Fenway Sports Group Valuation, Funding & Investors

Rogers Communications is the largest wireless service provider in Canada with more than 11 million subscribers, equating to one-third of the total Canadian market. Rogers' wireless business accounts for more than half of total revenue and has been growing at a higher rate than other segments. The cable segment, which provides about 38% of total revenue after acquiring Shaw, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and major Toronto sports franchises, including the Blue Jays, Maple Leafs, Raptors, Toronto FC, and Argonauts.

Suning Sports is the sports arm of Chinese retail and property conglomerate Suning Holdings Group, headquartered in Nanjing, Jiangsu, and incorporated as Jiangsu Suning Sports Industry Co., a joint venture of Suning Holdings, which owned 90% at the end of 2016, and Suning Appliance Group. It built a business spanning sports media, over-the-top streaming, sports retail and youth training. Its digital platform PP Sports bought Chinese broadcast rights to major football competitions, including the Premier League, La Liga, Serie A, Ligue 1, the Chinese Super League and, from 2018-19, exclusive television and online rights to the Bundesliga for five seasons, along with AFC competitions and WWE, earning revenue from subscriptions and advertising. It opened its first flagship fan store in Nanjing in 2017, planning 152 stores by 2020, and developed grassroots training programmes. Through its Hong Kong subsidiary Suning Sports International, it sits above Great Horizon, the vehicle through which Suning bought a majority stake in Inter Milan in 2016, and the group also owned Chinese Super League club Jiangsu Suning. In July 2018 Suning Sports raised a $600 million Series A led by Goldman Sachs and Alibaba, with Evergrande, Yunfeng Capital, SenseTime, CCB International and others, valuing it at about $2.6 billion. Under financial strain, Suning halted operations at its Chinese football clubs, including champions Jiangsu, in February 2021.

Liberty Media is an American media and motorsport holding company headquartered in Englewood, Colorado, whose shares trade on Nasdaq as Formula One Group tracking stocks. Its main assets are Formula One, which it acquired in January 2017, and MotoGP organiser Dorna Sports, in which it took an 84% stake in July 2025. Both series earn revenue from race promotion fees paid by circuit hosts, media rights sold to broadcasters and streamers, and sponsorship, hospitality and licensing. In 2025 Formula One revenue rose 14% to $3.9 billion with operating income of $632 million, and MotoGP revenue rose 14% to $573 million. The original Liberty Media was spun off from Tele-Communications Inc. in 1991 under John Malone, who is now chairman emeritus; Robert Bennett is chairman and Derek Chang chief executive. The group has repeatedly reshaped itself through tracking stocks and spin-offs, splitting off the Atlanta Braves in 2023, combining its SiriusXM interest into a separate listed company in September 2024 and separating Liberty Live, holder of its Live Nation stake, in December 2025.

Monumental Sports & Entertainment is an American sports and venue management company headquartered in Washington, D.C. It was founded on 10 June 2010 by Ted Leonsis, the former AOL executive who had owned the NHL's Washington Capitals since 1999, after he acquired the NBA's Washington Wizards and merged Lincoln Holdings with Washington Sports & Entertainment. The company owns and operates the Capitals, the Wizards, the WNBA's Washington Mystics, the G League's Capital City Go-Go and the esports team Wizards District Gaming, as well as Capital One Arena, EagleBank Arena, the MedStar Capitals Iceplex practice facility and the regional sports network Monumental Sports Network. Minority shareholders include the Qatar Investment Authority, Jeffrey Skoll, Sheila Johnson, Mark Lerner and Arctos Partners, and CNBC valued the company at $7.84 billion in July 2025. In March 2024, after plans for a $2 billion arena complex in Alexandria, Virginia, were scrapped, Washington mayor Muriel Bowser announced a deal keeping the Capitals and Wizards in the city until 2050. In December 2025 Laurene Powell Jobs sold her stake to Arctos Partners and the Qatar Investment Authority, which increased its holding.

Madison Square Garden Sports Corp. (MSG Sports) is an American professional sports holding company based in New York City that owns the NBA's New York Knicks and the NHL's New York Rangers, together with their development affiliates, the Westchester Knicks of the NBA G League and the Hartford Wolf Pack of the AHL. The business traces back to the Madison Square Garden Corporation, which created the Rangers in 1926 and was a charter member of the NBA with the Knicks in 1946. Cablevision spun off the Knicks, Rangers, Madison Square Garden and MSG Network as an independent public company in 2010; in 2015 its sports and entertainment assets were separated into a new Madison Square Garden Company, which in 2020 was renamed Madison Square Garden Sports Corp. and spun off its entertainment arm as Madison Square Garden Entertainment. MSG Sports earns revenue from ticket sales, local and national media rights, sponsorship, suites and merchandise, and reported revenue of $1.6 billion in 2018 as the predecessor Madison Square Garden Company. James L. Dolan is executive chairman and controls the voting stock.

Dapper Labs is a Vancouver-based consumer technology company and self-described venture studio that builds digital collectibles, games and finance products on the Flow blockchain, which it created. Its best-known product is NBA Top Shot, a marketplace for officially licensed NBA video highlights sold as digital collectibles, which has more than 1.6 million collectors and over US$1.2 billion in cumulative sales. Other products include NFL ALL DAY, Disney Pinnacle, a digital pin collecting and trading app featuring Star Wars, Pixar and Disney characters, CryptoKitties, the 2017 blockchain game from which the company grew, Peak Money, an automated-yield and prize-linked savings app, and the virtual influencer studio Miquela. Dapper Labs earns revenue mainly from primary sales of digital collectibles and fees on marketplace trades, working with sports leagues, players' associations and entertainment brands as licensors. The company was spun out of the design studio Axiom Zen in 2018 under chief executive Roham Gharegozlou. It has raised more than US$600 million from investors including Andreessen Horowitz, Union Square Ventures, Venrock, GV, Samsung NEXT, Coatue, BOND and GIC, and its September 2021 round valued it at US$7.6 billion.

Mango Excellent Media Co Ltd is a China-based company engaged in the provision of E-commerce services through Television, Internet, Catalogs, and other multimedia channels. The company operates three main business segments. The Mango Television Internet Video Business segment delivers content such as variety shows, TV dramas, films, movies, animations, and short videos. The New Media Interactive Entertainment Content Production Business segment covers the creation and operation of dramas, variety programs, and games, alongside artist management, music copyrights, and game development. The Media Retail Business segment focuses on TV shopping, media e-commerce, and overseas-related operations. The company generates maximum revenue from the Mango Television internet video business segment.

Chicago Bears is a professional American football team based in Chicago, Illinois, that plays in the North Division of the National Football Conference of the National Football League. The club was organised by the A. E. Staley starch company as the Decatur Staleys, became a charter member of the league in 1920 under George Halas, moved to Chicago in 1921 and adopted the Bears name in 1922. It has won eight pre-merger NFL championships, most recently in 1963, and Super Bowl XX after the 1985 season. The team has played at Soldier Field since 1971, and its headquarters and training facility are at Halas Hall in Lake Forest, Illinois. The Halas-McCaskey family has controlled the franchise for more than a century; Virginia Halas McCaskey was principal owner from 1983 until her death in February 2025, when her son George McCaskey took over. The Bears earn revenue from NFL national media and sponsorship distributions, ticketing, local sponsorship and merchandise. A sale of a minority stake held by the McKenna family in September 2025 valued the team at $8.9 billion.

BSE Global (Brooklyn Sports & Entertainment) is an American sports and entertainment company in New York City that owns the NBA's Brooklyn Nets, the WNBA's New York Liberty and the Barclays Center arena in Brooklyn, home to both teams. It is controlled by Alibaba co-founder Joe Tsai, who serves as chairman and as governor of the Nets, and his wife Clara Wu Tsai. Tsai first bought a 49% minority stake in the Nets from Russian billionaire Mikhail Prokhorov in 2017 and took full control in 2019 in a deal reported at about $3.5 billion; that same year he bought the Liberty from Madison Square Garden. BSE Global earns revenue from NBA and WNBA media rights, ticketing, premium seating and hospitality, sponsorship and naming rights, and concerts and other events at Barclays Center. In June 2024 Julia Koch, widow of Koch Industries co-owner David Koch, and her three children agreed to buy a passive 15% stake in BSE Global for $688 million in cash through the family's investment vehicle, valuing the company at $6 billion; the Tsais retained full control, and the Koch family received a right of first offer on any future sale of a controlling interest in either team. At the time Forbes valued the Nets at $3.85 billion.

CMC Inc. is a Chinese media and entertainment group founded by Li Ruigang and headquartered in Shanghai, with offices in Beijing and Hong Kong. It was set up as CMC Holdings and adopted its current name when it completed its Series A financing in 2018. The group develops, produces and distributes film, television and live entertainment content and runs businesses across film and television entertainment, interactive entertainment, sports and cultural tourism. Its holdings have included the production company Gravity Pictures, the film distributor CMC Pictures, the animation studio Pearl Studio, formerly Oriental DreamWorks, the studio Shaw Brothers and the cinema chain UME Cinemas. It is behind Chinese versions of television formats such as The Voice. The group earns money from content production and licensing, film distribution, cinema operation and events. Alibaba and Tencent are among its shareholders. It is a separate business from the private equity manager CMC Capital, which Li also founded.

TBS Holdings Inc is a Japanese media and broadcasting holding company that operates television businesses through its subsidiaries. The company operates through three reportable segments: Media & Content Business, Lifestyle Business, and Real Estate & Other Business. The Media & Content Business includes television and radio broadcasting, event planning, video software production, and distribution. The Lifestyle Business handles general merchandise retail, beauty and wellness services, private tutoring, and early childhood education. The Real Estate & Other Business segment involves land and building rentals. It generates the majority of its revenue from the Media & content business segment.

WME is a talent agency headquartered at 9601 Wilshire Boulevard in Beverly Hills, in the Los Angeles area, that represents artists, content creators and talent across film, television, music, theatre, books, digital media, fashion, food, comedy and sports. It negotiates deals for clients, advises them on brand partnerships, production and the use of their intellectual property, and earns commissions on the work it books. Besides its Los Angeles headquarters it has offices in New York, Nashville, Chicago, Washington, Miami, London and Sydney. WME was formed in April 2009 by the merger of the William Morris Agency, whose history the agency dates back more than 125 years, and Endeavor Talent Agency, with Ari Emanuel and Patrick Whitesell as co-chief executives. Silver Lake bought a 31.25% stake for $250 million in 2012, and WME and Silver Lake acquired IMG for $2.4 billion in 2013. In 2017 the parent was renamed Endeavor and WME continued as its talent agency, while agency deals such as Ross Yoon in 2023 extended its literary business. Silver Lake completed its take-private of Endeavor in March 2025, after which the group rebranded as the WME Group.

Las Vegas Raiders is a professional American football team in the National Football League, based in the Las Vegas area of Nevada. The franchise was founded on January 30, 1960 in Oakland as a charter member of the American Football League, played in Los Angeles from 1982 to 1994, returned to Oakland in 1995 and moved to Las Vegas in 2020. It plays at Allegiant Stadium in Paradise, Nevada, a 65,000-seat venue that opened in 2020 at a cost of about $1.9 billion, including $750 million of public funding, and has its headquarters and training facility in Henderson. The Raiders won the 1967 AFL championship and Super Bowls XI, XV and XVIII. Al Davis controlled the team from 1972 until his death in 2011, and his son Mark Davis is the principal owner; in 2024 NFL owners approved the sale of minority stakes to investors including Tom Wagner of Knighthead Capital and Tom Brady. The team earns revenue from the NFL's shared national media contracts, ticketing, premium seating, sponsorship and merchandise; Forbes estimated its 2025-season revenue at $887 million and operating income at $191 million.

Nexstar is the largest television station owner-operator in the United States with over 200 stations in 116 markets, reaching 220 million people. Of its 200 stations, 155 are affiliated with the four national broadcast networks: CBS, Fox, NBC, and ABC. Pending approval, Nexstar’s merger with Tegna would bring Nexstar’s station total to 259 in 133 markets, reaching 80% of the US population. Nexstar also owns NewsNation (formerly WGN), a cable news network, 75% of the fifth national broadcaster, the CW, and a 31% stake in Food Network and Cooking Channel.

New York Giants is a National Football League franchise founded in 1925 by Tim Mara, one of the oldest clubs in the league. The team plays its home games at MetLife Stadium in East Rutherford, New Jersey, which it shares with the New York Jets. The Mara family has owned the club since its founding, and since 1991 control has been shared equally with the Tisch family, which bought half of the team that year. The Giants have won eight league championships, including four Super Bowls. Like other NFL clubs, the team earns most of its revenue from the league's shared national media and licensing income, supplemented by ticket and premium seating sales, sponsorship and merchandise. In 2025 the owners sold a 10% limited partnership stake to Julia Koch and her family.

RTL Group SA is a broadcasting television company with interests in television channels, video-on-demand platforms, and radio stations. The company has three main areas of business: broadcast, streaming, content, and digital. Broadcast includes television and radio; content includes content production and distribution, and digital includes online video and advertisement technology. Business segments include Mediengruppe RTL Deutschland, Groupe M6, Fremantle, RTL Nederland, and Other segments. The company's business units operate in Europe, predominantly in Germany, France, the United States, the UK, and Other regions.

Fanatics Collectibles is a trading card and collectibles company owned by Fanatics, the sports merchandise and commerce group. It was launched in 2021 as Fanatics Trading Cards after winning long-term licences for trading cards from Major League Baseball, the National Basketball Association, the National Football League Players Association and other players' associations. In January 2022 it acquired the trading card business of Topps, which gave it an established brand and production base, and it has since operated under the Fanatics Collectibles name. The company designs, produces and sells physical and digital trading cards, memorabilia and other collectibles to hobby collectors and retailers. Revenue comes mainly from product sales through retail, hobby shops and its own direct-to-consumer channels. Leagues and players' associations were given equity in the company as part of the licensing arrangements.

McLaren Racing is a British motor racing company based at the McLaren Technology Centre in Woking, Surrey, which runs the McLaren Formula One team and the Arrow McLaren IndyCar team. The team was founded in 1963 by New Zealand driver Bruce McLaren, made its Grand Prix debut at the 1966 Monaco Grand Prix and won its first race at the 1968 Belgian Grand Prix. It has since won 205 Grands Prix, 13 Drivers' Championships and 10 Constructors' Championships, including both titles in 2024 and 2025, when Lando Norris became world champion. McLaren was the second constructor after Ferrari to reach 1,000 Grand Prix entries, has raced in IndyCar since 2020 and plans to enter the FIA World Endurance Championship in 2027. The business earns revenue from sponsorship and commercial partnerships, Formula One prize money and licensing, and is led by chief executive Zak Brown and team principal Andrea Stella. In 2025 McLaren Group bought out the minority investors MSP Sports Capital, Ares, O'Connor Capital Solutions and Caspian, leaving Bahrain's Mumtalakat as majority owner and Abu Dhabi's CYVN Holdings as a minority shareholder.