Behind the Playbook: Insights from the Top GPs on Sports Private Equity/Debt Investing

1. What are the current valuation multiples being used, and how are they justified?
2. What are the primary revenue streams, and how will the revenue channels expand in the future?
3. What is the strategy for value creation beyond capital investment (e.g., media expansion, digital transformation, stadium development)?
4. How have the rules around PE ownership of sports franchises been relaxed?
5. How much major sports franchises have appreciated in value in the past 5-10 years?
6. State of the U.S. major leagues, MLB, NFL, NBA, NHL, MLS.
7. State of major soccer leagues, Premier League, La Liga, Bundesliga, etc.
8. What are the key risks to this investment, and how are they being mitigated (e.g., performance downturns, athlete controversies, media rights renegotiations)?
9. How will shifts in fan engagement, digital viewership, and sports betting be factored into growth strategies?

MODERATOR

 Casey Sullivan  | Ms. Sullivan is a Senior Vice President in TCW’s RIA Group. She is responsible for delivering investment insights and cultivating relationships with strategic TCW clients. She has spent the past decade helping investors navigate the complexities of investment due diligence and portfolio construction. Her experience in launching and growing ETFs contributed to the early success of Engine No. 1, which she joined in 2022 from JPMorgan. Prior, during her eight years at JPMorgan Asset Management, Ms. Sullivan served clients in the Institutional Advisor and Wealth Management channels, growing JPMorgan from an ETF start-up to a leader in active ETFs and institutional-grade client solutions. She was frequently recognized for her contributions to JPMorgan clients. Earlier, Ms. Sullivan worked at State Street Global Advisors. She spent the first three years of her career at Bloomberg, working with sell-side professionals. Ms. Sullivan holds a BA in International Relations from Tufts University. While at Tufts she played basketball and was honored as a two-time All-American in softball. Back To Top ^^

SPEAKERS

 K. Don Cornwell | is the Co-Founder and Chief Executive Officer of Dynasty Equity. Prior to Dynasty Equity, Don was a Founding Partner at PJT Partners, a premier global advisory-focused investment bank. In January 2023, Don became a member of the Board of Directors of PJT Partners. Don joined PJT Partners in 2015 following an 18-year career at Morgan Stanley. At Morgan Stanley, Don was in the Mergers and Acquisitions Group and established a particularly focused area of expertise in media and entertainment, specifically in sports and gaming. Prior to leaving Morgan Stanley he served as Head of Global Sports Investment Banking. Don has worked on some of the largest and most complex sports and entertainment deals in the industry, including the sale of Maple Leaf Sports & Entertainment, the sale of the Buffalo Bills, the sale of IMG to William Morris Endeavor, the sale of Access/DAZN owned Perform Group to Vista owned STATS Inc., a recapitalization of the Pittsburgh Steelers, and the formation of Major League Baseball Advanced Media. In addition, he has served as a strategic advisor to the National Football League and the National Basketball Association on numerous occasions. Don has also worked on several transformational transactions in the gaming space including the combination of Flutter Entertainment and The Stars Group, the sale of Caesars Entertainment to Eldorado Resorts, the acquisition of Sky Betting and Gaming by The Stars Group, the formation of a US sports betting joint venture between MGM Resorts and GVC, and the acquisition of Double Down Casino by IGT. Prior to Morgan Stanley, Don worked at McKinsey & Co. as a management consultant and in corporate development for the National Football League. He sits on the Board of Trustees of the Harlem Children’s Zone, an education and social services organization in Central Harlem; the East Harlem Tutorial Program, an after-school program for children in East Harlem; the Board of Directors of New York Cares, New York City’s largest volunteer organization; and the VFILES Foundation, an organization with the mission to increase business ownership for creators in underrepresented communities. Don received an MBA from Stanford University’s Graduate School of Business and an AB in Government from Harvard College. Don served on the Management Board of Stanford University’s Graduate School of Business until July 2022. Back To Top ^^

 Kunal Merchant  | Kunal is Revitate’s Partner and Chief Operating Officer, overseeing the firm’s strategic and operational activities on behalf of the Managing Partners. Kunal also leads Revitate’s sports vertical, drawing on fifteen years of experience in the business of sports as a former senior executive and advisor to a range of major professional sports teams and organizations. He played a key role in the Bhathal family’s acquisition of the Portland Thorns Football Club, serving as an investor, Senior Advisor, and Executive Board member. Kunal was previously Co-Founder and Managing Director of Lotus Advisory, a consulting firm providing strategic, management, public affairs, and communications support to clients in sports, technology, real estate, public policy, and philanthropy. Kunal specializes in public-private partnerships, having played central leadership roles in over $10 billion in projects nationwide. Kunal was instrumental in the development of the Golden 1 Center in Sacramento via his roles as a Mayor’s Chief of Staff and Sacramento Kings executive. He is also a former nonprofit executive in health care and education and sits on the Board of the Green Sports Alliance. Kunal earned his B.A. with high honors from Harvard University, and M.B.A. from Harvard Business School. Back To Top ^^

 Kort Schnabel | Mr. Schnabel is a Partner in the Ares Credit Group and serves as Co-Head for U.S. Direct Lending, serving on the U.S. Direct Lending Investment Committee. Additionally, he serves as Co-President of Ares Capital Corporation ("ARCC"). He also serves on the Ares Sports, Media and Entertainment Investment Committee and acts as a co-lead for the strategy. Prior to joining Ares in 2001, Mr. Schnabel was in the Corporate Development Group at Walker Digital Corporation, a business and technology research and development firm, where he was responsible for corporate finance, merger and acquisition and strategic planning activities. Previously, Mr. Schnabel was in the Corporate Finance Group at Morgan Stanley, where he performed financial analyses for mergers and acquisitions, leveraged buyouts and equity/debt offerings. Mr. Schnabel holds a B.A., cum laude, from the University of Pennsylvania in Economics. Back To Top ^^