Rick Cordella

Jerry Jones said something simple but smart: it’s not only okay for private equity to take minority stakes in sports teams, it’s good for the game. That logic extends beyond sports. Minority capital, when paired with operational discipline, can unlock growth without diluting culture or control. Having spent years inside entertainment studios and live-content ecosystems, I’ve seen how alignment between ownership, operations, and creative ambition can either accelerate or stall transformation. Sports teams, like studios, are no longer just brands, they’re data engines, media platforms, and cultural currencies. The next decade will belong to those who treat sports not as trophies, but as scalable systems of fan engagement and recurring value. #SportsBusiness #PrivateEquity #MediaStrategy #OperationalValueCreation

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So, after years of refining the process, with billions invested in building and testing by some of the biggest names in media, live sports streaming should be smooth sailing, right? Think again. ESPN is the latest to face delivery issues, suffering a direct revenue loss after failing to process payments for a PPV Ultimate Fighting Championship fight. They had to offer the fight for free on reply to those who were let down by the technical issues. And they’re not alone—other major platforms like JioHotstar and Hulu have also struggled with recent outages. So, what’s the key takeaway? Simply put: Streaming platforms must continue investing in their tech stack, personnel, and service providers. Cutting corners to save costs can lead to even greater losses in subscribers and revenue—just as ESPN experienced. This may seem obvious, but with major media companies focused on efficiencies and cost-cutting, it’s a crucial reminder: If you don’t keep investing, things can go south—fast.

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The Renaissance of a new sport - F1 Under Liberty Media (2017-2025) Formula 1 has undergone a remarkable transformation since Liberty Media took the wheel in 2017. F1 is now a booming global entertainment property revitalized through savvy commercial strategy, U.S. expansion, and digital innovation – turning a struggling racing series into a high-octane business success story. A cornerstone of Liberty’s strategy was cracking the United States market – historically a tough nut for F1. Miami together with Austin and Las Vegas GP's, have turbocharged F1’s American expansion, boosting U.S. TV ratings, drawn large crowds on-site & delivered massive economic returns. More importantly, these flashy U.S. races have made F1 trendy & now part of the pop culture conversation. The new events brought by Liberty Media over the last years are just one part of the incredible overhaul, making this the most extensive and faster transformation of a global sport ever registered in our industry. Key areas: I) New Vision & Marketing: Liberty Media immediately embraced a data-driven, fan-centric approach. They identified younger fans’ desire for more access and involvement, and relaxed strict content rules that had limited teams and drivers from sharing content. F1 became the fastest-growing sport on social media in Liberty’s first 3 years shedding its elitist image and rebranding as a fan-friendly entertainment brand. II) Strategic Commercial Moves: Liberty’s strategy was to unlock value in underdeveloped areas of F1’s business. They viewed sponsorships as undervalued & aggressively & patiently grew F1’s global partner roster boosting as well the lucrative race promotion fees by expanding the calendar and attracting new host cities going from ~20 races to 23–24 races - which increased hosting fees and on-site revenues. III) New regulations: Liberty introduced as well new decisive financial regulations - Budget Cap - and new sporting elements - ex. sprint races to improve competitive balance, help the teams being financially viable and enlarging weekend excitement IV) Media Rights Restructuring: Liberty renegotiated broadcast contracts and grew F1’s media rights fees from $606.6M in 2017 to $1.18B in 2024. Media rights now make up about one-third of F1’s $3.65B annual revenue and total F1 revenues have more than doubled since 2017 V) Surging Viewership & Fan Growth: The combination of social media engagement, fresh content (like Netflix’s series) and better TV access has reversed F1’s viewership decline. By 2024, F1’s global TV audience hit 1.6 billion, averaging ~66 million viewers per race on traditional broadcasters. F1’s social media following rocketed from about 11–12M in 2016 to 97 million by end of 2024 . All of this has translated into business success: Liberty Media’s F1 Group stock (NASDAQ: FWONK) has climbed ~250% since the acquisition valuing F1 at well over $20 billion today. Thank you Liberty Media. Let's enjoy Miami!

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The sports and sports tech space is massive. Today I was told how sports tech is “limited” in the pro sports and amateur sports is “limited” in spending power. Sports tech doesn’t stop there. It’s a MASSIVE ecosystem with many many verticals within it and is only growing thanks to the growing demand of youth sports (an entire realm in its own), NIL, transfers, innovation in pro sports, data, analytics, betting, involvement of fans, and so much more. If anyone tells you otherwise they’ve got the wrong knowledge of what this space is. And it’s only getting LARGER. #SportsTech

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Elite high school sports “is going to be one of the more valuable media rights [categories] and nationally monetized [broadcast] products in the next 10-20 years,” Michael Schreiber (founder and executive chairman, Playfly Sports) said. A Playfly commissioned study estimated that annual TV and streaming media rights fees could range from $70 million to $135 million, with multimedia sponsorship revenues projected to be an additional $64 million and $84 million. 👇 #sports #sportsbiz #television #media #streaming #TV cc: JohnWallStreet Randall Friedman Jacie Brandes

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The recent Sportico Global Soccer Team Valuation Report raised a few eyebrows and brought many questions my way—so I figured I’d share a few headline thoughts here. First, don’t get too caught up in the exact numbers. There’s been plenty of critique around Sportico’s methodology and potential bias. But setting that aside, what’s most interesting is the clear trend: MLS clubs are outpacing the growth of teams in other leagues. The top 15 is no surprise. Real Madrid through Inter Milan continue to dominate, with revenues and global footprints that put them in a class of their own. But the next 15 is where it gets interesting: Seven of those clubs are from Major League Soccer, led by the two LA teams and Inter Miami. Even Austin made the list; a bit of a surprise given it's only the 38th largest U.S. market and the team hasn't been spectacular on the field. In total, 19 MLS clubs cracked the top 50—more than any other league. So what’s driving this growth and what will continue to fuel the momentum? Stability - MLS’s single-entity model may frustrate traditionalists, but it delivers financial certainty. No relegation means long-term confidence for investors. Local Growth - U.S. markets are massive (relatively speaking), and many clubs are still in the early stages of tapping into their local potential. The runway is long. Global Potential – European clubs have largely maxed out their local markets and now rely on global expansion. MLS, on the other hand, is just starting its international journey. Many U.S. cities are viewed as aspirational global brands with one report I read listing 20 U.S. cities among the world’s 50 most desirable, compared to just three from Germany, two from Spain and Italy, and one each from France and England. Just as PSG benefits from the global allure of Paris, MLS clubs stand to gain from the brand power of the cities they represent. Yes, there’s still a big gap to the top 15. But expect to see MLS clubs continue to dominate that next tier in the years ahead. #SoccerMarketing‍‍‍‍ #SoccerEconomics ‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍#SportsBusiness ‍‍‍‍‍‍‍‍‍‍‍‍‍#SoccerInAmerica‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍

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