FEATURED STORY
State of the Union on the Collectibles Industry
In the past 20 years, Pokémon cards appreciated by 3,261%. Looking only two years back, these pieces of cardboard rose nearly 50%, outpacing the S&P 500’s typical 12% annual return. Who would’ve thought that Pokémon cards our moms threw away are now worth enough to finance a startup’s pre-seed round!
Just three months ago, a former Blackstone exec got backed by the leading auction house, Christie’s, and launched a luxury handbag hedge fund solely investing in Hermès Birkin and Kelly bags - which realized a 34% net ROI within a 43-day average resale timeline.
While most investors are continuing to chase the shiny object in AI, we believe the overlooked alpha lies in understanding the nostalgic consumption habits of “Kidults.” And even though the highest-dollar end in collectibles is still supported by older, wealthier cohorts, Gen Z and Millennials are the demand engine for a lot of today’s collectibles velocity. These are the same demographics that fell in love with popular IP like Marvel Comics & vintage Super Mario video games that are now sitting on roughly $23T of spending power. They have the money… it now makes sense why they’d buy things that quench their inner nostalgia and make them feel like a kid again.
This phenomenon that’s been happening is too fascinating not to research, so we created your introductory State of the Union on the Collectibles Industry. After reading this, you’ll go from 0 → knowing the bleeding edge trends & behaviors that are shaping this space.
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PSA
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LEAGUES & TEAMS
Photo: Seahawks’ ownership is officially launching a formal sales process for the team.
Seattle Seahawks is officially being put up for sale following Super Bowl win (Feb. 18th)
Paul Allen’s estate launched a formal sale process for the franchise, with Allen & Co. and Latham & Watkins advising; proceeds will go to philanthropy per Allen’s will
Team is valued at ~$6.7B by Forbes, with NFL owners required to approve any final transaction; sale follows prior divestitures of Allen’s Trail Blazers stake [FOS]
MSG Sports (NYSE: MSGS) explores spinning off Knicks and Rangers into separate public companies (Feb. 18th)
Move would split the Knicks and the Rangers - along with their respective minor-league affiliates - into two standalone publicly traded entities
Push follows activist pressure from Boyar Value Group citing a valuation gap, as franchise estimates (~$9.75B for the Knicks, ~$4B for the Rangers) far exceed MSG Sports’ implied valuation
Provides strategic flexibility in the case Dolan would want to sell one of the teams [The Athletic][FOS]
WNBA is now seeking a 25% share of WNBA revenue in latest CBA counterproposal (Feb. 17th)
Players would receive 25% of total WNBA revenue (averaging ~27.5% over the deal term) plus team-provided housing in early years of the agreement
League previously offered <15% revenue share and a $5.65M salary cap in year one; warned that the counterproposal could result in “hundreds of millions” in losses [FOS]
[MLB] Commissioner Rob Manfred weighs prediction market deals, signals shift towards more national broadcasts in next media rights cycle (Feb. 12-17)
MLB may strike official partnerships with prediction markets to strengthen integrity oversight [FOS]
Manfred also signaled a post-2028 shift toward more nationally televised games, reducing local RSN inventory and exploring centralized streaming of local rights [Awful Announcing]
Robbie Earle-led investor group bids for minority stake in AFC Wimbledon, a South London-based League One football club (Feb. 14th)
Former Wimbledon FC captain and current NBC analyst is part of an investor consortium exploring up to a ~25% stake
Investment will support stadium expansion, academy development, and construction-related debt payoffs [The Athletic]
Yacht racing team American Magic, owned by Orlando Magic’s Doug DeVos, acquires SailGP’s Danish team for $60M (Feb. 13th)
DeVo will own and operate the Danish team, with ROCKWOOL remaining title partner through 2032
Move follows long-term training base partnership between American Magic and SailGP, announced last month [SailGP]
Detroit Pistons guard Cade Cunningham joins Sportsology Capital in minority stake acquisition in the Texas Rangers (Feb. 12th)
Cunningham acquires a minority stake via Sportsology; investment follows 5-year rookie max worth ~$269M [ESPN]
Dallas Mavericks tap CAA Sports to lead commercial strategy for future arena project (Feb. 11th)
Named CAA as sales agency of record to secure naming rights and founding partners for next-gen Mavs venue in North Texas
CAA brings $15B+ sponsorship track record including: Levi’s Stadium, Chase Center, and Intuit Dome naming rights deals [NBA]
NBA and EuroLeague resume constructive talks following Chus Bueno’s appointment as CEO (Feb. 15th)
Adam Silver signals improved dialogue with EuroLeague leadership as NBA Europe targets a 2027 launch, easing prior tensions over long-term club commitments [SBJ]
Premier League agrees ~$611M South America rights extension with ESPN through 2031 (Feb. 18th)
New deal represents a ~25% uplift on the previous agreement and covers South America and the Caribbean
Extension underscores continued international media growth as the league prepares for its next global rights cycle beyond 2028 [SportsPro]
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STARTUPS & VENTURE CAPITAL
Photo: Sports-focused prediction market Novig raises $75M Series B.
Sports-focused prediction market Novig raises $75M Series B at $500M valuation as crypto funds pivot toward prediction markets (Feb. 18th)
Recent raise signals confidence that Novig will gain CFTC approval as Novig transitions away from a sweepstakes model
Institutional crypto-funds are pivoting towards event-contract platforms amid crypto market declines
U.S-based pro table tennis league, Major League Table Tennis, is seeking a $7.5M-$10M Series B (Feb. 18th)
U.S.-based pro table tennis league plans to use capital to expand operations and grow its dedicated streaming platform, Table Tennis TV
Follows a $5.5M raise in 2024 backed by investors including David Blitzer and Daryl Morey [Sportico]
Juventus partners with Italian VC firm CDP Venture Capital and The Players Fund for its inaugural ‘Forward Squad’ startup cohort (Feb. 11th)
Forward Squad of 11 startups with no equity stakes expected; startups span biomechanics, neurotech, audio & translation tech, and wearable tech, among others
CDP relocates its sports tech & wellness accelerator (Rome) to Turin; The Players Fund will serve club as a strategic Innovation team partner [Juventus]
The Curling Group, owner of Grand Slam of Curling, seeks $25M in Series A funding for Rock League amid Olympic momentum (Feb. 13th)
Group seeks to launch the first team-based pro curling league, set to debut April 2026
Previously raised $11.5M in Seed funding; bought Grand Slam from Canada's Sportsnet [TCG]
Hook, an AI-powered licensed remix app, raises $10M Series A (Feb. 18)
Enables fans to remix fully licensed tracks and share via socials; new funding will support Android launch, native video features, and additional licensing expansion
Investment led by Khosla Ventures; other investors include Point72 Ventures, Imaginary Ventures, and Waverley Capital [Billboard]
Ohm Health, a nervous system regulation platform, secures strategic investment from Founders Row (Feb. 17th)
Company’s flagship Resonance Lamp is designed to regulate stress and optimize recovery through light-based nervous system training
Supports product expansion and distribution across performance, wellness, and recovery markets [Athletech]
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M&A AND INVESTMENTS
Photo: Night, the creator management firm behind Kai Cenat, raises $70M.
Night, creator management firm behind Kai Cenat and T-Pain, raises $70M to expand into gaming, sports, and live events (Feb. 17th)
Funding acquisitions across digital media, music, sports, podcasting, and experiential entertainment as Night pushes into owned IP and operating assets
Round back StepStone Group, Founders Fund, House Capital, K5 Global, and PagsGroup [Hollywood Reporter]
[Wasserman] Expands European football footprint in Denmark via People of Sport; CEO Casey Wasserman steps down and explores agency sale (Feb. 10th-17th)
People in Sport acquisition establishes its first presence in Scandinavia and adding Nordic player representation to its global roster
Netflix grants WBD seven-day waiver to reopen talks with Paramount Skydance (Feb. 17th)
WBD will engage Paramount on its $30-$31 per share bid despite a pending $27.75 per share Netflix deal that includes matching rights
Move injects fresh uncertainty into the sale amid regulatory scrutiny and competing claims over value and approval certainty [CNBC]
Pimco anchors $2.8B senior debt refinancing for CVC’s Global Sport Group (Feb. 12th)
Refinancing forms part of a broader $4.1B capital overhaul, including $1.1B in junior debt and a potential minority equity sale
KKR reportedly also set to invest $1.9B across GSG’s capital structure [SportsPro]
The Sports Facilities Companies (SFC), a national sports venue operator, acquires RCI Sports Management to expand sports venue footprint (Feb. 12)
Adds RCI-managed assets - The Refinery Fieldhouse (KS), Amarillo Netplex (TX), and Travis Fields at Midtown Park (TX) - enhancing SFC’s sports tourism and facility management platform [SFC]
Italy’s top flight soccer league Serie A agrees to 51% stake acquisition of premier Italian fantasy soccer game Fantacalcio for ~$21.3M (Feb. 17th)
The platform has 3M+ users and ~$11M in revenue during 2025 fiscal year
Acquisition strengthens Serie A’s direct-to-fan digital strategy, integrating official league IP into a profitable fantasy ecosystem [Sportcal]
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STRATEGIC VENTURES
Photo: Netflix is debuting it’s first-ever live MMA event with Ronda Rousey vs. Gina Carano.
Netflix, in partnership with Most Valuable Promotions, will stream Ronda Rousey vs. Gina Carano superfight in its first-ever live MMA event (Feb. 17th)
Netflix’s inaugural MMA broadcast will take place on May 16 at the Intuit Dome, with no additional cost to subscribers
Marks Rousey’s first fight in nearly a decade and signals Netflix’s continued push into premium, live combat sports following boxing success [Netflix]
Nike partners with Hudl to target high school basketball athletes through in-platform highlights (Feb. 13th)
Integrating branded placements directly within Hudl’s game film ecosystem, reaching student-athletes as they watch their own footage [YSBR]
NFL taps TMRW Sports, backed by Tiger Woods and Rory McIlroy, to run its new pro flag football league (Feb. 12th)
TMRW Sports (operator of TGL) chosen from ~12 bidders to serve as the NFL’s operational partner, as owners approved $32M investment in new league [Sportico]
OffBall, a leading sports culture & lifestyle media brand, partners with NBC News on NBA lifestyle programming (Feb. 12)
Co-producing original NBA culture content across NBCNews.com, Today, NBC News Now and other digital platforms
Programming will focus on off-court storylines - players’ partners, passions and next-gen creators [SBJ]
UFL inks multiyear apparel & footwear deals with New Era, adidas, and NOBULL for 2026 season (Feb. 13th)
New Era named official jersey/headwear partner; Adidas to provide game footwear
NOBULL becomes exclusive training footwear partner with its logo featured on jerseys [UFL]
Dorna Sports, S.L, the commercial rights holder for MotoGP, rebrands as MotoGP Sports Entertainment Group (Feb. 16th)
Rebranding reflects its evolution from a racing rights holder into a global sports and entertainment platform
The group will continue overseeing MotoGP, Moto2, Moto3, World Superbike, Road to MotoGP and the new Harley-Davidson Bagger World Cup [MotoGP]
Footballco, Gen-Z football media and culture company, opens Riyadh production studio to scale creator-led Arabic content (Feb. 16)
Studio will expand in-house video output for Yalla GOAL, Yalla Fans and Yalla Girl, tapping surging Gen-Z demand ahead of World Cup
Investment builds on Footballco’s 1.7B+ monthly Arabic video views and 20-person Saudi team [Campaign ME]
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JOB BOARD
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