In 2020 I tried to buy a Formula 1 Team. There were two big lessons in that process.

1. Being early is hard... the difficulty in getting any potential investors to back a bit was amazing. We were consistently told it was a money pit, no chance of building valuation etc. That the new terms of the concorde agreement were known and Drive to Survive was bubbling away had zero impact. It's scant consolation that we have been proven right.

2. As we went through diligence and management presentations it was remarkable to find that every team effectively operated on the same commercial model. And when you looked at benchmarking you realised it was no different to the professional football clubs who also shared the same model... so if you are not Ferrari or Man Utd (or a true premium brand) then you are effectively competing on price and making yourself a commodity... which just makes no sense to me.

Joe Ravitch in 2022 said that European Sports teams could double in value in 5 years. Many on the continent sneered...

Personally, I agree with him, but the question I have is how can we get there. If the model in Europe is now Mature and no longer in a growth stage what needs to happen.

If ticketing is yield management, media rights are flat and sponsorship is 6% CAGR at best then maybe a different approach is needed?

The echo chamber I live in is sometimes very negative about the state of the industry.

I have a different view. Sure there are plenty of challenges, yes I can get enormously frustrated but when you start digging you see the opportunity.

In this quick episode i dig into what the web and rise of social really tells me about sports (good news)

Where as a mature business in Europe we really are (bad news but shows you the way forward)

What comes next (exciting times)

As I get older it gets easier to remember the golden ages of

Tactics, training, fitness can at times level the playing field

So whilst every sport is changing and there are inevitable

So do we really need to look at changing the underlying product or is there a different question to answer?

Ok - as i say at the beginning you have to go down the Rabbit Hole with me on this one...

I think most of Sports have misunderstood Private Equity and External Capital for a long time. Having been literally the first into the game in Europe (i know im getting old, it was 2010!), I have picked up a few things.

The misnomer is often to label PE as a 'vulture fund' or the Richard Gere 'Pretty Women' buy and dismantle of a bygone conglomerate era...

But as a fan of the industry and of the club, going down this rabbit hole suddenly gave a rational explanation to what has as a fan felt like an irrational experience... what do you think?

When you fall into the trap of thinking you 'deserve' to be in a certain place then your downfall is almost guaranteed.

If you can embrace the fact that Sports role in society is a privilege not not a right or a guarantee then you can start making the changes needed to remain front and center of the attention wars.

Sport is part of the human condition - but that doesn't mean your sport has a right to be top, or relevent, today. On the pitch its accepted that standing still is going backwards, so that mindset is critical off the pitch too.

Remember, as i highlight here, that society itself has been undergoing some fundamental changes in the past few decades. One - relvent to where i post this - is that discourse has been replaced by hyperbole.

BUT when all is said and done, with the Fan front and center, and accepting your privileged role, you can adapt to meet the needs of the fan and thrive.

Or perhaps not...

I know, I know, in this day and age we need hyperbole and extreme opinions to get cut through, but for once maybe its just not necessary.

I would implore anyone in the Sports industry to watch the event, learn from it, and understand (ask better people than me) why Jake Paul is able to achieve these remarkable ratings BUT don't overdo it.

Exhibition events have been happening for decades, yes there is more attention now but this is not new. Also pivoting your strategy to mimic a one off event is a mistake.

One little nugget for you on this...the story in this event is as old as the bible itself . Good vs Evil (pick which side is which).

Listen, learn, move on.

"Whatever you do, do NOT buy a Rugby Club"

I repeated that refrain a lot in the past 12 months. Immediately before pitching a club that everyone should be looking to acquire. The difference is that I don't simply see a Rugby team but a cultural icon, a brand, and a vision that can be successful on and off the pitch.

I'm excited to see therefore the news that there is a potential new vision for the Club Rugby game. Based, from what I read in the media, on a few franchises, quality players, and fewer matches - indeed I think Rugby needs the scarcity that the NFL provides.

Change is coming, because its increasingly clear that the status quo is breaking. Rugby deserves to thrive.

Everyone loves to say that the Fan comes First... but do they mean it?

Can that sit comfortably with the concept that Content is King - how do the two phrases sit together?

Here I give a classic example where one of the world's great sporting institutions made very clear - by accident - just exactly where the fan really sits.

There are emerging examples where the fan is first but you have to go hunting.

The bid we came up with was always a 'By the Fan, for the Fan' offer. As fans of the club for multiple generations of the family it was the only way we could proceed.

As part of my role in the bid, I made an effort to meet as many fan groups as possible. Whilst we were fans ourselves it would be ludicrous to think other fan groups don't have different opinions.

At the end of the day, having reflected on all those amazing meetings and conversations there were 3 key lessons I learned.

1. We all want hope

2. the beer is lousy (it is deeper than that)

3. the club doesn't care about us.

When I share that with other sports execs the answer surprises me.