Overview

For a decade, the four major North American leagues outperformed the S&P 500 by 3x to 8x. Ownership stayed closed. Then it didn't. The NFL approved private equity in August 2024. The NBA raised its per-fund cap in December 2025. Apollo and Avenue closed dedicated funds the same month. The Boston Celtics traded for $6.1B in March 2025, the largest North American sports transaction on record.

The report

This report maps the thirty firms underwriting the asset class today. Sleeve allocations from generalist mega-funds Dedicated sport-only platforms. Patient capital from family offices and operators. Each underwrites the same asset on a different horizon. The differences are where the mispricings live.

Table of contents

• Overview · page 3

• By the numbers · page 4

• Why now · page 5

• Three strategies · page 6

• Market map · Traditional allocators · page 7

• Market map · Dedicated platforms · page 8

• Market map · Strategic capital · page 9