Governance
9 Arena Journal articles on Governance, spanning 2020–2024 across Opinion, Leagues and Markets. Analysis of how governance shapes the business of sport.
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12 DEC2024Opinion
The Regulators Arrive, and Nobody Has Told Them What Success Looks Like
Statutory oversight of professional sport is being legislated across several jurisdictions. The powers are broad; the objectives are not defined.
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18 APR2024Leagues
Expansion Fees Are the New Media Rights
Closed leagues have discovered that selling a new franchise is the highest-margin transaction available to them. The constraint is that each sale permanently dilutes the seller.
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16 FEB2023Markets
Multi-Club Ownership Goes Institutional
What began as opportunistic acquisition of feeder clubs has become a deliberate portfolio strategy, with a player-development pipeline as the principal asset.
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20 DEC2022Opinion
A World Cup in December, and the Calendar It Broke
Moving the game’s largest event to midwinter was presented as a scheduling adjustment. It was a demonstration that the international calendar is set by whoever is paying.
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28 APR2022Leagues
The Forced Sale and the Limits of the Ownership Test
A sanctioned proprietor, a licence to operate, a court-supervised auction: this year produced a template for divesting a sporting asset under duress that nobody had drafted in advance.
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17 FEB2022Markets
Sovereign Capital and the Repricing of Trophy Assets
State-linked investment has changed the marginal buyer in elite sport. The effect is not merely higher prices — it is the removal of a valuation ceiling that private capital had enforced.
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22 APR2021Leagues
Forty-Eight Hours: Anatomy of a Competition That Never Kicked Off
The breakaway announced in April collapsed faster than any comparable venture in modern sport. Its failure was a financing failure before it was a political one.
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11 FEB2021Markets
Private Equity Learns the Language of Sport
Financial sponsors have spent two years bidding for league-level media entities rather than clubs. The structure tells you exactly which risk they are willing to hold.
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17 DEC2020Opinion
Sport Spent 2020 Discovering It Was a Media Business
The year removed the crowd and left the cameras. What remained still generated most of the money — and that fact will shape governance decisions for a decade.
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