The Tony Robbins Podcast

Episode: From Fans to Shareholders: How Individuals Can Now Invest In Professional Sports

Date: September 3, 2025

Guests:

• Tony Robbins (Host)
• Christopher Zook (Co-host)
• Mark Wade (Co-host)
• Ian Charles (Arctos Partners)
• Dr. Connor (Arctos Partners)
• Sam Kennedy (CEO, Fenway Sports Group)

Episode Overview

This episode dives deep into the explosive evolution of professional sports as an investment asset, transitioning from a closed world of billionaire owners and “trophy assets” to a new era where individual and institutional investors can participate. With leaders from Arctos Sports Partners and Fenway Sports Group at the table, listeners get behind-the-scenes insights into rule changes, private equity’s growing role, technological innovation, and what the future holds for sports as a business—especially as leagues open investment to outside capital and adapt to a digital-first, global fanbase.

Key Themes & Discussion Points

1. The Transformation of Sports Investing (Tony Robbins, 01:11–03:02)

• Historical Context: Sports franchises were “trophy” assets for billionaires; average people were shut out.
• Rule Changes: MLB led the way in 2019 by allowing institutional minority ownership; other leagues (NBA, NHL, MLS, NFL) followed.
• Investment Rationale: Sports are an “uncorrelated asset” and possess qualities like monopoly, generational fandom, diversified business lines, and emotional connection.
• Quote:

  “How’d you like to have a company … that has a legal monopoly? … Plus you’re investing in something that embodies the fullness of human experience—tragedy to triumph.” – Tony Robbins (02:00)

2. Private Equity’s Role in College & Pro Sports

The Wild West of College Athletics (03:50–08:05)

• Landmark Change: Recent legal settlements upend the regulatory system, introducing revenue sharing and NIL (Name, Image, Likeness).
• Private Equity Opportunity/Risk: Universities need help monetizing local brands; risk of predatory capital if approached wrong.
• Quote:

  “Unless and until those guardrails are put in place, it creates a very volatile and very risky landscape for private capital.” – Dr. Connor (06:36)

Why Fenway Sports Group (FSG) Welcomed Private Equity (08:05–12:23)

• People & Relationships Key: FSG valued Arctos’ operating experience.
• Operators First: FSG emphasizes being sports business operators, not pure financiers.
• MLB’s Forward-Thinking: MLB’s openness was pivotal for FSG/Arctos partnership.
• Quote:

  “For us, we’re biased, but a real tip of the cap to MLB in working to allow for institutional investment … It was only 2019. … And the relationship’s been extraordinary.” – Sam Kennedy (11:55)

What Makes a Franchise Attractive to Investors? (13:03–14:23)

• Multi-Asset Platforms: FSG was appealing for investing in real estate, media, and multiple major teams (e.g., Liverpool FC, Red Sox).
• Model: Back strong operators in important markets with unique assets.

3. How Institutional Investors Strengthen Teams (16:16–19:05)

• Beyond Capital:
  • Shared innovation across teams and leagues via forums and conferences.
  • Providing liquidity for LPs (Limited Partners) wanting to exit.
  • Creating better business & fan experiences by constantly benchmarking best practices.
• Industry Evolution: Leagues and owners growing more comfortable with institutional capital, even inviting it to retire debt and buy out older investors.
• Quote:

  “It was interesting—at the outset there was a lot of hesitation … but each year … the worry is sort of going away.” – Sam Kennedy (17:52)

4. Technology & the New Fan Experience (19:29–24:27)

• Monetization Opportunities:
  • Intellectual property (content) becoming more valuable as “must-have” for both legacy and streaming platforms.
  • Augmented reality (AR) and generative AI to personalize viewing (e.g., insert child’s face on a player).
• Global Reach: AI enables real-time multi-language broadcasts, expanding audiences.
• Quote:

  “The technology enabling this content to be monetized in different ways and reach a global audience is something I’m probably the most excited about.” – Ian Charles (22:38)

5. Baseball’s Modern Renaissance (24:27–28:45)

• Innovation Examples: Rule changes for more action and accessibility, including pitch clocks, bigger bases, banning defensive shifts.
• Expanding Access: Affordable tickets and improved digital accessibility for younger fans.
• Future-Proofing: Making content easy to find and watch on any device.
• Quote:

  “We need to continue to be bold in innovating how the game is played … And we have to meet fans where they are.” – Sam Kennedy (25:30, 26:45)

6. The Economics of Sports as an Asset Class (28:45–38:56)

• Data-Driven Rebuttal:
  • Revenue in North American leagues has tripled in 15 years.
  • Profits have risen; player-owner partnerships fuel growth.
  • Returns: High single-digit to high teens, with low leverage and correlation.
  • Key risk: Overpaying.
• Valuations: High prices reflect infrequent sales and compounding profitability.
• Quote:

  “The biggest risk in investing in sport is paying too high a price. … There is this really high friction that makes it really hard for lots of people to come in and invest.” – Ian Charles (37:09)

7. League Comparisons and Global Expansion (40:18–54:37)

• The NFL’s Unique Value:
  • Scarcity of games, embedded tradition, U.S. market scale.
• NBA as Global Model: International growth, strong owner-player partnership.
• European Football vs. North America:
  • Promotion/relegation risk versus U.S. “shared-revenue” security.
  • Media rights fragmentation in Europe vs. U.S.
• Quote:

  “In most European countries, there’s one dominant media company. If you’re lucky, there’s two. … That’s a completely different monetization opportunity.” – Ian Charles (53:40)

8. Leadership & Core Values in Sports Business (54:37–63:34)

• Mentorship: Key figures such as Larry Lucchino and Theo Epstein shaped FSG culture.
• What Makes a Good Leader:
  • Dr. Connor: Character, integrity, excellence, trust, collaboration, humility.
  • Sam Kennedy: Humility, not taking oneself too seriously; fundamental to FSG.
  • Ian Charles: Character, courage, and curiosity.
• Hiring Methods:
  • The “Torque Method”: Announcing reference checks upfront as a “truth serum”.
  • “Stars attract stars”—top talent is recruited by top recruiters.

Memorable Quotes

• Tony Robbins (02:00):

  “You’re investing in something that embodies the fullness of human experience. From tragedy to triumph, we get to feel and experience the raw emotion …”

• Dr. Connor (06:36):

  “It is a complete wild west, unregulated landscape that we’re facing in college [sports] right now…”

• Sam Kennedy (11:55):

  “…A real tip of the cap to MLB in working to allow for institutional investment … It was only 2019. … And the relationship’s been extraordinary … still early days.”

• Ian Charles (22:38):

  “The technology enabling this content to be monetized in different ways and reach a global audience is something I’m probably the most excited about.”

• Sam Kennedy (25:30):

  “We need to continue to innovate the product … We need more balls in play, more triples, a more athletic, exciting brand of baseball.”

• Ian Charles (37:09):

  “The biggest risk in investing in sport is paying too high a price … your entry point matters.”

• Ian Charles (53:40):

  “In most European countries, there’s one dominant media company. If you’re lucky, there’s two. … That’s a completely different monetization opportunity [vs. the U.S.].”

Notable Segments & Timestamps

• Tony Robbins: The Holy Grail of Sports Investing – [01:11–03:02]
• Private Equity in College Sports: The New Frontier – [03:50–08:05]
• Why FSG Chose Arctos, and Vice Versa – [08:05–14:23]
• Technology & Future Fan Engagement – [19:29–24:27]
• Baseball’s Ongoing Renaissance – [24:27–28:45]
• Demystifying Sports Franchise Valuations – [28:45–38:56]
• League-by-League Investment Landscape – [40:18–54:37]
• Core Values and Leadership in Sports Business – [54:37–63:34]

Tone and Style

The episode was energetic and optimistic, balancing expert-level financial analysis with accessible metaphors and personal stories. The tone was conversational, laden with humor, humility, and enthusiasm for the future of sports as a global business and emotional touchstone.

For Listeners Who Haven’t Tuned In…

This episode is a must-listen (or read) for anyone interested in the intersection of business, technology, and sports culture. The panel demystifies investor access to pro teams, details rapid-fire changes in collegiate athletics, and spotlights how emerging technology will shape not just how we watch sports, but how franchises make money and how fans become stakeholders. It’s both a masterclass in alternative assets and a playbook for the digitized, democratized future of the global sports industry.