Bloomberg Business of Sports

Episode: “Super Agent Rich Paul's Push Into Athletic Wear; VC Firms Eye New Leagues”
Date: November 28, 2025
Host(s): Michael Barr, Vanessa Perdomo, Damian Sassower
Special Guests:

• Sudeep Ramnani, 885 Capital
• Don Davis, Professional Fighters League (PFL)
• Andre Eanes, 3 Arts Sports
• Rich Paul, Klutch Sports / Klutch Athletics

Episode Overview

This episode dives into three major stories changing the business of sports:

• Venture capital’s growing investment in emerging sports leagues
• The shifting business strategies of athletes—focusing on equity and ownership
• Super agent Rich Paul’s move into sports apparel with Klutch Athletics and a new partnership with New Balance

The hosts and their guests break down the seismic money flows and cultural shifts happening across sports, media, tech, and fashion.

Key Segments and Insights

1. Venture Capital Flows into Sports: Focus on New Leagues

[05:01 - 23:44]
Guests: Sudeep Ramnani (885 Capital), Don Davis (PFL)

Main Discussion Points

• VC Attraction to Sports:
  Venture firms, particularly those with a tech background, are increasingly investing in emerging leagues like MMA and alternative sports (e.g., PFL), lured by changing media dynamics and the unique staying power of live sports.
• Disruptive Trends:
  • Cord-cutting and global streaming platforms reshape how content is delivered and monetized.
  • Fragmentation of content (e.g., short-form, social) puts new value on exclusive live sports IP, especially as AI floods the market with generic content.
  • Growth is predicated on leagues owning their IP, fostering global communities, and building direct fan relationships.

Notable Quotes

• On the Impact of Live Sports Amid AI & Content Overload:

  “With AI and...generative AI, we see such a huge volume of content at the base of the pyramid that suddenly there's this premium on live sports... high quality live sports content that can't be replaced or really disrupted by AI.”
  — Sudeep Ramnani [09:38]

• On the MMA’s Commercial Rise:

  “MMA has the third largest audience in the world today—650 million fans trails only soccer and basketball. But the money hasn't followed because MMA is only a 30-year-old sport. All other sports are about 100 years old...MMA will be a much bigger commercial business.”
  — Don Davis [17:20]

• VC vs. Private Equity in Sports:

  “The big sports need private equity billions for complexes, real estate, and entertainment. But emerging sports like PFL need venture capital....to build companies that won't be profitable for a while. Venture money is about outsized returns and true vision.”
  — Don Davis [20:40]

Memorable Moments

• Don Davis quips about his own age versus Ramnani’s youth, tying their perspectives to cycles of disruption.
• The panel agrees that MMA, specifically PFL and UFC, are positioned for hockey-stick growth, unlike the slow-but-steady major leagues.

2. Athlete Empowerment: Equity Over Endorsements

[24:01 - 44:30]
Guest: Andre Eanes, 3 Arts Sports

Main Discussion Points

• Shifting from Endorsements to Ownership:
  Andre Eanes emphasizes that athletes want to build, own, and monetize their own IP—whether it’s podcasts, brands, or equity in companies—rather than being just endorsers.
• The Travis Kelce Example:
  The hosts dissect the rise of Kelce’s “New Heights” podcast (with brother Jason), noting their hands-on ownership, IP retention, and a landmark nine-figure deal.
• Entrepreneurial Background:
  Eanes recounts growing up in a family that owned Burger King franchises—a formative lesson in business risk, identifying opportunities, and relationship-building that he brings to athlete management.
• Strategic Investment Philosophy:
  Eanes highlights the importance of mitigating risk (cash plus equity deals) and only aligning athlete-clients with brands poised for success, not just taking a check for a logo.

Notable Quotes

• On Athlete Ownership:

  “Our pitch is always having ownership, right? The brothers own New Heights. That is their IP. We help them create the IP, but they own it.”
  — Andre Eanes [30:40]

• On Building Moats Around Athlete Businesses:

  “A big part of what we do is creating a moat around the opportunities...so when we get into an investment opportunity and we choose equity over an endorsement, we have to find ways to incentivize that company to pay our clients, even though they also have equity.”
  — Andre Eanes [40:12]

Memorable Moments

• Eanes shares childhood stories of “being in the backseat” while his parents expanded their franchise business and crossing paths with pro athletes as partners—experiences that influenced his approach to client management.
• He highlights how they strategically invest in companies that are “ready for the eyeballs” a superstar can bring—tying this to recent successful deals with Garage Beer and others.

3. Rich Paul’s Push into Sports Apparel: Building Klutch Athletics

[46:15 - 01:01:55]
Guest: Rich Paul, Klutch Sports/Klutch Athletics
Interviewer: Romaine Bostick (Bloomberg TV Anchor)

Main Discussion Points

• Vision for Klutch Athletics:
  Rich Paul’s move into sportswear is grounded in a mission to “focus on community” and give “voice back to the consumer.” He aims to make Klutch Athletics the brand that kids—and neighborhoods—can authentically identify with, reaching beyond just pro athletes.
• Industry Challenges and Partnerships:
  Acknowledges the extreme difficulty of breaking through in a crowded, legacy-dominated space and lauds New Balance as a strategic partner. He brought in seasoned Nike leadership (Scott Munson) for expertise.
• Connection to His Story:
  Paul’s entrepreneurial spirit started as a kid “in love with sports and with fashion.” He discusses the legendary LeBron James airport story—but reframes it as fate and authenticity, not luck or hustle.
• Strategic Positioning:
  Paul is intentionally not leveraging his athlete-agency roster for Klutch Athletics, instead focusing on a broader community. He stresses Klutch Athletics is a standalone entity, not a vehicle for his clients.
• Cultural Message:
  Paul consistently connects everything he does back to sport, community, and empowering youth, emphasizing, “the best come from anywhere.”
• UTA Partnership:
  Details the scaling journey and integration with UTA, highlighting how cross-industry partnerships have opened new verticals and resources.

Notable Quotes

• On Building in a Crowded Marketplace:

  "The apparel business from a sports performance perspective is a very crowded space. It just is. And it's very hard to build a brand. Most companies really start to see a positive impact probably in about year seven. But we have a great partner in New Balance."
  — Rich Paul [48:34]

• On Community-Centric Brand Building:

  "We're focused on community. We're focused on that kid that is in community that identifies with us, that can grow with us...there will be times where we touch the athlete...but we're really focused on community."
  — Rich Paul [54:10]

• On the Foundational Role of Sport:

  “Ultimately, everything goes back to sport. And as you see, even when the world stopped, it was sport that kept us going.”
  — Rich Paul [51:30]

• On Opportunity and Inspiration:

  "I have this mentality—and I'm living proof—the best come from anywhere...you don't have to come from certain places to be somebody."
  — Rich Paul [57:12]

Memorable Moments

• Paul’s candid reflection on not using his “toy chest” (Klutch athlete clients) for every new venture, likening business building to having the right “toys” for visiting friends, but stressing authenticity and sustainability.
• Warm, nostalgic imagery: Paul recounts kids playing on makeshift basketball hoops and how those moments inspire the brand’s ethos.

Additional Timestamps

• [00:00 - 05:00] Show intro, context-setting
• [23:44 - 24:01] Transition to next segment
• [44:30 - 46:15] Transition, short talk about agency-business crossover
• [61:55+] Outro and promotions (not summarized)

Overall Tone and Style

• Insightful, conversational, blending business acumen with real, lived stories
• Uplifting, especially where guests discuss community, youth, and long-term value
• Heavy focus on strategic thinking and the evolution of sports as both culture and commerce

Summary: Why Listen?

If you want a smart breakdown of how sports, tech, and culture are colliding—with frank, forward-thinking commentary from top investors, agents, and entrepreneurs—this episode delivers. Whether you care about how billionaires are betting on the next UFC, how the Travis Kelce business empire was built, or how Rich Paul is aiming to become the next big name in sportswear, there’s practical insight and vibrant behind-the-scenes storytelling in every segment.