Y! Sports Biz: On the move

Story by

Story by
Y! Sports Biz: On the move

Mon, Sep 21, 2026 ·

11 min read

About Our Ads

👋 Welcome back!Let's get down to biz.

In today's edition:Key c on text for Mbappe's move, the Lakers' $30 billion future, the Big 12 goes big abroad, a "sell the team" chant you've never heard before, and more.

Time to show you the money...

🇨🇭🇫🇷 From dreaming On to reality

In June, Kylian Mbappé featured centrally in Nike's " Rip the Script " World Cup short film, shortly before tearing through defenses in Nike boots throughout the tournament. Just three months later, his long-time relationship with the Swoosh has ended. Mbappé is moving On… or to On, in this case.

Catch up:Swiss sportswear brand On announced on Friday that it's entering football alongside the French superstar. Mbappé will be a global ambassador for the brand, working closely with product teams in developing football footwear and apparel.

What it means:This is perhaps the most ambitious extension of On's brand yet, as it tries to establish itself at the highest ranks of the world's most popular sport. However, the company has a track record in precisely this sort of endeavor, executed with a very similar playbook.

History doesn't repeat itself, but it rhymes:The last time On shocked the sports world with the signing of an icon, the brand was a lesser-known commodity. Its prize in 2019? Swiss tennis legend Roger Federer, who invested in the Swiss company and supported its efforts to build a tennis business.

Federer retired in 2022, but On soon filled the void with other athletes, Iga Świątek and Ben Shelton among them.
Shelton's deal could reportedly end in the coming months, but rising stars João Fonseca and Flavio Cobolli have bolstered the roster.
The brand's efforts in tennis, anchored by an icon, demonstrate its ability to grow from a nonexistent presence to recognized standing at a sport's elite levels.
With Mbappé in tow, it will try to make the same leap in football, while Mbappé creates a legacy that wasn't available at established competitors.

New energy required:Though On has grown rapidly, with revenues rising from CHF 267 million in 2019 to CHF 3.0 billion (~$3.6 billion) in 2025, it has endured a tumultuous stretch as a publicly traded company. Mbappé will reportedly receive equity as part of the deal — if so, he's getting in at recent lows.

Since its 2021 IPO, On stock is down nearly 23%, including a 41% drop to date in 2026.
A challenging environment in the broader sports footwear category, characterized by heavy discounting in wholesale channels, has weighed on both On and its competitors.
On has pulled back from those channels to preserve its premium positioning. However, despite DTC strength ( +34.3% in Q2 ), investors have remained nervous about waning brand momentum.

Big picture:On has become a near-ubiquitous lifestyle sensation, but just as Nike is focusing its recovery efforts on a "Sport Offense," On has recognized that on-field excellence plays a pivotal role in driving the brand forward. They're no longer dreaming: A player taking the pitch in On cleats at the highest levels of European football will soon be a reality.

Go deeper: Mbappé moves On from Nike as Swiss sportswear brand charges onward through sports .

📸 Bank Shots

Oxford, Mississippi —Lane Kiffin was not welcomed warmly upon his return to Ole Miss, and his Tigers fell 32-24 to the Rebels thanks in large part to Trinidad Chambliss, a quarterback Kiffin recruited to the Rebels.

Can't Miss: The average ticket price for Saturday's game was $1,134 according to Gametime, likely cementing its place among the most expensive sporting events in Mississippi history. The only remaining Rebels home game to crack even half that price is a November clash with Georgia.

London, England —Keely Hodgkinson, sporting a brand new Nike speedsuit, broke the tape in the 800 meters at ATHLOS London on Friday night.

Off to the races? This was the third meet, and the first in London, for the women's track and field series founded by Alexis Ohanian. The meet had a total prize purse of over $1 million, with $65,000 awarded to event winners. This season's New York event was canceled to accommodate athletes after a demanding season.

Springfield, Illinois —The San Francisco Firebells evened the inaugural Women's Professional Baseball League Championship at two games apiece on Sunday, clawing back a 2-0 deficit over the weekend.

One and done? The WPBL's first season has been marred by infighting among its investors, with one board member filing suit seeking financial records amid financial mismanagement allegations. The WPBL has generated $1.3 million in ticket revenue this season, the league's CEO told Front Office Sports .

🏀 Buy high, sell higher

When Joshua Kushner and Bob Iger agreed to purchase the Lakers from Mark Walter, thousands of questions ensued. While most had nothing to do with the acquirers' eventual exit, some wondered: How would they generate returns when the entry price — $12.5 billion, the most paid for any team in any sport — was so astronomical? Now, we know.

Up, up, and away:In courting potential minority investors, the incoming owners are reportedly projecting that the team's valuation could reach at least $30 billion in a decade, according to presentation materials reviewed by the Wall Street Journal .

That presentation suggests the team is on track to generate $681 million in revenue in 2026. The $12.5 billion valuation equates to roughly 18 times revenue. The average multiple in Sportico's most recent NBA team valuations was approximately 13.5X.
The group believes, however, that the team can reach $1.6 billion in revenue in a decade. A $30 billion valuation would represent a similarly lofty revenue multiple.

Where's the upside?Those projections apparently assume a doubling in media rights, no small feat given the NBA's sizable national deal and local uncertainty . Shorter term, the group reportedly intends to claw back ticket allocations from ticket brokers, in theory capturing more value and exerting greater control through dynamic pricing. Such measures would contribute to around $150 million in incremental revenue by 2028.

Easing the entry for PE:The NBA will reportedly shift its private equity rules, according to Bloomberg , allowing Kushner to invest in the team alongside his firm, Thrive Eternal.

A firm and its executives were previously prohibited from investing in a franchise together. Now, that's reportedly permitted, but the firm can't invest in another franchise.
Rising valuations have raised questions about control owners' ability to organize syndicates without institutional support. If valuations are to continue increasing, it may require greater institutional participation, necessitating looser restrictions.*

Green field ahead:As reflected in the prices paid across the sports ecosystem, Thrive is not alone in the belief that valuations could rise much higher still. Jaguars owner Shad Khan told CNBC this month that the run-up in NFL team valuations is "almost endless," responding simply, "It's going to be a big number," when asked if the Jaguars could pass $100 billion in 15 years.

Bottom line:Team prices are high today, but they're high because competing bidders believe they can be much higher in the future. Higher valuations require either rising revenues, multiple expansion, or both. Those things are hard to achieve without concentrating even more fan attention on sports and extracting more value from those fans.

*Roger Goodell recently poured cold water on a potential easing of NFL rules, saying there was " no need " to raise the cap on PE ownership given how far from the 10% capacity most teams are.

⚡Lightning Round

⚾️ Apollo acquiring 4% of team in Yankees deal:As part of Apollo's $2.6 billion investment in the Yankees, the Steinbrenner family will sell at least 4% of its equity in the Yankees' parent company, according to Sportico . The New York Post reports that Apollo will eventually own a 16% stake in the team.

🏈 NFL heads to Brazil despite field concerns:Despite frequent complaints from Flamengo players about the condition of their pitch at Maracanã Stadium, the NFL's Brazil game between the Cowboys and Ravens will go ahead next weekend. The league told FOS it has a plan in place to ensure a high-quality surface.

⚽️ Prem proposes "new deal for football":The Premier League is reportedly proposing a £1.8 billion, 10-year deal with the English Football League, in which it would distribute approximately 17.5% of its broadcast revenue to England's lower leagues, up from 11% currently. The sides have yet to agree on the deal.

See what else is trending on the Yahoo Sports Business Hub .

🎙️ Notable Quotables: Big 12's big international plans

Arizona State beat Kansas 24-17 in the inaugural Union Jack Classic on Saturday at Wembley Stadium. The game was the Big 12's third played internationally, and the conference is eager to become a consistent presence abroad.

Arrival announced:Locals applauded the atmosphere created by the traveling fans and the marching bands, despite a closed upper deck. Though 46,523 people attended, that number fell short of expectations for 60,000 attendees. But while college football's arrival in London was long anticipated, it was only the beginning for the Big 12.

Flag planted:Why is the conference bullish on games abroad? Commissioner Brett Yormark recently shared the rationale on JohnWallStreet's "Big Business on Campus" podcast .

"It's very beneficial for us to be globally relevant. 14% of our student-athlete population is international student-athletes. So, by planting flags throughout Europe, that helps with recruitment. It [also] helps with enrollment. Six of our 16 institutions have international campuses, campuses outside of the domestic marketplace. In fact, when we play [this] week in London, ASU is opening up an extension of their campus, which is very exciting."

Future gamechanger:Yormark added that the international exposure could help not just at the margins in school enrollment, but as a potential driver of future sponsorship and media deals.

"There are opportunities for global sponsorship and partnership. And another thing that I think about is [monetizing] our international TV rights. [Right now, they are] effectively a throw-in. [But] as we become more relevant globally, there are opportunities to monetize [international rights] in our next TV deal as well."

Think different:The efforts abroad are further evidence that the Big 12 likes to think differently than its peers. But the conference's Monster Energy partnership already told us that. Speaking of: There's more to that deal than most might initially realize. Go deeper in the full episode .

JohnWallStreet , part of the Yahoo Sports Business Hub , is a sports business resource powered by industry experts, delivering context, analysis, thought leadership, and data-driven insights to sports and media professionals.

🏈 Trivia time: Football's foreign exchange

Question:College football has followed the NFL abroad, hosting international games with regularity. Since the start of the decade, which country has hosted the most college football games?

A) Australia

B) England

C) Ireland

D) Bahamas

Answer at the bottom.

⚾️ Sell the team!

Appeals to "sell the team" in baseball evoke imagery of Athletics fans circa 2024, Red Sox fans circa five months ago, and Angels fans circa five minutes ago. This time, though, those cries are of an entirely different nature… they're not because the team stinks.

ICYMI:Breach Inlet Capital, a top 20 institutional shareholder of the Braves, is publicly urging management to pursue a sale. Their stated case?

Investor appetite for sports assets has never been higher.
MLB has momentum, but a lockout could be damaging.
Publicly traded companies can deduct the compensation of only their five highest-paid employees starting in 2027, putting the Braves at a taxation disadvantage to privately owned competitors.
MLB teams are scarce monopolies, but the Braves offer incremental value thanks to their gold-standard mixed-use Battery development.
At approximately four times revenue, the team appears undervalued relative to recent control sales.
The company's executives and board should be rewarded for their execution.

Some context:Braves stock is up 31% in 2026, bringing the enterprise value close to $4 billion. But with the Angels selling for that price with no attached mixed-use development, Breach believes there's a material premium to be secured.

Not alone:Investors see similar potential for the publicly traded Knicks and Rangers to go private once they complete their upcoming spin-off. The days of publicly traded sports team ownership may be limited as investors decry the embedded discounts and the potential bids available from private investors.

Trivia answer:C) Ireland. Dublin has hosted five college football games since the start of 2020, including this year's North Carolina win over TCU.

Thanks for reading! Wanna talk shop? Follow me on X and Linkedin , or drop me a line: dylan.dittrich@yahooinc.com .

Mobilize your Website

View Site in Mobile | Classic

Share by: