PSG Acquisition & Valuation

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.

City Football Group is a Manchester-headquartered holding company owning professional football clubs including Manchester City in the English Premier League, New York City FC in Major League Soccer, Melbourne City in the Australian A-League, and Girona FC in Spain's La Liga. The group oversees women's teams, youth academies, and scouting networks in Abu Dhabi, Shanghai, and Montevideo. All clubs utilize standardized training methodologies at City Football Academies, with the original facility in Manchester serving as the blueprint for sustainable design and community integration. City Football Group also manages sports science, analytics, and media production arms supporting global operations.

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.

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.

FC Bayern München is a German professional football club based in Munich and the most successful club in German football. Founded in 1900, it plays its home matches at the Allianz Arena, which opened in 2005, and has won the Bundesliga more than thirty times and the European Cup or Champions League six times. Since February 2002 its professional and youth football operations have been run by FC Bayern München AG, a non-listed company in which the member association FC Bayern München e.V. holds 75% and the strategic partners adidas, Audi and Allianz each hold 8.33%. The company earns money from media rights for domestic and European competitions, sponsorship and advertising, match-day ticketing and hospitality, and merchandising and licensing, and it also operates the Allianz Arena through wholly owned subsidiaries. FC Bayern München AG reported group revenue of more than EUR 1 billion for the 2023-24 financial year, which runs from July to June. The club is known for its low net debt and a long record of annual profits.

Sportradar is a Swiss sports technology company headquartered in St. Gallen that supplies sports data, content and related services to bookmakers, media companies and sports organizations. Through its Betradar brand it provides bookmakers with sports data, odds suggestions, managed trading services and streaming, and it also sells integrity services that monitor betting markets for match-fixing, audiovisual distribution, OTT streaming and digital advertising services. Its partners include the NFL, NBA, NHL, NASCAR and the International Tennis Federation, and its customers include hundreds of bookmakers and state lotteries such as Veikkaus, Svenska Spel and Norsk Tipping. It earns subscription and revenue-share income, and reported revenue of 1.29 billion euros and net income of 100 million euros for 2025, with about 3,900 employees in 29 offices across 20 countries. The business began in 2001 in Trondheim, Norway, as Market Monitor AS, founded by Petter Fornæss and Tore Steinkjer to extract betting odds from online bookmakers, with Carsten Koerl, now group chief executive, buying 51%. EQT invested in 2012, and Michael Jordan and Mark Cuban came in through a Revolution-led investment in 2015. Sportradar listed on Nasdaq (SRAD) on 14 September 2021 at a valuation of about $8 billion.

Harris Blitzer Sports & Entertainment (HBSE) is an American sports and venue management company headquartered in Camden, New Jersey. It owns and operates the NBA's Philadelphia 76ers and the NHL's New Jersey Devils with their minor league affiliates, the Delaware Blue Coats and the Utica Comets, and holds a Philadelphia WNBA franchise due to begin play in 2030. It also runs Newark's Prudential Center through subsidiary Devils Arena Entertainment and the Loew's Jersey Theatre, manages non-NFL events at Northwest Stadium, and has HBSE Ventures, HBSE Real Estate and a minority stake in NASCAR team Joe Gibbs Racing. Its revenue comes from ticketing, media rights, sponsorship and events. HBSE was formed on 25 September 2017 by Apollo co-founder Josh Harris and Blackstone executive David Blitzer, whose groups had bought the 76ers in 2011 and the Devils with Prudential Center operating rights in 2013. CNBC valued the company at $14.6 billion in July 2025. Tad Brown, formerly chief executive of the Houston Rockets, has led HBSE since 2021, and in January 2025 it dropped its planned 76 Place arena in favour of a new arena in South Philadelphia with Comcast Spectacor.

Los Angeles Chargers is a National Football League franchise based in the Los Angeles area. The team was founded in 1960 as a charter member of the American Football League, moved to San Diego in 1961 and returned to Los Angeles in 2017. The Spanos family has controlled the club since the 1980s, with Dean Spanos serving as controlling owner and chairman of the board, and the family holds about 61% of the team. Since 2020 the Chargers have played at SoFi Stadium in Inglewood, California. Detroit Pistons owner Tom Gores bought a 27% stake in the franchise in 2024. The team earns revenue principally from the NFL's shared national media and licensing income, plus ticket, premium seating and local sponsorship sales.

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.

Manchester United PLC operates as a professional football club with related activities, generating revenue prominently through commercial, broadcasting, and matchday segments. The commercial segment monetizes the various brands via sponsorships, retail, merchandising, apparel, and product licensing. Broadcasting revenue comes from television rights linked to football leagues and competitions, alongside content delivered through its dedicated TV channel all over the globe. Matchday income includes ticket sales, hospitality, merchandise, and services at its stadium. Manchester United is based in England. The company’s operations and fan base extends to many countries, supporting a diversified revenue model based on brand engagement and football-related content.

The San Diego Padres are a Major League Baseball team based in San Diego, California, that competes in the National League West Division and plays its home games at Petco Park in downtown San Diego, its ballpark since 2004. The club was founded in 1969 as an expansion franchise and took its name from the Pacific Coast League team that had played in the city since 1936; the name honours the Franciscan friars who founded Mission San Diego de Alcalá. The Padres have won two National League pennants, in 1984 and 1998, losing the World Series both times, and have five division titles and five wild-card berths since 2020. The team earns revenue from ticket sales, local and national media rights, sponsorships and merchandise. Past owners include McDonald's founder Ray Kroc and his widow Joan Kroc, and Peter Seidler led the club from 2012 until his death in November 2023, after which his brother John Seidler became control person. In May 2026 the Seidler family agreed to sell control of the team to an investor group led by Clearlake Capital co-founder José E. Feliciano and his wife Kwanza Jones at a reported MLB-record valuation of $3.9 billion, and MLB owners unanimously approved the sale on August 17, 2026, with Feliciano as control person.

The Indiana Pacers is a professional basketball team in the National Basketball Association (NBA), based in Indianapolis, Indiana. The franchise was founded in 1967 as a member of the American Basketball Association, where it won three championships, and joined the NBA in the 1976 merger. Shopping-mall developers Herb and Mel Simon bought the team in 1983, and the Simon family still controls it through Pacers Sports & Entertainment, which also owns the WNBA's Indiana Fever and operates Gainbridge Fieldhouse. The Pacers reached the NBA Finals in 2000 and 2025. The club earns revenue from tickets and premium seating, sponsorship, local and national media rights and merchandise. In 2023 Danaher co-founder Steven Rales agreed to raise his minority holding in the team to 20%.

Six Nations Rugby Ltd. is the Dublin-based organising body for international rugby union's Six Nations Championships, owned by the rugby unions of England, France, Ireland, Italy, Scotland and Wales together with CVC Capital Partners. It runs the men's Six Nations Championship, branded Guinness M6N, the women's and under-20s championships and the Autumn International series, and centrally negotiates and manages their commercial rights. The men's tournament traces back to the Home Nations Championship of 1883, became the Five Nations when France joined in 1910 and the Six Nations when Italy joined in 2000; it is played each year from February to March, with each team meeting every other once. Revenue comes from broadcast rights, sponsorship, such as the Guinness title partnership, and other commercial rights, which are distributed to the six unions. In March 2021 Six Nations Rugby agreed a long-term strategic partnership in which CVC Fund VII invests up to £365 million, paid to the unions over five years, for a one-seventh share, while the unions keep six-sevenths, sole responsibility for sporting matters and majority control of commercial decisions. The partnership funds growth of the tournaments, brands, data and technology capabilities.

Atlanta Braves Holdings Inc is a holding company. It operates through its wholly-owned subsidiary, which is the owner and operator of the Atlanta Braves Major League Baseball Club and the mixed-use real estate development, The Battery Atlanta, and is the operator of the Atlanta Braves Major League Baseball Club’s stadium, Truist Park. The company predominantly derives revenue related to the Braves baseball franchise and Truist Park from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources. The company's reportable segments include: Baseball which generates key revenue, and Mixed-Use Development.

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.

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.

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.