The global sports industry is benefiting from converging macro market tailwinds: the rising value of IP, live content, and “passion brands” with diversified revenues, as well as the legalization of US sports betting and the globalization of content. Because of these dynamics, sports valuations are skyrocketing, even as TV ratings and ticket sales decline. As a result, billions of investment capital poured into the space in the last several years. And because the core value pillars of sports businesses align so perfectly with the value drivers of the modern consumer economy, we expect these valuations to escalate in the coming years.