According to Goldman Sachs executive Nicole Pullen Ross, institutional capital and private equity firms have pushed valuations to a level that now leaves outright team ownership to a very short list of billionaires. The number of private equity deals in sports rose from 50 in 2018 to 192 in 2025, while 74 North American teams now have private equity or institutional capital among their owners. After Arctos Partners bought 8% of the Los Angeles Chargers, the team’s valuation increased from $5.8 billion to $8.6 billion, and wealthy investors are now gaining exposure mainly through minority stakes and specialized financing. Media rights are projected to reach $66.4 billion in 2026 before declining to $64.1 billion in 2027, a trend that depends as much on contract timing as on audience demand. Women’s sports are following a similar path, with the global market expected to reach $3.04 billion in 2026, up from $690 million in 2022, while college sports are attracting new financing structures.
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