Sunday Forum: An eye on owners

Good morning. Hope you’re having a nice weekend. A few items to start your week.

• Investors continue to circle for sports opportunities
• The week that was for Celtics owner Bill Chisholm
• Roger Federer’s longtime adviser, Tony Godsick, talks from Wimbledon
• Takeaways from “Rafa,” the story of pain, pushing limits and success
• This Week’s Forum: The big bets by Chicago Fire owner Joe Mansueto

A top brand consultant shared a story about this amazing summer of sports. From the New York Knicks to the Stanley Cup to Wimbledon and especially the World Cup, every conversation they were having centered around sports. He received a call recently from a Fortune 500 CMO, who shared a story of their CEO walking into the marketer’s office in mid-June with a simple but clear directive: “Get deeper into sports.” The CEO noted the positivity that sports was bringing across the globe, and craved that brand association. The CMO rattled off possible deals — the Women’s World Cup, LA28 or league partnerships. Before leaving, the CEO said either through official partnerships or adjacencies, they had to invest in sports. Bottom line: Fueled by the uplifting stories this summer, brands will look even harder at sports when dispersing their marketing dollars. This summer of sports is not over, but it has already proved to be a massively positive one for the industry.

This syncs with a conversation I had last week with a sports consultant, who said the calls they are receiving from private equity on deal flow and various opportunities are more than at any time over the last few years. And there are a couple of consistent themes: The firms want access to opportunities, as sports is the new version of “no one gets fired for buying this.” Another exciting theme for investors is the urge to innovate and take some big swings with earlier-stage leagues and properties. These firms want to engage, push ideas and even tinker around these sports assets. Some may disagree, but being a 5% limited partner of a Big Four franchise doesn’t allow that; it gets you into the club, but not as much influence. So, PE is looking to put its expertise to work and get access, engagement, a role in operations and, yes, control. The question I have is whether there are enough intriguing and good/viable investment opportunities.

→ I’ve long admired Paul and Mike Rabil and what they are building with the Premier Lacrosse League, which now includes their efforts around the women’s game. It’s hard, hard work building a league, but they are very good operators who investors believe in. They announced a Series E $100 million raise backed by the likes of Joe Tsai, Ares Management and other well-regarded investors. There are a few things here: First, these investors are believers in lacrosse and its growth in the men’s and women’s games. There is also a play to draft off of lacrosse being in the 2028 Olympics and the hoped-for bounce out of Los Angeles. This also comes as the PLL aims to implement a new business model in which the league sells its franchises to owners and expands to as many as 16 independently owned teams. So, don’t look at this investment through the lens of 2026, but rather through the business model and optimism for what the PLL could look like post-Olympics in 2029, which is surely what attracts investors.

→ New Boston Celtics owner Bill Chisholm isn’t polling well among the faithful after the team’s controversial trade of Jaylen Brown, and it offers a lens into how Boston, a venerable, tradition-heavy market, views an owner from a private equity background. Many of the team’s fans are pining for the Grousbeck family ownership just 10 months into Chisholm’s tenure. Around New England, the Chisholm era is viewed, fairly or not, as focused on cost-cutting, financial models, avoiding aprons and luxury taxes, and less on winning. Many fans wanted ownership to pass seamlessly from the Grousbecks to the known local quantity, minority partner Steve Pagliuca. But Chisholm, a lifelong Celtics fan, had a higher offer, which reset the market on franchise values. After his bid was passed over, Pagliuca warned that his offer had no “private equity money that would potentially hamstring our ability to compete in the future,” and had the resources “to ensure we can always compete for championships, luxury taxes be damned.”

That PE stigma is a serious weight on Chisholm, as fans perceive him operating on balance sheets and enjoying high-profile networking circles while focused less on winning the 19^th banner. This week, he spoke to the media for the first time since he was introduced as majority owner last September, and said the call to trade Brown did not come from ownership. “The mandate is to win,” he said. “This was Brad [Stevens] and his team came with a recommendation: ‘This is the way we’re going to win.’” He later said, “We have to prove it and we will. …We’ll spend whatever it takes.”

In watching the presser, Chisholm could have been more vocal and forceful around decision making; he wasn’t convincing enough. I always wonder if owners take any practice or suggestions in their public speaking. He gave Stevens, who has excelled in his role over the years but is taking heavy public criticism, much of the air time. While Chisholm was courtside for games and visible, he has work to do to gain the fans’ trust. He does get strong marks from the sources I speak to, who say he is not afraid to make tough decisions, wants to innovate and win, and, yes, having a talent like Stevens certainly helps. But Chisholm is finding there is no playbook for the early days of ownership, especially in a market like Boston, and right now, he is the least popular owner in a market that expects great things. Let’s give this time — he’s on record that he will spend and wants to win. Fans will hold him accountable. He will need to demonstrate that he can relate to fans, speak honestly with them and spend. That’s what they want to see.

→ Tony Godsick, longtime agent to Roger Federer, sat down with my colleague, David Cushnan, for the “Leaders Worth Knowing” podcast from Wimbledon. A few takeaways:

• His fortnight at Wimbledon: “Wall-to-wall meetings. It’s a good opportunity to see people in the industry. We do a lot of corporate hospitality here, bring a lot of different sponsors, whether it’s from the Laver Cup or Roger’s sponsors. We have investors in some of the businesses we are working on. So, it’s busy.”

• On Federer’s endorsements in retirement: “I told someone recently he’s more valuable to you now that he’s retired than he was, because he actually can meet your customers. He actually can come in and inspire your employees.”

• On advice to younger athletes seeking endorsements: “If you believe in your talent and you, as the agent, believe in your client’s talents, then don’t go for the quick deals. Everyone wants a production company. Everybody wants to do this stuff. Before you do that, go win. That’s really important, because winning will make it a lot easier to align yourself with great brands.”

• On working with Federer: “He has never changed. Never. … He is one of one. And they threw the mold out. And I’m very comfortable saying that.”

→ I finished the four-episode documentary, “Rafa,” on the career of Rafael Nadal, directed by Zach Heinzerling on Netflix. There is a lot here, and you witness how relentless and ferocious the Spaniard was throughout his career and how much pain he endured. Nadal has a sweet, soulful, endearing way about him — I mean, he lived with his parents until he was 30. You see his humility and kind gestures. But you also witness his ball of nerves, intensity and anxiety (so wound up, he said he was choking on his own saliva), as he dealt with the pressures and pain of the circuit. There are plenty of times when he didn’t seem to enjoy the journey. What else stood out:

• The debilitating injuries to Nadal’s foot, knee, hip and back, and how Nadal masked the pain with the belief that he needed to endure the suffering and push his body to the limit.

• His reliance on painkillers and anti-inflammatories, born from his physical style pouring so much into every point.

• His demanding uncle Toni, an intimidating, riveting character, who continuously pushed Rafa even when others told him to pump the brakes. “I’ve never seen anyone progress by resting,” Toni said. When Nadal’s camp wanted to bring in a new coach, Nadal couldn’t bear to tell Toni; it was his father and Toni’s brother, Sebastià, who told him.

The doc can drag; it jumps around in a non-linear style, and it may appeal only to his hardcore fans. But I continuously appreciated Nadal — his work ethic, passion and humanity. He’s easy to root for. He’s frequently emotional, and in the end, you hope that the man so relentless on-court will now be able to enjoy life without dealing with the constant pain he experienced. As he said in closing the doc, he gave it his all, and can reach his retirement in peace.

Next up for me is “Chris and Martina: The Final Set,” and then “Novak Djokovic: The Wolf in Winter,” which will premiere on Prime Video on Aug. 20, just ahead of the U.S. Open, and is directed by Jason Hehir, who directed “The Last Dance.”

→ Photos of the week include the way all panel discussions should be held late in the afternoon — see Drew Bledsoe holding a glass of his red wine in a conversation with Athletes First.

→ If you missed Morning Buzzcast, check out this week’s episodes here.

→ Check out the latest episode of SBJ Inside the Industry. I am joined by my colleague Austin Karp and celebrity chef Spike Mendelsohn to discuss the rise of premium hospitality experiences at sports venues, from immersive, personalized experiences to gourmet dining and ultra-premium suites. Sports execs featured include NFL Commissioner Roger Goodell; Jason Sinnarajah, president of the Washington Nationals; Nils Braude, managing director, Twickenham Experience Ltd.; and Jim Van Stone, president of business operations, Monumental Sports & Entertainment. The show won a Capital Emmy Award this past weekend for a Season 1 episode on new sports leagues, also featuring Austin, along with Kim Stone, president of the Washington Spirit. You can watch that episode, along with all of Season 1 and Season 2, on SBJ TV here.

→ Remember to subscribe to our YouTube channel.

Enjoy our Early Access stories below, and then on to this week’s Forum, where we look at the resources being poured into soccer in Chicago by Fire owner Joe Mansueto.

Chicago Fire owner Joe Mansueto has been one of MLS’s most active and aggressive investors, and as we look to a post-World Cup bounce for the league, the Fire and city of Chicago are in a good position.

The story is about Mansueto, founder of investment research firm Morningstar, putting an incredible amount of his own wealth and resources into the city he loves and with designs on making his franchise a world-class soccer destination. The 69-year-old has a quiet, under-the-radar style, but don’t mistake that for a lack of passion. Mansueto loves business and soccer. I thought of that as the team last month signed the popular striker Robert Lewandowski, who previously played for Bayern Munich and Barcelona, and is Poland’s all-time leading scorer. Yes, he’s 37 and won’t play for long, but he is a charismatic addition who has been among the top-three scorers in European football over the past 15 years.

MLS owners have pretty distinct approaches to signing global talent. Some want to spend, while others are content to keep expenses in line. The Fire obviously believe Lewandowski can move the needle even for a couple of years as they fight for attention in a very competitive market. But this only adds to Mansueto’s significant investments over the past few years to reposition the Fire — long a nomadic MLS doormat — to be mentioned among the league’s top teams.

First, he retooled his executive team on the sporting and business sides, bringing on Gregg Berhalter (in 2024) and Dave Baldwin (2022), and gave them the resources to build a marquee operation. In 2025, the team opened a privately financed, $100 million training facility on Chicago’s Near West Side that league insiders tell me is among the best in MLS and was a critical factor in landing Lewandowski. Mansueto then spent $6 million on the Dear Chicago Experience Center, which shows off all the elements of the team’s vision for the privately financed, $750 million McDonald’s Park.

During a recent visit to Chicago, I toured the Experience Center, located on Michigan Avenue in the historic Wrigley Building. The spacious venue, designed by Elevate, samples all aspects of the team’s 22,000-seat facility, which is scheduled to open in 2028. McDonald’s Park will be the centerpiece of a broader redevelopment of a 60-acre riverfront parcel called The 78, and I can’t stress enough how impactful a downtown Chicago soccer-specific stadium will be for the Fire and for MLS overall. Remember, this club has roamed around in the market, so when you see the plans for McDonald’s Park and how it will command that part of the city, you fully understand its impact. In announcing his plans for the facility, the Indiana native wrote in an open letter, “I love this city. … I moved here for college 50 years ago and I never left.” He said that privately financing McDonald’s Park is about “investing in Chicago, not just on match days, but every day as a committed community partner.”

The Lewandowski signing is another step, and don’t overlook his appeal to the city’s extensive Polish community, as Chicago metro area has the largest Polish population of any U.S. city, with an estimated 800,000 residents of Polish ancestry. This is all something to build on, and the fans have responded. Sources said the team could hit close to 40,000 fans for Lewandowski’s first match on Aug. 1, which is a healthy uptick from the current 19,688 it’s averaged so far this season. So, it’s a very encouraging amalgam of events and ideal timing, as the team is in the market selling suites and sponsorships for McDonald’s Park.

Overall, you see a consistent theme — Mansueto’s love of Chicago and soccer, as he finances close to a billion dollars in big bets on the future of the sport in the market. Those close to Mansueto, at the league and team levels, describe his Midwest manner: nice, humble and unassuming, starting meetings by asking, “How should I be thinking about …?” He is confident and ambitious, but never with sharp elbows. MLS has an owner who is very entrepreneurial and loves the game. He is putting money, time and resources into his commitment to build a world-class club. That’s a very good story for the league.

Abraham Madkour can be reached at amadkour@sportsbusinessjournal.com.