Hertha Berlin Acquisition, Valuation, Funding & Investors

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.

TWG Global is an American holding company headquartered in New York City and Chicago, led by Guggenheim Partners co-founder and chief executive Mark Walter and investor Thomas Tull. Walter founded it as the vehicle for his investments across financial services, insurance, artificial intelligence, sports and entertainment, energy and merchant banking, and owned 21% of it as of November 2024; Tull joined as co-chairman in 2025 after running the AI-focused holding group Tulco. Its financial-services arm, Delaware Life Holdings, includes Group 1001 Insurance and Guggenheim Partners, and in April 2025 TWG bought a 5% stake in Mubadala Capital while Mubadala committed a $10 billion syndicated investment to TWG. In AI it partnered with Palantir Technologies in March 2025 to build commercial tools for financial-services companies, and xAI joined that partnership in May 2025. In November 2024 it took full ownership of Andretti Global, and its TWG Motorsports unit now runs the Cadillac Formula 1 team with General Motors along with NASCAR's Spire Motorsports and IMSA's Wayne Taylor Racing. Walter's sports holdings also include the Los Angeles Dodgers, bought in 2012 for $2.15 billion, and a majority of the Los Angeles Lakers, acquired in 2025 at a $10 billion valuation.

LaLiga is the Spanish professional football league association, legally the Liga Nacional de Fútbol Profesional, headquartered in Madrid, which runs Spain's two professional divisions. Formed on 27 July 1984, it groups 42 member clubs: 20 in the Primera División, branded LALIGA EA SPORTS, and 22 in the Segunda División, branded LALIGA HYPERMOTION. It centrally sells the competitions' audiovisual rights, with Movistar+ and DAZN holding broadcasting rights until 2032, and sells title and commercial sponsorship on behalf of its member clubs. Javier Tebas has chaired the organisation since 2013, and the league changed its title sponsor from Banco Santander to EA Sports from the 2023-24 season. In August 2021 its executive committee approved Boost LaLiga, a deal with CVC Capital Partners to fund technology, international growth and club investment. In December 2021, after 37 of 42 clubs approved it, LaLiga and CVC Fund VIII signed the agreement under which the league and clubs receive a total of €1.994 billion, with LaLiga valued at €24.25 billion by Rothschild & Co and Duff & Phelps.

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.

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.

TKO Group Holdings Inc is a sports and sports entertainment company that operates combat sports and sports entertainment companies. It owns and manages valuable sports and entertainment intellectual property. The company distributes content and monetizes its intellectual property through four activities: Media rights, production, and content, Live events and hospitality, Partnerships and marketing and Consumer products licensing, The company has two reportable segments, UFC and WWE. The company generates majority of revenue from the UFC segment. The UFC segment revenue consists of media rights fees associated with the distribution of its programming content, ticket sales, and site fees associated with the business's international live events.

LFP Media is the commercial subsidiary of France's Ligue de Football Professionnel (LFP), based in Paris, which holds and exploits the media and marketing rights of Ligue 1 and Ligue 2. It sells domestic and international broadcasting rights, sponsorship and licensing for the two professional divisions and passes the proceeds to the member clubs through the league. After DAZN ended its five-year domestic Ligue 1 rights contract after a single season in 2025, LFP Media launched its own direct-to-consumer streaming channel, Ligue 1+, in August 2025 at EUR 14.99 a month with a 12-month commitment, and the service passed one million subscribers. The company was created in 2022, when CVC Capital Partners' Fund VIII invested EUR 1.5 billion for a 13% stake, valuing its share capital at EUR 11.5 billion, while the LFP kept the remaining 87%. Former M6 chief Nicolas de Tavernost led LFP Media through the Ligue 1+ launch and resigned in February 2026. CVC funded about half of its commitment with debt and in February 2026 cut the value of its EUR 750 million equity contribution to about EUR 200 million, while the French Football Federation has proposed a new club-owned company, with CVC as a shareholder, to take over the running and marketing of the professional competitions.

PGA TOUR Enterprises is a for-profit commercial company created by the PGA TOUR to hold and develop the tour's commercial businesses. It was launched in January 2024 and is controlled by the PGA TOUR, the non-profit membership organisation that runs the main professional men's golf tour in the United States, with Strategic Sports Group, a consortium of American sports team owners led by Fenway Sports Group, as a minority investor. The company is responsible for the tour's commercial activities, including media rights, sponsorship, tournament and fan-engagement businesses, and new media and commercial opportunities. It earns revenue mainly from the sale of television and streaming rights and from sponsorship and licensing tied to PGA TOUR events. A player equity program gives nearly 200 PGA TOUR members equity grants in the business. Its 13-member board combines PGA TOUR player directors, PGA TOUR executives and four directors appointed by Strategic Sports Group. The company is based at the PGA TOUR's headquarters in Ponte Vedra Beach, Florida.

Yankee Global Enterprises is a New York holding company, controlled by the family of George Steinbrenner, that owns the New York Yankees baseball team through the New York Yankees Partnership. It was formed in 1999 as YankeeNets through a combination of the Yankees and the New Jersey Nets, and took its present name in 2004. The company holds a plurality stake in the YES Network, which broadcasts the Yankees, a stake in the stadium hospitality group Legends, and minority stakes in the soccer clubs New York City FC and AC Milan. It also operates Yankee Stadium. Hal Steinbrenner is chairman and chief executive.

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.

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.

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.

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.

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.

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.

Fenway Sports Group is a Boston-based sports holding company that owns professional teams, stadiums and sports media assets in the United States and England. It was formed in 2001 as New England Sports Ventures by John W. Henry and Tom Werner, together with Les Otten and The New York Times Company, bought the Boston Red Sox and Fenway Park in 2002 and took its current name in March 2011. In October 2010 it acquired Premier League club Liverpool FC and its Anfield stadium. The group also owns 80% of the New England Sports Network (NESN), a 50% stake in NASCAR team RFK Racing bought in 2007, the TGL golf team Boston Common Golf and the Red Sox spring-training complex in Fort Myers, Florida. It became majority owner of the NHL's Pittsburgh Penguins on December 31, 2021 and in December 2025 agreed to sell the franchise to the Hoffmann family for about $1.7 billion. FSG earns revenue from ticketing, media rights, sponsorship and merchandise across these properties. Outside partners include RedBird Capital Partners, which invested $750 million in 2021, the partnership of LeBron James and Maverick Carter, and Arctos Partners; Henry is principal owner with an estimated 40% stake and Werner is chairman.

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.

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.