Sports investing has emerged as one of the fastest growing markets in private equity—a new playing field for investors, athletes, and owners. Simultaneously, NIL rights for college athletes and shifts to streaming services are becoming the new normal, challenging athletes and business to match pace. With the continued evolution of sports, the landscape is increasingly shaped by participation from asset managers and asset owners. How are these changes reshaping the future of franchises, media rights values, and long-term careers for athletes? Where are investors looking to make an impact? How are sports owners changing the game?