Episode Details

The Los Angeles Angels are reportedly worth roughly $4 billion after being purchased for about $184 million in 2003. How does a team with just one playoff appearance under its current ownership generate that kind of wealth—and can the sports investment boom continue?

On this episode of ⁠Franchise Value⁠, ⁠Shana Orczyk Sissel⁠, CEO and Founder of Chicago-based Banríon Capital Management and author of the forthcoming ⁠Tough Minded⁠, joins co-host ⁠Todd M. Schoenberger⁠ to break down the extraordinary economics transforming professional sports.

The conversation begins with Stan Kroenke’s agreement to acquire a controlling interest in the Los Angeles Angels and the staggering appreciation of the franchise. Shana explains why professional teams can offer investors an unusual combination of equity-like return potential and historically limited downside, even when performance on the field disappoints.

But the real opportunity may extend far beyond ticket sales and championships.

Todd and Shana examine why live sports media rights remain among the most valuable properties in entertainment and how competition from Netflix, Apple, Amazon and traditional television networks could influence the next generation of billion-dollar rights agreements. They also debate whether the NFL, MLB and other leagues can unlock another major source of growth through international expansion.

Then the conversation moves into one of the most disruptive developments in sports finance: prediction markets. Shana examines the regulatory challenges confronting Kalshi, how prediction markets differ from traditional sportsbooks, and why established operators such as DraftKings and FanDuel could benefit if regulators impose tougher state-level requirements.

And who should pay for the stadiums supporting these increasingly valuable franchises? Todd and Shana debate the Tampa Bay Rays’ multibillion-dollar stadium project, municipal financing, taxpayer subsidies and whether professional teams create enough economic value for communities to justify public participation.

The episode concludes with Shana discussing her forthcoming book, ⁠Tough Minded⁠, arriving November 10, and how her experiences across investing, business and sports helped shape the story.

Sports franchises aren't just teams anymore. They're scarce financial assets sitting at the intersection of media, technology, real estate, institutional capital and entertainment—and their valuations keep climbing.

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