The Emperor's New Franchise: Why Sports Investment Is Starting to Look Like Pets.com

A reckoning is coming in sports investing, and even the biggest dealmakers are finally starting to admit it in private.

After nearly two years leading strategy for a new creator-focused sports platform and spending a great deal of time talking with fund managers, team owners, and league operators, a pattern keeps showing up: there’s far more money chasing “sports exposure” than there are genuinely good sports deals.

One comment, in particular, cut through all my notes: wh…