FEATURED STORY
Why Fanatics Should Launch The Disney World For Sports
This past week was a big week for sports and business events.
Particularly in New York City.
Spain beat Argentina in the World Cup Final Match 1-0.
The Wall Street Journal had ‘The Next Sports Economy’ conference.
And Fanatics has its third-ever ‘Fanatics Fest’ - which we had the pleasure of attending.
After two years of helping operate FanFest as an employee (Sid), this was my first time attending as a true fan, and Suraj’s first time going at all.
In year three, Fanatics Fest officially went mainstream, with the entire internet talking about the business, numbers, and experience behind it all.
But nobody has the same level of insight as someone who used to work inside the company.
So today, I’m making a bold prediction and idea: Michael Rubin and Fanatics should launch a true IRL experiential business - similar to Walt Disney World - and call it Fanatics World.
Here’s our breakdown.
So What Exactly Is Fanatics Fest and What Are The Numbers Behind It
Just three years ago, Fanatics launched an Events business arm to bring fandom to life. It’s spearheaded by long-time T4Q supporter and former ReedPop president Lance Fensterman.
As CEO, he and the Fanatics Events team are responsible for a slate of events - including Fanatics Fest, the flagship owned-and-operated sports festival that brings fans, athletes, brands, and experiential activations under one roof. In three years, it’s seen astronomical growth.
Below is the only graphic you need to understand Fanatics Fest’s meteoric evolution.
In 2026, an estimated 200,000 fans attended across the four days - a 60% YoY growth number.
In 2025, ~125,000 fans attended, which was up 65% YoY from its inaugural 2024 event of 70,000 fans.
Originally, Rubin said it wasn’t created to be a profit center for the company, after Fest lost $15M in its first year.
But with an $80-$90M production budget and ticket sales alone estimated to generate $15M, 2026’s FanFest is supposedly breaking even or turning a profit for the first time.
The numbers speak for themselves, but don’t do the actual experience justice.
Fans of every demographic wandered starry-eyed in a one million square feet exhibition space in the Javits Center. In the span of a few minutes, you could go from taking a photo with Justin Gaethje in a UFC octagon to watching a live taping of Kevin Hart’s Cold As Balls podcast to catching Justin Bieber kick field goals vs. Tom Brady & Novak Djokovic.
Athletes, celebrities, and internet personalities weren’t just interacting with their followers - they were also interacting with each other. Somehow, the Fanatics team even pulled off the World Cup Final Match presser with Lionel Messi, Tom Brady, Novak Djokovic, Travis Scott, and Kevin Durant - all on stage together.
There’s nowhere else this could happen. And there’s probably no one else who could make it happen.
So it prompts the question…why does this spectacle only happen 1x a year? Is there a bigger business Fanatics can build to deliver this kind of fandom year-round?
We think there is.
Can Fanatics Build The Disney World For Sports?
Building off the success of Fanatics Fest, here’s why the leap to year-round experiential fandom could make sense. Start with Disney.
Disney generated $94.4B in total company revenue in 2025.
Disney’s Parks & Experiences (parks, cruises, & resorts) generated $31.7B - representing ~34% of Disney’s total revenue last year.
In 1965, Disney bought 27,400 acres from 51 landowners for $5M with an average of $182 per acre to build Disney World in Florida. In 1971, the development of that land cost $400M.
In today’s dollars, that same capital expenditure would cost ~$50M to buy the land, and ~$3B+ to develop it.
Now, let’s be creative. Imagine what a Fanatics World would look like. A sports universe where fans can immerse themselves, similar to how one would interact with Disney IP within Disney World.
Leagues have year-round activations that fans can touch, brands are embedded into the sports ecosystem 24/7, teams play special games, and fans can engage like nowhere else.
Sinking $1-3B into a sports IP metropolis might not make immediate sense. But the company might be closer than most people think.
This year, Fanatics is expected to hit $14B in revenue, up from $8B in 2024. That’s 70%+ revenue growth in two years. Here’s how that breaks down by business unit.
Earlier this year, Rubin said Fanatics can become a $50B revenue business.
And we believe him. Just look at the company’s growth rate, the cadence of new launches, and the trajectory of Fanatics Fest.
The next big opportunity might be in answering one question: “How do we make the magic of Fanatics Fest year-round?”
Chances are, we might not see this anytime soon.
But we do believe a natural evolution from the growing success of Fanatics Fest is a Fanatics World.
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🚨 FOUNDING PARTNER ANNOUNCEMENT
🚨 We have exciting news: The 4th Quarter has officially signed Novig as our exclusive Prediction Markets Partner.
This is a full circle moment for us. In our third ever newsletter over two years ago, we spotlighted Novig as an up-and-coming Y-Combinator-backed startup disrupting the sports landscape.
Since then, that exact company has gone on to raise $100M+ in institutional capital as their team builds the first-ever national prediction market dedicated for the sports world.
Just a month ago, Novig received their CFTC approval - granting the company a Designated Contract Market (DCM).
Organically, we've been covering the technological and legislative evolution of prediction markets. We've noticed that prediction markets have become one of the most important but misunderstood forces reshaping sports. While there's a lot of buzz around it, very few people understand what is actually happening behind the scenes: how these market operates, where the industry is heading, and what it all means for the broader business ecosystem.
This is about to change.
With the help of Novig, The 4th Quarter will demystify the prediction markets industry through premium content across our newsletter and show.
We're just getting started. More to come soon.
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THE 4TH QUARTER SHOW
If there’s one thing you watch this week, make it the latest episode of The 4th Quarter Show.
In just one hour, we break down every important headline so you’re well-versed on everything shaping the business of sports.
A few of our favorite stories that we had way too much fun analyzing:
Vinod Khosla buys the Seahawks from Paul Allen's estate at a record $9.6B
David Beckham's IM8 lands $1B in financing from General Catalyst with zero dilution
FIFA World Cup brings in $15B to become the most lucrative sports event in history
Former Liberty Media CEO Greg Maffei launches the Horse Racing League with the F1 playbook
Saudi Arabia teams up with Live Nation to build the world's biggest stadium empire
Plus, every other major team and league, M&A, real estate, emerging league, collectibles, and prediction market story you need to know.
You can also find us on YouTube, Spotify, and Apple Podcasts.
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LEAGUES & TEAMS
U.S. League & Team News
Mark Cuban-led Harbinger Sports Partners makes first investment with minority stake in the Las Vegas-bound Athletics (July 23rd)
Harbinger acquired a minority stake in the A’s as the franchise prepares to open its $2B Las Vegas stadium in 2028
The $450M fund can invest up to $150M per team and sees upside in MLB valuations as media rights and labor economics evolve [Bloomberg]
Walmart heiress Nancy Walton Laurie and husband Bill Laurie explores Las Vegas NBA expansion bid as ownership race intensifies (July 20th)
The couple brings an estimated $17.8B fortune and deep local ties; previously owned St. Louis Blues and pursued NBA teams in Denver, Vancouver, and Charlotte [Sportico]
Roger Communications confirms plans of minority stake sale in consolidated sports empire after taking full control of Maple Leaf Sports & Entertainment (July 22nd)
Seeking investors for a non-voting stake across assets including the Blue Jays, Maple Leafs, Raptors, Toronto FC, and major Toronto venues
Sale could begin in early 2027, helping reduce nearly $25B of debt after Rogers completes its $3.1B purchase of Kilmer Sports’ remaining MLSE stake [FOS]
NFL national revenue tops $14.5B as each team receives $450M+ league payout (July 21st)
Each NFL team received more than $450M from national media rights, league sponsorships, shared revenue, and affiliate/subsidiary royalties for the 2025 season
League distributions grew roughly 5% YoY and are projected to top $800M per team by 2035 as the NFL explores reopening its $125B media deals before 2033 [Sportico]
MLBPA rejects owners’ draft overhaul proposal over concerns surrounding younger players (July 21st)
MLBPA proposed preserving the current draft structure, including a 20-round format, June draft, and expanded player eligibility
Rejected MLB’s proposed overhaul to reduce the draft and shift player development to college baseball, increasing tension as CBA approaches expiration [FOS]
Sen. Ted Cruz pushes Protect College Sports Act toward Senate vote in July amid growing industry opposition (July 17th)
Seeks Senate vote on the Protect College Sports Act after making revisions based on feedback from conference commissioners and university leaders
The bill continues to face opposition over antitrust protections, conference realignment rules, and private equity restrictions [SBJ]
International 🌍
Jeff Bezos holds talks to join Amit Bhatia’s £1.35B bid for a 30% stake in Liverpool (July 22nd)
Bezos could take direct equity in Liverpool as part of Bhatia’s consortium, marking his first serious move into Premier League ownership
The bid values Liverpool at roughly £4.5B and is also backed by Lakshmi Mittal, giving the group substantial financial firepower [The Guardian]
Red Bull rejects Abu Dhabi-backed bid worth up to $3B for Racing Bulls as F1 team valuations surge (July 22nd)
Investor Dean Attew and financier Andrew Herriot approached Red Bull with financing from Abu Dhabi-based funds
Red Bull has also rejected prior offers above $2B as cost controls, media growth, and team scarcity push F1 valuations higher [The Times]
King Power explores sale of Leicester City a decade after its Premier League title as financial losses and relegations mount (July 22nd)
Leicester’s Thai owners have hired Citi to sound out buyers after more than 15 years of ownership
The club has dropped to League One, posted a £71.1M loss in 2024-25, and recently converted £124M of shareholder loans into equity [FT]
UK investment firm Boldhaven amasses 5.6% stake in Manchester United as the club’s turnaround attracts value investors (July 22nd)
Boldhaven Management acquired 3.1M Class A shares, becoming Manchester United’s second-largest institutional shareholder
Follows a 84% stock rebound from its April 2025 low; fueled by greater profitability, third-place Premier League finish, and Champions League qualification [Sportico]
Liga MX, Mexico’s premier soccer league, permanently ends promotion-relegation while separating its administration from the Mexican federation (July 17th)
Eliminated promotion and relegation with Liga Expansión, leaving license acquisition as the only path into the top flight
Will now operate independently from the FMF, further entrenching a franchise-style model designed to mirror MLS, La Liga, and Premier League [IWF]
Roland Garros’ French Open becomes first Grand Slam to offer players revenue-sharing model for prize money (July 21st)
The revenue-sharing framework ties prize money to tournament revenue, alongside discussions include pensions, healthcare, and greater player representation
Puts pressure US Open and other Grand Slams as players push for prize money equal to 16% of tournament revenue immediately, rising to 22% by 2030 [The Guardian]
Emerging Properties
World Athletics launches $10M Ultimate Championships to modernize track and field with a broadcast-first competition format (July 22nd)
The new biennial event will feature straight finals, no national quotas, compact sessions, and distinctive black grass and red-track visuals
Sebastian Coe sees the format and its $10M prize pool as a way to better compensate athletes and create a marquee global event outside the Olympic cycle [The Athletic]
Real Estate Deals
D.C. Council chairman proposes $620M expansion of Audi Field, home to D.C. United and the Washington Spirit, to add a roof, 8,000 seats, and year-round event capacity (July 15th)
Plan would expand the D.C.-owned venue to roughly 28,000 seats and add a climate-controlled roof, with the District contributing about $300M
Project aims to unlock 100 additional events annually and would require D.C. United to deliver 467 housing units, including affordable and senior housing [Stadium Business]
WNBA union blasts Chicago Sky after $60M Bedford Park practice facility is delayed again until the 2027 season (July 17th)
Originally scheduled for completion in December 2025 but was pushed back to November; Chicago will remain at Wintrust Arena throughout 2026
The project has doubled to roughly 80K square feet and risen from $38M to a reported $60M [FOS]
Trail Blazers and Portland clash over funding terms for proposed $600M Moda Center renovation (July 20th)
Blazers rejected the city’s proposed term sheet, which includes a $3M annual property-tax payment, a 20-year lease commitment, and labor requirements
Owner Tom Dundon has resisted contributing to the upgrades, escalating political opposition and uncertainty around the city-owned arena’s future [FOS]
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INVESTMENTS
M&A
Federal judge pauses Paramount Skydance’s $110B Warner Bros. Discovery acquisition amid multistate antitrust challenge (July 20th)
Paramount must halt the deal through August 3 after a judge found states made a strong initial case that the merger could unlawfully reduce competition
The longer delay could trigger roughly $7M per day in payments by Paramount to Warner Bros. shareholders past September 30 [Reuters]
John Textor sues Michele Kang for $400M+ over alleged “scheme” to seize control of Olympique Lyonnais (July 20th)
Textor sued Kang for defamation, fraudulent concealment, and civil conspiracy, claiming she secretly worked with Ares to create a “shadow board” and push him out of Lyon
Textor alleges Kang positioned herself to acquire Lyon at a discount while Kang calls the claims baseless [FOS]
Graham Sports & Entertainment Partners and David Blitzer’s Bolt Ventures invest in MyGolfSpy – officially launching golf media platform Pin High Golf (July 21st)
New platform will use MyGolfSpy’s testing data, independent reviews, and engaged golfer community as its anchor asset
Plans to expand advertising, video, affiliate commerce, and acquisitions across golf media, data, and experiences [GSE]
Marc Lasry-backed OnDeck Partners acquires Wilmington Blue Rocks to expand its Minor League Baseball portfolio (July 21st)
OnDeck acquired the Nationals’ High-A affiliate, adding another community-focused franchise to its growing MiLB platform
The firm plans to invest in fan experiences, local partnerships, and year-round programming at Frawley Stadium [MiLB]
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STARTUPS & TECHNOLOGY
Startup Fundraising
PathFinder raises multi-million-dollar angel round to launch BirdieSense, a vision-powered golf AI coaching agent (July 22nd)
Jinqiu Capital led the round to accelerate product development, manufacturing, and BirdieSense’s global crowdfunding launch
The dual-camera device tracks ball flight and swing mechanics to deliver real-time coaching, with plans to expand into tennis and baseball [PathFinder]
Pathway Sports invests in College Sports Co. to build a broader NIL media, licensing, and brand activation platform (July 22nd)
Multiyear partnership combines Pathway’s brand relationships with College Sports Co.’s athlete-led media properties and school network
The deal expands Pathway beyond group licensing into branded content, events, and recurring above-the-cap NIL revenue for athletes [SBJ]
Product Launches
Underdog launches its own federally licensed prediction market exchange after assembling the industry’s full regulatory stack (July 22nd)
Underdog will now operate prediction markets directly inside its app rather than relying on third-party exchanges like Kalshi and Crypto.com
Following its DCM and DCO acquisition, Underdog becomes the first sports company to control the exchange, clearing, and FCM infrastructure [Underdog]
Equinox integrates Aescape’s AI-powered robotic massage into coach-designed pre- and post-workout recovery programs (July 22nd)
New sessions are tailored to running, strength, HIIT, yoga, and Pilates and are now available across 50+ Equinox clubs
Partnership gives Aescape a scaled distribution channel as it targets 200 machines by year-end and expands into body data and recovery metrics [Athletech News]
Little Dot Studios launches AI-powered HyperLaunch to help sports broadcasters and media companies scale YouTube revenue (July 21st)
The tool automates content preparation, rights management, and distribution, increasing upload speeds by 90%
Little Dot says partners can triple historical returns by monetizing archives that were previously too costly or complex to deploy [SportsPro]
League Tech Updates
MLB bans AI-powered dugout apps from shaping live pitching, substitution, and in-game strategy decisions (July 16th)
Removed ability to run custom apps on dugout iPads after clubs used live data to generate recommendations on pitch calling, substitutions, and other decisions
Part of a broader midseason crackdown designed to stop AI from replacing decisions traditionally made by players and coaches [The Athletic]
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STRATEGIC VENTURES
Media Deals & Updates
2030 FIFA World Cup media rights race heats up as ESPN, Fox, Netflix, and Paramount prepare to bid at $1B+ price tag (July 19th)
ESPN, Fox, Netflix, and Paramount are expected to compete for the U.S. media rights to the 2030 FIFA World Cup, with bidding set to begin later this year
Rights are expected to exceed $1B; FIFA may package 2030 and 2034 World Cups into a deal worth as much as $3B [FOS]
NHL launches centralized local broadcast production arm as RSN collapse pushes teams toward league-controlled media infrastructure (July 21st)
Blue Jackets, Blues, Hurricanes, and Wild will use NHL Productions for local telecasts beginning in 2026-27
League is investing low-eight figures to help clubs control production, distribution, and ad inventory; teams retain local media revenue and can package broadcast assets directly into sponsorship deals [SBJ]
Telemundo acquires exclusive U.S. Spanish-language Champions League rights after record-setting 2026 World Cup ratings (July 20th)
Three-year deal begins in 2027-28 and includes every UEFA men’s competition across Telemundo, Peacock, Universo, and its FAST channel; adds to Premier League, Bundesliga, Liga MX, and U.S. national teams [The Athletic]
Other Partnerships
Inter Miami signs 14th sponsorship deal of 2026 as Messi effect pushes local revenues toward $250M (July 22nd)
Marriott Bonvoy becomes the club’s official hotel partner and a founding partner of the $1B Miami Freedom Park development
Since Messi’s arrival, Inter Miami’s local revenue has quadrupled to $215M, while sponsorship revenue now exceeds the bottom five MLS clubs combined [Sportico]
Texas Tech signs $75M, 15-year Galaxy Stadium naming-rights deal integrating NIL, AI infrastructure, and West Texas investment (July 17th)
Galaxy will rename the Red Raiders’ football venue beginning in 2026 while becoming Texas Tech Athletics’ official data center and digital assets partner [Texas Tech] [SBJ]
DICK’S launches six-part WNBA docuseries through its in-house studio, extending its league partnership into original content (July 20th)
“Life In the W” follows A’ja Wilson, Napheesa Collier, and DeWanna Bonner and will air across ESPN2 and the ESPN App
Produced with UNINTERRUPTED, the series turns DICK’S WNBA sponsorship into a broader media platform around athlete storytelling and women’s basketball [DSG]
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JOB BOARD
If you find our weekly job board helpful, join the T4Q Talent Network.
Now - here are some cool roles we found and personally curated this week. Enjoy!