Company Overview - Madison Square Garden Sports Corp. is a leading owner and operator of major professional sports franchises, including the New York Knicks and New York Rangers, leveraging its iconic brands to drive revenue from media, sponsorship, and merchandising [6][8] - The company has a market capitalization of $6.73 billion and reported a revenue of $1.07 billion for the trailing twelve months (TTM), with a net income of -$16.56 million [4] Recent Developments - On February 10, 2026, Reinhart Partners disclosed a new position in Madison Square Garden Sports Corp., acquiring 214,891 shares valued at approximately $55.59 million based on quarterly average pricing [1][2] - This acquisition represents 1.66% of Reinhart Partners' 13F reportable assets under management [3] Stock Performance - As of February 10, 2026, shares of MSGS were priced at $279.76, reflecting a 34.3% increase over the past year, outperforming the S&P 500 by 19.92 percentage points [3] - Over the last five years, MSGS stock has advanced by 63%, with significant gains occurring in the last year [10]

Core Insights - 26North and TJC have invested $1 billion in Bruin Capital, a sports-focused investment firm founded by George Pyne [1][2] - Bruin Capital has raised over $2 billion since its inception, operating as a holding company that raises capital for individual platforms rather than having a dedicated fund [2] - The new investment will be used to target middle market sports businesses globally [3] Company Overview - Bruin Capital was founded in 2015 and is one of the first private equity firms to focus exclusively on the sports industry [4] - The firm has invested in over 50 companies and has launched various initiatives, including a sports agency and investments in technology related to sports [4] - George Pyne, the founder, has a background as a former COO of NASCAR and ex-president of IMG [4] Investment Context - The investment from 26North comes as the firm is fundraising for its debut private equity fund, which has exceeded its initial target of $4 billion, raising $4.3 billion [6] - Harris, a notable figure in private equity, co-founded Apollo Global Management and has significant stakes in sports franchises [5]

Core Insights - Apollo has launched Apollo Sports Capital (ASC), a new investment business focused on providing capital solutions in the global sports and live events ecosystem [1][2] - Al Tylis has been appointed as CEO of ASC, with Rob Givone and Lee Solomon as co-portfolio managers, and Sam Porter as Chief Strategy Officer [1][3] Investment Focus - ASC will primarily invest in credit and hybrid opportunities within the sports landscape, including franchises, leagues, venues, media, and events [2] - The company aims to be a stable, long-term partner in the sector, offering patient capital and strategic value [2] Leadership and Expertise - John Zito, Co-President of Apollo Asset Management, emphasized the goal of building a leading investment company in the sports sector, creating long-term value for investors, fans, teams, and communities [3] - Al Tylis brings extensive experience in sports investments, having previously owned or invested in multiple teams and leagues, and has a background in real estate [3] Established Presence - Apollo has a significant track record in the sports sector, having deployed approximately $17 billion in investments related to sports and entertainment, media rights, and stadium and league financings [4]

Alex Sherman: Mark, thanks for joining us. Pleasure being here. You have started a sports fund in 2024 let's start here.Why sports. And what are you thinking about investing in now. Well, I guess sports, because I've always loved it.I actually think as an asset class, it's something you want to be invested in. And I think you're literally in the first second inning. I think you can make a fortune of money investing in sports.So that was the reason why I started it. You just don't have that much competition ...