Sports Edge

ReadingWhen a league expands at that valuation, it means ownership believes the next TV deal does the work. The WNBA just telegraphed confidence in broadcast economics, not current P&L.

ReadingA women's team trading at Liberty's value in a major market means ownership premium now accrues to product quality and location, not patronage.

ReadingWhen women's soccer franchises hit half a billion, sponsorship CPMs shift. Adidas and Nike start caring about women's soccer the way they care about MLS.

ReadingWhen a blue-blood program outsources NIL infrastructure to Fanatics, smaller schools cannot afford to wait. They either build their own system or fall behind on recruiting.

ReadingWhen NBA stars build NIL funnels back to their college program, recruiting moves. Texas just told the country that every Longhorn gets Durant-level visibility.

ReadingWhen three different players can all claim $600M contracts, the category stops being exceptional. It becomes the benchmark for elite talent at any position.

ReadingIf a foreign buyer bids, Canadian regulatory approval becomes the real negotiation. If a Canadian buyer wins, it tells you who has that kind of capital.