Episode summary
Playing for Scale: The Future of Sports Investing
Exchanges (Goldman Sachs)
· · 19 min · Hosts: Tucker York, Alison Mass, FX de Mallmann · Guests: Nicole Pullen Ross
Summary
Sports investing has shifted from a niche ownership story to a broader institutional market, driven first by surging media rights and then by the capital those rights have attracted. Nicole Pullen Ross says the global media rights market has risen sharply since 2020, with streaming becoming a bigger part of the economics as advertisers chase live sports audiences. She argues that this has lifted valuations across major leagues and pulled private equity and other institutional investors into the space at a much faster pace than a few years ago.
That capital is showing up not only in team purchases but also in financing structures, stadium development, and adjacent real estate. Pullen Ross says owners are weighing whether to bring in investors or borrow, while newer projects must justify high construction costs and higher rates. She points to the $1.7 billion average stadium cost and the growing use of technology and AI to create year-round venues, personalized fan experiences, and broader revenue streams.
The discussion also highlights where the market may still be underdeveloped: women’s sports, college sports, and international leagues. Pullen Ross says permanent venues can materially improve women’s team valuations, while the NIL era is pushing colleges toward more sophisticated financing. For investors looking for exposure, she says opportunities now range from funds and public shares in a few teams to global leagues and emerging sports.
Key takeaways
- Nicole Pullen Ross says the global sports media rights market grew 41% from 2020 to 2025 and is expected to reach $67 billion in 2026.
- She says private equity activity in sports has accelerated to 192 transactions in 2025, up from 50 in 2018.
- Pullen Ross argues that stadiums and surrounding districts matter because a $1.7 billion average venue cost only works if it can generate year-round revenue.
- She says women’s sports valuations are being lifted by permanent venues, citing the WNBA’s Valkyries at $850 million and the Atlanta Dream at about $280 million.
- She says college sports financing is changing after the NIL shift and landmark settlement, with private equity and other investors exploring credit and capital solutions.
- Pullen Ross says investors are increasingly looking abroad, especially to European football, the NBA’s international push, and emerging leagues like Unrivaled.
Notable quotes
“the global media rights market has grown 41% since 2020 to about $57.8 billion in 2025 and is expected to reach $67 billion in 2026”
“So that is the core driver of the growth that we've seen from a valuation perspective”
“If you think about the average stadium cost now of $1.7 billion, it's a big decision”
“And so now that the athletes themselves have the ability to earn an income through name, image, and likeness, the colleges are becoming much more competitive”
How the episode opens
Ultimately, every investor in a sports team is most interested in winning, and so all of the investment that they can make that will help the team become more valuable allows them to invest more in their players and increase their opportunity for winning. A record price for a minority stake in a major basketball franchise. A multi-billion-dollar investment in one of baseball's most iconic organizations.
The first billion-dollar franchise in women's professional sports. And a final court approval of a landmark settlement that will allow college athletes to share directly in revenue. Together, these headlines show how quickly the business of sports is changing.
Teams are no longer simply local family-run businesses. They're becoming global investments, attracting large financial firms and driving new opportunities in media, lending, technology, and real estate. I'm Allison Nathan, and this is Goldman Sachs Exchanges.
Today, we're exploring what's driving that change and what it could mean for investors. Joining me is Nicole Pullen Ross, head of Northeast Private Wealth Management and Sports and Entertainment Solutions at Goldman Sachs. Nicole, thanks for joining us.
So happy to be here. Thank you for having me. Nicole, you hosted a whole Goldman Sachs podcast series on investing in sports in late 2024, but at the time, large investment firms were really just beginning to move into the business of sports.
So, catch us up. What's happened since then? It seems like a long time ago, in some ways, and a blink of an eye in others.
It's been pretty incredible to see the pace of change over just a couple of years when we last wrote a white paper around investing in sports. And there are a couple of themes that I would point to that have driven the explosion that we've seen in sports, certainly over the past two years.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- sports media rights
- private equity
- team valuations
- stadiums and infrastructure
- women's and college sports financing
Companies and tickers mentioned
- GS
- Goldman Sachs
Watch the episode
Watch “Playing for Scale: The Future of Sports Investing” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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