Green Fees

Two years ago TMRW closed a Series A that valued the company at nearly $500 million. It now has two TGL seasons on ESPN, a women’s league (WTGL) launching in November, and the contract to build the NFL’s pro flag league before the 2028 Olympics. Prominent investors include Dynasty Equity, Silver Lake, Connect Ventures, and Seven Seven Six.

DAZN agreed to acquire EverPass Media, accelerating its U.S. expansion and making EverPass’s commercial-distribution platform the foundation for DAZN’s next-generation B2B offering. EverPass launched in 2023 with one asset: the commercial rights to NFL Sunday Ticket. As part of the deal, 32 Equity took an equity stake in DAZN, so the NFL now holds stakes in three of its own media partners.

Galaxy is building a 2,200-acre data center 60 miles east of Lubbock and has a signed 15-year lease from CoreWeave. The company signed a 15-year naming-rights deal with Texas Tech this summer. With $1.2 billion in projected annual revenue from that data center, spending $5 million per year on the Red Raiders is the cheapest insurance policy in West Texas.

The NFL’s investment arm, 32 Equity, started in 2013 with $1 million per team. It has since invested in Fanatics at a $4 billion valuation (now $31 billion), exited Appetize at $450 million, and is in talks with Ares, Sixth Street, and Arctos about a new GP-led fund with $5 to $10 million per team. It’s the league’s quiet venture arm, a way to capture upside in the broader ecosystem that runs on NFL fuel.

After meetings with ten team presidents and owners across the NFL, NBA, NHL, and MLS, Leiser called the AI knowledge gap at the top “staggering.” Is he talking his own book? Yes. But it’s undeniable that the first teams to leverage AI in their operating systems will lock in a durable edge in scouting, pricing, and front-office productivity while the rest are stuck optimizing last decade’s playbook.

The average NFL stadium capacity is 69,850. Only five regular-season NFL games in history have ever drawn more than 100,000 fans.

This year, the league has a record-breaking nine international games in Australia, England (3x), Germany, Mexico, Brazil, France, and Spain.