beyond the Billion-Dollar Game: What Private Equity Really Thinks About Sports
- Romy Kraus
- 2 days ago
- 3 min read
Inside SuperReturn 2025’s sports summit, where investors rewire the playbook—from women’s leagues to athlete-led funds.
From the bleachers to the boardroom, sports is no longer just about wins and losses—it’s about returns and risks, sector splits, and smart exits. At SuperReturn’s 2025 Sports Investing Summit, it wasn’t just the usual chatter on sports-as-assets—it was a surgical dissection of how investors are carving the industry into investable verticals.
With sharp takes from Ares Management’s Jeevan Sagoo and Mark Affolter, plus the heavyweight “Women’s Sports: Converting Momentum to Tangible Growth” panel featuring Kirsten Sibbit-Johnston, Nicki Boyd, Rahul Mehta, and Nicola Moffat, this year’s summit was less about the hype and more about the how.
The Lowdown
Sports investing has moved past generalist funds—each asset class (teams, leagues, platforms, IP) needs its own strategy.
Women’s sports demand tailored investment models and long-term structures to unlock full economic value.
North American franchises offer predictable returns; European clubs offer brand equity but bring risk.
Media rights are still king, but fan engagement and digital-first models are reshaping valuation logic.
Exit strategies are evolving: think holding companies, yield plays, and minority stake flips—not just IPOs.
“Investors can no longer bucket sports as one class” — Jeevan Sagoo
Sub-sector specialism is the new rule of the game
Jeevan Sagoo made it plain: the days of lumping all sports assets into one fund are over. From streaming platforms to fan tokens to stadium rights, investors are zoning in on sub-sectors with distinct growth curves and risk profiles.
“We’re now at a point where investors need to look at sports by sub-sector.” — Jeevan Sagoo
“Women’s properties need to be more creative about structures” — Kirsten Sibbit-Johnston
Women’s sports need their own frameworks, not copy-paste models
In a packed session on converting momentum into real returns, Kirsten Sibbit-Johnston pointed out that legacy male league structures don’t map cleanly onto women’s sports. Creative dealmaking and structural innovation are non-negotiable for long-term buy-in—from both investors and media.
She highlighted Olympique Lyonnais Féminin’s strategic separation from its men’s team as an example of how structural independence can unlock investment.
“Women’s properties need to be more creative about structures that enable long-term buy-in—whether that’s from the media or partners.” — Kirsten Sibbit-Johnston
“We’re only just starting to see the opportunity” — Mark Affolter
Women’s sports is private equity’s next generational play
Mark Affolter drove the message home: Women’s leagues in the U.S. and Europe are massively undervalued. With rising media deals, spiking sponsorships, and fan-first brand potential, the upside is real—but only if you approach it with purpose-built capital structures.
“We’re only just starting to see the opportunity for investing in women’s sports in North America and Europe.” — Mark Affolter
“The franchise model in North America offers stability”
Cross-border sports investing is not plug-and-play
The summit’s broader consensus? U.S. leagues offer cash flow predictability through collective bargaining and revenue sharing. Europe’s clubs bring heritage—but also chaos. Private equity firms are adapting strategies to fit wildly different operating environments.
“Both require different PE strategies.” — Global Sports Outlook Panel
Athlete Capital + Fan Models Are the New Equity Engine
From passive ownership to co-investment: The sports capital game is democratizing
Athletes are no longer just endorsers—they’re GPs. With the rise of athlete-backed funds and co-investment platforms, players are using their cultural capital to drive strategic investments, often in media, wellness, and ownership stakes. Meanwhile, platforms like FANtium are experimenting with tokenized models that let fans buy into athlete earnings or team equity.
Private equity is watching closely. These models create stickier engagement, wider capital bases, and potential for higher fan lifetime value. The future isn’t just institutional—it’s interactive.
“Fan ownership models are going from novelty to legitimate funding strategies.”
What’s Next
How are PE firms exiting sports assets?
A: Holding companies, long-term minority stake sales, and cash-flow models are replacing IPO-or-bust thinking.
Where is women’s sports headed next?
A: Toward standalone structures, high-frequency elite matchups, and direct-to-fan media channels.
Is the sports boom sustainable?
A: Only if investors respect the nuance—sector by sector, model by model.e now central to valuation.
