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Martin Driver's avatar

I believe in family ownership too, but I believe it is in its twilight years.

As franchise values race past $10bn they get into a stratosphere where there simply aren't enough families with enough wealth to support continued growth. The current cohort of owners, keen on continued >10% CAGR of their NFL investment, realise the traditional ownership structure is a headwind to growth and have already propped the door open for VC cash.

The end state looks like the English Premier League in which Stan Kroenke, Shahid Khan, the Glazers, 49ers Enterprises and Fenway Sports Group are already owners. Along with the sovereign wealth funds of Abu Dhabi and Saudi Arabia, a Chinese private equity firm and, until recently, a respectable selection of legitimate businessmen from Russia.

We might see NFL teams as midlevel regional businesses, but their owners see them as Global Brands.

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Ken Raining's avatar

On the subject of NFL owners, Kalyn Kahler wrote a great piece about them last year for ESPN:

https://www.espn.com/nfl/story/_/id/43439332/nfl-coaching-carousel-2025-agents-package-deals-consultants-goodell-concern

This bit about Jeff Lurie has stuck with me: “One recent former NFL head coach, who interviewed multiple times for head coaching vacancies, said he doesn't think many owners have a specific idea of what they're looking for when they enter a coaching search. Only one owner of the more than 10 he interviewed with gave him a list of specific qualities he wanted in a head coach. The former head coach said Eagles owner Jeffrey Lurie explained to him why he preferred hiring offensive-minded head coaches and laid out all the factors that he thought can derail a head coach.”

I think that gives you a real insight into why they have been so successful with multiple different coaches. It’s not just about the money spent but complete alignment from the top down with a clear, defined vision. That’s rare everywhere these days, but especially in sports.

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