Sports investing is rapidly evolving from a niche interest to a mainstream institutional asset class. In this episode of Conversations with Anthony, Alvarez & Marsal Managing Directors Anthony Caporrino and Jeff Shaffer explore the forces driving private equity’s growing focus on professional, amateur & collegiate sports franchises, highlighting the appeal of scarce assets, global fan bases, and resilient media-driven revenue streams. Together they examine how valuation growth is shaped by both fundamentals and demand, and unpack how league structures, governance models, and the shift toward streaming are influencing investment strategies and return profiles, while also addressing the operational realities and risks investors must navigate in these high-profile assets.