Have you ever wondered what it takes to own a sports empire? Not just a team, but a sprawling portfolio of franchises across the globe, from football fields to basketball courts. It’s a world where billions are tossed around like game-day tickets, and the stakes are higher than a last-second buzzer-beater. Yet, despite these jaw-dropping valuations, many sports conglomerates, like the one led by a certain private equity titan, are choosing to stay private. Why? Let’s dive into the playbook of sports ownership and uncover why going public isn’t always the winning move.
The Rise of Sports Empires in a Private Arena
Sports ownership isn’t just about cheering from the owner’s box. It’s a high-stakes financial game, blending passion for the game with cold, hard cash. Over the past decade, conglomerates like Harris Blitzer Sports & Entertainment (HBSE) have redefined what it means to own a team—or, in their case, several. With stakes in the NFL’s Washington Commanders, the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils, and even the Premier League’s Crystal Palace, HBSE’s portfolio is a juggernaut, valued at a staggering $14.58 billion in 2025. But here’s the kicker: despite this massive worth, the idea of taking such an empire public is met with a firm shake of the head.
Why keep such a valuable asset private? It’s not just about control—though that’s a big part of it. It’s about playing the long game, something public markets don’t always reward. As one industry leader put it, the private route allows owners to focus on building dynasties, not just quarterly earnings.
Sports assets tend to be valued higher in private hands than in public markets.
– Industry expert at a recent sports business conference
The Valuation Game: Private vs. Public
Let’s break it down. Sports franchises are like rare collectibles—think of a mint-condition rookie card for a superstar athlete. Their value has skyrocketed, driven by lucrative media deals, global fan bases, and the growing influence of private equity in sports. But when you take a team public, something curious happens: the market doesn’t always see the same sparkle. Publicly traded sports assets, like those tied to Madison Square Garden (think Knicks and Rangers), often trade below their intrinsic value. Why? Investors crave quick returns, and sports teams are built for the long haul.
In my experience, public markets can be like impatient fans booing a rebuilding team—they want instant results. Private ownership, on the other hand, gives leaders the freedom to invest in future wins, whether that’s a new stadium or a star player, without Wall Street breathing down their necks.
- Higher private valuations: Teams fetch premium prices in private deals.
- Long-term focus: Private owners can prioritize strategy over short-term profits.
- Market skepticism: Public investors often undervalue sports assets.
The Power of Control in Sports Ownership
Owning a sports team isn’t just a financial flex—it’s a passion project with deep roots in community and legacy. When you’re private, you call the shots. Want to spend big on a new arena? Go for it. Eyeing a blockbuster trade to boost your roster? No need to justify it to shareholders. This freedom is why many owners shy away from the public spotlight. As one sports mogul noted, running a team requires a long-term perspective that public markets rarely embrace.
Take the Washington Commanders, for example. Their recent $3.7 billion deal to relocate to a new stadium in Washington, D.C., is a massive bet on the future. Profits might not roll in for years, but the move strengthens the team’s brand and fanbase for decades. In a public company, that kind of investment might spook investors looking for quick dividends.
You want to spend to win, and public markets don’t always get that.
– Sports ownership insider
Private Equity’s Playbook in Sports
The rise of private equity in sports has changed the game. Leagues like the NFL have started allowing select private equity firms to take minority stakes in franchises, a move that’s opened new funding avenues without sacrificing control. These funds are often long-date funds, meaning they’re built for patience, not quick flips. This aligns perfectly with the mindset of owners who see their teams as generational assets, not short-term cash cows.
Perhaps the most interesting aspect is how these funds don’t demand the control typical of private equity deals. Owners can still steer the ship, betting on their city, fans, and the league’s growth. It’s like having a silent partner who’s happy to cheer from the sidelines while you build a dynasty.
| Ownership Model | Control Level | Investment Horizon |
| Private Ownership | High | Long-term |
| Public Company | Moderate | Short to Medium |
| Private Equity Stake | Low to Moderate | Long-term |
Why Public Markets Miss the Mark
Public markets are a tough crowd. They love predictability, steady dividends, and clear growth metrics. Sports teams? Not so much. A team’s value might soar on paper, but its revenue can be as unpredictable as a playoff run. Injuries, trades, or a bad season can shake things up, and investors hate uncertainty. That’s why only a handful of U.S. teams, like those under Madison Square Garden, have gone public—and even then, they often trade at a discount.
It’s almost like the market doesn’t get the emotional pull of sports. Fans don’t care about EBITDA; they care about championships. Owners, especially private ones, can align with that passion, pouring money into what matters most: winning.
The Future of Sports Ownership
So, what’s next for sports empires? If the trend holds, we’ll see more owners leaning into private models, especially as valuations climb. The influx of private equity offers a middle ground—capital without the public market’s pressure. But there’s a catch: as more money flows in, the stakes get higher. Owners must balance fan expectations, financial realities, and the long-term vision for their teams.
In my view, the private route is the smarter play for now. It’s like choosing a steady, long-term relationship over a flashy fling. You get the freedom to build something lasting, even if it means passing up the quick cash of an IPO.
- Stay private: Maintain control and focus on long-term growth.
- Leverage private equity: Tap into funds without losing the reins.
- Invest in the future: Build stadiums, rosters, and fanbases for decades, not quarters.
A Game Plan for Lasting Success
Owning a sports empire is no small feat. It’s a blend of financial savvy, fan loyalty, and a knack for playing the long game. As valuations soar, the temptation to go public might grow, but the smartest owners know that private control offers something the markets can’t: the freedom to chase greatness. Whether it’s a new stadium or a championship run, the private playbook is built for those who dream big and plan bigger.
What do you think? Would you rather see your favorite team owned by a public company chasing profits or a private owner chasing trophies? The answer might just shape the future of sports.
