Private equity's presence in sports is no longer a novelty, and it is no longer confined to marquee professional franchises. In Private Equity and Sports: Navigating the Legal Playbook, Stikeman Elliott's William Brown and Aaron Fransen trace how institutional capital is moving into the ownership, financing, and commercialization of teams and leagues across Canada and North America — from the professional ranks down to minor-league and junior affiliates.
The shift, the authors write, is one from "trophy asset" to institutional asset class. Increased media-rights deals, globalized sponsorship revenue, and geographic expansion have driven franchise valuations sharply higher, while the capital now required to acquire and develop teams increasingly exceeds what individual owners will commit. That gap is drawing private equity funds, family offices, and other patient-capital sources into the sector. Access, however, remains shaped by league governance.
The authors flag Canada as a credible, investable market across multiple tiers, pointing to institutional exposure to Maple Leaf Sports & Entertainment and Rogers' investments, alongside opportunities in sports media, venue and real estate development, data analytics, regulated single-event wagering, and emerging women's professional leagues.
Their bottom line: valuations often depart from conventional PE metrics, scarcity commands a premium, and deals demand creative structuring and long-duration holds. For investors willing to navigate league rules, sport is becoming a permanent fixture in diversified alternative strategies.
Read the full analysis from Stikeman Elliott here.
***
Aaron Fransen is a partner in the Mergers & Acquisitions, Banking & Finance, and Projects & Infrastructure Groups and currently serves on the Students Committee in the Toronto office. His practice focuses on M&A and the project finance of infrastructure and energy projects in the bond and bank markets. Aaron’s diverse clientele includes banks, securities dealers, technology companies, resource companies, media and telecom companies, government entities and private equity firms.
William Brown is an associate in the Corporate Group. His practice focuses on mergers and acquisitions, securities, corporate finance, corporate governance, as well as general corporate and commercial law. Prior to joining Stikeman Elliott as an associate, William worked as a summer and articling student with the firm.