FEATURED STORY
Ari Emanuel’s Bet on Live Experiences
Photo Creds: Ari Emanuel launches a new live-events experience company, MARI.
Is entertainment heading towards a fully virtual reality?
Given the current state of AI, social media, and AR/VR, many technologists would say yes – all aspects of consumerism will eventually converge to the metaverse. Just ask NVIDIA’s Jensen Huang: “The metaverse is coming… We will create a future in these metaverses before actually downloading the blueprints to be fab’ed in the physical world.”
But with every action comes an equal and opposite reaction.
In a recent TBPN interview, Airbnb CEO Brian Chesky offered his counterpoint to this digital drift:
“More and more what’s on a screen will be artificial… Increasingly, I like to say you want to ride a trend or ride the opposite trend. And so if we’re creating this fantasy digital realm that is highly artificial, I think in reaction to that, people want what’s real.”
It’s difficult to predict what entertainment will look like in 50 years. But one thing is certain: the pursuit for real-world experiences isn’t fading anytime soon. Airbnb is doubling down with its Experiences platform. Sports franchises are pouring billions into mixed-use stadium districts that merge hospitality, dining, and culture.
And now, super-agent Ari Emanuel is making his own bet on the luxury live-experience economy with his new company, MARI.
The Origins of MARI
Before we unpack his business thesis, let’s refresh on the company’s roots.
Earlier this year, Ari Emanuel sold his entertainment empire, Endeavor, to Silver Lake for $25B. Silver Lake was primarily interested in the core assets – talent agency WME and TKO (WWE + UFC). But Ari and his long-time business partner Mark Shapiro still prized many of the experiential assets within the portfolio.
So they raised $2B in equity from backers including Apollo, RedBird Capital, Qatar Investment Authority, and a16z, and began reacquiring Endeavor’s high-end live-event properties – from global tennis tournaments to art fairs and collector car auctions. The result was a new entertainment holdco named MARI (a blend of Mark and Ari).
In essence, MARI is curating a portfolio of scarce, high-touch experiences that command cultural cachet and physical exclusivity.
Ari underscored his conviction in MARI’s launch statement:
“Live events and experiences have never been more powerful. As people increasingly value experiences over things – and as hybrid work and AI give us more time to enjoy them – sports, art, lifestyle, and entertainment are becoming even more essential.”
At first glance, MARI’s portfolio might seem disjointed. Why mash together tennis tournaments, car auctions, art fairs, and Broadway ticketing? But the play is more deliberate than it looks: MARI’s building at the intersection of live, leisure, and luxury.
Live, Leisure, and Luxury
Ari might not be entirely right about expanding leisure times – at least not yet. Paradoxically, average daily leisure hours have stagnated post-pandemic to roughly 4-5 hours per day despite AI’s promise of less human work requirements. More likely, AI has heightened output expectations rather than reduced workload.
But that very constraint makes how we allocate our free time an even more valuable decision.
For the masses, free time continues to flow towards the ubiquitous: digital immersion, algorithmic media, and endless ‘doomscrolling’. But for the affluent, that saturation creates a new form of scarcity: the scarcity of the real.
In this brave new world, reality itself will become more of a luxury good.
That dynamic underpins MARI’s thesis. While global luxury spending declined 2% in 2024, experiential luxury and wellness categories grew 5%. Affluent consumers are trading luxury retail for high-end travel experiences, live entertainment, and wellness.
Each of MARI’s assets is proof that there is insatiable demand for novel live experiences. More fans are showing up courtside. Car collectors are compelled to buy the antiques. Frieze’s art fairs continue to sell out VIP previews. And Broadway is drawing wealthier, younger audiences back into theaters.
Luxury Car Auctions (Barrett-Jackson): The 2025 acclaimed Scottsdale auction hit $198M in total sales – slightly lower than their record high of ~$208M in ‘24 – with a 100% sell-through rate.
Like a collector preserving rare trading cards from a bygone era, Ari and the MARI team are collecting the world’s timeless experiences (sports, physical art, cars, live theatre) that make us feel human. As the digital age accelerates, those real moments will only grow rarer – and even more cherished.
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LEAGUES & TEAMS
NBA Europe is expected to launch by the 2027-2028 season.
NBA declares plans to launch European league within the ‘next two years’ (Oct. 23rd)
Plans to launch across 10-12 markets, potentially including the UK, Spain, and France
JP Morgan, Raine to advise on franchise model, targeting $500M-$1B in team fees
New league to align with FIBA; 4 open slots allow domestic clubs annual qualification [SportsPro]
NFL unanimously approves Giants, Patriots, and 49ers LP stakes (Oct. 22nd)
Julia Koch and family acquire 10% of the Giants at a $10.5B valuation
Pete Briger Jr. and family acquire a 3.2% stake in the 49ers at an $8.2B valuation
Dean Metropoulos acquires a 5% stake in the Patriots and Sixth Street acquires 3% at a $9B valuation [Sportico]
FirstTracks Sports, a Borgen family-led group, acquires a stake in the MLS’s Austin FC at a $912M enterprise valuation (Oct. 24th)
FirstTracks joins Austin FC ownership, including Anthony Precourt, Matthew McConaughey, and Eduardo Margain, among others
Team has sold out 87 straight home matches — the longest active streak in the MLS; revenue hit $96M in 2024, ranking fifth among MLS clubs [Sportico]
Otro Capital, a NYC-based PE investor in SM&E and gaming, is holding exploratory talks to sell part of its Alpine F1 stake (Oct. 28th)
Renault Group, Alpine’s parent, holds first-offer rights if Otro proceeds with a sale
Otro initially acquired a ~900M, 24% stake in Alpine (2023) alongside RedBird and Ryan Reynolds’ Maximum Effort [SportsPro]
Portuguese soccer club Sporting Lisbon raises €225M ($261M) in its biggest bond sale to date, organized by JP Morgan Chase (Oct. 23rd)
Bonds issued via Sporting Entertainment mature in 28 years at a 5.75% annual rate
Proceeds will fund stadium redevelopment, operations, and repayment of existing debt
Part of the plan is to transform its 50K-seat venue into an entertainment and lifestyle hub [Bloomberg]
Eagle Football, a multi-club sports investment group, offers £400M ($532M) for Premier League-side Wolves takeover (Oct. 27th)
Bid comprised of ~$200M in cash and ~$350M in shares to acquire the Wolverhampton Wanderers from Chinese conglomerate Fosun Group
Full bid is ‘likely to be rejected’ as Fosun prefers a minority-stake cash sale via Moelis & Co; Fosun bought Wolves in 2016 for £45M (~$56M) [Sportcal]
Ilitch Sports + Entertainment joins TGL’s LA Golf Club ownership group at a $90M valuation, reportedly (Oct. 24th)
Joins investors Alexis Ohanian, Good Good Golf, and Serena & Venus Williams
IS+E to lead sponsorship and analytics for the team as TGL expands its franchise base [SBJ]
John McEvoy, a US tech billionaire and Colorado Rockies minority owner, is among the frontrunners to buy Sheffield Wednesday amid the club's administration placement (Oct. 29th)
Follows the club’s 12-point deduction on Friday over unpaid HMRC taxes
Administrators confirm 4–5 credible bidders; sale must remain open for 28 days per EFL rules [FootballLeagueWorld]
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VENTURE CAPITAL
Photo Creds: Sweatpals raises $12M in Seed funding.
Sweatpals, a social fitness marketplace fueling local in-person fitness activities, raises $12M in Seed funding (Oct. 28th)
Funds to expand into 12 new US markets and enhance platform development and monetization tools for studios and hosts
Funding led by Patron, a16z speedrun, and Kevin Hart’s HartBeat Ventures [Sweatpals]
Proteus Motion, a fitness equipment company developing 3D resistance training via electromagnetic resistance, raises $2.75M in funding (Oct. 29th)
Now entering phase three, evolving into ‘movement intelligence’ built on 1B+ data points, counting 100K+ users and 100s of installed systems; aims to scale AI-driven training
Lisa Frankovitch appointed as new CEO; Sam Miller appointed as Chief Product & Tech Officer
Investment backed by Acies Investments, HBSE Ventures, and 412 Ventures, among others [SBJ]
PodPlay, a full-stack sports club management software platform that primarily serves pickleball facilities, raised $8M in Series A funding (Oct. 27th)
Funds will expand engineering, sales, customer success, and product globally
Investment led by Frontier Growth [TheDinkPickleball]
Kotcha, an Eliud Kipchoge-backed AI run coaching startup bringing elite training methods to the masses, raises €3.5M ($4.1M) in Seed funding (Oct. 23rd)
Developed in tandem with NN Running Team; app will supply 4 AI coaches, including a head coach, nutritionist, data analyst, and a personal trainer — trained on NN methods
Investment led by Racine², other investors include TrueGlobal and Motier Ventures, among others [Athletech]
Walla, a studio performance platform for boutique and emerging fitness studios, raises $5M in Strategic funding (Oct. 28th)
Funding to accelerate rollout of AI-powered Studio Performance Software and expand intelligence capabilities; firm targets 95% studio profitability within two years
Funding led by Social Leverage and Ankona Capital; other investors include Industry Ventures and Keshif Ventures, among others [FittInsider]
Sports Marketing agency Impetus Sports launches Impetus Sports Capital to invest in early and growth-stage sports ventures globally across India, MENA, and SEA (Oct. 28th)
Model combines venture funding (Seed–Series A) and strategic advisory for investors, teams, and leagues; focus areas span sports tech & infrastructure, media, and gaming [LICDN]
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M&A & INVESTMENTS
Photo Creds: Goldman Sachs to acquire Excel Sports Management.
Goldman Sachs to acquire a controlling stake in leading agency Excel Sports, valuing the company at $1B (Oct. 24th)
Goldman is reportedly closing in on acquiring a stake from Shamrock Capital
Excel ranks No. 3 globally with $783M in max commissions as of July 2025; agency manages $10B+ in athlete contracts across golf, basketball, and NFL [SportsPro]
OneTeam Partners, an athlete licensing and marketing company, acquires full-service NIL agency The Brandr Group (Oct. 27th)
Combined firm now represents 30K+ college athletes across major US sports programs
Expands OneTeam’s NIL footprint and group licensing, adding TBG’s 100+ school network [SportsPro]
Banijay Group agrees to acquire 65% stake in CVC Capital’s German sports-betting firm Tipico, valued at €4.6B ($5.36B) (Oct. 27th)
Deal kicks off with a 65% stake, with a possible build-up to 72%+ via future call options; move would merge Banijay’s Betclic, Tipico, and Admiral Austria under Banijay Gaming [iGaming]
Warner Bros Discovery confirms unsolicited takeover interest from parties as Paramount Global weighs bid (Oct. 21st)
Followed WBD’s announced plans to split into Warner Bros. and Discovery Global Networks divisions
Deal would reshape sports media rights, impacting NBA, NCAA, and NFL broadcast ecosystems [SportsPro]
CourtReserve, a racquet sports club management SaaS platform, raises $54M in Growth funding (Oct. 21st)
Funding AI-driven automation, integrations, GTM, and market expansion across NA
Investment backed by vertical SaaS business-focused PE investor Mainsail Partners [BusinessWire]
Travis Kelce teams up with activist investor-led group Jana Partners amid Six Flags’ turnaround push (Oct. 21st)
Kelce joins the investor group, holding a combined ~9% stake
Six Flags posted $99.6M Q2 loss, park visits fell 9%; company pledged $1B investment in rides to boost attendance and recover from revenue declines [SBJ]
Crunch Fitness’s largest franchisee, CR Fitness, receives a $350M in strategic funding from (Oct. 22nd)
Funds will drive the expansion of 100+ new clubs in five years and 24 sites in 2025
Investment backed by Sixth Street; North Castle Partners remains the majority owner [Athletech]
EoS Fitness, a HVLP gym chain, expands footprint by nearly 20% after acquiring 23 Gold’s Gym SoCal locations (Oct. 29th)
Deal makes SoCal EoS’s largest market with 46 gyms; plans to hit 50 by year-end
Adds 1K+ employees, expanding reach into Beverly Hills, Long Beach, and Santa Barbara; follows EoS’ $1B+ sale to TSG and EGYM’s AI training rollout [Athletech]
Basic-Fit, a European HVLP gym chain, to acquire German chain Clever Fit in a €160M+ ($186M) agreement (Oct. 27th)
Deal includes €160 million in all cash deal plus a €15M potential earn-out; Basic funded the deal via €180M in financing from ABN AMRO, ING, and Rabobank
Deal expands Basic-Fit network to ~2.2K+ clubs, with 450 in Germany post-merger; Basic-Fit considers franchising under its brand in France, Germany, and Spain [Athletech]
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STRATEGIC VENTURES
Photo Creds: Under Armour launches in-house content studio Lab96.
The Athletic, Amazon ink deal for ‘The Athletic Show’, a new weekly video series spanning sports and culture (Oct. 23rd)
30-minute show exclusive to Fire TV before becoming a wider platform release
Show debuts Oct. 25, hosted by Robert Mays, Zena Keita, and Jason Goff; deepens Amazon’s sports footprint, expands The Athletic’s video presence beyond podcasts [SBJ]
Under Armour launches ‘Lab96’, a new in-house content studio, targeting Gen Z and Gen Alpha audiences (Oct. 28th)
Lab96 will produce athlete-led films and docuseries to deepen UA’s cultural reach
Early projects include films with Gunna, Overtime, SMAC Entertainment, and Boardroom [Variety]
NHL inks multiyear partnerships with Kalshi and Polymarket in landmark US deal (Oct. 22nd)
Marks the first major US league to embrace prediction markets
Kalshi and Polymarket named the league’s official prediction partners; both gain rights to NHL marks, logos, and access to proprietary data for fan engagement [NHL]
Polymarket reportedly set to relaunch in the US with sports betting focus (Oct. 28th)
Report caused DraftKings shares to drop 9.2% and FanDuel parent Flutter to fall 4.7%
Platform may reopen US access by late November, initially to limited participants; timed for peak football and basketball season trading volume [SBJ]
ATP, PIF’s SURJ Sports Investment join forces to launch 10th Masters 1000 tournament in Saudi Arabia (Oct 23rd)
SURJ acquires a stake in ATP Media and joint grassroots program development
Event to debut by 2028, marking the first-ever expansion of ATP’s top-tier category; joins nine others, including Indian Wells, Miami, Monte Carlo, Rome, and Madrid [ATP]
Paramount expands into LATAM and Australia in 7-year UFC media rights deal (Oct. 28th)
Paramount+ to stream UFC events in new markets from 2026, ending PPV model
Builds on $7.7B, 7-year U.S. media rights pact signed in August, replacing ESPN as the UFC’s exclusive partner [Sportcal]
MLS partners with NBA-backed Edge Sound Research to debut ‘Virtual Sound Engine’ tech in live broadcast (Oct. 29th)
First deployed Wednesday night via LAFC vs. Austin FC playoff match (Apple TV)
Edge’s VSE uses AI and tracking data to mix real-time game audio; tech isolates ball-only sound for immersive effects without background crowd noise [SBJ]
Big Swing Media, a golf-focused lifestyle mediaco founded by NBC’s Jimmy Roberts, launches (Oct. 27th)
Company’s biweekly podcast The Big Swing, picked up by Golf Channel for 2026 debut
Company to cover golf’s business and culture; plans include private newsletters and events, with eventual tennis and skiing expansion [SBJ]
Creator-led Baller League and Sky Sports extend broadcasting rights deal for the league’s second season (Oct. 28th)
Follows the league’s announced partnerships with O2, Nike, and Cupra
S2 adds watch-alongs on Sky’s YouTube to target younger fans; new personalities tapped include Idris Elba, Daniel Sturridge, and Chloe Kelly, among others [SportsPro]
Amid India’s real money gaming restrictions, Dream11 expands into the UK, US, and UAE markets (Oct. 29th)
Move marks rollout into 11 markets, including the US, Australia, UAE, and South Africa
Follows India’s nationwide ban on real-money gaming, pressuring Dream11’s home market [SportIndustryBiz]
Oura signs multi-year patent licensing agreements with smart ring competitors RingConn and Omate following a favorable US ITC ruling (Oct. 22nd)
RingConn to continue US smart-ring sales under royalty-based licensing arrangement
Omate gains access to Oura’s patent portfolio to ensure future products meet IP standards; follows ITC bans on Ultrahuman imports this year [Athletech]
Hyrox partners with fitness operating system One FIIT to scale training tech (Oct. 21st)
Hyrox365 Performance Hub now in 10K gyms, used by 30K coaches globally
Integration includes in-gym digital whiteboards, smart equipment substitution, and real-time timers, among other activations [Athletech]
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JOB BOARD
Here are some cool roles we found and personally curated this week - enjoy!