NHL Valuations and Financial Performance - The average NHL team is now worth $22 billion, a 15% jump from last year [1] - Toronto Maple Leafs are valued at $43 billion, topping the list [1][2] - NHL valuations have increased roughly 100% over the last three years [2] - The new national deal in Canada is about two and a half times larger than the previous 12-year deal with Rogers [7] - NHL expansion will only be considered if it starts with a $2 billion expansion fee [10] Media Deals and Revenue - Regional sports networks are healthier in Canada than in the US [6] - The importance of live sports content is holding its own in a fragmented marketplace [7] - NHL has deals in place with Walt Disney Company (ESPN, ABC) and Time Warner Discovery [8] Competitive Balance and Future Prospects - The league has never been more competitive, and franchises have never been healthier [9] - NHL has the best competitive balance of the major sports due to its cost certainty system [13] - The league is optimistic about future prospects due to the product on the ice and increased valuations [9] Prediction Markets and Integrity - NHL has aligned with the prediction market to give fans access to real data and maintain control [16][17] - The league monitors betting and prediction lines to prevent cheating [17] - Sports betting entities or the prediction market entities gives the ability to have more control and to observe more closely exactly what's going on [18]

Ownership Changes & Investment - The Lakers were valued at $10 billion, despite not owning their building, network, WNBA team, or hockey team [1] - Private equity and sovereign wealth funds are entering the sports business, providing liquidity for partners [1] - NBA owners meeting highlighted significant ownership changes, including potential changes for the Celtics and Lakers [2] - Private equity's involvement brings an expectation of operating like a real business, with a focus on eventual exit strategies [2]

Growth Drivers - NFL's overall growth over the past decade is a key factor [1] - Stan Kroenke's vision in building SoFi Stadium and Hollywood Park, a 300-acre mixed-use retail district, contributes to growth [1] - Hosting major events like the World Cup (eight matches next year), Super Bowl in 2027, and Olympics in 2028 boosts growth [1] - Winning games and a Super Bowl positively impacts growth [1] Future Opportunities - Significant growth potential exists in international games, including a game in Brazil and a potential game in Melbourne, Australia [2] - The rise of flag football in the Olympics presents a growth opportunity [3] - The large number of fantasy football players and NFL viewers indicates substantial growth potential [3] League Strategy - Continued hard work from all 32 teams and the league office is necessary to sustain growth [3] - The league argues that Nielsen likely undercounts viewership [2]

NFL Team Valuations - The average NFL team is now worth $765 billion, an increase of nearly 18% compared to last year [1] - The Dallas Cowboys are the most valuable NFL team, worth $125 billion, nearly $2 billion more than the next most valuable team [1] - Private equity investment in the NFL has set a floor on valuations and added liquidity [1] - LP stakes are now coming in at almost control valuations due to the presence of private equity [1] Team Transactions - The Eagles set a record with an $83 billion valuation for a small piece, which was then topped by the 49ers at $86 billion [1] - The Bears are awaiting approval to sell a small piece at $89 billion [1] - The New York Giants are on the verge of selling a 15% stake to Julia Ko at over $10 billion valuation [1] - Investors are willing to pay close to control valuations because of the liquidity provided by private equity [1]

NFL Team Valuations and Trends - The average NFL team is now worth $765 billion, an increase of nearly 18% compared to last year [1] - The Dallas Cowboys are the most valuable NFL team, worth $125 billion, almost $2 billion more than the next most valuable team [1] - Private equity investment in the NFL is increasing, setting a floor on valuations and adding liquidity [3][4] - Limited Partner (LP) stakes are now being valued close to control valuations due to the presence of private equity [4] - Teams like the Eagles and 49ers have seen record valuations for small pieces, at $83 billion and $86 billion respectively [5] - The New York Giants are considering selling a 15% stake at over $10 billion valuation [5] Financial Health and Revenue Streams - NFL teams are generally very profitable, unlike some NBA teams that are losing money [9][10][11] - Media rights are a significant driver of NFL team value, and the league's intellectual property is considered far from being fully exploited [8] - The LA Rams have a high debt percentage (28% of value) due to privately financing their new stadium, but they are generating significant sponsorship revenue, approaching $200 million [12] Market Outlook - The NFL's deal with ESPN involves giving the NFL 10% of the network to maintain the rights and facilitate the transition to streaming [9] - Investors are willing to invest hundreds of millions in NFL teams, anticipating future revenue growth and increased team value [7]

WNBA Expansion and Growth - WNBA is capitalizing on growing popularity and high demand, entering an expansion phase [3][4] - The league aims for 18 teams by the end of the decade, adding Cleveland, Detroit, and Philadelphia in 2028, 2029, and 2030 respectively, and Toronto and Portland next year [4][5] - Expansion balances game quality, player opportunities, and strategic city selection [5] Financial Performance and Valuation - WNBA is experiencing tailwinds for women's sports and sports in general, particularly in team valuations [6] - Positive elements like uniform patch valuations, media ad spots, and franchise valuations are driven by revenue and revenue multiples [7] - Capital raised in February 2022 helped the WNBA transition into a hypergrowth phase [8] - Team revenues are increasing from gate receipts, corporate partnerships, and local media deals [9] - Team valuations have significantly increased from $5 million to $260-270 million [9] Media and Partnerships - WNBA has signed a significant national media deal, including with NBC, starting next year [9] - Corporate partners and NBA/former NBA players are strong supporters of the WNBA [2]