When Stuart Sternberg bought the Rays for $200 million in 2004, he hired two guys from Wall Street...in their 20s...with no baseball experience...to run the team. The Rays reached the World Series a few years later and their formula is still helping small-market teams compete for championships today. Today's newsletter breaks down all the details. READ: huddleup.substack.com/p/how-…

After denying he would sell other teams, Mark Walter is now attempting to sell the LA Sparks for $700 million — and that may not be the end of it. I wrote yesterday about how newly filed (and potentially class action) lawsuits could force his hand. READ: huddleup.substack.com/p/mark…

Just when you think James Dolan might be turning the corner, he does some diabolical shit like this.

The NFL launched an investment fund called 32 Equity back in 2013 with $1 million from each team owner. Team owners have doubled down several times since, and 32 Equity has now raised more than $250 million. The strategy is simple: the NFL invests in companies, helps them grow through NFL deals (think: data, licensing, sponsorships), and then benefits as a shareholder, profiting off both sides of the transaction. In 2017, the NFL acquired a 3% stake in Fanatics at a $3.17 billion valuation. Fanatics works with the NFL on everything from merchandise and trading cards to hospitality and retail, and is now a $30 billion company. Other investments include Hyperice, CLEAR, NOBULL, Skillz, Genius Sports, EverPass, and Appetize, with multiple companies producing nine-figure returns. Now the NFL is doubling down again, announcing yesterday that it is partnering with private equity giant General Atlantic ($130B AUM) on a new investment fund. By becoming a general partner in this fund, the NFL will get paid to manage other people's money (management fees and carry), and team owners won't have to share any of that money with players (because private equity investments aren't included in revenue sharing). Today's newsletter breaks down the details. READ MORE: huddleup.substack.com/p/nfl-…

The Knicks' home opener against the 76ers is BY FAR the most expensive regular-season game in NBA history. The current get-in price is just under $2,000, which is more than it costs to attend every other NBA team's home opener combined ($1,500). (Ticket prices via @TickPick)

The College Football Playoff is expanding from 12 to 24 teams, but money didn't drive this decision. I ran the numbers, and even with ESPN paying an extra $350 million, each school will only walk away with an additional $1-3 million. Here's the math: huddleup.substack.com/p/the-…

Allowing viewers to hear the conversation between referees and the replay center has been one of the best additions to the college football viewing experience. Every conference should do it.

With an average ticket purchase price of $277, this year’s WNBA Finals is the most expensive on record. (Ticket prices via @TickPick)

Vinny Mauri is one of the coolest stories in sports right now. He is already one of the fastest American marathon runners ever, yet he's run only two marathons, doesn't have a coach, and usually trains indoors on a treadmill at Planet Fitness.

Nike's stock is down 80% over the last five years and just hit its lowest level in more than a decade. Our most popular newsletter last week examined the five main reasons Nike's stock is crashing and what the company needs to do to recover. READ: huddleup.substack.com/p/how-…

I just read through McLaren Racing's entire 48-page financial report, and the details are wild. • $780 million in 2025 revenue • Headcount increased to 1,246 • Average employee salary of $138,000 • Zak Brown personally earned $108 million READ MORE: huddleup.substack.com/p/how-…

BREAKING: CBS and Tony Romo have mutually agreed to part ways.

If Manchester City arranged more than $1 billion in fake sponsorship deals between 2009 and 2018, it's probably fair to assume that much of the revenue generated from 2020 to 2025 was also fake. They could have at least added a dip during COVID to make it look more realistic.

Proof that every NFL team needs a rocket scientist on its roster

Zack Gelof is suing the Detroit Tigers. He claims an exposed metal fence at the team's stadium cut into his knee, forcing him to miss about a month of the season and potentially hurting his earnings potential in arbitration. Today's newsletter breaks down the details. READ: huddleup.substack.com/p/an-m…

Between the nor'easter and Jaxson Dart’s injury, the get-in price for today’s Titans-Giants game at MetLife is just $7 — down from $130 before Dart got injured during Monday Night Football. (Ticket prices via @TickPick)

Today's newsletter explains the real reason Kylian Mbappe left Nike for On and why On gave him the Roger Federer treatment (cash + equity). READ MORE: huddleup.substack.com/p/the-…

I read through Oura's IPO filing, and the business has strong momentum: • $1.215 billion in revenue (+74%) • 5 million active paid members • 85% of members stay 12+ months • Members wear the ring for 23/hrs day But there are also some risks. READ: huddleup.substack.com/p/is-o…

The cheapest ticket for this weekend’s LSU-Ole Miss game is $620 and the average purchase price over the last 24 hours is $811. That makes it the most expensive event ever in the state of Mississippi. (Ticket Prices/Data via @TickPick)

Hyrox has exploded over the last 5 years: • 100+ global events • 1.5 million participants • $270 million in annual revenue Now LVMH-backed private equity firm L Catterton is buying it for $700 million. Read more: huddleup.substack.com/p/is-h…