Playing for Scale: The Future of Sports Investing

Sports, betting & prediction markets

• Nicole Pullen Ross · Goldman Sachs

  Sports media rights growth is the core driver of rising sports franchise valuations.

  The global media rights market grew 41% from 2020 to about $57.8 billion in 2025 and is expected to reach $67 billion in 2026. Advertisers pay heavily for live sports, the last big place to reach audiences at scale, so rights revenue drives team valuations across major leagues. Streaming services now account for about 20% of that media rights growth, adding to the trend.

  “So the global media rights market has grown 41% since 2020 to about [$]57,800,000,000 in 2025 and is expected to reach 67,000,000,000 in 2026. So that is the core driver of the growth that we've seen from a valuation perspective.”at 2:42

• Nicole Pullen Ross · Goldman Sachs

  Private equity deal count in sports has surged, with institutional capital flowing into teams and leagues.

  There were 192 private equity transactions in sports in 2025, versus just 50 in 2018 when Goldman's sports and entertainment business launched in wealth management. The NFL, the last major league to allow institutional investment, opened in 2024, and the flow of institutional capital has since pushed franchise valuations to extraordinary levels. That capital is also expanding how teams raise money for growth.

  “When you think about the number of private equity transactions that happened in 2025, there were just short of 200. So 192 private equity transactions in 2025, that compares to just 50 in 2018”at 4:16

• Nicole Pullen Ross · Goldman Sachs

  AI-enabled venue technology diversifies stadium revenue beyond game day and personalizes fan experiences.

  Venues are using technology and AI to build a sports ecosystem around the stadium or arena, which diversifies revenue streams. Examples include arenas recognizing a fan's restaurant order, routing them through a gate, and having the food delivered to their seat. This personalization deepens fan engagement and makes facilities that operate year-round more attractive to investors.

  “how can we make sure that we're using technology and AI and creating a sports ecosystem around the stadium or the arena that help diversify the revenue streams”at 7:27

• Nicole Pullen Ross · Goldman Sachs

  Women's teams with permanent home arenas command materially higher valuations than those playing in rented venues.

  The Valkyries, the most valued WNBA team at about $850 million, play in a permanent arena, while the Atlanta Dream, ranked 13th at about $280 million, lack one. The Dream drew 51 games with a million or more viewers, but play in a facility holding about 3,500 fans, so their move to a larger arena is a key driver of valuation growth. Permanent venues are a very big factor in women's sports valuations.

  “It's a very big factor, and it is also a driver of valuation growth that we've seen... And one of the factors that contributes to that valuation is the ability to have a permanent facility.”at 9:33

• Nicole Pullen Ross · Goldman Sachs

  Stadium real estate and connected gaming and tech ecosystems add investment value beyond game day.

  In a survey of family office clients, investing in sports ranked near the top, and beyond the NFL anchor they valued the surrounding ecosystem. That includes real estate around venues, technology, and exposure to gaming and betting. These connected business opportunities factor into how investors judge whether a facility's permanence and year-round use justify the investment.

  “And so the value of having the real estate investment, the value of investing in the technology, investing in the ability to have exposure to gaming and the betting ecosystem”at 11:26

• Nicole Pullen Ross · Goldman Sachs

  College athletics increasingly resemble pro teams and are tapping private equity for growth financing.

  Name, image and likeness income lets athletes earn money, so colleges now compete more aggressively and look more like major league teams. They need capital to fund current teams and growth, and private equity firms are offering growth lines of credit to large schools. Investors are creatively financing this process, and the NIL change will have a long-term impact, though there is debate about the right approach.

  “the colleges are becoming much more competitive and looking a lot more like a major league team in terms of how they are looking to raise capital”at 12:56

• Nicole Pullen Ross · Goldman Sachs

  European football is a great growth opportunity, drawing investor interest in exposure outside the US.

  Major US leagues are expanding internationally: the NFL is playing nine games in Europe this season and the NBA is looking to expand abroad, both for teams and media rights. Clients are seeking exposure to European football, which the speaker calls a great growth opportunity, and interest is also fueled by trends such as F1. Investors are looking for places where meaningful upside remains.

  “trying to figure out ways to have exposure to European football, which continues to be a great opportunity for growth.”at 14:54

• Nicole Pullen Ross · Goldman Sachs

  Access to sports investments is broadening to smaller investors beyond multimillion-dollar checks.

  Funds offering broad sports exposure and a few publicly traded teams that can be bought on an exchange are expanding access. Investment is becoming available at lower levels than the hundreds of millions or billion-dollar checks once required. The speaker says this trend is increasing, though she describes it as a broadening rather than quantifying its scale.

  “the access to investments is becoming more broadly available at certainly lower levels than having to write a multi 100,000,000 or billion dollar check”at 16:50