S.C. Braga Valuation Multiples

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.

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.

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.

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.

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.

Juventus Football Club is an Italian professional football club based in Turin, founded in 1897, that plays in Serie A and is listed on Euronext Milan. It is controlled by the Agnelli family through Exor, which holds 65.4% of the share capital. Tether, the stablecoin issuer, became the second shareholder in 2025 with a holding of more than 10%. Revenues and income for the 2024/25 financial year were EUR 529.6 million, up 34.2% from the previous year, and revenues fell to EUR 474.7 million in 2025/26. The group's income comes from matchday, broadcasting rights, sponsorship and commercial activities, and player trading. Its share capital is EUR 16,731,359.80. A capital increase of up to EUR 250 million was proposed to shareholders in autumn 2026.

Cannae Holdings is an American holding company and principal investor headquartered in Las Vegas, Nevada, and listed on the New York Stock Exchange under the ticker CNNE. William P. Foley II is its vice chairman and Ryan Caswell its chief executive. It takes minority and majority stakes in restaurants, technology-enabled services, financial services and, increasingly, sports and entertainment. Its main holdings include about 42% of Black Knight Football Club, which owns AFC Bournemouth, FC Lorient and a majority of Moreirense, and a 50% stake in the activist hedge fund manager JANA Partners. It also owns a restaurant group made up of 88.5% of Ninety Nine Restaurant & Pub and 65.4% of O'Charley's, along with interests in the flavourings maker Watkins (acquired in 2024) and Alight. In 2025 it sold its Dun & Bradstreet stake to Clearlake Capital for total proceeds of US$630 million and bought back US$323 million of its own stock. Its board has since said it will concentrate the portfolio on sports and entertainment, and in June 2026 its Black Knight Rugby subsidiary acquired English rugby club Exeter Chiefs. It earns returns from equity-accounted investments and consolidated operating revenue, and has about 6,600 employees.

Ollamani SAB is a holding company that operates through its subsidiaries in various businesses, including the Football Business, which is the Company that owns Club America, a professional soccer team with championships in Mexico and considered one of the popular teams. Estadio Azteca is the company that owns and operates the Estadio Azteca. Games and Sweepstakes Business under the PlayCity brand, the company operates eighteen casinos in Mexico with food and beverage service, as well as a website in the one that offers sports betting and casino betting. The Company's operations are classified into three segments: Football Segment, Gaming Segment, and Publishers and Distributors Segment.

Borussia Dortmund GmbH & Co KGaA operates a football club. The company conducts its business through the following segments: Borussia Dortmund GmbH & Co. KGaA operates a football club that includes a professional football squad and leverages revenue potential from player transfers, catering, TV marketing, sponsorship, and ticketing. The BVB Merchandising segment consists of a separate merchandising business. The BVB Event and Catering GmbH segment conducts tours, provides and arranges event staffing services, plans and organizes, caters, and manages events of all types. The Besttravel Dortmund GmbH segment arranges travel by air, rail, and ship. The company earns the majority of its revenues from the Borussia Dortmund GmbH & Co. KGaA segment.

Parken Sport & Entertainment AS is a Denmark based company engaged in the leisure and entertainment industry. The company manages PARKEN soccer stadium and operates the professional soccer club F.C. Kobenhaven. It also hosts rock concerts, car racing, and large conference. Geographically, operations are primarily functioned in the region of Denmark.

Fenerbahce Futbol Anonim Sirketi manages the Fenerbahce Sports Club in Turkey. The facilities provided by the sports club includes The Stadium, The Social Venue, The Training Complex, The Sports Hall, and The Swimming Pool among others.

Eagle Football Group is a French listed holding company based in Lyon that owns and manages the Olympique Lyonnais men's football club and its stadium, the Parc Olympique Lyonnais, now called Groupama Stadium. It was created on 1 February 1999 as OL Groupe by club owner Jean-Michel Aulas with Pathé as a 34% investor, and in February 2007 became the first French football club to list on the Paris stock exchange, raising €89 million toward the stadium, which opened in January 2016 at a cost of €405 million. In June 2022 John Textor's Eagle Football Holdings agreed to buy the stakes of Aulas's Holnest, Pathé and IDG Capital, and the company adopted the Eagle Football Group name in March 2024; it is now being renamed back to OL Groupe. Revenue comes from ticketing, domestic and European media rights, partnerships and advertising, brand and merchandising income, events and player trading. For the year to 30 June 2025 total revenue was €273.8 million, including €111.6 million from player sales, down from €361.3 million a year earlier. On 30 June 2025 Michele Kang, a director since 2023, became chairwoman and chief executive after Textor resigned, and €87 million of shareholder funding plus €30 million of bank guarantees kept the club in Ligue 1 on appeal.

Sporting Clube de Portugal-Futebol is a football club playing in Portugal. The company is engaged in participation in professional football competitions, promotions and organization of sports events and activities related to football.

Celtic PLC through its subsidiary is engaged in the operation of a professional football club. Business activity of the company includes Football and Stadium Operations, Merchandising, and Multimedia and Other Commercial Activities. The group operates only in the United Kingdom and the majority of revenue for the company is generated from Football and Stadium Operations.

ZO Future Group is an investment holding company principally engaged in the operation of the football club in the United Kingdom. The activity of the company includes offering season and match day tickets, television broadcasting, and local media businesses. Its segments are the operation of a professional football club; new energy automobiles and related business; Investment in properties; and healthcare business. The company's activity functions in the United Kingdom and it generates revenue through corporate hospitality income, merchandising income, sponsorship income, and conference income. The company generates the majority of its revenue from the operation of a professional football club in the UK.

Galatasaray Sportif Sinai Veticari Yatirimlar AS is a Turkey-based company engages in the promotion of Galatasaray professional football team. Its activities include sponsorship, production of licensed goods, advertising, public relations and media.

S.L. Benfica is the listed football company of Sport Lisboa e Benfica, the Lisbon club founded on 28 February 1904, and runs its professional men's team in Portugal's Primeira Liga. Sport Lisboa e Benfica – Futebol, SAD was created on 10 February 2000 to handle the team's competitions, player development, television and image rights and use of the Benfica brand, and its shares entered the PSI-20 index in May 2007. The club controls the SAD, holding 63.65% of its capital directly and through Benfica SGPS as of September 2021, and in May 2025 US-based Lenore Sports Partners bought a 5.24% minority stake. Home matches are played at the Estádio da Luz, opened in 2003. Revenue comes from broadcasting rights, sponsorship, ticketing, merchandise and player transfers: the SAD reported revenue of €206.2 million and profit of €20.6 million in September 2018, a 2015 agreement sold its home-match TV rights and Benfica TV distribution to NOS for €40 million a season, and it earned €617 million from player sales between 2010-11 and June 2017. Benfica has won a record 38 Primeira Liga titles and 26 Taças de Portugal plus the European Cup in 1961 and 1962, and it reached 400,000 club members in February 2025.

AFC Ajax NV operates a football club. It also owns and operates a football stadium. The company through its online shop offers items such as football kits and training items. It derives revenue from selling television and merchandising rights and advertising.

Enhanced Group Inc develops and sells sports and performance-related products intended for use by athletes and consumers. Its offerings focus on products associated with physical performance, health, and recovery. Its two principal offerings include: (i) the Enhanced Games, a live, multi-sport competition platform designed to showcase both "Enhanced" and "Non-Enhanced" athletes pursuing world-record performances under medically supervised conditions; and (ii) Live Enhanced, a direct-to-consumer digital and clinician-guided wellness platform offering evidence-based protocols, supplements, and coaching for consumers seeking to improve health, longevity, and well-being. The majority of the company's revenue is derived from products associated with physical performance, health, and recovery.

Seoul Broadcasting System Co Ltd is a Korea based radio and television broadcasting company. Its broadcasting areas include drama, entertainment, culture, news, and sports.

S.S. Lazio is an Italian professional football club based in Rome, founded in 1900 as Societa Podistica Lazio, and its shares are listed on Euronext Milan. The club plays in Serie A at the Stadio Olimpico, which it shares with Roma. It won the Serie A title in 1974 and 2000, the Coppa Italia seven times, the Supercoppa Italiana five times, and the UEFA Cup Winners' Cup and UEFA Super Cup once each. Claudio Lotito has been president since 2004, and the controlling shareholder is Lazio Events. In 2025 the group reported revenues of about EUR 122.4 million.

Trabzonspor Sportif Yatirim Ve Futbol Isletmeciligi Ticaret AS is a Turkey-based company that facilitates the live broadcasting, sponsorship, advertising and marketing agreements of Trabzonspor Football Club.

Besiktas Futbol Yatirimlari Sanayi Ve Ticaret AS owns and operates soccer club in Turkey. The various teams of the company include Football Home, Basketball Home, Handball Home, and Volleyball Home among others.

Renaissance Inc is mainly engaged in the operation of sports clubs in Japan. Its business activities include fitness club, swimming school, tennis school, golf school, health promotion business at local governments and enterprises, nursing care rehabilitation business, other related business.

Brisbane Broncos Ltd operates in the sport and entertainment businesses, gaming monitoring, and ancillary services businesses. The principal activities of the company are the management and operation of the Brisbane Broncos Rugby League Football teams, a National Rugby League competition participant. It generates revenue from sponsorship sales, merchandise sales, royalties, membership, and others. Geographically, the group operates in Australia only.

AGF AS through its subsidiaries is engaged in professional sports activities. The Company is active in two business segments namely AGF Football which includes the operation of AGF's football team, youth team and Esport; Ceres Park and Arena which includes the operation of the Ceres Park and Arena sports and event facility.

SA de Deportes Club de Golf Santiago is engaged in the leisure and recreational industry. The Company's main activities are promotion of sports and the operation of Club de Golf los Leones, a private golf club located in Santiago. Its activities include fitness center, restaurants, nursery school.

Futebol Clube do Porto - Futebol, SAD (FC Porto SAD) is the Portuguese public company that owns and runs the professional football team of FC Porto, based in Porto. It was incorporated on 30 July 1997 and has been listed on Euronext Lisbon since 1 June 1998, with the members' club Futebol Clube do Porto, founded in 1893, as its controlling shareholder; it employs about 626 people. The team plays in the Primeira Liga at the 50,033-seat Estádio do Dragão, opened in 2003, and FC Porto is Portugal's most successful club with 88 major trophies, including 31 league titles, two European Cup/Champions League wins (1987 and 2004) and two UEFA Cup/Europa League wins (2003 and 2011); it won the 2025-26 Primeira Liga. The company earns from broadcasting rights, player transfers, sponsorship, ticketing and UEFA competition prize money. André Villas-Boas became club president in 2024. In 2024 the SAD sold 30% of the economic rights to the Estádio do Dragão's commercial revenues for 25 years to Spanish investor Ithaka Investments Europe for EUR 65 million, and its auditor has raised going-concern doubts.

Bali United is an Indonesian professional football club based in Gianyar, Bali, owned through the listed company PT Bali Bintang Sejahtera Tbk. The club was founded on 15 February 2015 when businessman Pieter Tanuri bought Putra Samarinda from Harbiansyah Hanafiah, moved it to Bali and rebranded it, citing the lack of a Balinese club in the top flight after Bali Devata folded. It plays in the Super League, the top tier of Indonesian football, at the 18,000-capacity Kapten I Wayan Dipta Stadium, and runs its own training centre and youth academy. Bali United won its first Liga 1 title in 2019 under coach Stefano Cugurra, clinching it on 2 December with a record points margin, and a second in 2021-22, and it has played in the AFC Champions League and AFC Cup. In June 2019 it became the first professional football club in Indonesia and South-East Asia to list on a stock exchange, floating shares of PT Bali Bintang Sejahtera on the Indonesia Stock Exchange under the ticker BOLA; Tanuri is chairman, and about a third of the shares are held by the public. The company earns revenue from sponsorship, broadcasting, ticketing and merchandise, and in 2022 it invested in the streaming platform Vidio.

Brøndby IF (Brøndbyernes Idrætsforening; the listed company is Brøndbyernes IF Fodbold A/S) is a Danish professional football club based in Brøndbyvester, in the Copenhagen suburb of Brøndby, that plays in the Danish Superliga. The club was founded on December 3, 1964, through the merger of Brøndbyøster IF and Brøndbyvester IF, turned professional in the late 1970s and has played its home matches at the 28,000-capacity Brøndby Stadium since the start. Brøndby is one of Denmark's most successful clubs, with 11 Danish championships, most recently in 2020-21, seven Danish Cups, two League Cups and the 2006-07 Royal League, and it developed players such as Brian and Michael Laudrup. Its shares are traded on the Copenhagen stock exchange. In August 2022 chairman Jan Bech Andersen sold more than half of his shares to Global Football Holdings, an American sports investment company owned by David Blitzer, which now holds 50.1% of the company while Andersen keeps about 10% and remains chairman. The club earns revenue from broadcasting and European competition prize money, sponsorship, ticketing, player transfers and merchandise. Steve Cooper was appointed head coach in September 2025.

Club de Polo y Equitacion SA POLO is engaged in the operation and management of the sports club, focusing mainly on polo, golf, tennis, horseback riding and soccer. Its activities are restricted for their members and guests. Its objective is to acquire real estate for sports activities, to build and install in them especially polo fields, diving courts, riding schools, stables, courtsof golf, tennis courts.

Highlight Communications AG is a Switzerland-based financial holding company. The company is a film production and license company in German-speaking countries. Its combined operating segments include Film, Sports, and Sports-and Event-Marketing. In the Film segment, the company along with its subsidiaries is a producer and distributor of cinema, video, and TV films. In addition to owning and co-producing, it acquires the exploitation rights to third-party productions. The sports segment mainly comprises activities in the TV and digital areas with the umbrella brand SPORT1 and in the area of production, content solutions services, and content marketing with PLAZAMEDIA. In the Sports- and Event-Marketing segment, the company is engaged in the marketing of international events.

Grand Prix International PCL is engaged in providing space for motor shows, exhibitions, and automotive-related products and marketing promotion services, Advertising media in printing, television, and website, Production and distribution of books, Printing services, and Others. The business operation of the company is divided into segments, namely Activities Services, Media & Publishing, Printing Services, and the Other segment. The company derives a majority of its revenue from the Activities Services segment.

Nomadar Corp operates at the intersection of sports and technology, focusing on high-performance training programs and cultural exchange. The company aims to connect athletes, coaches, and fans through innovative technological solutions, enhancing sports development beyond physical borders. It offers services like the High Performance Training (HPT) program and promotes the legacy of iconic athletes.

Crisp Momentum is an American public company, quoted over the counter under the ticker CRSF and headquartered at 230 Park Avenue in New York, that produces and distributes short-form scripted video. The Delaware corporation was incorporated in 1986 and originally sold an automated luminometer and reagent system for detecting microbiological contamination, later operating as IMSCO Technologies. It pivoted into blockchain and digital assets in 2021, renamed itself Descrypto Holdings at the end of 2021 and became OpenLocker Holdings in December 2022, with OpenLocker, Inc. as its operating subsidiary. In July 2025 it agreed to buy Crisp Momentum Inc. from Luxembourg-based Digital Knight S.à r.l. for 35.6 million shares, and on 28 August 2025 it took the Crisp Momentum name. Crisp is an IP monetisation business inspired by China's Duanju microdrama format, producing vertical, mobile-first series across genres from romantic drama to animation. It aims to earn from subscriptions, advertising, brand integrations, merchandise, licensing to other platforms and premium content, and it is led by chief executive Renger van den Heuvel. The company reported a net loss of $8.1 million for the year to July 2025, mainly from asset impairments, and had no full-time employees in January 2026.

Valparaiso Sporting Club SA is engaged in the business of racing purebred horses, which it directly manages. Through its subsidiaries, it also provides care for racehorses and is responsible for televising this show horse. It also conducts concerts, business events, social events, and regional and national-level events.

Sociedad Hipodromo Chile SA is predominantly engaged in organizing horse races and horse race betting. It is also involved in the promotion of the horse breed and the breeding, sale, and importation of fine-blooded racehorses. In addition, it develops appropriate centers for horse training and organizes various events such as exhibitions, races, and contests.

Azul Azul SA owns the Universidad de Chile soccer club. It organizes, produces, markets, and participates in professional activities of entertainment and recreation sporting. It also provides counseling services, support, equipment, and event management services. It has three segments; Bordero Collection, Advertising Revenue, and Other Revenue. The Bordero Collection segment is related to the income associated with the collections of the matches played by the Club in National Tournaments, International Tournaments, and Friendly Matches, and the Advertising segment which generates maximum revenue is related to income from stadium advertising, sponsorship, and merchandising.

Glad Cube Inc operates in the following reportable segments: Marketing DX Business, and Technology Business. The majority of its revenue is generated from the Marketing DX Business, which is a proposal-based operation of all kinds of internet advertising, including listing ads, DSP ads, and SNS ads. In addition, it is involved in content creation for use and videos, website analysis using its own SiTest, access analysis, site creation, and consulting, and offers clients comprehensive digital marketing strategies through routing. The Technology business includes in-house developed media operations for SPAIA, AI-based predictions for professional baseball games, and super player names. It also provides customers with contract development services such as system and application development.

Sportfran SA SPORTFRAN provides real estate services.

Club Hipico de Santiago SA owns and operates horse racetracks. It also engages in organizing horse racing betting, and other businesses. The company's operating segments are; Betting, Veterinary clinic segment, Weddings and events, and Others. A majority of its revenue is generated from the Betting segment which represents income generated from the sale of bets according to the agreement between the racetracks. The Veterinary clinic segment is related to the care of fine blood horses in the Veterinary Clinic, and the Weddings and events segment represents income generated from renting halls for weddings and other events.

Blanco & Negro SA is engaged in the organizing, producing, marketing and participates in shows and activities such as recreational and entertainment professionals of sporting and recreational nature, and among others. It operates as a club with the object of entertainment and relaxation with the sport & recreational character.

Cruzados SADP act as a professional soccer. It organizes, produces, markets and participates in sports professional activities, related to football. It has two segments such as Collection and Commercial.

MMA Inc develops technology solutions for the martial arts and combat sports sector. Its platform is designed to support gyms and related businesses by improving areas such as sales channels, customer onboarding, and member engagement. The platform also connects participants, gyms, and communities within the sector, enabling digital management and interaction.

Aalborg Boldspilklub AS is a Denamrk-based firm which is engaged in entertainment and sports activities, Its operations include the organization and operation of sports such as football, ice hockey, rental of function rooms and lounges for conferences & leases out facilities as sports hotels.