No action needed on your end – we just wanted to share what’s next and keep you in the loop.

We have a big announcement coming next week.

TL;DR – After nearly two years on Substack, we’ve taken the next big step in our journey. We’ve left our jobs at Fanatics & Bank of America to build The 4th Quarter full-time into a next-gen media company focused on the business of sports & entertainment.

About five months ago, we were approached by a longtime reader who asked us, “We love what you guys have been building…what would it take for you to do this full-time?”

That question changed everything.

What began as a nights & weekends side project between the two of us grew into a platform read religiously by team owners, investors, and executives across the industry. Honestly, it became impossible for us not to take this leap-of-faith.

Why We’re Moving to Beehiiv

Now that we’re building The 4th Quarter full-time, we need a platform that can scale with us. Beehiiv gives us the flexibility, data, and design tools to operate like a true media business. We’re no longer a personal Substack anymore.

Here’s how this transition will work:

  • Major announcement & First article on Beehiiv: Wednesday, October 22nd

  • Subscribers: All current readers will be automatically migrated - no action required

  • To ensure delivery: Next Wednesday, please move next week’s email to your primary inbox or reply with “hey”

  • Website: Our Substack domain will soon redirect to our redesigned Beehiiv homepage, so things will look a bit different the next time you’re back!

And for the last time on Substack, before you see it on Beehiiv next week, let’s get into this week’s Market Activity ⬇️

Excited to take you on this next chapter with us.

- Sid & Suraj

Sports & Entertainment Market Activity

League & Team Transactions

Big Ten Conference votes to approve $2.4B private investment from UC Investments, impending (Oct. 13th)

  • UC’s pension fund could invest in a 10% stake in B10 Enterprises, a NewCo managing media, ticketing, and sponsorships; reportedly beating out Apollo and Blackstone bids

  • Big Ten’s 18 schools could receive at least $100M each, with some exceeding $150M+ under a 20-year deal; averaging $140M per school [SportsPro]

Reddit’s Alexis Ohanian and his VC firm Seven Seven Six back LOVB, adding an LA-based expansion franchise (Oct. 15th)

  • Adds to Ohanian’s LA-based portfolio, including Angel City FC and Los Angeles Golf Club of TGL; team is set to debut as LOVB Los Angeles, January 2027

  • Follows the league’s previous $100M raise ahead of its inaugural season and broadcasting partnership with USA Network, starting 2026 [Sportico]

Rugby Football League, the UK’s rugby governing body, nears PE sale for the Super League, with LionCap Global and Oakwell Sports Advisory among potential suitors (Oct. 14th)

  • Sale coincides with the Super League’s planned expansion to 14 clubs in 2026

  • RFL is in ‘advanced talks’ to sell a stake in the league, following the collapse of a proposed NRL investment [TheGuardian]

FaZe, a pro esports gaming collective, joins basketball’s Overtime Elite as the league’s ninth team, led by former NBA All-Star Jermaine O’Neal (Oct. 8th)

  • League’s newest expansion team, based in Irving, TX, features ESPN’s No. 1-ranked Class of ‘27 prospect Marcus Spears Jr

  • O’Neal to coach the team, which includes multiple players from his Drive Nation EYBL squad [OvertimeElite]

ALK Capital completes its $150M majority acquisition of La Liga outfit RCD Espanyol (Oct. 10th)

  • Through Velocity Sport Limited, ALK acquires a 99.66% stake for a reported €130M ($150M); this marks the investment firm’s step into multi-club ownership [SportsPro]

ENIC, a British investment company and Tottenham Hotspur majority owner, injects £100M ($133M) to boost the club’s long-term sporting ambitions (Oct. 10th)

  • Lewis family Trust, via ENIC, provides a new equity injection into the club, rejecting three recent takeover offers

  • Investment aims to strengthen the club’s finances and support long-term success under new head coach Thomas Frank and CEO Vinai Venkatesham [SportsPro]

NBA’s Detroit Pistons plans a $50M WNBA training facility and youth complex, construction expected to begin in 2027 (Oct. 10th)

  • 75K-sq-ft HQ and practice facility set for former industrial site; project aims to open ahead of ‘29 WNBA season

  • Adjacent youth academy includes ~100K sq ft, indoor/outdoor fields for basketball, soccer, volleyball, and flag football, among others [SBJ]

Cleveland Browns owner Haslam Sports Group secures $100M agreement with city to advance $2.4B Brook Park domed venue project (Oct. 14th)

  • HSG will pay Cleveland $100M to settle legal disputes and support the redevelopment of the current lakefront stadium site

  • New venue will be partially publicly funded, with $1.2B contributed by the Browns, $600M from state funding, and the remaining financing being worked out [SportsPro]

888 Midas, the investment and strategic advisory firm launched by NFL QB Caleb Williams, invests in NWSL’s Boston Legacy FC (Oct. 10th)

  • Joins the expansion franchise’s ownership group; team is set to debut in 2026

  • Marks Williams’ first move into team ownership, aligning with 888’s private equity, venture capital, and real estate investment focus [Afrotech]

Hollywood-led consortium bids to acquire Welsh Rugby Union team Cardiff Rugby, alongside a team TV series proposal (Oct. 13th)

  • Group includes producers of Ferrari and Ozark, plus media exes; six groups reportedly expressed interest, awaiting WRU board decision expected by end of month

  • Plans to invest in squad, coaching, and infrastructure, adding a women’s side and retaining talent; series aims to turn the team into a global sports-media brand [WalesOnline]

Manchester United is reportedly in ‘advanced’ investment talks with Saudi officials, according to the Saudi GEA chair (Oct. 9th)

  • Turki Alalshikh claimed the club is nearing a new investment deal, potentially impacting the ownership stakes of Sir Jim Ratcliffe and the Glazer family

  • United and Ratcliffe’s Ineos (28.94% owner) have denied knowledge of a pending investment agreement [SBJ]

The Upshot League, a new pro women’s developmental basketball league, unveils the ‘eight-figure’-backed Charlotte Crown as the city’s new franchise (Oct. 9th)

  • Team joins three inaugural UL franchises — Jacksonville Waves, Savannah Steel, and Greensboro (TBA) — with two expansion clubs expected in 2027

  • Operated by Zawyer S&E, the Crown will debut May 2026 at Bojangles Coliseum; Zawyer plans a $20M, 90K-sq ft facility for training and operations, with discussions for partial public funding underway [SBJ]

Funds

CVC Capital Partners is reportedly discussing refinancing its $13.6B sports portfolio with Ares Management, among other PE firms (Oct. 16th)

  • Ares expected to lead the financing syndicate for GSG’s multibillion-dollar debt deal

  • CVC’s Global Sport Group (GSG), announced last month, houses stakes in LaLiga, Ligue 1, WTA, and Six Nations, among others [SportsPro]

Fz Sports, a Hispanic-audience-focused sports media and tech company, launches a $500K-$50M LATAM football (soccer) finance fund ‘Stadio Capital’ (Oct. 15th)

  • Principal focus on Brazil, leveraging Fz Sports’ existing media rights and regional market expertise

Stadio offers debt financing from $500K–$50M with terms of six months to five years; targets clubs, leagues, and federations to drive revenue from broadcast, sponsorship, transfers [SportBusiness]

M&A and Investments

Catapult, a sports performance analytics and wearables company, acquires cloud-based soccer analytics platform Impect for €78M (Oct. 13th)

  • Catapult, to fund the deal through a A$150M ($96.7M) capital raise, including a A$130M institutional placement and A$20M share purchase plan

  • Plans to integrate Impect’s tools into a unified intelligence platform to expand scouting and data services for elite teams [Catapult]

Ōura secures $900M in Series E funding, at an $11B valuation, following last December’s $200M Series D ($5.2B valuation) (Oct. 14th)

Prediction market Kalshi raises $300M in oversubscribed Series D funding, at a $5B valuation (Oct. 10th)

Global Gaming League, which merges gaming, music, and celebrity culture, introduces new team owners Howie Mandel and ‘Million Dollaz Worth of Game’ podcast hosts Gillie and Wallo (Oct. 9th)

  • Mandel’s Howie Do It will face Million Dollaz team at GGL’s SZN ZERO event

  • Owners join the likes of T-Pain, Flavor Flav, and Bryce Hall; Oct. 29 debut in Las Vegas [GamesBeat] [GamesBeat]

Winners Inc (WNRS), a sports betting tech firm, acquires predictive analytics and fantasy insights platform Moneyline Sports in a full-stock acquisition (Oct. 14th)

  • Moneyline shareholders receive 85% ownership in WNRS; WNRS receives 100% of Moneyline’s issued and outstanding stock and IP assets

  • Deal adds AI tools like Bettor Chat™ and player prop engines to WNRS’s betting ecosystem; move to power GenAI betting products campaign ahead of the Super Bowl [GamingAmerica]

Warner Bros Discovery rejects Paramount Skydance’s ~$20/share takeover offer, calling the offer ‘too low’ (Oct. 11th)

  • Apollo is said to have been in talks to potentially back Paramount’s bid

  • Paramount may raise its offer, appeal to shareholders, or secure new financing to advance the deal [Reuters]

Dutch OTT platform Eyecons joins Sportway Media Group, an automated sports live streaming and video production company, as a subsidiary (Oct. 16th)

  • Eyecons adds 20+ Dutch leagues, including volleyball, handball, and water polo, to Sportway’s network

  • Deal expands Sportway’s AI-powered production and streaming footprint; producing 250K+ live hours annually for 50+ federations, operating in 15 countries [Sportway]

KPIT Technologies, an automotive software firm, acquires smartphone-controlled gaming platform AirConsole maker N-Dream (Oct. 15th)

  • KPIT boosted its 26% stake to ~90% in the Zurich-based in-car gaming platform

  • AirConsole tech powers BMW, VW, Audi, and Porsche infotainment systems; Deal accelerates KPIT’s expansion into interactive mobility software and strengthens its automotive OEM ties [GamesBeat]

Photo Creds: Kalshi’s Founders Luana Lopes Lara and Tarek Mansour.

Strategic Ventures

Apple partners with F1 for an exclusive ~$140M-per-year, five-year US broadcast deal, spanning all F1 races, practice, and qualifying sessions (Oct. 17th)

  • Select sessions to stream free on Apple TV; integration extends to Apple News, Maps, Music, Sports, and Fitness+

Partnership expands Apple’s sports presence after F1 The Movie’s $629M global box-office success; Apple replaces ESPN as the F1’s exclusive broadcaster [Apple]

NBA enters a multiyear partnership with the Chinese Basketball Association for player development and competition efforts (Oct. 10th)

  • Aims to develop elite Chinese talent for potential NBA, WNBA, and G League opportunities, expanding cross-border player pipelines

  • Partnership includes training exchanges and competition between China’s men’s and women’s national teams and US leagues [SBJ]

Enjoy Basketball, a creator-led media and lifestyle brand, joins NBC Sports in a digital content deal, following NBA’s return to NBC after 20+ years (Oct. 15th)

NFL reportedly shortlists flag football operating partners to two: consortiums led by Tiger Woods-backed TMRW Sports and former NFL HOFer Curtis Martin (Oct. 10th)

  • Rather than targeting investment, the league intends to tap an operating partner

  • NFL explores men’s and women’s flag leagues; teams, locations, and structure yet to be finalized [SBJ]

Netflix, Spotify partner to stream sports and pop culture ‘The Ringer’ podcasts worldwide, with a US rollout set for early 2026 (Oct. 14th)

NFL extends its Reddit content partnership through 2026-27, amid approaching 12M members on-site (Oct. 15th)

  • NFL-related engagement is up 223% YoY; 12M members mark nearly 10x its 2019 size

  • Deal expands NFL content and advertising on Reddit, including highlights, AMAs, and international fan engagement in markets like Berlin [Sportico]

PUMA collaborates with EA SPORTS FC and Manchester City for an NFC-embedded kit featuring exclusive FC 26 digital rewards and content (Oct. 15th)

  • First-of-its-kind fusion of apparel-gaming tech, pushing sports merchandising interactivity

  • Fans can access custom in-game items and exclusive City player picks through limited NFC access windows; kit debuts in UEFA Champions League play [PUMA]

FanDuel Sports Network partners with Peyton Manning’s Omaha Productions to leverage creative storytelling for content expansion (Oct. 16th)

  • Launches Main Street Sports Productions to scale content across 15 regional networks

  • FanDuel to leverage 15 regional networks and linear reach of 30M homes; targeting 1M D2C subs by year-end [SBJ]

Google joins LA28 Olympics as a founding partner, named official AI and cloud provider (Oct. 9th)

  • Google to power workforce management, logistics, and fan engagement tools

  • Deal extends to NBCUniversal and Team USA, integrating AI-driven Search and Gemini features into Olympic broadcasts and athlete performance analytics [SportsPro]

Baseball United, the first pro baseball league for the Middle East and South Asia, partners with Indian media conglomerate Zee Entertainment for a media rights deal (Oct. 16th)

SPIRE Academy, an elite multisport boarding institution for high school and postgrad students, launches a research and innovation lab ‘SPIRE Performance Research Institute’ (Oct. 15th)

  • SPRI serves as a live research hub for youth athlete performance, health, and sports tech validation, based on SPIRE’s 800-acre Ohio campus

  • Institute partners with companies and universities to test products like AIRO Systems, CoolMitt, and LUBU in real training environments [SPIREAcademy]

DAZN to distribute college sports beyond the US market with new multiyear Fox and Big Ten Network rights (Oct. 10th)

Charter Communications (Spectrum) taps Apple to stream select LA Lakers games on Vision Pro, launches the Spectrum App Store (Oct. 9th)

Eleven Sports Media, a hyperlocal sports marketing firm, partners with the Brooklyn Nets for a multi-year community program across NYC (Oct. 15th)

  • Partnership launches Small Business Partner Program connecting SMBs with Nets fans

  • Program offers gameday branding, networking exposure, and experiential marketing at Barclays Center, expanding Eleven’s NBA footprint following partnerships with the Bucks, Kings, Cavaliers, and Clippers [Eleven]

Tradable Bits, a fan-driven data and engagement startup, to power Liga MX’s Club América, following the launch of the platform’s new BI tool (Oct. 15th)

  • Aims to enhance fan data strategy across ticketing, marketing, and outreach

  • Tradable expands Liga MX presence with its third team client following Querétaro FC and UANL Tigres collaborations; builds on Octane launch, centralizing fan data analytics [SBJ]

Liga MX’s Club América and Brazil Serie A’s Flamengo join World Sevens Football’s $5M women’s tournament for its second edition (Oct. 9th)

  • W7F announced the clubs as the first entrants in its Fort Lauderdale event (Dec. 5–7); eight-team global tournament builds on W7F’s successful debut in Portugal [W7F]

Team Marketing, a full-service sports marketing agency, expands beyond Europe with Mexican national teams’ media rights deal (Oct. 10th)

  • Team Marketing to manage global media rights for Mexico’s men’s, women’s, and youth national soccer teams from 2026–2034, covering two World Cup cycles

  • Agency will advise on deal structure and valuations, with the rights sale process beginning January 2026 [SportsPro]

IPO

Strava CEO Michael Martin confirms the firm’s IPO intentions, following the platform’s $2.2B valuation milestone (Oct. 13th)

  • Martin told the FT that the company intends to go public, following its recent $2.2B valuation reached in its May funding round [Athletech]

Lawsuits

Phoenix Suns and Mercury owner, Mat Ishbia, files a countersuit against minority investors over an August buyout dispute (Oct. 14th)

  • Suit alleges Andy Kohlberg and Scott Seldin tried to force Ishiba into an ‘extortionate’ buyout after refusing to contribute additional capital during a June fundraising call

  • Pair previously sued Ishbia, accusing him of withholding internal documents and undermining their ownership leverage; Both remain as the only minority holdouts [SBJ]

Job Board & Opportunities: Week of Oct. 17th

Here are some cool roles we found and personally curated this week - enjoy!

1. ScorePlay - Head of Partnerships & Marketing: $220K

2. Wasserman - Director of Strategy and M&A, 5+ Years of Experience

3. Novig (Predictions Market) - Strategy & Operations Manager: 6+ Years of Exp

4. East West Bank - Portfolio Manager, Sports Lending: $200K

5. World Surf League - Project Management & Strategy Lead: 6+ Years of Exp / $190K

6. Eniac Ventures - Venture Capital Investor

7. Fenway Sports Group - Business Strategy Analyst

8. Enhanced Games (Thiel Backed) - Sr. Manager, Business Affairs: $200K

9. Lazard - VP of Sports, Media & Entertainment: $275K

10. FanDuel Sports Network: SVP, National Partnerships: 15+ Years of Exp / $390K

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