成功进行职业体育投资的6个关键

© Oliver WymanNo longer just passion plays for the wealthy and those seeking geopolitical influence,professional sports are fast becoming an asset class of their own and creating valueopportunities for investors.Revenues and valuations of major teams and leagues are rising, organizations are maturing,women’s sports are booming, and media rights are soaring — domestic media rights forthe English women’s football team, for example, saw a rise of 800% to $65 million in the twoyears since they won the European Championship.It is not only major leagues such as the NFL opening their doors to institutional investors.An array of new sports and formats are seeking external investment for the first time. Thesector’s resilience — professional sports are viewed as countercyclical — is yet anotherdraw.As a nascent asset class, however, sports investments need more time to build a solid trackrecord. The landscape is complex, and visibility can be poor or misleading at times. Andwhile the scarcity of premium assets helps drive up valuations, it means some investors waitcautiously on the sidelines for the right moment to move into the sector.But investors who are ambitious, creative, and well prepared may enjoy an early adopterpremium and emerge as winners. In this paper, we identify top trends and growth driversacross professional sports and outline the key factors to consider before investing.OPPORTUNITIES ACROSS THE PROFESSIONALSPORTS LANDSCAPEProfessional sports offer a range of asset types, each with its own business model, returnconsiderations, and value-creation levers. The sector can be broken down into core sportand sport-adjacentopportunities.CORE SPORTSport and services:Leagues and competitions, teams, governing bodies as well as keyservice providers such as talent agencies and sport academiesInfrastructure:Venues and services hosting and managing professional sport events,with stadium operators and venue services providers as key entitiesSporting goods: Providers of sporting apparel and equipment, includingwearables,which can be purchased directly from manufacturers or via retailers © Oliver WymanSPORT-ADJACENTTech, data, and analytics:Solutions related to the digital transformation of sporting activities,from scouting and training to fan engagement and ticketingMedia and entertainment:Platforms distributing sport content to consumers and relatedbroadcast solutions (virtual advertising, remote production), alongside the value chainsupporting broader gamification andbettingExhibit 1: Professional sports investment universeSport andservicesClubs/teams(e.g., European FCs,USfranchises)Infrastucture(e.g., horseracing arena, motorsportcircuits)Sporting goodsEquipment(traditional — e.g., racquet manufacturer; tech-led — e.g., Peloton; elite — e.g.,Hyperice)Tech, dataand analyticsFan engagement,incl. AR andtokens(e.g., Quintar,Sorare)Media andentertainment1. Some assets classified under Sport and Services; others underInfrastructure.Source: Oliver WymananalysisOver the past two decades, the sector has mirrored overall market conditions andtransaction volume. The core sport and services segment has seen moderate growth in dealtransaction volume (+3.1% CAGR 2007-22). Private equity firms with significant presence in thesegment include CVC, Silver Lake, and Carlyle, as well as several firms specializing in sportsincluding Arctos and RedBird. Leagues(e.g.,LaLiga)Events/formats(e.g., SixNations)Governing bodies(e.g., WTA,SARU)eSports(e.g., GuildeSports)Marketing and talent agenciesSport academy1Stadium operatorsVenue services(e.g., ASM GlobalParent)Sport academy(e.g., SPIREInstitute)1Apparel(e.g., Arcteryx,Vuori)Wearables(performance improvement — e.g., Swish Hoop,Whoop)Retailers(e.g., Decathlon, JDSports)Data providers(e.g., Sportradar, GeniusSports)Scouting and discovery(e.g.,Tonsser)Training and performance(e.g., Hudl,Veo)Sport management platforms(e.g., Teamworks, TeamSnap)Ticketing(e.g., Stubhub,hospitalityservices)Venue technology(e.g., PMYGroup)Officiating(e.g.,Hawkeye)Media platforms(e.g., DAZN,Barstool,OneFootball)Broadcast solutions(e.g., Deltatre,Vizrt)Gaming and betting(e.g., FanDuel) © Oliver WymanTalent agencies and other targeted services in this category, such as sports academies, haveexperienced an uptick in interest. From BC Partners’ credit investment in GSE Worldwide toEQT’s stake in IMG Academy, institutional investors are increasingly capitalizing on the risingprominence and commercial draw of athletes.Exhibit 2: Deal transaction volume by segment2007-2023, n=23,781, announcedtransactions20072008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20231451951966916420721378185205275207264306177256294801672613008221923329110616918330398189167321104214194287122912051892471199622120024314511721013730216111625916932019524211729516916695216961186637378469428989289088569261,1242007-2022977691Core sportSport adjacentSports and servicesInfrastructureSporting goodsTech, data and analyticsMe