SportsCapIQ
Independent Research · Vol. I

The deals,
the investors,
the capital reshaping
professional sports.

SportsCapIQ is an independent research publication covering M&A, private equity, and institutional capital flows across North American professional sports — sourced, structured, and written for finance professionals.

Read the Flagship ReportBrowse the Deal Database
Featured DealHigh
NFL · Minority Stake

Buffalo Bills

Arctos Partners (10%) + nine individual LPs (10.6%) ↔ Terry & Kim Pegula

Stake20.6% (aggregate)
Reported priceNot disclosed
Implied valuation~$5.1–5.8B (reported range; never officially disclosed)
Revenue multiple—
Source: Bloomberg, Sportico — approved Dec 11, 2024 (first NFL PE deals, with Dolphins)Read teardown
LATEST · DATABASE
NFLSeahawks·Control Sale·$9.612B — NFL record, +59% over Commanders' $6.05B@—|
NBATimberwolves·Control Sale·$4.5B@—|
NFLFalcons·Minority Stake·$10.6B enterprise value@—|
NBALakers·Control Sale·$12.5B@—|
MLBPadres·Control Sale·$3.9B — record MLB franchise valuation@—|
MLBA's·Minority Stake·~$2.0B enterprise value@—|
NBACavaliers·Minority Stake·$5.5B (Cavs + Cleveland WNBA expansion team, combined)@—|
NBARaptors·Recapitalization·~C$17.4B (MLSE, all assets, implied)@—|
NHLMaple Leafs·Recapitalization·~C$17.4B (MLSE, all assets, implied)@—|
MLSToronto·Recapitalization·~C$17.4B (MLSE implied)@—|
NHLPenguins·Control Sale·$1.75B@—|
NBASuns·Recapitalization·$6–7B claimed; settlement terms not public@—|
NFLRaiders·Minority Stake·$9.9B@—|
NFLBrowns·Minority Stake·$9.0B (premium tied to 2029 Huntington Bank Field stadium project)@—|
MLSWhitecaps·Control Sale·—@—|
NFLDolphins·Minority Stake·$12.5B (parent entity) — record minority-deal valuation@—|
NBATrail Blazers·Control Sale·$4.25B@—|
NHLHurricanes·Minority Stake·$2.66B@—|
MLSSporting KC·Control Sale·$700M — record MLS majority-stake valuation@—|
NBAWizards·Minority Stake·$7.2B Monumental enterprise (vs $4.05B at QIA's 2023 entry)@—|
MLBTwins·Minority Stake·~$1.75B@—|
NHLPredators·Minority Stake·—@—|
NBALakers·Control Sale·$10.0B@—|
MLSAustin·Minority Stake·$912M enterprise value@—|
NFLGiants·Minority Stake·$10.3B — record U.S. team deal at approval@—|
NFLPatriots·Minority Stake·$9.0B pre-money / $9.7B post-money@—|
NFL49ers·Minority Stake·$8.6B@—|
MLBRays·Control Sale·$1.7B (est.)@—|
NFLBears·Minority Stake·$8.9B — then-NFL record; includes Arlington Heights stadium site@—|
NBACeltics·Control Sale·$6.1B (phase 1) / $7.3B (2028 phase, per original deal structure)@—|
NHLPredators·Control Sale·$880M@—|
NBARaptors·Recapitalization·~C$12.5B (MLSE enterprise)@—|
NHLMaple Leafs·Recapitalization·~C$12.5B (MLSE: Leafs, Raptors, TFC, Argonauts)@—|
MLSToronto·Recapitalization·~C$12.5B (MLSE, all assets)@—|
NBATimberwolves·Control Sale·$1.5B base + 4% escalators (2021 terms; upheld in arbitration)@—|
MLSEarthquakes·Control Sale·—@—|
MLBWhite Sox·Minority Stake·—@—|
MLBCardinals·Minority Stake·$2.85B (per Sportico, Mar 2026)@—|
MLBBrewers·Minority Stake·$2.25B (per Sportico, Mar 2026)@—|
MLBRoyals·Minority Stake·$1.8B (per Sportico, Mar 2026)@—|
MLSMinnesota·Minority Stake·~$650M (per Sportico, Feb 2026)@—|
NFLBrowns·Minority Stake·—@—|
NFL49ers·Minority Stake·~$8.6B@—|
NFLChargers·Minority Stake·Not disclosed@—|
MLSRSL·Control Sale·$600M@—|
MLBGiants·Minority Stake·~$4.2B (Sportico contemporaneous est.)@—|
MLBA's·Recapitalization·~$2.0B enterprise value@—|
NFLEagles·Minority Stake·$8.3B — team-only, explicitly excludes stadium assets@—|
NFLDolphins·Minority Stake·$8.1B (team + stadium + F1 assets; team-only ~$7.1B per CNBC)@—|
NFLBills·Minority Stake·~$5.1–5.8B (reported range; never officially disclosed)@—|
NBAHeat·Minority Stake·—@—|
NHLLightning·Control Sale·$1.8B@—|
NFLRaiders·Minority Stake·~$3.5B (reported 50%+ discount to market value)@—|
NFLChargers·Minority Stake·~$2.8B by price math (steep LP discount to market value)@—|
NBABucks·Minority Stake·$4.0B headline / $3.4B effective after 15% LP discount@—|
NBANets·Minority Stake·$6.0B enterprise (incl. ~$1.43B net debt)@—|
NHLMammoth·Control Sale·$1.2B@—|
MLBOrioles·Control Sale·$1.725B@—|
NBAMavericks·Control Sale·$3.5B@—|
NBAPacers·Minority Stake·$3.47B (Sportico)@—|
NHLCanadiens·Minority Stake·$2.5B enterprise value (record for standalone NHL club at time)@—|
NHLSenators·Control Sale·~$1.05B@—|
NBAHornets·Control Sale·$3.0B@—|
NFLCommanders·Control Sale·$6.05B — then-record for any U.S. sports franchise@—|
MLBBraves·Recapitalization·Market-priced (BATRA)@—|
MLSSan Diego·Expansion·$500M@—|
NBABucks·Minority Stake·~$3.2B at close (agreed at ~$3.5B, Feb 2023)@—|
NBASuns·Control Sale·$4.0B@—|
NFLBroncos·Control Sale·$4.65B — then-U.S. record@—|
MLBGuardians·Minority Stake·—@—|
MLSRSL·Control Sale·$400M@—|
NHLPenguins·Control Sale·$900M@—|
MLSOrlando·Control Sale·~$425M (midpoint, bundle)@—|
MLSDynamo·Control Sale·$400M (bundle)@—|
MLBMets·Control Sale·$2.4B@—|
NBAJazz·Control Sale·$1.66B@—|
MLSCharlotte·Expansion·$325M@—|
MLBRoyals·Control Sale·$1.0B@—|
MLSSt. Louis·Expansion·$200M@—|
NBANets·Control Sale·$2.35B@—|
NHLKraken·Expansion·$650M@—|
NFLPanthers·Control Sale·$2.275B@—|
MLSInter Miami·Expansion·$25M@—|
NHLHurricanes·Control Sale·$420M (est.)@—|
NBARockets·Control Sale·$2.2B@—|
MLBMarlins·Control Sale·$1.2B@—|
NHLGolden Knights·Expansion·$500M@—|
NBAHawks·Control Sale·$850M@—|
MLSLAFC·Expansion·$110M@—|
NFLBills·Control Sale·$1.4B@—|
NBAClippers·Control Sale·$2.0B@—|
NBABucks·Control Sale·$550M@—|
NHLDevils·Control Sale·$320M@—|
NBAKings·Control Sale·$534M@—|
NBAGrizzlies·Control Sale·$377M@—|
NFLBrowns·Control Sale·$1.05B@—|
MLBDodgers·Control Sale·$2.15B@—|
NBAPelicans·Control Sale·$338M@—|
NFLJaguars·Control Sale·$770M@—|
MLBAstros·Control Sale·$680M@—|
NBA76ers·Control Sale·$280M@—|
NBAPistons·Control Sale·$325M@—|
NHLJets·Control Sale·$170M@—|
NHLSabres·Control Sale·$189M@—|
NFLRams·Control Sale·~$750M@—|
NBAWarriors·Control Sale·$450M@—|
NHLLightning·Control Sale·$170M@—|
MLBCubs·Control Sale·~$890M@—|
NFLDolphins·Control Sale·$1.1B@—|
NBAThunder·Control Sale·$350M@—|
NFLVikings·Control Sale·$600M@—|
NBACavaliers·Control Sale·$375M@—|
NFLRavens·Control Sale·~$640M@—|
NBACeltics·Control Sale·$360M@—|
NFLFalcons·Control Sale·$545M@—|
NFLJets·Control Sale·$635M@—|
NFLTexans·Expansion·$700M@—|
NFLSeahawks·Control Sale·$194M@—|
NFLBuccaneers·Control Sale·$192M@—|
NFLEagles·Control Sale·$185M@—|
NFLPatriots·Control Sale·$172M@—|
NFLCowboys·Control Sale·$140M@—|
NFLSeahawks·Control Sale·$9.612B — NFL record, +59% over Commanders' $6.05B@—|
NBATimberwolves·Control Sale·$4.5B@—|
NFLFalcons·Minority Stake·$10.6B enterprise value@—|
NBALakers·Control Sale·$12.5B@—|
MLBPadres·Control Sale·$3.9B — record MLB franchise valuation@—|
MLBA's·Minority Stake·~$2.0B enterprise value@—|
NBACavaliers·Minority Stake·$5.5B (Cavs + Cleveland WNBA expansion team, combined)@—|
NBARaptors·Recapitalization·~C$17.4B (MLSE, all assets, implied)@—|
NHLMaple Leafs·Recapitalization·~C$17.4B (MLSE, all assets, implied)@—|
MLSToronto·Recapitalization·~C$17.4B (MLSE implied)@—|
NHLPenguins·Control Sale·$1.75B@—|
NBASuns·Recapitalization·$6–7B claimed; settlement terms not public@—|
NFLRaiders·Minority Stake·$9.9B@—|
NFLBrowns·Minority Stake·$9.0B (premium tied to 2029 Huntington Bank Field stadium project)@—|
MLSWhitecaps·Control Sale·—@—|
NFLDolphins·Minority Stake·$12.5B (parent entity) — record minority-deal valuation@—|
NBATrail Blazers·Control Sale·$4.25B@—|
NHLHurricanes·Minority Stake·$2.66B@—|
MLSSporting KC·Control Sale·$700M — record MLS majority-stake valuation@—|
NBAWizards·Minority Stake·$7.2B Monumental enterprise (vs $4.05B at QIA's 2023 entry)@—|
MLBTwins·Minority Stake·~$1.75B@—|
NHLPredators·Minority Stake·—@—|
NBALakers·Control Sale·$10.0B@—|
MLSAustin·Minority Stake·$912M enterprise value@—|
NFLGiants·Minority Stake·$10.3B — record U.S. team deal at approval@—|
NFLPatriots·Minority Stake·$9.0B pre-money / $9.7B post-money@—|
NFL49ers·Minority Stake·$8.6B@—|
MLBRays·Control Sale·$1.7B (est.)@—|
NFLBears·Minority Stake·$8.9B — then-NFL record; includes Arlington Heights stadium site@—|
NBACeltics·Control Sale·$6.1B (phase 1) / $7.3B (2028 phase, per original deal structure)@—|
NHLPredators·Control Sale·$880M@—|
NBARaptors·Recapitalization·~C$12.5B (MLSE enterprise)@—|
NHLMaple Leafs·Recapitalization·~C$12.5B (MLSE: Leafs, Raptors, TFC, Argonauts)@—|
MLSToronto·Recapitalization·~C$12.5B (MLSE, all assets)@—|
NBATimberwolves·Control Sale·$1.5B base + 4% escalators (2021 terms; upheld in arbitration)@—|
MLSEarthquakes·Control Sale·—@—|
MLBWhite Sox·Minority Stake·—@—|
MLBCardinals·Minority Stake·$2.85B (per Sportico, Mar 2026)@—|
MLBBrewers·Minority Stake·$2.25B (per Sportico, Mar 2026)@—|
MLBRoyals·Minority Stake·$1.8B (per Sportico, Mar 2026)@—|
MLSMinnesota·Minority Stake·~$650M (per Sportico, Feb 2026)@—|
NFLBrowns·Minority Stake·—@—|
NFL49ers·Minority Stake·~$8.6B@—|
NFLChargers·Minority Stake·Not disclosed@—|
MLSRSL·Control Sale·$600M@—|
MLBGiants·Minority Stake·~$4.2B (Sportico contemporaneous est.)@—|
MLBA's·Recapitalization·~$2.0B enterprise value@—|
NFLEagles·Minority Stake·$8.3B — team-only, explicitly excludes stadium assets@—|
NFLDolphins·Minority Stake·$8.1B (team + stadium + F1 assets; team-only ~$7.1B per CNBC)@—|
NFLBills·Minority Stake·~$5.1–5.8B (reported range; never officially disclosed)@—|
NBAHeat·Minority Stake·—@—|
NHLLightning·Control Sale·$1.8B@—|
NFLRaiders·Minority Stake·~$3.5B (reported 50%+ discount to market value)@—|
NFLChargers·Minority Stake·~$2.8B by price math (steep LP discount to market value)@—|
NBABucks·Minority Stake·$4.0B headline / $3.4B effective after 15% LP discount@—|
NBANets·Minority Stake·$6.0B enterprise (incl. ~$1.43B net debt)@—|
NHLMammoth·Control Sale·$1.2B@—|
MLBOrioles·Control Sale·$1.725B@—|
NBAMavericks·Control Sale·$3.5B@—|
NBAPacers·Minority Stake·$3.47B (Sportico)@—|
NHLCanadiens·Minority Stake·$2.5B enterprise value (record for standalone NHL club at time)@—|
NHLSenators·Control Sale·~$1.05B@—|
NBAHornets·Control Sale·$3.0B@—|
NFLCommanders·Control Sale·$6.05B — then-record for any U.S. sports franchise@—|
MLBBraves·Recapitalization·Market-priced (BATRA)@—|
MLSSan Diego·Expansion·$500M@—|
NBABucks·Minority Stake·~$3.2B at close (agreed at ~$3.5B, Feb 2023)@—|
NBASuns·Control Sale·$4.0B@—|
NFLBroncos·Control Sale·$4.65B — then-U.S. record@—|
MLBGuardians·Minority Stake·—@—|
MLSRSL·Control Sale·$400M@—|
NHLPenguins·Control Sale·$900M@—|
MLSOrlando·Control Sale·~$425M (midpoint, bundle)@—|
MLSDynamo·Control Sale·$400M (bundle)@—|
MLBMets·Control Sale·$2.4B@—|
NBAJazz·Control Sale·$1.66B@—|
MLSCharlotte·Expansion·$325M@—|
MLBRoyals·Control Sale·$1.0B@—|
MLSSt. Louis·Expansion·$200M@—|
NBANets·Control Sale·$2.35B@—|
NHLKraken·Expansion·$650M@—|
NFLPanthers·Control Sale·$2.275B@—|
MLSInter Miami·Expansion·$25M@—|
NHLHurricanes·Control Sale·$420M (est.)@—|
NBARockets·Control Sale·$2.2B@—|
MLBMarlins·Control Sale·$1.2B@—|
NHLGolden Knights·Expansion·$500M@—|
NBAHawks·Control Sale·$850M@—|
MLSLAFC·Expansion·$110M@—|
NFLBills·Control Sale·$1.4B@—|
NBAClippers·Control Sale·$2.0B@—|
NBABucks·Control Sale·$550M@—|
NHLDevils·Control Sale·$320M@—|
NBAKings·Control Sale·$534M@—|
NBAGrizzlies·Control Sale·$377M@—|
NFLBrowns·Control Sale·$1.05B@—|
MLBDodgers·Control Sale·$2.15B@—|
NBAPelicans·Control Sale·$338M@—|
NFLJaguars·Control Sale·$770M@—|
MLBAstros·Control Sale·$680M@—|
NBA76ers·Control Sale·$280M@—|
NBAPistons·Control Sale·$325M@—|
NHLJets·Control Sale·$170M@—|
NHLSabres·Control Sale·$189M@—|
NFLRams·Control Sale·~$750M@—|
NBAWarriors·Control Sale·$450M@—|
NHLLightning·Control Sale·$170M@—|
MLBCubs·Control Sale·~$890M@—|
NFLDolphins·Control Sale·$1.1B@—|
NBAThunder·Control Sale·$350M@—|
NFLVikings·Control Sale·$600M@—|
NBACavaliers·Control Sale·$375M@—|
NFLRavens·Control Sale·~$640M@—|
NBACeltics·Control Sale·$360M@—|
NFLFalcons·Control Sale·$545M@—|
NFLJets·Control Sale·$635M@—|
NFLTexans·Expansion·$700M@—|
NFLSeahawks·Control Sale·$194M@—|
NFLBuccaneers·Control Sale·$192M@—|
NFLEagles·Control Sale·$185M@—|
NFLPatriots·Control Sale·$172M@—|
NFLCowboys·Control Sale·$140M@—|
What's inside

Three deliverables.
One discipline.

Every piece on this site applies the analytical lens of investment banking and private equity research to the sports industry. Each is sourced, dated, and confidence-scored.

01
Deal Teardowns

The Articles

In-depth analysis of major sports M&A and ownership transactions. Each piece walks through deal structure, the implied valuation math, a comp set, and a thesis on what the transaction signals.

3
Published
Open
02
The Deal Database

Franchise Profiles

A continuously updated record of sales, minority stakes, expansion fees, and PE investments across the NFL, NBA, MLB, NHL, and adjacent leagues. Sourced, dated, and confidence-scored.

122
Transactions tracked
Open
03
Research Reports

Long-Form Research

In-depth research on focused themes in sports finance. The flagship report each summer goes deep on a specific question — institutional capital, valuation methodology, ownership structure shifts.

1
In production
Open
FLAGSHIP REPORT — SUMMER 2026

The State of Institutional Capital in the NFL

A 25-page analysis of how private equity has entered NFL ownership since the league's 2024 vote, the firms approved to invest, and what to expect over the next 24 months.

25 pagesPublishing Aug 2026Free to read
Subscribe to be notifiedSee all reports
SportsCapIQ
Vol. I — Report No. 1
The State of Institutional Capital in the NFL
Aug 202625 pp
Latest analysis

Recent articles

CONTROL SALE · NBA
Article 03

The Celtics Process: What the Phased Close Tells Us

The Celtics sale was announced as a single transaction but is closing in stages — and the staging tells you what the buyer believes about NBA media rights, capital calls, and league capacity for new ownership.

Jun 9, 2026 · 8 min read
CONTROL SALE · NBA
Article 02

The Lakers at 19x: How the Marquee Premium Got Re-Rated

A 19x revenue multiple looks like an outlier next to recent NBA comps. Look closer, and the Lakers transaction is anchoring a new pricing tier the league has been quietly building toward since 2022.

May 26, 2026 · 11 min read
MINORITY STAKE · NFL
Article 01

Arctos × the Bills: The First Real Comp

Eight months after the NFL's PE vote, Buffalo's Arctos transaction did something the louder Dolphins deal couldn't: it gave the institutional pool a small-market reference point.

May 12, 2026 · 9 min read
See all articles
The premise

Why
SportsCapIQ

Buffalo Bills · Implied Franchise ValueIllustrative
201420172020202220242026$8.13B
Source: Sportico, NFL Valuations 2014–2026

Pro sports has become one of the most-discussed asset classes of the past decade. Franchise valuations sit at record highs. Institutional capital is entering ownership for the first time in many leagues. The financial mechanics behind franchise transactions have grown more sophisticated than the public coverage of those deals suggests.

SportsCapIQ was built to track that shift rigorously — applying the analytical lens used in M&A and private equity research to the sports industry. The goal is not breaking news. The goal is structured analysis: sourced data, defensible methodology, and clear writing on what the numbers actually mean.

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