Dynasty Equity Joins Seahawks Deal as Cornwell Rebuts PE Backlash

How K. Don Cornwell’s Private Equity Firm Is Changing the NFL | The Deal — Bloomberg Originals

Bloomberg Originals

Institutional capital expands franchise valuations by financing tech and stadium upgrades while leaving operational control with team owners, allowing clubs to monetize premium assets without pricing out core fans.

AI-assisted summary of How K. Don Cornwell’s Private Equity Firm Is Changing the NFL | The Deal — original source. Check the original for full context.

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Key ideas

  • Dynasty Equity, co-founded by Don Cornwell and Jonathan Nelson, is bringing disciplined institutional private equity to sports assets as the sector transitions from vanity hobby to mainstream institutional asset class. (0:30)
  • Dynasty backed TMRW Sports parent company rather than a single golf franchise, enabling exposure to platform-level economics and an expanding multi-sport footprint including pro flag football with the NFL. (6:54)
  • Dynasty invested alongside Vinod Khosla in the $9.5 billion acquisition of the Seattle Seahawks, under the NFL rule capping private equity stakes at 10% per franchise. (15:24)
  • Cornwell rejects claims that private equity harms team culture, noting league rules prohibit institutional control and arguing modern monetization protects fans from steep ticket hikes. (17:51)

Detailed notes

## Background Published on YouTube by Bloomberg Originals on October 15, 2026, this episode of 'The Deal' features hosts Jason Kelly and Alex Rodriguez interviewing Don Cornwell, co-founder and CEO of Dynasty Equity. The program explores how Cornwell transitioned sports investing from a billionaire vanity hobby into a disciplined institutional asset class, detailing Dynasty's investments in the Seattle Seahawks and TMRW Sports.

## TL;DR Don Cornwell breaks down the economic forces fueling private equity's rapid expansion into professional sports, driven by streaming competition, digital fatigue, and the enduring premium of live gathering. He details Dynasty Equity's strategic investments, including backing TMRW Sports' league-level platform across golf and flag football, as well as partnering alongside Vinod Khosla in the $9.5 billion acquisition of the Seattle Seahawks. Cornwell dispels common misconceptions by clarifying that institutional investors take strictly passive minority positions that fund venue renovations and long-term infrastructure rather than usurping team operations. Addressing concerns about everyday fans being priced out, he emphasizes that sports franchises operate as public trusts, where modern monetization of premium hospitality and corporate sponsorships should subsidize accessible, affordable access for the broader community.

## Atmosphere & style The interview feels like an insider boardroom briefing between elite industry peers, balancing high-finance rigor with authentic sports enthusiasm. Alex Rodriguez's perspective as an active franchise owner creates a natural, collegial rhythm with Cornwell, fostering candid discussions about power brokers like Roger Goodell, Jonathan Nelson, and Steve Cohen. The tone shifts seamlessly from analytical deconstructions of cap tables and P&L inflections to grounded, socially conscious reflections on community access and childhood memories of attending games. It offers viewers a sophisticated, behind-the-scenes glimpse into the mechanics of multi-billion-dollar sports transactions.

## Bulletin - [00:30](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=30s) Dynasty Equity, co-founded by Don Cornwell and Jonathan Nelson, is bringing disciplined institutional private equity to sports assets as the sector transitions from vanity hobby to mainstream institutional asset class. - [06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) Dynasty backed TMRW Sports parent company rather than a single golf franchise, enabling exposure to platform-level economics and an expanding multi-sport footprint including pro flag football with the NFL. - [15:24](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=924s) Dynasty invested alongside Vinod Khosla in the $9.5 billion acquisition of the Seattle Seahawks, under the NFL rule capping private equity stakes at 10% per franchise. - [17:51](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1071s) Cornwell rejects claims that private equity harms team culture, noting league rules prohibit institutional control and arguing modern monetization protects fans from steep ticket hikes.

## Key takeaways - [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) Sports franchises operate fundamentally as community assets and public trusts that must maintain strong grassroots connections with everyday local fans. - [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) Private equity's entry into sports does not usurp operational control from principal owners, serving instead as growth capital for infrastructure and long-term expansion. - [02:38](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=158s) The proliferation of digital tech and AI has counterintuitively amplified consumer demand for authentic, in-person live sports gatherings. - [02:38](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=158s) Institutional validation from blue-chip firms like Ares, Apollo, and KKR helped reclassify sports from billionaire vanity assets into a legitimate, investable asset class. - [05:13](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=313s) Dynasty combines Cornwell's deep sports advisory network with Jonathan Nelson's decades of private equity deal structure pattern recognition and global access. - [06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) Underwriting ventures partnered directly with established leagues like the PGA Tour and NFL significantly mitigates operational execution risk compared to unauthorized upstarts. - [10:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=600s) The NFL leveraged flag football's low barrier to entry to secure its inclusion in the 2028 Los Angeles Olympics and partnered with TMRW Sports to professionalize the sport. - [12:01](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=721s) TMRW Sports captures rare league-level economics and limits capital intensity by utilizing a single $75 million tech-focused venue rather than constructing multiple full-scale stadiums. - [13:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=794s) Evaluating major league sports investments begins with underwriting central league leadership, which dictates up to 75% of top-line economics via broadcast rights and labor agreements. - [13:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=794s) Dynasty targets passive minority team investments poised for specific P&L inflections, such as overdue stadium upgrades and modernized fan engagement. - [15:24](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=924s) Partnering with Vinod Khosla on the Seattle Seahawks brings venture-capital and AI expertise to optimize local ticketing, sponsorship structures, and fan experiences. - [20:22](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1222s) The presence of institutional private equity serves as a secondary market liquidity backstop, providing confidence to high-net-worth families deploying capital into franchises. - [21:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1280s) Diversified commercial growth in corporate sponsorships and high-end hospitality enables teams to grow revenue without pricing out general-admission supporters.

## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) Private Equity, Team Control, and the Role of the Community

Don Cornwell emphasizes the deep emotional tie between iconic sports franchises and the cities they call home, noting that maintaining a focus on the broader public is essential for any sports organization:

> “I always say the New York Knicks are as popular as they are because the kids in the boroughs love the Knicks, right? And so it is important for these teams to make sure that they don't forget about the broader community.”

Addressing the public skepticism surrounding institutional investment entering the sports industry, Cornwell pushes back against claims that outside financiers are ruining or hijacking teams. He finds the social media backlash slightly amusing, clarifying that institutional firms do not usurp operational command from the principal owners. Instead, private equity simply injects the necessary capital to finance long-term growth and organizational infrastructure while leaving day-to-day authority exactly where it has always been.

[00:30](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=30s) The Launch and Vision of Dynasty Equity

Hosts Jason Kelly and Alex Rodriguez welcome Cornwell, co-founder and CEO of Dynasty Equity, describing institutional sports capital as a defining trend in modern business. Rodriguez points out that as an owner himself, he has experienced firsthand how private capital reshapes sports organizations and views Cornwell as the clearest communicator in the sector. Cornwell previously worked as a top sports investment banker at Morgan Stanley before co-founding PJT Partners, bringing deep advisory pedigree to his partnership with Jonathan Nelson, the legendary private equity veteran from Providence Equity Partners.

Cornwell explains that he and Nelson decided to start Dynasty Equity around 2020 or 2021 after recognizing that the sports ecosystem was undergoing a profound transition. They resolved to take proven, disciplined investment principles and apply them directly to sports assets. As Cornwell articulates their early mission:

> “We got together and we said, 'Let's bring private equity in a traditional form to sports.' And that's what we've done.”

[02:38](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=158s) The Acceleration of Live Sports: Tech, AI, and In-Person Connection

Looking at the industry in 2026 compared to when Dynasty Equity was conceptualized, Cornwell remarks that the market transformed at least twice as fast as initially anticipated. While early conversations touched on social media, the explosive rise of modern artificial intelligence and digital platforms has ironically sparked an intense longing among fans for physical, shared experiences. Live sports remain the premier vehicle for authentic human gathering.

```mermaid flowchart TD accTitle: Catalysts Driving the Sports Asset Class accDescr: Convergence of tech platforms, streaming giants, and consumer desire for in-person live events.

subgraph TechAndMedia["Tech & Streaming Distribution"] A["Tech Giants Enter Bidding\n(Amazon, Google, Netflix)"] B["Proliferation of AI & Social Platforms"] end

subgraph ConsumerBehavior["Fan Demand"] C["Digital Fatigue &\nCraving for In-Person Gatherings"] D["Global Spectacles\n(e.g., World Cup excitement)"] end

subgraph MarketOutcome["Private Equity Opportunity"] E["Live Sports as Ultimate Gathering Asset"] F["Institutional Validation\n(Ares, Apollo, KKR, Dynasty)"] end

A --> E B --> C C --> E D --> E E --> F ```

Cornwell notes that the entrance of dominant digital platforms such as Amazon, Google, and Netflix into live broadcasting, combined with an intense hunger for real-world interaction, has created unprecedented value for sports properties:

> “And what we're finding is that anything that's a live event is exciting for people and sports is the best backdrop for that.”

- In the early days, institutional investors often dismissed sports as an eccentric vanity hobby for wealthy billionaires rather than an investable, cash-flow-generating asset class. - The entry of blue-chip private equity behemoths—including Ares Management, Apollo Global Management, and KKR—validated sports as an authentic institutional asset class. - Cornwell positions Dynasty Equity as a dedicated, bespoke specialist that stands out from generalized mega-funds because sports is the firm's sole focus.

[05:13](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=313s) The Partnership: Don Cornwell and Jonathan Nelson

Rodriguez highlights the importance of trust and personal relationships when transacting at elite levels of sports ownership. Cornwell breaks down the collaborative dynamic between himself and co-founder Jonathan Nelson, explaining how their respective backgrounds complement each other during diligence and deal evaluations.

While Cornwell maintains extensive daily contacts across teams, leagues, and agencies, Nelson brings decades of pattern recognition from Providence Equity. Cornwell describes Nelson as possessing an extraordinary mental database of past deal structures, capable of immediately spotting hidden operational risks or structural issues in the investment committee:

> “He is at a stage of his career where he still wants to work hard. He loves deals and he's trafficking in a world that's very hard to reach.”

Cornwell refers to Nelson’s high-level access as “Star Wars” level—if an exceptional call needs to be made to anyone across the global business landscape, Nelson has the stature to make it happen. This blend of day-to-day advisory hustle and elite, high-altitude perspective allows the partners to debate investments candidly, finish each other’s sentences, and move decisively.

[06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) Backing TMRW Sports and League-Partnered Growth

Turning to specific portfolio investments, Kelly brings up TMRW Sports, the tech-forward sports and entertainment venture launched by Mike McCarley alongside golf icons Tiger Woods and Rory McIlroy. Cornwell shares that his relationship with McCarley developed while both were establishing their respective enterprises. McCarley initially approached Dynasty Equity about purchasing an ownership stake in the New York team in TMRW's golf league (TGL), a franchise ultimately backed by New York Mets owner Steve Cohen.

Instead of acquiring a single team, Dynasty Equity recognized the strength of the overarching enterprise and proposed buying into the parent company:

> “We called Mike and said, 'Thank you for showing us New York, but what we really want is to partner with you.' And so he said, 'Well, that's interesting because we're thinking about raising a new round of financing.' And I said, 'Say the word.' And that's how it got started.”

Cornwell explains the foundational underwriting logic of Dynasty:

- **Mitigating league execution risk:** Backing ventures aligned directly with established governing bodies—in this case, partnering formally with the PGA Tour—dramatically lowers operational risk compared to rebel or unauthorized leagues. - **Multisport scalability:** Although golf served as the launch pad across men’s and women’s formats, Dynasty underwrote TMRW as a wider operational engine whose tech and entertainment platform could be adapted by other premier leagues. - **Expansion into flag football:** The National Football League (NFL) subsequently took notice of the model as it pushed deeper into non-contact formats. Cornwell points out that the NFL has spent 25 years cultivating flag football internationally and domestically at the youth level, viewing it as the primary gateway for female athletes and an accessible alternative to tackle football.

[10:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=600s) Flag Football's Olympic Path and TMRW Sports' NFL Partnership

The NFL views flag football as one of the most accessible sports in the world—second only to global football (soccer)—requiring merely a ball, some strips of cloth for flags, and rocks to mark out a field. That grassroots simplicity drove the NFL's extensive work with the International Olympic Committee (IOC) to secure flag football's spot in the 2028 Summer Olympic Games in Los Angeles for both men and women. However, asking elite athletes to dedicate their careers to the discipline requires a viable professional livelihood. While several upstart leagues had attempted to establish pro flag football, the NFL devised its own plan to create professional leagues for both men and women, setting out to find the right operating partner.

When the NFL met with various venture capital firms and potential partners, many pitched that they could “build the TGL for flag football.” Don Cornwell recalls sitting in a pivotal room alongside NFL Commissioner Roger Goodell, Goodell’s team, and TMRW Sports founder Mike McCarley. McCarley’s background at NBC Sports—specifically spearheading the London Olympics and *Sunday Night Football*—made him an immediate, natural cultural fit for the league. As Cornwell observed:

> “So I will never forget there was a meeting where you had Roger Goodell, his whole team, Mike McCarley, his team, we were there and a bunch of other folks, and you could just see the fit that Roger's doing his math in his head of, ‘Is this a guy that I want to partner with?’”

Although it took another six to nine months of negotiating to cross the finish line, the deal secured a major shared opportunity between TMRW Sports and the NFL.

```mermaid flowchart TD accTitle: TMRW Sports and NFL Flag Football Partnership Flow accDescr: Chart illustrating how grassroot accessibility led to the 2028 Olympics and the partnership between TMRW Sports and the NFL.

subgraph Grassroots["Olympic Momentum"] A["Low-barrier entry: ball, flags, rocks"] --> B["NFL lobbies IOC"] B --> C["2028 Los Angeles Olympics: Men's & Women's Flag Football"] end

subgraph ProLeague["Professionalization Need"] C --> D["Need sustainable athlete livelihoods"] D --> E["NFL plans men's & women's pro leagues"] end

subgraph Partner["Selecting the Partner"] E --> F["VCs pitch 'TGL for Flag Football'"] F --> G["Mike McCarley's NBC background: London Olympics & Sunday Night Football"] G --> H["TMRW Sports & NFL finalize partnership after 6–9 months"] end ```

[12:01](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=721s) League-Level Economics and Low Capital Intensity

When asked by Alex Rodriguez about the specific economic characteristics that drew Dynasty Equity to TMRW Sports, Cornwell emphasized the rarity of capturing league-level economics. Major North American leagues like the NBA, MLB, and NFL operate fundamentally as pass-through entities where team owners reap the financial rewards, making league ownership nearly impossible for outside investors. TMRW Sports, by contrast, functions as an entire platform:

> “It's a platform. So any fan that is interacting with us, any corporate that's interacting with us, we get a piece of it.”

Beyond holding league-level upside, TMRW Sports solved the historical problem of high capital intensity in live sports. Rather than constructing 20 expensive stadiums across the nation, the concept relied on a single $75 million tech-infused venue, rapidly unlocking strong unit economics. Combining that streamlined model with formal partnerships alongside the PGA Tour, LPGA, and NFL represented a package that Cornwell and co-founder Jonathan Nelson felt compelled to seize immediately.

[13:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=794s) Underwriting the League Office and Inflexion Points

Evaluating investments across the four major North American leagues (NFL, NBA, MLB, and NHL) begins with underwriting the league office leadership—such as Roger Goodell, Adam Silver, or Rob Manfred—and the executive benches beneath them. Because the central league office controls collective bargaining agreements and national media rights, it directly drives top-line revenue, accounting for up to 75% of total economics in the NFL.

When Dynasty Equity looks at team assets, they target specific situations poised for an operational or financial inflection that moves the P&L:

> “Now, when we look for specific situations where we want to deploy capital, it's ones where we feel as if our capital and the situation is when there'll be an inflexion. Something's going to happen to the P&L.”

Dynasty approaches these as passive minority stakes rather than hostile takeovers. In the case of the Seattle Seahawks, the stadium is iconic but had not received substantial capital improvements for ten years, leaving clear runway for stadium upgrades and enhanced fan engagement to drive the bottom line. Because private equity rules prohibit control ownership in major sports leagues, Cornwell stresses that relationship fit and trusting majority owners as “good shepherds of capital” are paramount.

[15:24](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=924s) Investing Alongside Vinod Khosla in the Seattle Seahawks

The opportunity to invest in the Seattle Seahawks emerged during an open sales process when Vinod Khosla and his family agreed to purchase the franchise from the estate of Paul Allen for $9.5 billion. With the NFL capping private equity fund ownership at 10% per team, only five approved institutional firms were permitted to act as equity financing partners. As bidding heated up between two prospective buyers, the sell-side reached out to involve Dynasty Equity.

For Dynasty, partnering with Vinod Khosla offered an ideal alignment with their thesis of infusing cutting-edge technology into sports. Khosla brings a tier-one Silicon Valley venture capital perspective to team operations: - Leveraging artificial intelligence (AI) to optimize local ticketing strategies. - Upgrading in-stadium experiences and revamping physical venue amenities. - Modernizing local corporate sponsorship arrangements and data infrastructure. - Transforming one-to-one fan engagement compared to legacy ownership models.

Cornwell notes that while the transaction carried the excitement of an old-school M&A deal, navigating NFL approvals and transitioning from an authorized fund to an actual cap-table partner made the deal an extraordinary milestone.

[17:51](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1071s) The Role of Institutional Capital in Modern Sports

Addressing public skepticism around private equity entering professional sports leagues, Cornwell firmly pushes back on narratives that private equity funds are taking over and altering team cultures. League governance strictly prohibits institutional funds from seizing operational control or acting like traditional corporate raiders:

> “And so I laugh sometimes. I'll go on social media and I'll hear all these things like, ‘Oh my God, private equities and sports, they're changing the team.’ No, that's not what's happening. The team owners still control the asset.”

Institutional capital primarily provides the balance sheet growth financing required for costly projects like modern practice facilities or major stadium renovations that fuel long-term asset appreciation. While Dynasty stands ready to offer business insight if asked, the Khosla family retains full control of the Seahawks. Alex Rodriguez concurs, noting that institutional partners provide owners with peer data, cross-league benchmarks, and institutional knowledge while allowing operating owners to make clean, swift decisions. Cornwell concludes that the real driver of soaring team valuations is the ongoing maturation of the sports ecosystem, enabling teams to build direct, individualized connections with fans.

[20:22](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1222s) How Private Equity Provides Liquidity and Drives Valuation

Don Cornwell explains the direct economic mechanism through which institutional capital creates value inside sports franchises. By providing teams with the resources to cultivate deeper, data-driven relationships with their fan bases, franchises can design tailored products, premium merchandise, and live experiences that fans genuinely want. This optimization flows directly into the team’s profit-and-loss statement, expanding margins and raising overall franchise valuations.

```mermaid flowchart TD accTitle: Value Creation and Investor Liquidity Engine accDescr: Diagram illustrating how institutional capital builds franchise value and investor confidence.

subgraph Operations["Operational Growth"] A["Institutional Capital"] --> B["Enhanced Fan Insights"] B --> C["Tailored Products & Experiences"] C --> D["P&L Expansion & Higher Valuations"] end

subgraph Liquidity["Market Confidence"] E["PE Presence as Liquidity Backstop"] --> F["De-risks Entry for Wealthy Families"] F --> G["Increased Capital Inflow to Leagues"] G --> D end ```

Beyond operational improvements, private equity’s entry into the four major North American sports leagues has resolved a structural liquidity problem for high-net-worth investors. Historically, ultra-wealthy families hesitated to acquire minority stakes or invest in teams because there was no clear secondary market if they ever needed to unwind their positions. Cornwell points out that having institutional funds active in the asset class provides a reliable backstop: “The fact that private equity sitting there gives them some comfort. They may never sell, but the fact that we're there does give them some comfort.” As a result, more family offices and wealthy individuals are actively deploying capital into sports, driving overall market liquidity and enterprise values higher.

- Institutional capital enables teams to monetize fan engagement via customized products and experiential offerings without relying strictly on conventional revenue levers. - The presence of private equity funds provides wealthy families with reassurance regarding long-term exit and liquidity options. - Increased institutional and family office competition has led to significant upward pressure on team valuations across all major leagues.

---

[21:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1280s) Protecting the Fan Experience and Community Access

Alex Rodriguez pivots the discussion toward the risk of ordinary supporters being priced out as institutional and sovereign wealth flows into sports. Drawing on his childhood in Miami—recalling how his mother worked two jobs and they could not afford tickets to Miami Dolphins, Miami Hurricanes, or Miami Heat games—Rodriguez raises the concern that everyday fans could end up as the true losers while team owners, private equity firms, and sovereign wealth funds collect massive financial gains. He asks Cornwell directly how Dynasty Equity balances returns with fan accessibility.

Cornwell strongly agrees with the premise, emphasizing that sports teams must be treated as public trusts rather than cold commercial entities: “These are obviously massive assets, but in many ways they are community assets, right?” He illustrates this dynamic through the New York Knicks, stressing that their cultural dominance relies on deep grassroots support from everyday kids throughout the outer boroughs rather than exclusive pandering to affluent neighborhoods: “You can't just market to the West Village and Tribeca. You've got to market to the South Bronx and to Queens and to Brooklyn.” For Dynasty Equity, aligning with team owners who share this community-first mindset is an essential investment prerequisite.

Cornwell argues that modern sports business sophistication actually protects everyday fans because franchises can generate incremental revenue at the high end—via corporate sponsorships, high-tier hospitality, digital initiatives, and worldwide merchandise sales—instead of aggressively raising general-admission ticket prices. He points to Liverpool FC as an ideal case study in fan protection, noting that the club grew its top-line revenue elsewhere while raising ticket prices by an average of just 42 cents the prior season. Cornwell concludes that technological modernization and diversified business models can create a win-win scenario where owners generate strong returns while preserving affordable access for the core community, after which the hosts thank Cornwell and congratulate him on Dynasty Equity's recent deals.

- Alex Rodriguez highlights the personal reality of working-class families being priced out of attending live sporting events. - Don Cornwell asserts that sports franchises are fundamentally community assets that must remain rooted in places like the South Bronx, Brooklyn, and Queens, not just elite enclaves. - Franchises can subsidize affordable tickets by capturing revenue from high-end corporate sponsors, luxury experiences, and global merchandising. - Liverpool FC increased average ticket prices by only 42 cents in the previous year, demonstrating how modern teams can harvest growth outside standard ticketing.

## Notable quotes > [02:38](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=158s) What we're finding is that anything that's a live event is exciting for people and sports is the best backdrop for that. — Don Cornwell

## Mentioned K. Don Cornwell, Jonathan Nelson, Alex Rodriguez, Jason Kelly, Mike McCarley, Tiger Woods, Rory McIlroy, Steve Cohen, Roger Goodell, Adam Silver, Rob Manfred, Vinod Khosla, Paul Allen, Dynasty Equity, Bloomberg Originals, Morgan Stanley, PJT Partners, Providence Equity Partners, Amazon, Google, Netflix, Ares Management, Apollo Global Management, KKR, TMRW Sports, TGL, PGA Tour, LPGA, NFL, NBA, MLB, NHL, IOC, NBC Sports, New York Knicks, Seattle Seahawks, Miami Dolphins, Miami Hurricanes, Miami Heat, Liverpool FC, 2028 Summer Olympic Games

## Video description When K. Don Cornwell co-founded Dynasty Equity with Jonathan Nelson in 2022, investing in sports was seen as more of a vanity play than real business move. In this episode of The Deal, Cornwell tells Alex Rodriguez and Jason Kelly how he knew his thesis was strong, why he decided to invest in the Seattle Seahawks and the TMRW Golf League and the impact he sees private equity having on teams and leagues.

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中文简报

Dynasty Equity入局海鹰队收购交易，Cornwell反驳针对私募股权的质疑声浪 机构资本通过为科技和球场升级提供融资来提升球队估值，同时将运营控制权留给球队老板，使俱乐部在将高端资产变现的同时，不至于将核心球迷拒之门外。 Don Cornwell深入剖析了推动私募股权迅速进军职业体育的经济力量，这种趋势受到流媒体竞争、数字疲劳以及现场聚集活动持久价值的推动。他详细介绍了Dynasty Equity的战略投资，包括支持TMRW Sports覆盖高尔夫和腰旗橄榄球的联盟级平台，以及与Vinod Khosla携手参与对西雅图海鹰队（Seattle Seahawks）价值95亿美元的收购交易。Cornwell澄清了常见的误解，指出机构投资者严格持有被动少数股权，资金主要用于场馆翻新和长期基础设施建设，而非夺取球队运营权。在回应普通球迷可能因票价过高而被边缘化的担忧时，他强调体育特许经营权具有公共信托性质，现代高端款待体验和企业赞助的商业化变现应当补贴更广泛社区获取实惠亲民的观赛机会。 随着体育领域从富豪的炫耀性爱好转变为成熟的主流机构资产类别，由Don Cornwell和Jonathan Nelson联合创立的Dynasty Equity正在为体育资产引入纪律严明的机构私募股权投资。 (0:30) Dynasty选择投资TMRW Sports母公司而非单个高尔夫特许经营权，从而获得了平台级经济效益，并涉足包括与NFL合作的职业腰旗橄榄球在内的不断扩大的多项目版图。 (6:54) 在NFL将单支球队私募股权比例限制在10%以内的规则下，Dynasty与Vinod Khosla携手参与了西雅图海鹰队95亿美元的收购交易。 (15:24) Cornwell反驳了私募股权损害球队文化的说法，指出联盟规则禁止机构掌控控制权，并认为现代商业化变现能够保护球迷免受票价大幅上涨的影响。 (17:51)

Reading summary

Don Cornwell, co-founder of Dynasty Equity, argues that institutional private equity serves as growth capital and a structural liquidity backstop for professional sports franchises without eroding operational control or alienating grassroots fans. Institutional Capital and Franchise Governance (0:30) Cornwell refutes public skepticism that private equity firms are taking over sports franchises, clarifying that league bylaws strictly restrict institutional investors to passive minority stakes, such as the NFL's 10% cap. Principal owners retain full operational authority, with private equity primarily providing the balance sheet financing required for costly capital projects, including stadium renovations and training facilities. While Dynasty offers strategic business input when requested, governance remains unaltered. Beyond operational financing, Cornwell explains that institutional funds solve a historical liquidity bottleneck for high-net-worth investors. Wealthy families previously hesitated to acquire minority stakes because sports assets lacked an established secondary market. The presence of approved institutional firms provides an ongoing liquidity backstop, giving family offices the reassurance needed to deploy capital and driving overall franchise valuations higher across major North American leagues. Media Disruption and Underwriting League Leadership (2:38) Cornwell notes that the sports market evolved far faster than expected by 2026, accelerated by digital platform adoption and widespread artificial intelligence that counterintuitively sparked consumer fatigue and intensified demand for live, in-person human connection. The entry of tech and streaming giants such as Amazon, Google, and Netflix into live broadcasting bidding wars positioned sports as premier gathering assets, while institutional investments from Ares, Apollo, and KKR validated sports as a formal, investable asset class. When evaluating team assets across the NFL, NBA, MLB, and NHL, Dynasty starts by underwriting central league offices—including leadership benches like Roger Goodell, Adam Silver, or Rob Manfred. Because league offices control collective bargaining agreements and national media rights, they generate the vast majority of top-line revenue, accounting for up to 75% of NFL economics. Dynasty targets specific franchise situations where deployed capital can trigger an operational or financial inflection on the profit-and-loss statement. Platform Models and Olympic Flag Football (6:54) In assessing TMRW Sports—the venture launched by Mike McCarley alongside Tiger Woods and Rory McIlroy—Dynasty chose to back the parent company rather than purchase an individual team franchise. Cornwell notes that this investment captured rare league-level economics while avoiding the capital intensity of building 20 distinct venues, relying instead on a single $75 million tech-infused facility. Backing an enterprise formally aligned with the PGA Tour, LPGA, and NFL also significantly lowered execution risk compared to unauthorized upstart leagues. This platform model enabled TMRW Sports to partner with the NFL on professional flag football. The NFL lobbied the International Olympic Committee to include flag football in the 2028 Los Angeles Games, viewing the low-barrier sport as a primary growth vehicle for youth and female participation. To establish viable professional careers for participating athletes, the NFL conducted a competitive search and selected TMRW Sports to build dedicated men’s and women’s professional leagues. Silicon Valley Ownership and Community Accessibility (15:24) Dynasty's minority investment in the Seattle Seahawks alongside venture capitalist Vinod Khosla—who agreed to purchase the team from Paul Allen's estate for $9.5 billion—centers on deploying modern technology into a franchise whose venue had lacked major capital improvements for a decade. Khosla plans to utilize artificial intelligence to modernize ticketing strategies, corporate sponsorships, and individual fan engagement. Addressing concerns raised by co-host Alex Rodriguez regarding everyday fans being priced out of live events, Cornwell argues that sports franchises must be managed as community trusts, noting the New York Knicks depend heavily on youth support across all city boroughs. Cornwell asserts that diversified modern commercial models protect general-admission access by generating incremental revenue from high-end corporate sponsors, luxury hospitality, and global merchandising, citing Liverpool FC raising ticket prices by an average of only 42 cents in the prior season. Cornwell maintains that institutional private equity acts as an enabling partner rather than a disruptive force, though balancing high-valuation revenue optimization against affordable community access remains an ongoing responsibility for incoming ownership groups.

精炼阅读摘要

Dynasty Equity 联合创始人兼首席执行官 Don Cornwell 指出，私募股权作为少数股权资本进入体育领域，旨在为球队提供基础设施与长期增长资金，而非剥夺原控股股东的运营权；通过技术升级和高端商业变现，球队能够在创造机构投资回报的同时维持大众球迷的社区可及性。 体育资产定位演变与垂直机构入局 (2:38) 在早期，机构投资者常将职业体育资产视作超级富豪的烧钱爱好，而非具备可预测现金流的投资标的。随着 Ares Management、Apollo Global Management 以及 KKR 等老牌私募巨头的入场，体育资产作为独立资产类别的投资逻辑得到充分验证。面对这一趋势，前摩根士丹利体育投行高管 Don Cornwell 与 Providence Equity Partners 创始人 Jonathan Nelson 于 2020 至 2021 年间共同创立 Dynasty Equity，将传统私募纪律与专业化打法引入体育资产运营。 流媒体技术推动与线下聚合价值重塑 (2:38) 据 Cornwell 观察，2026 年的市场演变速度比预期快了至少一倍。尽管人工智能与数字化平台迅猛发展，但过度线上化所带来的疲劳感反而加剧了受众对实体社交体验的渴求，使现场体育成为核心的现实聚集场景。与此同时，Amazon、Google、Netflix 等科技巨头大举竞逐现场赛事版权，大幅推升了头部体育知识产权的商业估值。Dynasty 侧重于针对体育生态进行垂直布局，借此在泛行业大型基金主导的交易环境中建立差异化优势。 投资 TMRW Sports 与腰旗橄榄球布局 (6:54) 在资产选择上，Dynasty 强调与成熟管理机构建立深度绑定的平台型布局。该机构并未单纯购买 TMRW Sports 旗下高尔夫联赛（TGL）的单一球队，而是直接投资其母公司，以此规避新兴独立联赛的执行风险并捕获全平台层面的经济收益。相较于传统体育需在全美投资数十座高昂场馆，TMRW Sports 依托单体耗资 7500 万美元的高科技场馆进行运转，显著改善了资产的资本密集度与单店经济模型。 奥运契机与 NFL 官方合作的确立 (10:00) 伴随腰旗橄榄球被正式列入 2028 年洛杉矶夏季奥运会男女比赛项目，该项兼具低参与门槛与全球推广潜力的运动迎来职业化契机。NFL 计划建立专属职业联赛并物色运营伙伴，最终选择与 TMRW Sports 联合推进。Cornwell 回忆，TMRW 创始人 Mike McCarley 曾主导伦敦奥运会及 NBC《周日橄榄球之夜》转播，其深厚的转播与赛事运营背景促使 NFL 总裁 Roger Goodell 团队在历经 6 至 9 个月的沟通后敲定该项长期合作。 联盟规则约束与少数股权投后定位 (15:24) 针对社交媒体上关于私募资本正在破坏球队原有文化的质疑，Cornwell 澄清指出，NFL 等北美主流体育联盟对基金持股有极为严格的政策红线，例如单支球队私募持股比例上限为 10%，并严禁机构获取控股权或干涉日常运营。在以 95 亿美元从 Paul Allen 遗产管理方收购西雅图海鹰队（Seattle Seahawks）的交易中，Dynasty 仅作为 5 家获批的少数股权机构之一，与 Vinod Khosla 家族联合投资，核心职责是注入资产负债表扩张资金以支持场馆翻新，并借助 Khosla 的硅谷背景引入 AI 票务与本土商业赞助优化系统。 流动性支持与社区公益属性的平衡 (21:20) 除直接支持球队损益表（P&L）的改善外，私募股权的参与为高净值家族提供了可靠的二级流动性退出托底，进而吸引更多家族办公室注资并推升整体资产估值。面对 Alex Rodriguez 提出普通工薪家庭可能被高昂票价挤出的担忧，Cornwell 强调体育球队本质上是社区资产，必须扎根大众基层。他指出，现代体育商业模式正逐步转向通过高端接待、跨国企业赞助和全球衍生品变现来扩充利润，从而避免大幅提高普通球票价格。例如 Liverpool FC 在上一赛季维持整体收入增长的同时，平均票价仅微调 42 美分，体现了在商业回报与社区准入之间取得平衡的路径。 Cornwell 认为，私募资本的引入本质上是体育生态走向机构化与成熟化的标志，其价值在于借助数据与基础设施升级赋能控股管理层。但如何在追求资产增值与估值扩张的同时，长期确保不同阶层社区球迷的线下观赛门槛不被剥离，仍将持续考验球队管理层与投资机构的协同能力。

Detailed notes — zh

## Background 本期视频由彭博旗下的原创视频频道 Bloomberg Originals 于 2026 年 10 月 15 日在 YouTube 发布。内容属于访谈节目《The Deal》，由亚历克斯·罗德里格斯（Alex Rodriguez）与杰森·凯利（Jason Kelly）主持，邀请了 Dynasty Equity 联合创始人兼首席执行官唐·康韦尔（K. Don Cornwell），深度探讨私募股权如何从边缘试水的“虚荣游戏”演变为重塑 NFL、西雅图海鹰队以及 TMRW 科技体育联盟的核心资本力量。 ## TL;DR 唐·康韦尔全面解析了私募股权资本进入北美四大职业体育联盟的深层逻辑与运作机制，破除了外界关于“机构资本毁掉球队”的偏见。他指出，私募机构并不寻求控股控制权，而是作为少数被动投资者为球场翻新与训练设施等提供成长型资金，并为富豪家族建立确定性的退出流动性缓冲。结合 TMRW Sports 打造的轻资产联赛模型以及西雅图海鹰队 95 亿美元收购案，康韦尔阐明了机构如何依托官方联盟背书对冲风险并抓住球迷直连变现的拐点。最后，对谈各方特别强调，职业体育必须坚守社区属性，通过发力高端赞助与周边开发避免门票飞涨，确保普通工薪家庭与年轻球迷不被拒之门外。 ## Atmosphere & style 整场对谈兼具顶级商学院案例课的敏锐与资深体育内部人士围炉长谈的松弛感。作为职业球队资方的罗德里格斯与投行老兵康韦尔棋逢对手，二人碰撞出极高密度的行业内幕与默契幽默。节目情感弧线从最初剖析资本狂潮的理智宏大，自然沉淀到末尾罗德里格斯回忆童年买不起球票的真情流露，让硬核的财务逻辑与温暖的体育社区情怀达成了绝妙平衡。 ## Bulletin - [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) Dynasty Equity 联合创始人唐·康韦尔指出，私募股权进军体育界并非接管控制权，四大联盟中机构资本均受严格比例限制（如 NFL 限制在 10% 以内且全美仅批准 5 家机构），其核心角色是为球场翻新与训练设施等提供成长型资本。 - [06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) 针对由老虎·伍兹等人创立的 TMRW Sports，Dynasty 放弃单支球队投资而选择母平台股权，借助单座造价约 7,500 万美元的轻资产科技场馆和穿透联盟层面的分成模式，并顺势促成其与 NFL 在职业腰旗橄榄球项目上的深度结盟。 - [13:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=794s) 维诺德·科斯拉家族以 95 亿美元估值收购西雅图海鹰队，Dynasty 参与联合投资，计划通过十年未翻新的主场硬件升级与 AI 数字化赋能撬动损益表拐点。 - [21:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1280s) 面对票价高涨挤压大众球迷的担忧，康韦尔以英超利物浦去年平均票价仅微调 42 美分为例，主张通过高端企业赞助与衍生品多元变现，保留社区属性与工人阶级入场通道。 ## Key takeaways - [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) 私募股权在职业体育中的角色被公众广泛误解，实际控制权仍牢牢掌握在主所有者手中，机构资本主要充当成长资金提供者与战略顾问。 - [01:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=74s) 数字化、社交媒体与 AI 的普及反而强化了人类线下真实相聚的情感渴望，叠加流媒体巨头版权争夺，推动现场体育资产估值迎来爆发期。 - [03:45](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=225s) 体育投资已彻底摆脱富豪“虚荣玩物”的边缘标签，Ares、Apollo、KKR 等巨头纷纷入局，促使其蜕变为主流合法资产类别。 - [05:13](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=313s) Dynasty Equity 形成一线执行与“星球大战级”顶级人脉模式识别的互补机制，依托创始人买卖双边的深厚经验建立垂直专业护城河。 - [06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) 投资新兴体育资产的核心风控逻辑在于紧密绑定传统头部联盟，借助其庞大体量与影响力对冲新业务商业化风险，而非另起炉灶建立竞争对手。 - [10:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=600s) 腰旗橄榄球凭借低门槛与高女性参与度成为 NFL 全球扩张与入选 2028 洛杉矶奥运会的核心抓手，直接催生了职业化联赛构建需求。 - [12:01](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=721s) 相较于四大传统联盟收益完全穿透至各支球队的模式，TMRW Sports 提供了稀缺的联盟级分成权益与低资本强度的单店经济模型。 - [13:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=794s) 四大联盟投资首重联盟办公室的治理能力，并着眼于能够凭借资本投入引发球队损益表（P&L）拐点的硬件改造与数字化契机。 - [17:51](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1071s) 职业体育商业逻辑的根本变革在于球队建立起与全球球迷“一对一”直接连接的能力，大幅拓展了变现潜力与底层基本面支撑。 - [20:22](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1222s) 机构资本的常驻不仅为球队深耕球迷需求提供弹药，更为投资体育的高净值富豪家族提供了至关重要的退出流动性预期。 - [21:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1280s) 职业球队本质上承载着公共社区资产属性，必须兼顾工人阶级与年轻群体认同，避免仅向富裕阶层倾斜导致受众根基断裂。 - [22:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1340s) 成熟的现代体育商业化应当依托高端赞助、科技体验与衍生消费等多维渠道发力，从而在实现利润稳步增长的同时抑制普通门票过度涨价。 ## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) 私募股权进军体育界的本质与社会误解 节目开篇，Dynasty Equity 联合创始人兼首席执行官唐·康韦尔（Don Cornwell）谈到了体育球队与公众认知之间的关系。他以纽约尼克斯队为例指出，尼克斯队之所以广受喜爱，根源在于各大行政区的孩子们对球队的热爱，因此职业球队绝不能脱离广泛的社区根基。谈及外界对私募股权（PE）进入体育圈的质疑，康韦尔笑着表示社交媒体上充斥着诸如“天哪，私募股权进入体育界了，他们要改变球队了”的惊呼，但他明确澄清事实并非如此。他强调，球队的所有权人依然牢牢掌控着资产的所有权与控制权，私募机构的核心作用只是为增长提供资本。 主持人杰森·凯利（Jason Kelly）与亚历克斯·罗德里格斯（Alex Rodriguez）随后正式引入了本期话题。作为职业球队的老板之一，罗德里格斯表示自己拥有“第一排视角”，亲眼见证了机构资本进场所带来的深远变革，并高度评价康韦尔在解释这一现象时表现出的专业度。康韦尔不仅是 Dynasty Equity 的掌门人，此前更是体育投资银行业界的标杆人物，曾先后在摩根士丹利（Morgan Stanley）和 PJT Partners（担任联合创始人）主导体育交易，这一深厚的卖方履历与他的买方搭档乔纳森·纳尔逊（Jonathan Nelson，Providence Equity 创始人）形成了强强联合。 - “No, that's not what's happening, right? The, the team owners still control the asset. What we're able to do is provide capital for growth.” —— 唐·康韦尔 ### [01:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=74s) 宏观驱动：现场体验的渴求与超级买家的入场 回顾 Dynasty Equity 的创立，康韦尔与乔纳森·纳尔逊大约在四五年前便察觉到体育产业正在经历一场剧烈演进乃至革命，因而决定将传统的私募股权投资模式带入体育领域。罗德里格斯感叹，五六年前坐在一起探讨体育变革时，没有人能预料到过去五年的变革速度，原先的预估至少低估了 50%。康韦尔坦言，产业变化的迅猛程度远超预期。虽然早期创立时人工智能（AI）还不是绝对焦点，但社交媒体与 AI 的叠加，反而倒逼出一种意料之外的效应：人类极度渴望在线下现实生活中重新聚集。 在数字化与虚拟化日益泛滥的背景下，任何线下大型现场活动对消费者都具有不可替代的吸引力，而体育赛事正是这一聚集需求最理想的载体。康韦尔提到，不仅夏季的各项大赛中人们极度渴望聚在同一个物理空间，亚马逊（Amazon）、谷歌（Google）和奈飞（Netflix）等流媒体科技巨头更是在大举扫货体育版权。大众线下面对面的情感渴望与科技巨头争夺顶级内容资本的碰撞，为体育资产创造了空前的价值爆发窗口。 - “And I think the combination of social media and AI has caused an effect where human beings are just dying to get together in real life.” —— 唐·康韦尔 ### [03:45](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=225s) 破除“虚荣玩物”偏见：从边缘试水到蓝筹资产 在 Dynasty 设立之初，将私募资本系统化配置到体育领域的做法曾遭到诸多质疑。康韦尔回忆，当时市场反应两极分化严重，很多人投来异样的目光，甚至“看着我们像长了八个脑袋一样”，直截了当地质疑这算不算是正经商业，认为体育投资不过是富豪们彰显身份的“虚荣游戏”（vanity play）。所幸仍有一部分有远见的投资人率先提供了信任与资金支持。 随着时间推移，体育俱乐部交易频频登上头条，球队估值节节攀升。更重要的是，顶级私募机构的集体布局彻底改变了行业规则——Ares Management、阿波罗（Apollo）、KKR 等行业巨鳄纷纷设立体育基金或完成大额交易，让整个投资界意识到体育资产已经成长为一个合法的独立资产类别（Asset Class）。康韦尔指出，巨头的涌入对 Dynasty 反而是利好，因为 Dynasty 是专注于体育领域的专业垂直机构（Specialists），在巨头通吃的市场上构筑了独特的专业护城河与信誉积累。 - “They though of sports as being this sort of odd vanity play. Is it a business? What are you talking about? Isn't this just a thing for rich folks to go invest in or buy?” —— 唐·康韦尔 ### [05:13](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=313s) 互补合伙机制：深耕一线与“星球大战级”人脉模式 罗德里格斯指出，商业的本质是与喜欢且信任的人合作，而康韦尔与乔纳森·纳尔逊的搭档正是行业典范。谈及二人的分工协作，康韦尔详细阐述了他们如何在 deal-making 中实现优势互补：从纸面履历看，纳尔逊凭借在普罗维登斯资本（Providence Equity）打下的辉煌战绩赢得了业界的崇高声誉；如今在投资委员会（IC）上，纳尔逊扮演着不可替代的“模式识别器”（Pattern Recognition）。他随时能调动过往数十年的深厚经验，指出特定尽调条款中可能潜藏的致命陷阱。 在日常协作中，康韦尔更多深耕于一线项目的发掘、管道搭建与日常关系维护，而纳尔逊的人脉资源则被康韦尔形容为“星球大战级别”（Star Wars）的终极力量——如果需要联络行业金字塔尖的任何人，纳尔逊都可以直接通电话。长期的紧密共事让二人高度默契，甚至能够“替对方说完下半句”，即使在投资判断出现分歧时，也能凭借对彼此专业能力的绝对尊重迅速达成共识。 - “When we get to investment committee, he's the guy that says, 'No, no, no, no, hold on. I've got pattern recognition.'” —— 唐·康韦尔 ### [06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) TMRW Sports 投资内幕与绑定联盟的风险对冲模型 凯利随后引出了 Dynasty 的一笔标志性投资——由罗里·麦克罗伊（Rory McIlroy）、老虎·伍兹（Tiger Woods）以及资深体育高管迈克·麦卡利（Mike McCarley）共同创立的 TMRW Sports（打造了科技高尔夫联赛 TGL）。康韦尔透露，最初是麦卡利在搭建公司时与他频繁交流互通有无，麦卡利甚至曾邀请 Dynasty 出资收购史蒂夫·科恩（Steve Cohen）后来投资的纽约高尔夫球队。然而，Dynasty 在调研后坚信这是个极具潜力的平台级公司，因此主动回绝了单支球队的投资意向，提出直接投资母公司 TMRW Sports。恰逢麦卡利正酝酿新一轮融资，双方迅速拍板。 这笔投资体现了 Dynasty 独特的承销逻辑：除了看好科技与高尔夫运动在男子、女子领域的融合外，更核心的是与 PGA 美巡赛（PGA Tour）建立深度官方绑定的战略价值。康韦尔提出了一个核心投资论点：传统大型体育联盟拥有无可匹敌的影响力与资源体量，当它们意图涉足新业务时，与联盟并肩作战是化解市场风险的最强抓手；反之，若站在传统联盟的对立面另起炉灶，则将面临极高的不确定性。在承销估值时，Dynasty 不仅将 TMRW 视为高尔夫资产，更将其看作一个能横向拓展至其他联盟的科技体育平台；果不其然，NFL 随后也主动抛出了橄榄枝。 ```mermaid flowchart TD accTitle: Dynasty Equity 对 TMRW Sports 的承销决策与战略路径 accDescr: 展示了从单支球队投资转向母平台股权投资，并依托官方联盟降低风险扩展至全品类赛事的逻辑。 subgraph DealEvolution["交易演进与切入点"] A["麦卡利邀请评估投资<br/>纽约高尔夫球队"] --> B["Dynasty 洞察平台潜力<br/>提议直接投资母公司"] B --> C["领投 TMRW Sports 新一轮融资"] end subgraph CoreUnderwrite["投资承销核心逻辑"] C --> D["依托 PGA Tour 官方战略合作"] D --> E["借助头部联盟体量与影响力<br/>大幅对冲/化解早期风险"] end subgraph ExpansionPath["跨联盟扩展蓝图"] E --> F["高尔夫科技赛事（男子/女子）落地"] F --> G["平台技术与模式跨界复制"] G --> H["引来 NFL 关注<br/>进军腰旗橄榄球 (Flag Football)"] end ``` - “We have this thesis that the big leagues have so much power and so much girth that if they want to go do new things, you are mitigating risk in a massive way.” —— 唐·康韦尔 ### [09:30](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=570s) NFL 押注腰旗橄榄球：降低门槛与全球扩张 在顺理成章谈及 NFL 叩门合作时，话题自然延伸至腰旗橄榄球（Flag Football）的爆发式增长。康韦尔指出，NFL 并非一时跟风，而是在过去 25 年里持之以恒地在青少年层面试水腰旗橄榄球，其推广范围不仅限于美国本土，更延伸到了海外多国。 NFL 坚定推进腰旗橄榄球的逻辑主要有两点：其一，传统擒抱式美式橄榄球（Tackle Football）装备昂贵、对抗极强且组织成本高昂，门槛较高；其二，腰旗橄榄球规则友好、上手快，尤其为女性群体参与橄榄球运动提供了最佳途径，是联盟扩大受众底盘、实现全球化破圈的核心抓手。正是基于这一深层产业逻辑，传统体育与新兴低对抗玩法的结合成为了机构资本重点关注的蓝海。 - “They've always had this view that, especially on the women's side, it's the best way to get more people involved in the game of football.” —— 唐·康韦尔 ### [10:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=600s) 腰旗橄榄球的奥运之路与 TMRW Sports 结盟 NFL 腰旗橄榄球（Flag football）作为一项极易推广的运动，门槛仅次于传统足球。任何人只要拥有一个球、几块布做成腰旗，再找几块石头标定场地，就可以立刻开始比赛。为了推动这项运动的全球化，NFL 与国际奥委会（IOC）紧密合作，成功让腰旗橄榄球成为 2028 年洛杉矶奥运会的正式比赛项目，届时将涵盖男子组与女子组两大赛事。然而，如果要求运动员将整个竞技生涯奉献给这项运动，就必须提供职业化的收入来源。 在这一背景下，NFL 计划打造男子和女子职业腰旗橄榄球联赛，并开始接触风险投资机构寻找合作伙伴。具有讽刺意味的是，在多场洽谈中，不少机构直接声称：“我们可以打造腰旗橄榄球版的 TGL（We can build the TGL for flag football）。”而 TMRW Sports 的联合创始人迈克·麦卡利（Mike McCarley）背景极其契合——他出身 NBC Sports 和高尔夫频道，曾主导过伦敦奥运会和《周日橄榄球之夜》（Sunday Night Football）两项重大项目。在一次关键会议上，NFL 总裁罗杰·古德尔（Roger Goodell）及其团队与麦卡利团队面对面交流。唐·康沃尔回忆道，古德尔在心里迅速评估：“这是我想与之合作的伙伴吗？”经过随后的六到九个月谈判，双方最终达成合作协议。 ```mermaid flowchart TD accTitle: 腰旗橄榄球职业化与 NFL 合作路径 accDescr: 展示腰旗橄榄球从入选奥运会到 NFL 寻找合作伙伴并最终与 TMRW Sports 结盟的全过程。 subgraph OlympicRoute ["奥运化推动"] A["门槛极低普及度高"] --> B["NFL 与 IOC 深度合作"] B --> C["2028 洛杉矶奥运会男女组正式设项"] end subgraph ProLeague ["职业联赛规划"] C --> D["保障运动员职业收入"] D --> E["NFL 筹划男女职业联赛并寻觅合伙人"] end subgraph Partnership ["达成合作"] E --> F["风投机构竞标提出仿照 TGL 模式"] F --> G["迈克·麦卡利 NBC 及橄榄球背景契合"] G --> H["NFL 联手 TMRW Sports"] end ``` - 腰旗橄榄球入选 2028 年洛杉矶奥运会，男女子赛事均获列入。 - 迈克·麦卡利在 NBC Sports 期间的核心履历包括伦敦奥运会转播与《周日橄榄球之夜》。 - NFL 与 TMRW Sports 围绕职业腰旗橄榄球的合作谈判历时约 6 至 9 个月才正式敲定。 ### [12:01](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=721s) 联赛级股权与轻资产运营的经济逻辑 唐·康沃尔解释了 Dynasty Equity 对 TMRW Sports 产生浓厚兴趣的核心经济逻辑。在北美职业体育体系中，NBA、MLB、NFL 等成熟传统联盟均为“穿透型组织”（pass-throughs），所有的核心经济利益均归各支球队的老板所有，外部投资者几乎不可能直接拥有一整个联盟。而 TMRW Sports 提供了一个拥有“联盟层面经济权益”（league-level economics）的稀缺平台。 作为平台型资产，联盟可以直接从与球迷互动的每一个触点、每一份企业赞助合同中抽取分成。更关键的是其轻资产（low capital intensity）模式——它不需要在全美各地兴建 20 座实体球场，而是依托单座造价约 7,500 万美元的高科技场馆进行集中比赛。这使得单店经济模型（unit economics）能够迅速走正。加之该联盟同时获得了美巡赛（PGA Tour）、LPGA 以及 NFL 的官方背书与合作，这种结构在体育投资市场上极为罕见。 - 传统北美四大体育联盟的收益几乎全部穿透至各支球队的持有人手中。 - TMRW 模式依托单座耗资 7,500 万美元的场馆展开运营，极大降低了基础设施的资本沉淀。 - 投资者可通过联盟平台直接分享球迷互动与企业商业合作的顶层分成。 ### [13:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=794s) 四大联盟估值逻辑与西雅图海鹰队 95 亿美元收购案 在评估北美四大职业体育联盟（NHL、MLB、NBA、NFL）的投资机会时，Dynasty Equity 首先审查的是联盟管理办公室（League Office）的领导力，包括罗杰·古德尔、亚当·萧华（Adam Silver）和罗伯·曼弗雷德（Rob Manfred）等掌门人及其下属团队。联盟办公室掌控着转播权谈判与劳资劳工协议（CBA），在 NFL 中，联盟统筹的收入甚至可占据球队总收益的 75%。因此，必须先对联盟治理建立极高的信任度。 Dynasty Equity 倾向于在“资本注入能引发损益表（P&L）拐点”的节点入局。例如在维诺德·科斯拉（Vinod Khosla）家族以 95 亿美元从保罗·艾伦（Paul Allen）遗产信托手中收购西雅图海鹰队的交易中，海鹰队主场虽然极具标志性，但已有十年未进行大规模翻新，资本投入可直接带来场馆升级与营收改善。NFL 规定私募股权基金在单支球队中的持股上限为 10%，全联盟仅批准了五家合资格机构，Dynasty 正是其中之一。科斯拉家族作为传奇科技投资人，计划将人工智能、本地票务与赞助优化、场馆沉浸体验等数字化打法全面注入球队。 唐·康沃尔在阐明机构投资立场时特别强调： > “我们是少数被动投资者，我不想夸夸其谈说‘我们要进去更换管理层’，那绝不是我们要干的事，我们希望自己的资本能去支持那些能带来实际影响的举措。”（“When we look at NFL situations, we are passive investors. I don't want to try and say, 'Oh, we're going to come in and change management.' That's not what we're doing, but we want our capital to go support something that's going to have an impact.”） - NFL 明确限制私募股权基金在单支球队的持股比例上限为 10%。 - 全美仅有 5 家私募股权机构获得 NFL 官方资质认证，可向竞购方提供联合融资。 - 维诺德·科斯拉家族对西雅图海鹰队的收购估值高达 95 亿美元。 - 海鹰队球场过去 10 年未进行大型资金投入，硬件升级成为提振损益表的确定性抓手。 ### [17:51](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1071s) 机构资本进入职业体育的真实角色与影响 针对社交媒体上关于“私募股权正在接管并毁掉体育球队”的质疑，唐·康沃尔进行了直接澄清。职业体育联盟设有极其严格的章程限制，私募资本在四大联盟中均不得成为控股股东，控制权始终牢牢掌握在球队主要所有者手中。机构资本的核心角色是提供成长型资金（capital for growth），用于资助建设训练中心、改造老旧球场等资产增值项目，并在必要时为缺乏综合商业运作经验的老板提供企业发展建议。在西雅图海鹰队中，掌控大局的完全是科斯拉家族。 亚历克斯·罗德里格斯（Alex Rodriguez）从球队资方的视角呼应指出，引入成熟的机构资本能让球队享有跨联赛的宏观洞察、运营数据与制度化知识，同时管理层依然能保持决策的独立与敏捷。谈及资本涌入对球队估值飞涨的根本推动力时，康沃尔指出，随着职业体育产业的不断进化与成熟，底层商业逻辑已经发生剧变：各支球队终于掌握了与全球球迷进行“一对一”（one-to-one）直接连接的能力，这为商业变现和估值提供了全新的基本面支撑。 唐·康沃尔针对公众对私募股权的误解明确表示： > “我有时候上网看社交媒体会发笑，大家都在惊呼‘天哪，私募股权进入体育了，他们正在改变球队’，不，事情根本不是那样的，球队老板依然牢牢控制着这项资产。”（“And so I laugh sometimes. I'll go on social media and I'll hear all these things like, 'Oh my God, private equities and sports, they're changing the team.' No, that's not what's happening. The team owners still control the asset.”） ### [20:22](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1222s) 私募股权资本如何赋能球队经营与为富豪家族提供退出通道 K. Don Cornwell 阐述了私募股权资金进入体育领域所能带来的核心价值。他指出，私募资本能够协助球队深化与球迷的关系；当球队真正了解球迷需求后，便能针对性地开发球迷渴望的专属产品、独特的现场体验以及各类周边商品。这些新业务不仅能直接改善球队的损益表（P&L），进而推升球队的整体估值，还能为整个体育生态带来流动性保障。 更关键的是，私募股权获准进入北美四大职业体育联盟，彻底打消了高净值家族投资体育资产时的后顾之忧。Cornwell 观察到，在向这些富有家族募资或交流时，他们过去最常顾虑的问题是：“如果我做了这项投资，万一未来需要套现退出，我该去哪里找接盘方？”如今，私募股权机构常驻于市场中，为他们提供了明确的流动性缓冲。Cornwell 解释道：“They may never sell, but the fact that we're there does give them some comfort.”（他们可能永远不会卖，但我们在那里守着，确实给了他们一些安全感。）随着更多机构资本流入该体系，整个行业的资产价值也因此得到了有力支撑。 ```mermaid flowchart LR accTitle: 私募资本对体育生态的赋能机制 accDescr: 展示私募股权资本如何改善财务报表并为富豪家族提供流动性退出保障 subgraph Operations["运营赋能"] A["私募资本注入"] --> B["深化球迷关系"] B --> C["创新周边产品与体验"] C --> D["改善损益表 (P&L)"] D --> E["推升球队整体估值"] end subgraph Liquidity["流动性保障"] A --> F["提供机构化承接通道"] F --> G["消除富豪家族退出顾虑"] G --> H["吸引更多高净值资本进场"] end ``` ### [21:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1280s) 避免球迷成为输家：商业变现与社区属性的平衡之道 节目录制尾声，主持人 Alex Rodriguez 分享了一段感人的童年回忆。他谈到自己 10 岁时，母亲做着两份工作维持生计，那时的他根本无力负担一张迈阿密海豚（Miami Dolphins）橄榄球赛、迈阿密大学飓风队（Hurricanes）或迈阿密热火（Miami Heat）篮球赛的门票。A-Rod 直言，在这场资本盛宴中，球队老板因为企业估值暴涨而大赢，私募股权基金、主权财富基金和机构投资者也因为能向这一极具吸引力的领域配置数以亿计的美元而获利；但他十分担忧普通球迷会成为最大的受害者，被不断高企的票价拒之门外。 面对 A-Rod 的关切，Cornwell 深表赞同，并强调体育资产虽然规模庞大，但归根结底具有极强的公共社区属性。Cornwell 以纽约尼克斯队（New York Knicks）为例指出：“You can't just market to the West Village and Tribeca. You've got to market to the South Bronx and to Queens and to Brooklyn.”（你不能只把营销做给西村和翠贝卡的富人，你必须面向南布朗克斯、皇后区和布鲁克林的孩子们。）他明确表示，Dynasty Equity 在评估投资标的时，最看重的就是球队管理层是否在“回馈社区”这一价值观上与他们达成共识。 Cornwell 认为，现代体育商业模式完全可以避免把变现压力转嫁给普通观众。只要球队能在高端赞助、企业合作、高端体验以及周边衍生品等领域发力，就无需依赖大幅提高普通门票价格。他以英超利物浦足球俱乐部（Liverpool FC）为例：由于利物浦拥有多元化的全球商业化增长渠道，他们去年平均球票价格仅上调了 42 美分。随着数字科技与商业运作的日益精细化，球队完全有能力在实现营收与利润强劲增长的同时，保留普通球迷步入球场的通道，达成全员共赢的局面。 - **社区资产属性**：职业球队的根基在于工人阶级社区和普通年轻球迷的忠诚度，忽视大众文化认同将动摇球队的长期商业价值。 - **多元变现替代票价涨幅**：通过开拓高端企业赞助、高净值人群定制体验及衍生商品开发，减轻普通门票的提价压力。 - **利物浦调价案例**：利物浦足球俱乐部上一年度平均票价仅微调 42 美分，体现了成熟俱乐部通过非票务渠道实现商业增长的能力。 ## Notable quotes > [00:00](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=0s) The, the team owners still control the asset. What we're able to do is provide capital for growth. — 唐·康韦尔 > [01:14](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=74s) And I think the combination of social media and AI has caused an effect where human beings are just dying to get together in real life. — 唐·康韦尔 > [06:54](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=414s) We have this thesis that the big leagues have so much power and so much girth that if they want to go do new things, you are mitigating risk in a massive way. — 唐·康韦尔 > [21:20](https://www.youtube.com/watch?v=Lcj0KqB4-40&t=1280s) You can't just market to the West Village and Tribeca. You've got to market to the South Bronx and to Queens and to Brooklyn. — K. Don Cornwell ## Mentioned Don Cornwell, Jonathan Nelson, Jason Kelly, Alex Rodriguez, Dynasty Equity, Providence Equity, Morgan Stanley, PJT Partners, New York Knicks, Amazon, Google, Netflix, Ares Management, Apollo, KKR, Rory McIlroy, Tiger Woods, Mike McCarley, Steve Cohen, TMRW Sports, TGL, PGA Tour, NFL, LPGA, IOC, Roger Goodell, Adam Silver, Rob Manfred, Vinod Khosla, Paul Allen, Seattle Seahawks, Miami Dolphins, Miami Heat, Liverpool FC ## Video description When K. Don Cornwell co-founded Dynasty Equity with Jonathan Nelson in 2022, investing in sports was seen as more of a vanity play than real business move. In this episode of The Deal, Cornwell tells Alex Rodriguez and Jason Kelly how he knew his thesis was strong, why he decided to invest in the Seattle Seahawks and the TMRW Golf League and the impact he sees private equity having on teams and leagues. -------- Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1 Get unlimited access to Bloomberg.com for just $1.99 your first month: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginals Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world. Visit our partner channel Bloomberg News for global news and insight in an instant. [Source](https://www.youtube.com/watch?v=Lcj0KqB4-40)

Source quotes

[0:00] 唐·康韦尔: The, the team owners still control the asset. What we're able to do is provide capital for growth. [1:14] 唐·康韦尔: And I think the combination of social media and AI has caused an effect where human beings are just dying to get together in real life. [6:54] 唐·康韦尔: We have this thesis that the big leagues have so much power and so much girth that if they want to go do new things, you are mitigating risk in a massive way. [21:20] K. Don Cornwell: You can't just market to the West Village and Tribeca. You've got to market to the South Bronx and to Queens and to Brooklyn.

Source quotes

[2:38] Don Cornwell: What we're finding is that anything that's a live event is exciting for people and sports is the best backdrop for that.

Original transcript

[0:00] - I always say the New York Knicks are as popular [0:03] as they are because the kids in the [0:05] boroughs love the Knicks, right? [0:07] And so it is important for these teams to make sure [0:09] that they don't forget about the broader community. [0:13] I laugh sometimes. I'll go on social media [0:14] and I'll hear all these things like, oh my God, [0:16] private equities and sports, they're changing the team. [0:18] No, that's not what's happening, right? [0:20] The, the team owners still control the asset. [0:23] What we're able to do is provide capital for growth. [0:30] - Welcome back to The Deal. I'm Jason Kelly. [0:32] - And I'm Alex Rodriguez. - All right, Alex. [0:33] Coming up on the show, Don Cornwell, he is the co-founder [0:36] and the CEO of Dynasty Equity. [0:38] This is a pioneering firm in a storyline [0:41] that we are obsessed with. [0:43] Institutional capital, private equity [0:45] coming into the world of sports. [0:47] - As an owner, I've had a front row seat to see [0:49] what impact institutional capital has made, [0:51] and I think Don has done the best job explaining [0:53] how it impacts sports. [0:55] - Coming up, Don Cornwell. [0:56] Don Cornwell, this is such an exciting moment [0:59] for, for both of us. [1:00] And Alex, I have to say, it's especially fun when [1:04] we have a guest who we've both known independently [1:08] for a long time and, and obviously admired your career. [1:11] So welcome to the show. [1:12] - Super excited to be here. Thanks for having me. [1:14] - Let's talk about Dynasty [1:16] - Sure. - to start. [1:17] Help us understand Dynasty at this moment [1:19] because it's been a fascinating journey over the past few [1:22] years as you've sort of launched this and, [1:25] and started to do some pretty significant deals [1:27] with your partner, Jonathan Nelson. [1:29] - Yeah. So Jonathan Nelson [1:31] and I decided to start Dynasty about four or five years ago. [1:34] We had this view that the world of sports was going through [1:37] an evolution, maybe a revolution. [1:39] And so he saw an opportunity. I saw something as well. [1:43] We got together and we said, "Let's bring private equity [1:48] in a traditional form to sports." [1:49] And that's what we've done. [1:51] - And importantly for our audience, I mean, to give some [1:54] of your background, you had been [1:57] really the go-to investment banker on the sports side, [2:00] first at Morgan Stanley, then at PJT [2:02] where you were a co-founder. [2:03] So it was this, from my perspective, Alex, [2:06] this really fascinating sort of buy side, [2:09] sell side getting together at a really critical moment. [2:12] And I mean, it's interesting [2:14] to think about four or five years ago. [2:15] I mean, that's when you were really transitioning [2:18] to ownership, right? [2:20] - It was. And around five, six years ago, Don, [2:21] when we sat down and we saw the world of sports changing, [2:26] I don't think anyone could have predicted [2:27] how much it would've changed in the last five years. [2:29] I think we were probably short by at least 50%. Yeah. [2:32] So I think it's a perfect time for Don [2:34] and Jonathan to be entering this space. [2:36] And obviously they've done a couple good deals already. [2:38] - And so to that point, what did you see [2:40] then that's different now? [2:41] What's the biggest difference from the original thesis [2:44] and the 2026 view? [2:46] - To Alex's point, [2:48] this has happened faster than we expected. [2:50] I think we always thought there would be this change in [2:54] how people perceive the sports world, [2:57] but it's happened really fast. [2:58] I think the other thing that has happened, [3:00] which when we first got together, AI was a topic, [3:03] but it wasn't necessarily the main event. [3:05] It was much more about social media. [3:07] And I think the combination of social media [3:09] and AI has caused an effect [3:11] where human beings are just dying [3:13] to get together in real life. [3:15] And what we're finding is that anything that's a live event [3:19] is exciting for people and sports [3:21] is the best backdrop for that. [3:22] So when you have this combination of Amazon and Google [3:27] and Netflix all coming into sports, plus [3:30] consumers really wanting to be together, [3:32] we saw it this past summer with the World Cup, [3:35] people just dying to be in rooms with other humans, [3:39] that combination has created really [3:43] a great opportunity in the sports world. [3:45] - So at the founding of Dynasty, it's interesting [3:49] because now it seems pretty obvious [3:52] and there's a lot of deal making going on. [3:53] And I know we're going to talk a lot about institutional [3:55] capital coming into sports, [3:58] but it was a little bit of a novel concept at the time. [4:02] What was the initial reception like? [4:04] What was that like in the early days? [4:05] - A really wide range. [4:06] I mean, we had people [4:09] that looked at us like we had eight heads. [4:12] They though of sports as being this sort of odd vanity play. [4:17] Is it a business? What are you talking about? [4:20] Isn't this just a thing for rich folks [4:22] to go invest in or buy? [4:24] And then we had some people, thankfully, who saw it, [4:27] that came to support us. [4:29] Over time, what's happened is a lot of headlines, lots [4:32] of people going out and buying teams. [4:34] The prices have continued to go in the right direction, [4:38] but also importantly, [4:39] the broader private equity world has embraced sports. [4:42] So while we were maybe a little on the early side, [4:45] big brand names, if you think about whether it's Ares, [4:49] Apollo, KKR, they've all jumped into sports [4:52] and that's caused everybody in the investing world [4:55] to take note and say, okay, this is a real asset class. [4:59] And where we continue to benefit is we're the specialists. [5:03] So all these big firms are off doing sports. That's great. [5:06] I love that. But we're the ones that is all we do [5:09] and that provides us with a really good place. [5:13] - Not only are you the specialist, [5:14] we also have these world-class relationships [5:16] that are intimate and are trustworthy [5:18] and ultimately we do business with people we like and trust [5:22] and you have that in abundance. [5:25] I love the concept of you and Jonathan [5:26] coming together as co-founders. [5:28] Talk to us a little bit about what is your lane? [5:30] What is Jonathan's lane? [5:31] How do you compliment each other [5:33] and why are you so excited [5:35] about the way you do work together? [5:37] - Yeah. Yeah. So on paper, [5:39] he was the perfect partner, right? [5:42] Providence Equity, all these investments, track record, [5:47] really a guy that everybody I talked [5:49] to really respected and regarded. [5:50] So I always think about it as we have [5:55] all this deals work that we're doing, [5:57] all the sourcing, all the pipeline. [5:59] When we get to investment committee, he's the guy [6:02] that says, "No, no, no, no, hold on. [6:04] I've got pattern recognition." And he can go back into the [6:07] big, beautiful brain of his [6:09] and say, "Oh my God, no, this is a topic that we have [6:12] to go due diligence on because I did this other deal [6:15] and this was a problem." He is at a stage of his career [6:19] where he still wants to work hard. [6:21] He loves deals and he's trafficking in a world [6:25] that's very hard to reach. [6:26] I mean, it's Star Wars, right? [6:28] If we need a call to really [6:29] anybody, he can make that phone call. [6:31] I've got great relationships [6:33] and we have some overlap, but they're different. [6:35] Mine are more probably day-to-day, whereas his are more, [6:38] okay, we need the big gun and he can go do it. [6:40] And because we've been together so long now, [6:43] we can finish each other's sentences. [6:45] Even when we have times where we have a disagreement, [6:47] we talk it out and we both trust each other [6:51] and I think respect each other a lot [6:52] and that's made for a beautiful partnership. [6:54] - All right. You mentioned that Jonathan Nelson loves deals. [6:56] We love deals so much so that we named a show after it. [6:59] There you go. But let's talk about one of yours. - Sure. [7:02] Because one of the ones [7:04] that really has caught my eye TMRW is [7:09] I think such an interesting vector into the future of golf. [7:14] This is Rory Mcllroy, it's Tiger Woods, [7:16] it's Mike McCarley who's been a guest on this show. [7:19] How does that deal come to you [7:21] and how does it play through the filter of Dynasty? [7:25] - So early on, we're able to get the sense [7:28] that Mike was a special executive [7:30] and he was building his business. [7:33] I was building mine. [7:35] We both just chatted a lot [7:37] about ways in which we could help each other. [7:39] And in many ways I was sort of advising him [7:42] and I was also learning from him [7:44] as he was building his business. [7:46] At some point, he approached us to invest in [7:50] and maybe purchase the New York golf team [7:52] that Steve Cohen has invested in. [7:55] We looked at it. It was very clear to us [7:57] that this was a special company. [7:59] And so we called Mike [8:01] and said, "Thank you for showing us New York, [8:05] but what we really want is to partner with you." And so [8:10] he said, "Well, that's interesting [8:12] because we're thinking about raising a new round [8:15] of financing." And I said, "Say the word." And [8:18] that's how it got started. [8:20] When we made the initial investment, [8:22] it was clearly a golf company and we love that business. [8:25] And we knew that there was opportunity, [8:27] both men's and women's. [8:28] We think what they're doing with golf is exactly [8:31] what golf needed, but doing it in partnership [8:35] with the PGA was a big deal. [8:36] We have this thesis that the big leagues have so much power [8:41] and so much girth that if they want to go do new things, [8:45] you are mitigating risk in a massive way. [8:47] So having the PGA Tour [8:48] as partners was a big part of the underwrite for us. [8:50] - And if you're not with them, you're [8:52] taking a pretty big risk as [8:53] - We've seen. [8:54] And yeah, it's really hard. [8:56] And so when we did the underwrite though [8:58] we thought, okay, [8:58] it's a golf company, but this team can do more. [9:02] And we had this view that other leagues were going [9:05] to look at this and say, "You know what? [9:06] I want some of that." Now, [9:09] I did not know the NFL would come knocking [9:11] and we can come back to that in a moment, [9:13] but we always felt like golf would be the start. [9:16] It's been a few years getting that going, [9:18] and then we'd go out to other sports. [9:19] And so in many ways, this was the perfect way for us [9:22] to go partner with a bunch of leagues. [9:24] And between Jonathan and myself, we have those relationships [9:27] and we felt like this would be a great way [9:28] for us to help build a company. [9:30] - And so let's talk about the NFL coming up [9:32] because it takes us into a really interesting area [9:36] of growth, which is flag. [9:37] - Yeah. So as you know, the NFL has been [9:41] seeding flag football in the youth world for 25 years, [9:46] Not just domestically, but also overseas. [9:48] They've always had this view that, [9:51] especially on the women's side, it's the best way [9:53] to get more people involved in the game of football. [9:56] They also understand that traditional tackle [9:58] football is very expensive. [10:00] And so the idea is flag football in many ways, other than [10:05] global football, soccer, is the easiest thing to do. [10:08] You just need a ball and you could just get some cloth [10:11] and create a flag and a couple [10:13] of rocks and you can play a game. [10:14] And so as part of that journey, the NFL worked a lot [10:18] with the IOC to get flag football [10:21] to become an Olympic sport. [10:22] And so in 2028 in Los Angeles, flag football, [10:26] both on the men's and women's side will be an Olympic sport. [10:29] And it's going to be a fantastic competition. [10:31] We're super excited about what that's going to look like. [10:33] But if you're going to actually ask somebody to dedicate [10:37] their athletic career to flag football, maybe there's a way [10:41] for them to earn a living, and that's professional. [10:44] And there had been some upstart leagues that had tried to go [10:48] do the professional flag football thing, [10:49] but the NFL had a plan [10:52] and their idea was to launch a professional league for men [10:56] and one for women, but they needed a partner to do it. [11:00] And they started talking to some venture capital firms [11:04] and some potential partners. [11:06] And ironically, what we heard from the NFL was that a lot [11:10] of people in those meetings were saying, [11:13] "We can build the TGL [11:16] for flag football." And then when you look at Mike [11:18] McCarley's background, [11:19] he came from NBC Sports, Golf Channel. [11:22] But at NBC Sports, he had two big things he worked on, [11:26] the London Olympics and Sunday Night Football. [11:29] So he was one of them. [11:31] So I will never forget there was a meeting where [11:36] you had Roger Goodell, his whole team, Mike McCarley, [11:39] his team, we were there and a bunch of other folks, [11:41] and you could just see the fit that Roger's doing [11:47] his math in his head of, "Is this a guy that I want [11:49] to partner with?" It still took some time [11:51] to get the deal done, but after another six [11:55] or nine months, we got it done [11:56] and it's a fantastic opportunity for TMRW I think [12:00] for the NFL as well. [12:01] - So Don, you mentioned that you [12:03] and Jonathan saw something with TMRW Sports [12:05] that was very intriguing and you called it special. [12:07] - Yeah. - What was specifically the economic attributes [12:11] that you were most attracted to? [12:12] - Sure. So in the sports world, [12:15] it's very difficult to own a league. [12:17] If you think about the NBA, Major League Baseball, [12:20] National Football League, they're pass-throughs. [12:22] It's the team owners who own all the economics. [12:25] This was an opportunity for us to own a league. [12:29] - League level economics. Yeah. [12:30] - And that means we get everything. It's a platform. [12:33] So any fan that is interacting with us, any corporate [12:37] that's interacting with us, we get a piece of it. [12:40] What we liked about TMRW in particular was that [12:44] they were going about this in a low capital intensity way. [12:48] It wasn't about building 20 stadiums around the country. [12:52] It was one $75 million venue. [12:55] So you could see from a unit economics perspective, [12:58] things going in a good place pretty quickly. [13:01] There really isn't many places out there for you [13:03] to have the opportunity to own a league, [13:05] but also do it in partnership with the PGA Tour [13:07] and the LPGA and now the NFL. [13:09] That's just hard to come by. [13:11] And so for us, it was a very unique opportunity [13:13] that we wanted to jump all over. [13:14] - So Don, when you and Jonathan look at investment, [13:16] let's just talk about the four major leagues in America, [13:19] NHL, MLB, NBA, NFL. [13:22] You've seen multiples of top line revenue. [13:24] How do you value those and what's your thought process? [13:27] - Sure. So the first thing is when we do look at the various [13:31] opportunities that are in front of us, one of the things [13:33] that we're underwriting is the league office. [13:36] So it's Roger Goodell, it's Adam Silver, it's Rob Manfred. [13:40] What does the CEO look like, [13:42] the commissioner look like, and the team beneath them? [13:44] That's an important part because so much [13:45] of the revenue is driven by [13:47] what they're doing in that league office. [13:48] And so you have to have a lot of comfort. [13:49] - Because they're negotiating the media deals. [13:51] They're negotiating deals. They're [13:52] negotiating labour agreements, etcetera. [13:54] That's right. So it's a huge part of the economics. [13:57] In the NFL, it could be up to 75% of the economics. [14:01] Now, when we look for specific situations where we want [14:05] to deploy capital, it's ones where we feel [14:09] as if our capital [14:11] and the situation is when there'll be an inflexion. [14:14] Something's going to happen to the P&L. [14:16] And so when we look at NFL situations, [14:18] we are passive investors. [14:20] I don't want to try and say, "Oh, we're going to come in [14:22] and change management." That's not what we're doing, [14:24] but we want our capital to go support something that's going [14:27] to have an impact. [14:30] If I think about Seattle, that's one where the stadium, [14:35] beautiful stadium, it's almost iconic at this point, [14:38] but there really hasn't been any money put in for 10 years. [14:41] And so there's some things they can do to upgrade it [14:43] that will impact the P&L. [14:47] We think that the fan base could use [14:49] more from their ownership group. [14:50] That's what the Khoslas are going to come do. [14:53] They haven't really had that person to do [14:56] that over the past 10 years. [14:57] And so for us, yes, of course we look at multiples [15:01] and we do all the analytics that you're supposed to do [15:04] as prudent investors, [15:05] but it's really the situation and the setup. [15:07] The other thing is relationship, right? [15:08] Are these people we want to back, right? [15:10] Because by definition, with these four major leagues, [15:14] we can't be the control owner. [15:16] And so we are partnering with people like you [15:19] and we want to make sure that those are people that we want [15:21] to partner with and we view [15:23] them as good shepherds of capital. [15:24] - Yeah. So walk us through how you're able [15:27] to get over the line with that specific deal. [15:29] So this is Vinod Khosla [15:30] and his family buying the Seattle Seahawks from the estate [15:33] of Paul Allen for $9.5 billion. [15:36] You guys come in, as you said, [15:38] as a minority investor. How does that come to you? [15:40] - So they were running a very open process. [15:45] We were a known entity as somebody [15:49] who could potentially partner with folks. [15:51] - Having been approved by the NFL, [15:53] which is a really important piece of [15:54] - Business. [15:55] Yes. So there really is only five firms [15:58] that people could look to as a financing source. [16:02] And as the various parties were competing [16:07] to win the asset, I think they always knew that 10%, [16:10] because there's a rule that private equity can only up [16:13] to 10% of a team, that we would be [16:15] there as interested parties. [16:18] And we were watching the process, [16:21] doing our own work in the background. [16:23] As things got sort of heated up between two parties, [16:27] that's when the sell side reached out [16:31] and said, "We should start talking about you guys getting [16:34] involved." And for us, being able to do this [16:38] with the Khosla family was quite unique. [16:42] We talked a little bit about earlier, the idea [16:45] of Dynasty is we love technology coming into sports. [16:49] So here we have really one of the most iconic, [16:54] best technology investors of all time. Ever. [16:56] - Yeah. - Buying a team. Unquestionably. [16:58] - Yeah. - And hearing him [17:01] and his family talk about [17:02] what they can do on the local basis, just thinking about [17:06] fan engagement, the experience in the stadium, how [17:10] to think about local sponsors, how to think about ticketing, [17:13] all the things that... [17:14] And they're bringing in AI [17:17] and their experience is very different than most owners. [17:19] And so for us to be able to be a part of that, [17:21] super exciting and really does fit into our thesis. [17:26] And for us, again, it's an M&A deal. [17:29] This was a fun deal that I have to be very careful about [17:32] what I say, but it definitely had some old [17:35] school elements of it. [17:36] And as a firm for us to be able to partner with the Khoslas [17:39] and frankly, to really do something with the NFL, right? [17:42] I mean, it's one thing to go [17:43] through the process of getting approval. [17:45] It's another thing to actually make an investment [17:47] and be part of the group. [17:50] And so we're super excited about it. [17:51] - All right. So let's talk about what you saw in 2020, [17:56] 2021, which has really come, [17:59] and you both said much faster than we though, which is [18:02] institutional capital in sports in a meaningful way [18:07] at every major league. [18:08] What's the biggest impact of having institutional capital [18:13] as owners in professional sports? [18:16] - Well, I think it's a complicated question [18:18] because you have to think about it. [18:20] There's the leagues which have rules, right? [18:22] So they do this institutional capital, [18:25] but it's not as if we are going and buying an NBA team [18:28] or an NFL team and doing the things [18:30] that private equity does. [18:31] And so I laugh sometimes. [18:33] I'll go on social media and I'll hear all these things like, [18:35] "Oh my God, private equities and sports, [18:37] they're changing the team." No, that's not what's happening. [18:40] The team owners still control the asset. [18:43] What we're able to do is provide capital for growth, right? [18:46] So if a team wants to go out [18:50] and build a practise facility, if they want [18:53] to renovate their stadium, we can help them with that. [18:56] Those things lead to growth and lead to value appreciation, [19:00] and that's where we can come in. [19:01] I think for certain team owners who are not necessarily [19:06] broader business folks, we can be helpful [19:09] as they continue to grow their business. [19:11] But I want to be very clear, when we go [19:13] and make an investment into the Seattle Seahawks, [19:16] the Khosla family is running the show. [19:18] We are there. If they need our advice, [19:20] we're there for them, right? [19:21] But if they also say, "You know what? Dynasty, we're good. [19:24] We got this. We're fine with that because we trust them." [19:28] - I love that answer. [19:29] I mean, it does expedite the growth process. [19:32] You get all the data that they have [19:33] that perhaps we may not have. [19:35] - Because you have this experience as an owner. [19:36] - We do. But what I would say is you get the institutional [19:39] knowledge, you get the information they're seeing [19:41] around other leagues and also in the NBA. [19:44] But to Don's point, at the end of the day, we're able to [19:47] make decisions very clean and very quickly. [19:49] - Right. So what's the effect on valuations? [19:53] There's availability of capital that wasn't there before. [19:56] I know there's an argument that like, listen, [19:57] these valuations are going up. [19:59] They need to be supported. [20:00] This is just part of the capital ecosystem, [20:03] but you know this business better than anyone. [20:07] What is the real effect of having this capital? [20:10] - So there's a few things going on. [20:12] As the sports world has matured [20:15] and evolved, teams are now able to connect [20:20] with their fans on a one-to-one basis, right? [20:22] Our capital can help with that. [20:24] And to the extent that teams have a better relationship [20:27] with their fans, they can create products [20:29] because they know their fans that those fans want. [20:31] They can create experiences, they can create merchandise [20:33] that they want, that inflects the P&L, [20:36] which then has a positive impact on valuation. [20:40] To more directly answer your question, I think one [20:42] of the things we've seen [20:43] as private equity has been allowed in is it's given [20:47] wealthy families the comfort [20:50] that if they make an investment in a [20:52] team, that they have an exit. Right? - Interesting. [20:55] - So what you've seen since private equity has been [20:58] allowed into the four major leagues is [21:00] that more wealthy families are coming in [21:02] and then talking to those families, they've always said [21:04] to themselves, "Well, if I make this investment, if I need [21:08] to get out, where do I go?" The fact [21:09] that private equity sitting there gives them some comfort. [21:11] They may never sell, but the fact [21:13] that we're there does give them some comfort. [21:15] And I think as you have more capital coming into the system, [21:17] that does have some impact on value. [21:20] - So Don, as we summarise this conversation, I can't help [21:24] but think about when I was a 10-year-old boy when my mom had [21:26] two jobs and I quite honestly couldn't afford to go [21:29] to Miami Dolphins game [21:30] or even a Hurricanes game or the Miami Heat. [21:34] My point is we're talking about all the winners here. [21:36] We're thinking about teams win and team owners win [21:38] because enterprise values goes up. [21:40] Private equity wins because they get deploy hundreds if not [21:42] billions of dollars into a very attractive space, sovereign [21:46] funds, institutional. [21:47] Yeah. I hope that in all this process, [21:50] we don't forget about the biggest losers could be the fans. [21:53] Yes. So how do you think about that? [21:55] - Yeah. I think you've heard me [21:56] talk about this a little bit, Alex. [21:58] These are obviously massive assets, [22:00] but in many ways they are community assets, right? [22:03] And I always say the New York Knicks are as popular [22:06] as they are because the kids in the [22:08] boroughs love the Knicks, right? [22:10] You can't just market to the West Village and Tribeca. [22:13] You've got to market to the South Bronx [22:15] and to Queens and to Brooklyn. [22:17] And so it is important for these teams to make sure [22:20] that they don't forget about the broader community. [22:23] And that's a big part of what we care about as investors [22:26] as we look at teams is, is there a meeting of the mind [22:31] with this ownership group on that point? [22:33] And I think for us, if we can make more money [22:38] in other ways with merchandise and experiences, [22:42] and frankly at the high end, [22:44] so it's getting more sponsorship, [22:45] it's getting more corporate support, that allows us [22:48] to not necessarily do the things that [22:50] some might do on tickets. [22:51] Liverpool's a great example. [22:53] They don't really raise their ticket prices. [22:55] Last year, I think the ticket prices were raised [22:57] on average 42 cents. [22:59] - Wow. - That's it. [23:00] Because they can get their growth elsewhere, right? [23:03] And the more that technology's coming into this world, [23:06] I think there is actually a way to have [23:08] everybody be a winner, right? [23:09] Where fine, yes, you are getting the growth in revenue [23:11] and profits, but the fans still have access. [23:14] I want that to still be possible. [23:16] And I actually think that as the world gets more [23:19] sophisticated around sports, that is more possible [23:21] because we can make money in lots of different ways. [23:23] - All right. Well, we could talk to you all day. [23:25] Thank you very, very much for spending some time with us. [23:28] Congratulations on your deal. [23:29] Thank you for joining us. [23:30] Thanks for having me.