Articles.
Analysis of major M&A and ownership transactions in professional sports. Each piece walks through a single deal with valuation math, comparable transactions, and a thesis on what the transaction signals.
The Celtics Process: What the Phased Close Tells Us
The Celtics sale was announced as a single transaction but is closing in stages — and the staging tells you what the buyer believes about NBA media rights, capital calls, and league capacity for new ownership.
The Lakers at 19x: How the Marquee Premium Got Re-Rated
A 19x revenue multiple looks like an outlier next to recent NBA comps. Look closer, and the Lakers transaction is anchoring a new pricing tier the league has been quietly building toward since 2022.
Arctos × the Bills: The First Real Comp
Eight months after the NFL's PE vote, Buffalo's Arctos transaction did something the louder Dolphins deal couldn't: it gave the institutional pool a small-market reference point.