November 20, 2024
A few weeks ago I attended an exclusive conference with some of the wealthiest families in the world.
Owning professional sports teams was a big topic of conversation.
Sports team valuations are continuing to skyrocket due to a few factors. I think the biggest however is that there aren’t enough professional teams for the amount of billionaires that want them.
Take Josh Harris, Co-Founder of Apollo Global Management who bought the Washington Commanders for $6B last year. It was the highest price ever paid for a sports team and $1.35B higher than the Denver Broncos were bought for a year earlier.
With the new league ruling allowing PE firms to own up to 10% of NFL teams, I think we will see valuations continue to climb. You’ll also see family offices pouring into PE funds focused on sports.