CorpGov held its second LA CorpGov Forum on Sept. 18, 2026, at The Huntington Library in San Marino, California. The event drew members of the financial community from both Los Angeles and beyond, with panels covering the finance of entertainment and media, sports, capital markets and shareholder activism.
One panel, titled “Best Practices in Sports Investing,” brought together Thomas W. Hulick, CEO and managing partner of Strategy Asset Managers; Baird Fogel, head of global sports practice at Eversheds-Sutherland; Noah Francis, banker at J.P. Morgan Private Bank; and David Carter, principal of The Sports Business Group. Their discussion centered on how sports have become a major asset class, with rapidly rising franchise valuations and growing private-equity participation driving investor interest across teams, media rights, venues, ticketing, data, athlete services and other parts of the sports ecosystem.
“Return on objectives” is now central to sports investing, with brand building, access to decision-makers, relationships and strategic opportunities taking on equal weight alongside financial returns.
The Huntington Setting
The Huntington Library in San Marino served as the venue for the day’s discussions. The event attracted a wide range of attendees, including Paul Haaga, former chairman of Capital Research and Management Company and chair of the board of The Ralph M. Parsons Foundation; Jason Alejandre, president, founder and creative director of Game Mechanic Studios (GMS); Nicolle Brady, managing director of Protiviti; and Dick Drobnick, former USC vice provost for globalization and IBEAR MBA program director at Asia Society Southern California.
Other notable attendees included Daphna Edwards Ziman, co-chairman of Project Rise Partners; Jon Feldman, partner and business law group head at Goodmans LLP; Brent Granado, partner at Sweetwater Private Equity; Sagar Gupta, portfolio manager at Anson Funds; and Pete Michelsen, leader of the activism and shareholder advisory practice at Qatalyst. Jarrett Banks and John Jannarone moderated the sessions.
Sports as an Asset Class
The panelists framed sports investing as a mature field. Franchise valuations have risen sharply, and private-equity firms are moving into the space with increasing frequency. That shift extends far beyond team ownership itself.
The ecosystem now includes media rights, venues, ticketing, data and athlete services. Each of these components carries its own investment logic, and the panelists argued that investors need to consider the full picture rather than treating a sports franchise as a single asset.
“Return on objectives” emerged as a recurring theme. The panelists emphasized that investing in sports is about more than financial returns. Brand building, access to decision-makers, relationships and strategic opportunities all factor into the equation, particularly for athletes whose public brands can add value to investments.
Due Diligence and Risk
Minority and fractional ownership came with warnings attached. Limited control over governance, media rights and league performance can be a significant drawback when an investor holds only a portion of a stake. The panelists noted that emerging leagues offer growth potential but carry substantially greater uncertainty than established major leagues.
That tension is central to the field. Investors want exposure to the growth of sports, but they also want meaningful influence over how those assets are managed.
Broader Business Ecosystems
Sports franchises are no longer standalone entities. They sit within larger commercial ecosystems that include real estate, entertainment, sponsorships, gambling and community development. The sports franchise becomes one component of a larger commercial operation.
This expansion means that due diligence now covers more than just the team itself. Venue management, sponsorship deals and community programs all carry operational risks that investors need to understand before committing capital.
College Athletics Commercialization
The panel also touched on college athletics. Universities are investing heavily in facilities and surrounding real estate, using new revenue streams—including name, image and likeness (NIL) payments and the transfer portal—to compete for talent.
That trend raises questions about how colleges manage their athletic operations as commercial enterprises. The panelists did not address the specifics of how colleges handle these arrangements, but the topic reflected the broader shift toward viewing collegiate sports as part of a larger economic system rather than a purely educational activity.
The First Forum Compared
The source notes that the first LA CorpGov Forum covered similar topics, including sports investing, entertainment and media finance, capital markets and shareholder activism. The second edition repeated that pattern rather than expanding it.
The mix of attendees reflected that consistency. Directors from Protiviti, Goodmans LLP and Qatalyst sat alongside bankers and private-equity partners, bringing different perspectives to each panel.
Key Takeaways From the Panel
The panelists made several key points that stood out from the discussion:
- Sports have become a major asset class, with franchise valuations rising and private equity entering the space.
- Return on objectives is now central to sports investing, with brand building and strategic opportunities carrying equal weight alongside financial returns.
- Minority and fractional ownership can mean limited control over governance, media rights and league performance.
- Emerging leagues offer growth potential but carry substantially greater uncertainty than established major leagues.
- Sports franchises are part of broader commercial ecosystems that include real estate, entertainment, sponsorships, gambling and community development.
What This Means for Investors
The panel’s message is clear: sports investing is a distinct field with its own rules. Valuation, due diligence, risk management and strategic objectives all require attention, and investors who treat sports like any other asset class may miss the mark.
The panelists pointed to the importance of understanding the full ecosystem. A sports franchise operates within a network of venues, media rights, sponsorships and community programs, and investors need to account for all of them when making decisions.
The forum provided a snapshot of where the conversation stands today, with the panelists offering practical advice for investors looking to enter the space.
Source material: “Best Practices in Sports Investing: 2nd LA CorpGov Forum,” Yahoo Finance.
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