Where do sports companies actually exit, and at what multiple?

The written argument for this episode publishes here when the episode ships, in full, as crawlable text. It states the position before the interview tests it.

Is sport a real venture asset class, and where is capital actually flowing? Fund formation, the exit landscape, comps to adjacent categories, and the structural difference between spectator-economy capital and participant-economy capital. Also: athletes as investors — athlete LPs, co-investment vehicles, and the shift from celebrity endorsement to operational ownership.