Tonight in Unpacks: SBJ unveiled its seventh annual class of New Voices Under 30, with honorees set to be recognized at a celebration on Nov. 20.
Also tonight:
- Versant debuts new sports division ‘USA Sports’
- Shaun White’s The Snow League gets $15 million funding round
- Big Ten isn’t backing down on private equity
- Op-ed: Courageous leadership isn’t convenient, but it is crucial
Listen to SBJ’s most popular podcast, Morning Buzzcast, where Abe Madkour looks at Arthur Blank’s investment in his Atlanta-based NWSL expansion club, The Snow League’s latest funding round, PBR creating a new women’s rodeo event and more.
New Voices Under 30: Class of 2025
Sports Business Journal presents its seventh annual class of New Voices Under 30. Honorees will be recognized at a celebration on Nov. 20 at the Hard Rock Hotel in New York City.
Gregory Cartagena, National Basketball Association
Emily Cosler, U.S. Soccer Federation
Grant Gilbert, Cleveland Cavaliers
Jimmy Gowen, Jersey Mike’s Subs
Ellie Hannan, U.S. Olympic & Paralympic Committee
Mitch Heimbach, rEvolution Marketing
Sara Hwang, National Basketball Association
Nicole Ianni, Los Angeles Rams
Maddie Kraft, TrailRunner International Sports
Isabel Lapus, Innovative Partnerships Group
Daniel Machado, Major League Soccer / Soccer United Marketing
Emily Malmstrom, Comcast Spectacor and Philadelphia Soccer 2026
Lauren Mendez, Major League Baseball
Nikhil Morar, Los Angeles Lakers
Matt Simon, National Football League
Benjamin Troester, Legends Global
Jalen Woodward, OVG Global Partnerships
Eddie Zaykowski, National Hockey League
Versant debuts new sports division ‘USA Sports’
Versant has rolled out its new sports division that houses USA Network and Golf Channel, with the new brand officially being called “USA Sports.”
“It gives our division a name and an identity as opposed to say, referring to ourselves as the sports division of Versant or anything like that,” said Matt Hong, the president of USA Sports.
Versant CEO Mark Lazarus in a staff email hinted at the USA Sports name nearly three months ago.
USA Network already had plenty of brand identity dating back to when it first carried sports in 1979, Hong said, so it was an easy transition to incorporate that branding into the new logo. Golf Channel’s name will remain, but its look, which currently includes NBC colors and branding, will get a refresh ahead of the new year.
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USA Sports carried out the creative work internally, led by CMO/Sports & Entertainment Frank Tanki; SVP/Creative, Sports & Entertainment Amy Troiano; and Dir of Content Ray Worsdale.
Hong pointed to USA Sports’ strong portfolio of women’s sports that includes golf, League One Volleyball (LOVB) and its recent deal with the WNBA as the new division gets ramped up. “Those represent growth opportunities for us and for new fans,” Hong said. “We’re leaning into growth properties, many of which happen to be women’s sports from a programming standpoint.”
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Hong noted USA Network will have 1,400 hours of live sports in 2026, while Golf Channel will rack up another 3,200 hours -- or an average of roughly nine hours per day. USA Sports properties overall include NASCAR, PGA Tour, DP World Tour, PGA of America, USGA, R&A, LPGA, WWE, Premier League, LOVB and the A-10.
Shaun White’s The Snow League gets new $15M funding round
The Snow League, Shaun White’s startup snowsports property, has raised $15M of new investment to support its continued global growth. The investment round was anchored by 359 Capital, newly rebranded from Sapphire Sport; existing investor Left Lane Capital; and new investors Bitkraft Ventures and WISE Ventures, the Wilf family’s early-stage investment arm.
Michael Spirito, 359 Capital’s managing partner, told SBJ that he’s been “closely following” the new year-round snowsports league and sees opportunities for his firm and its sports-focused investors to unlock value.
“Content strategy and monetization will be an important piece to the puzzle,” Spirito said. “A lucrative opportunity exists in snow sports, and we are excited about TSL’s prospects to be a leader in the space. Captivating content and IP move the needle, and TSL has what it takes to make huge strides, especially in an Olympic year.”
Other new The Snow League investors include Fenway Sports Group’s Linda Henry and active sports investor CAZ Investments. Existing investors who made further commitments include Ares Management, Ryan Sports Ventures and David Blitzer’s family office Bolt Ventures.
The league initially raised a $4.5M seed round led by Will Ventures last year, and it announced a prior $15M funding round this past January. More broadly, action sports have been drawing strong investor interest.
The Snow League held its first event at Colorado’s Aspen Snowmass this past March. The debut season, which has a snowboarding record $2.2M purse, has three events remaining: China in December, Aspen again in February and Switzerland in March, right after the conclusion of the 2026 Milan-Cortina Winter Games. The Snow League shares a broadcast partner with the Games in NBC, which signed on last November, and investors see an opportunity for the new league to draft off Olympic momentum.
Other investors joining The Snow League’s latest funding round include Trenches Capital, Purchase Capital, Alumni Ventures, FJ Labs, Fresh Tape Media, Range Group, Boardroom Sports Holdings and Kuvare Holdings.
White appeared in studio on CNBC’s “Squawk Box” this morning and spoke about the new funding round and what it will mean for the league going forward.
Can the Big Ten cash in without USC, Michigan?
The Big Ten isn’t backing down from its private equity play without a fight.
Yahoo Sports’ Ross Dellenger reported Sunday that the conference has functionally given USC and Michigan an ultimatum to get on board with its proposed $2.4 billion cash infusion from UC Investments or risk it moving on without them (The Big Ten has denied a vote is coming over the next two weeks, but these things have a habit of coming together quickly).
Since news of the Big Ten’s forays into PE money became public, the question I’ve posed to a number of folks around the industry is almost exactly this: Can a deal go through if some schools don’t sign on?
The answers have been mixed, but the Big Ten is seemingly testing that theory.
USC’s and Michigan’s consternation over the PE deal largely centers on two things: 1) How much involvement should university board of regents have in this discussion; and 2) Do they want to tie themselves to the conference via the grant of rights through 2046?
The board of regents question is valid, especially considering the power vacuums in Ann Arbor and L.A. Neither school has a permanent president in place, while both schools’ boards hold considerable sway over their respective institutional dealings. That shouldn’t be discounted.
But as important as anything in this fight to get Commissioner Tony Petitti’s PE deal across the line is the grant of rights. Any sane investor is going to want to know what they’re investing in and an extension of the grant of rights from 2036 through 2046 is the Big Ten’s way of ensuring what it’s selling.
How that plays out without the blessing or the signatures of two of its biggest brands isn’t altogether clear.
USC and Michigan represent two of, at worst, the five most visible brands in the conference. It’s hard to imagine an investor ponying up the same kind of cash for an asset that doesn’t include two of its most valuable pieces.
There’s also a question of longer-term plays. If the Giants didn’t like the media rights deal they’re getting from the NFL, they can’t shop themselves to the Premier League. But in college football, where self interest and revenue drives all these days, schools are reluctant to bind themselves within a system that seems primed for mass changes.
If USC and Michigan don’t get on board, is any of this worth it?
There’s already a schism between Michigan and the Big Ten office over the conference’s handling of the Wolverines’ sign-stealing scandal. USC now finds itself at odds with Petitti, who has spent considerable personal capital on getting this deal to the finish line, and his staff.
The Big Ten’s mercurial commissioner has promised plenty of -- forgive the pun -- big ideas in his two-plus years on the job. He has plenty of support from rank-and-file conference members, along with notable power broker Ohio State.
But for a league that already stands head and shoulders above the rest in revenue, has won the last two college football national titles and may make a run at a third straight, is this all really worth a growing fracture between the conference, its commissioner and two significant members?
Sure seems like we’re going to find out.
NWSL’s Spirit setting new marks for revenue, commercial success
On a monthly basis, Spirit CEO Kim Stone has 17 KPIs to monitor, which she reviews with owner Michele Kang and the Washington leadership team to keep tabs on what’s moving the needle.
The close eye on the process is bearing positive results, with the club projecting up to 60% YOY revenue growth from the regular season.
“Our strategic plan and my monthly business reviews to Michele are of a caliber that I have not seen anywhere I have been in sports. We run this like a company,” said Stone, who joined the Spirit at the start of 2024.
“We spent the last two years pivoting to a revenue mindset, getting the infrastructure and organization set. The future is all about those things. It’s all about understanding them, continuing this to build this community, and the way we’re responding and showing up for the community is really important.”
I caught up with Stone last week to get a peek inside how Washington is doing that:
Tickets
In a year when average NWSL attendance is down, the Spirit bucked the trend. The club had a record 198,000 fans in 13 home games at Audi Field, with a 71% YOY increase in full season ticket sales (with nearly 7,000) and average attendance up 9%.
Stone restructured the staff, noting that when she started, Washington had four people on ticket sales and 10 on community development. That ticket staff has grown 400%.
“We have staffed up appropriately to hit the big goals that we have,” she said. “We have an infrastructure and ecosystem around that that sets up the reps for success, and we train them.”
They’re also responsive to the local community. When the federal government shut down Oct. 1, the Spirit gave federal employees 200 free tickets and sold $10 tickets after that. In total, the promotion brought in 1,000 fans, with half of those new to their database.
“Responding to our community, what’s right for our community is really a unique thing that sports can do, and it’s an important thing that we do, and so it’s core to who we are,” she said.
Sponsorship
The Spirit was outsourcing sponsorship sales to an agency when Stone started, but she moved that in-house and hired VP/Corporate Partnerships Doug Vinci to lead it. Stone said the Spirit has five staffers focused exclusively on selling.
Washington has seen sponsorship revenue increase 50% YOY. Its 21 sponsors include Diageo, Giant Food and CVS, which earlier this year signed a three-year extension.
“[CVS is a] top-five company in the United States. To have a brand of that level, that quality, on the front of our kit brings credibility to what we’re doing and a case study that we can go to other brands talk about,” Stone said. “If you want to be a premium product like we view ourselves, you need to have partners like that. So it reinforces our brand as being a premium brand.
“[Vinci] called it aim higher, do better,” she said. “Our approach to corporate partnerships is that simple.”
Merch
Stone views merchandise as much of a brand play as a revenue driver, and the Spirit is seeing success there.
The club brought on Domo Wells as its first creative director, and the fashion designer and D.C. native spearheaded the cherry blossom and core and new growth capsule collections that have grossed $271,000. Released at the home opener in March during the National Cherry Blossom festival, the collection highlighted one of the city’s key celebrations and sold out in stadium before the Spirit made it available online.
In-venue merchandise sales and e-commerce grew 14.7% and 28.9% YOY, respectively, through July.
“There’s an opportunity here to do something unique and different and more tailored toward our fans,” Stone said.
“It’s all about the fans on a go-forward basis because that’s where the growth comes from.”
Courageous leadership isn’t convenient, but it is crucial
When you think of courageous leadership, what comes to mind? What does it really look like in today’s world, an era of division, uncertainty, and constant yet sometimes unexpected change?
Courageous leadership is embodied by individuals who take bold action in the face of great risk. Consider Billie Jean King, who has spent decades advocating for gender equality in sports and beyond, even at great personal cost. And take Colin Kaepernick, who took a knee in 2016 for racial injustices — an action that he knew could cost him everything, and it did — but he did it anyway because it was a moment bigger than himself. Or consider NASCAR’s 2020 decision to remove the Confederate flag from its events in the face of losing a significant portion of its fan base, but did so anyway because it was the right thing to do. Furthermore, how about Jason Collins, former NBA player who was the first openly gay player in North America’s major men’s professional leagues? In April 2025, Collins led a groundbreaking “Final Four Inclusion Clinic” in San Antonio, focusing on creating a supportive environment for LGBTQ youth and allies in basketball. The clinic, backed by the NBA, the San Antonio Spurs and media partners including CBS and TNT Sports, aimed to extend the unifying power of sports into a safe space for marginalized young athletes. The event was hailed as a critical effort at a time when discussions of diversity and inclusion face national resistance.
These are examples of courageous leadership in the face of tremendous costs. These moments of leadership were not easy and certainly weren’t convenient. They were acts of conviction, choosing principle over popularity, progress over comfort. But courageous leadership doesn’t always make national headlines. It shows up in the everyday decisions leaders make: listening with empathy when it’s easier to ignore people or their issues; admitting mistakes when pride tempts us to deflect; or making space for perspectives that challenge our own. Traits like empathy, curiosity, humility, vulnerability and confidence all play a role. At its core, courageous leadership is about choosing what is right, especially when it is hardest.
This idea is central to our Truth Retreats experience, which takes place in Montgomery and Selma, Alabama; two places that symbolize some of the most courageous acts of leadership in American history. Walking the Edmund Pettus Bridge or standing in the footsteps of civil rights leaders reminds us that courage is not theoretical. It is lived through sacrifice, resilience and an unshakable belief in justice and doing what is right.
The truth is, we need leaders to step into courage now more than ever. In workplaces, communities and society at large, we need people willing to lead with empathy, not just because it feels good, but because it is necessary for trust, growth and progress. Courageous leadership is not about having all the answers; it’s about having the courage to take action, to listen deeply and to build a path forward where everyone belongs.
Nona Lee is founder and CEO of Truth Is, a consulting firm helping organizations focus on courageous leadership in their organizations in the context of equity, inclusion and belonging. She spent more than 22 years leading the legal department for the Arizona Diamondbacks, where she also led the organization’s inaugural justice, equity and inclusion council. She is the author of “The Truth About Us: A Call to Confront Bias, Embrace Empathy, and Build a More Inclusive World” (Press 49, June 2025).
Speed reads
- CBS drew 18.2 million viewers on Sunday afternoon, marking the network’s best NFL Week 10 singleheader window in 14 years, reports SBJ’s Austin Karp.
- After nearly two years of research and deliberation, MLS owners are expected to vote at a board meeting Thursday to adopt the fall-to-spring calendar utilized by Europe’s top soccer leagues, reports SBJ’s Alex Silverman.
- Youth basketball event operator MADE Hoops welcomed a strategic investment led by SC Holdings and LRMR Ventures, the family office of LeBron James and Maverick Carter, with Kevin Durant and Rich Kleiman’s 35V also joining the investment round, reports SBJ’s Chris Smith.
- New RFK Racing President Chip Bowers thinks that the team needs to be more aggressive and intentional in partnering with NASCAR and operating with a championship mindset, and he’s getting his hands dirty literally to underscore the commitment he feels is needed, reports SBJ’s Adam Stern.
- The Athletes Unlimited Softball League will become a six-team league next season, adding the Oklahoma City Spark and the Cascade, reports SBJ’s Mike Mazzeo.
- Unrivaled will expand to a fourth night across TNT Sports in its second season, with games now added to Sundays for a Friday-Monday schedule totaling 56 games, reports Karp.