CNBC Sport

Phoenix Suns and Phoenix Mercury owner Mat Ishbia joins CNBC’s Alex Sherman to discuss rising NBA franchise valuations, concerns surrounding United Wholesale Mortgage’s finances, and his long-term vision for basketball ownership. Ishbia addresses speculation about his financial position, reflects on lessons from the Kevin Durant trade, and shares his plans for rebuilding the Suns, improving the fan experience, and transforming NBA All-Star Weekend.

Then, Alex speaks with Michael Osacky, president of Baseballintheattic.com about the growing collectables market.

Episode Notes

Phoenix Suns and Phoenix Mercury owner Mat Ishbia joins CNBC’s Alex Sherman for a wide-ranging conversation about the business of professional sports, NBA franchise valuations, financial stability, and the challenges of building a championship-caliber basketball team.

Ishbia responds directly to questions about his financial position and United Wholesale Mortgage (UWM), rejecting speculation that the mortgage company's performance could jeopardize his ownership of the Suns. He also discusses his growing ownership stake in the Suns and Mercury, explains why he believes the combined franchises could be worth $8 billion to $9 billion, and shares his philosophy on acquiring additional sports teams.

Beyond the financial headlines, Ishbia outlines his vision for the future of NBA and WNBA ownership. From affordable concessions and free over-the-air Suns broadcasts to potential changes to NBA All-Star Weekend, he explains why prioritizing fans, community engagement, and long-term success is central to his approach.

The conversation also explores Ishbia's evolving basketball strategy following the Kevin Durant trade, the importance of establishing a strong team culture, the future of the WNBA, and his expectations for the Phoenix Suns in a competitive Western Conference.

Key topics discussed

• NBA ownership and expansion: Why Ishbia isn't pursuing a traditional sports empire, his involvement with the Chicago White Sox, and his perspective on potential NBA expansion into Las Vegas.
• UWM finances and ownership stability: Ishbia addresses reports about loans, liquidity, margin-call risk, and the relationship between his mortgage business and basketball franchises.
• Phoenix Suns and Mercury valuations: Why Ishbia believes the combined franchises are worth significantly more than his original $4 billion acquisition price.
• Fan experience and innovation: How affordable concessions, free television broadcasts, arena enhancements, and other initiatives fit into Ishbia's ownership strategy.
• NBA All-Star Weekend: Potential changes to the dunk contest, greater star participation, and ideas for new competitions.
• WNBA growth and leadership: The search for a new WNBA commissioner, investment in women's basketball infrastructure, and the Phoenix Mercury's future.
• Kevin Durant trade lessons: What Ishbia learned about team-building, leadership, culture, and the limits of assembling expensive superstar rosters.
• Phoenix Suns expectations: The team's competitive identity, Devin Booker's leadership, and Ishbia's goals for playoff success.

Episode timestamps

Timestamps are relative to the start of the recorded interview.

• 01:32 — Ishbia's sports ownership philosophy and the Chicago White Sox investment
• 02:28 — United Wholesale Mortgage's financial performance and Suns ownership concerns
• 04:33 — Ishbia addresses loans, liquidity, and margin-call speculation
• 06:05 — Minority ownership transactions and the Suns' potential $8 billion to $9 billion valuation
• 07:57 — UWM's mortgage business outlook and purchase lending strategy
• 09:49 — Potential NBA expansion in Las Vegas and its impact on Phoenix Suns fans
• 10:45 — Affordable concessions, free broadcasts, and improving the fan experience
• 12:50 — Plans to revitalize NBA All-Star Weekend and the dunk contest
• 14:34 — The WNBA commissioner search and investment in women's basketball
• 15:51 — Isiah Thomas's relationship with Ishbia and basketball operations
• 16:27 — Lessons from the Kevin Durant trade and the Suns' new team culture
• 20:10 — Why Ishbia rejects NBA tanking and prioritizes winning
• 21:54 — Phoenix Suns season expectations, playoff goals, and Devin Booker's role

Notable insights

Ishbia emphasizes that financial success and franchise ownership stability are separate issues, asserting that UWM's performance does not threaten his basketball teams. He also argues that NBA franchises have substantial long-term growth potential as demand for professional sports ownership continues.

Reflecting on the Kevin Durant era, Ishbia acknowledges that acquiring elite talent without a clearly defined organizational identity was insufficient to produce championship success. His revised approach centers on what he calls the Suns DNA: players who demonstrate toughness, defensive commitment, work ethic, and alignment with the franchise's culture.

Ishbia also makes clear that he opposes intentional losing as a rebuilding strategy. Rather than embracing tanking, he wants the Suns to improve consistently, compete for playoff victories, and build around Devin Booker.

Related resources

• Phoenix Suns — Official Website
• Phoenix Mercury — Official Website
• United Wholesale Mortgage
• CNBC — Business and Financial News
• NBA — Official Website
• WNBA — Official Website

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Las Vegas Sands CEO and Dallas Mavericks governor Patrick Dumont joins CNBC's Contessa Brewer in Macao to discuss the NBA China Games, potential NBA expansion in Las Vegas, and plans for a new Mavericks arena and entertainment district in Dallas. Dumont also shares his outlook on Macao's gaming market, luxury tourism in Asia, and how live sports and entertainment are shaping the future of hospitality.

Episode Notes

Las Vegas Sands CEO and Dallas Mavericks governor Patrick Dumont sits down with CNBC's Contessa Brewer in Macao to discuss the intersection of professional basketball, casino gaming, luxury hospitality, and global tourism. With the NBA China Games bringing the Dallas Mavericks to Macao, Dumont explains how major sporting events can create lasting economic opportunities, attract international visitors, and strengthen community connections.

From the potential arrival of an NBA expansion franchise in Las Vegas to ambitious plans for a new Dallas Mavericks arena, Dumont offers insight into the business strategy behind sports ownership and entertainment development. He also addresses Macao's evolving gaming economy, Las Vegas Sands' long-term investment philosophy, and the growing importance of luxury experiences across Asia.

Topics discussed include:

• NBA China Games in Macao: Why bringing the Dallas Mavericks to Macao represents an important milestone for Las Vegas Sands, the NBA, and international basketball.
• Basketball and community development: How Mavericks players, including Cooper Flagg and Kyrie Irving, are engaging with young athletes and promoting teamwork.
• Macao gaming revenue and tourism diversification: Why Las Vegas Sands continues investing despite fluctuations in casino revenue and how entertainment, shopping, and sporting events support tourism.
• Luxury hospitality in Asia: Dumont's outlook on long-term economic growth in China and other Asian markets, and the demand for premium travel experiences.
• Formula 1 and live entertainment: How the Singapore Grand Prix, Sands' Ferrari partnership, and concerts help attract visitors to luxury resorts.
• NBA expansion in Las Vegas: Why Dumont believes Las Vegas is a natural destination for an NBA franchise and how an arena could fit into the city's entertainment landscape.
• Dallas Mavericks arena development: Early planning for a new arena and entertainment district, including the potential Valley View site and the distinction between Mavericks development and future Las Vegas Sands investments in Texas.
• Prediction markets and sports betting: Dumont's perspective on prediction markets, fan engagement, and the different role of live hospitality experiences.
• NBA franchise valuations: Why Dumont considers ownership of the Mavericks a long-term commitment to fans rather than simply a financial investment.

Episode timestamps:

• 06:27 — Patrick Dumont on hosting the NBA China Games in Macao with the Dallas Mavericks
• 07:33 — Cooper Flagg, Kyrie Irving, and youth basketball development
• 08:33 — The economic and community impact of the NBA China Games
• 09:28 — Macao's gaming revenue, tourism growth, and economic diversification
• 10:55 — Marina Bay Sands, Singapore, and luxury hospitality strategy
• 11:46 — Competition in the luxury travel market and Asia's wealth creation
• 12:43 — Formula 1, Ferrari, concerts, and sports-driven tourism
• 13:38 — Las Vegas NBA expansion and the city's entertainment potential
• 14:34 — Arena development and the future of professional basketball in Las Vegas
• 15:36 — Dallas Mavericks plans for a new arena and entertainment district
• 16:50 — Prediction markets, sports betting, and the Texas gaming landscape
• 17:46 — Rising NBA franchise valuations and the Mavericks ownership philosophy
• 18:11 — How luxury hospitality could reshape the Mavericks fan experience

More about the organizations and events discussed:

• Las Vegas Sands — Global resort and hospitality company operating major properties in Macao and Singapore.
• Dallas Mavericks — Official website of the NBA franchise.
• NBA — League news, international basketball initiatives, and team information.
• Marina Bay Sands — Las Vegas Sands' integrated resort in Singapore.
• Formula 1 — Official information about F1 racing, including the Singapore Grand Prix.
• CNBC — Business and financial news covering gaming, travel, sports, and global markets.

Dumont emphasizes that the future of Las Vegas Sands depends on creating experiences that bring customers back, while his vision for the Dallas Mavericks focuses on building a world-class arena that combines basketball, entertainment, and exceptional hospitality.

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World No. 3 Jessica Pegula joins Alex Sherman to discuss her rise to the top of women’s tennis, the demands of the WTA schedule, late-night U.S. Open matches and her pursuit of a first Grand Slam title. Pegula also shares how she manages her career like a business, her family’s Buffalo Bills and Sabres ownership, The Players Box Podcast and her partnership with The Farmer’s Dog.

Episode Notes

Jessica Pegula joins Alex Sherman for a wide-ranging conversation about professional tennis, athlete health, the WTA schedule, Grand Slam pressure and life inside one of America’s most prominent sports families. Fresh off another deep U.S. Open run, Pegula explains what helped her become an elite player later in her career and why learning to work smarter, stay healthy and manage her body became essential to her success.

Pegula also discusses one of the biggest issues facing professional tennis players: an increasingly demanding tournament calendar. As chair of the WTA Tour Architecture Council, she shares her perspective on mandatory events, two-week WTA 1000 tournaments, recovery time and the mental and physical toll of a season that stretches across most of the year.

The conversation also explores late-night U.S. Open matches, Pegula’s pursuit of a first major championship and the mindset she has developed after repeated runs into the second week of Grand Slams.

Beyond the court, Pegula talks about her family’s ownership of the Buffalo Bills and Buffalo Sabres, what she has learned from seeing professional sports organizations from an ownership perspective and whether she could become more involved with the organizations in the future. She also reflects on her mother’s serious health emergency and how tennis provided an important outlet during an extraordinarily stressful period.

Topics discussed include:

• Jessica Pegula’s partnership with The Farmer’s Dog and her passion for canine health
• How injuries and maturity helped Pegula reach another level in professional tennis
• Late-night U.S. Open matches and potential scheduling changes
• Managing the pressure of chasing a first Grand Slam title
• The WTA Tour Architecture Council and concerns about the tennis calendar
• Growing up in a family that owns the Buffalo Bills and Buffalo Sabres
• What Pegula has learned about professional sports ownership
• How her mother’s cardiac arrest affected Pegula and her family
• Why Pegula describes professional tennis players as the “CEO” of their own teams
• The Buffalo Bills’ new stadium and Pegula’s relationship with Josh Allen
• How The Players Box Podcast began with Madison Keys, Desirae Krawczyk and Jennifer Brady
• Madison Keys’ candid comments about the mental demands of professional tennis

Timestamps:

01:35 Maddie, Jessica Pegula’s dogs and The Farmer’s Dog partnership
05:18 How maturity, injuries and smarter training changed Pegula’s career
06:41 U.S. Open scheduling and the challenge of extremely late matches
08:34 Handling Grand Slam pressure and pursuing a first major title
09:55 WTA Tour Architecture Council and changes Pegula wants to see in the schedule
11:11 Growing up in the family that owns the Buffalo Bills and Buffalo Sabres
12:31 What Pegula has learned from the business of professional sports ownership
13:38 The future of the Bills and Sabres within the Pegula family
14:38 Pegula reflects on her mother’s cardiac arrest and how tennis helped her cope
16:01 Why elite tennis players operate like CEOs of their own traveling teams
17:17 Buffalo Bills’ new stadium and Pegula’s relationship with Josh Allen
18:23 How The Players Box Podcast grew out of a group chat among tennis friends
19:12 Madison Keys, mental fatigue and candid conversations about life on tour

Mentioned in the episode: The Farmer’s Dog, U.S. Open, WTA, WTA Tour Architecture Council, Buffalo Bills, Buffalo Sabres, Josh Allen and The Players Box Podcast.

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Episode Summary

Stephen Curry discusses the Golden State Warriors’ championship ambitions, his approach to retirement, the future of Curry Brand, and his expanding business portfolio. He also shares how Underrated Golf is creating access for young players, why he chose Li-Ning, and where he sees opportunities across media, AI, basketball, golf, and women’s sports.

Episode Notes

Stephen Curry joins Alex Sherman at Bethpage Black for a wide-ranging conversation spanning basketball, business, golf, media, footwear, artificial intelligence, the WNBA, and the next stage of Curry’s career.

Curry explains how his experience as an overlooked three-star basketball recruit inspired the Underrated brand and its focus on opportunity, equity, and access. He reflects on the growth of the Underrated Golf Tour, including young golfers who have progressed from the program into college golf and PGA Tour opportunities.

The conversation also explores Curry Inc. and the portfolio Curry is building beyond basketball. Curry discusses Unanimous Media, his Eat. Learn. Play. foundation, the animated basketball film GOAT, and his ambitions across film, television, publishing, and podcasting.

Curry also goes inside his move to Li-Ning after entering footwear free agency. He describes testing products from multiple brands, wearing Jimmy Butler’s Li-Ning shoe in a game, and what attracted him to Li-Ning’s product quality, innovation, global ambitions, and willingness to invest in Curry Brand. He says work is underway on a new signature shoe, with hopes for a release in early 2027, while golf, lifestyle, and training products are also part of the longer-term vision.

On the court, Curry discusses the Golden State Warriors, the challenge of competing in a deep Western Conference, and his desire to remain in championship contention while helping the team establish a new identity. He addresses his health, his long-running partnership with Draymond Green and Steve Kerr, and why changing teams is not the path he is looking to take.

Curry also weighs in on the state of the NBA and WNBA, athlete recruitment for Curry Brand, partnerships involving Google, Gemini, and KPMG, and how young people can prepare for a world being rapidly reshaped by AI.

Finally, Curry talks candidly about retirement. While he says Father Time is always part of the equation, he still believes he can perform at a high level and describes a sense of urgency around making the most of the next two years.

Topics and timestamps:

02:05 Curry Inc., Unanimous Media and Eat. Learn. Play.

02:44 GOAT and future film and TV projects

03:46 Curry’s footwear free agency and move to Li-Ning

06:09 Golden State Warriors and championship contention

07:58 Curry, Draymond Green and Steve Kerr

08:41 Health and maintaining an elite level of play

09:12 Sponsorships, endorsements and business partnerships

10:02 AI, Google Gemini and preparing young people for technological change

10:36 Curry’s next signature shoe and plans for 2027

11:47 Curry on the state of the NBA

12:22 WNBA growth, visibility and leadership

13:15 Caitlin Clark, Paige Bueckers and Curry Brand athlete recruitment

13:52 Li-Ning’s investment in Curry Brand

14:17 Retirement, Father Time and Curry’s next two years

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Netflix Chief Content Officer Bela Bajaria explains how live sports, global events and local programming fit into Netflix’s evolving content strategy, while Jacksonville Jaguars owner Shad Khan examines rising NFL team valuations, stadium economics and international expansion. Together, the conversations reveal how streaming, live experiences and changing fan behavior are reshaping the business of sports and entertainment.

Episode Notes

The worlds of streaming, live sports and franchise economics are converging. In this episode, Bela Bajaria and Shad Khan offer two perspectives on how that transformation is playing out across Netflix, the NFL and the broader sports and entertainment business.

Netflix Chief Content Officer Bela Bajaria discusses the company’s growing focus on live programming and what turns a broadcast into an “unmissable event.” Rather than pursuing sports through a traditional rights strategy, Netflix is looking for cultural moments capable of generating conversation around the world. Bajaria points to NFL games on Christmas Day, boxing, the World Baseball Classic, the Home Run Derby, Alex Honnold’s Taipei 101 climb and a BTS concert in Seoul as examples of how Netflix thinks about event programming.

She also explains how Netflix combines its global distribution with locally produced content and country-specific marketing. The strategy remains opportunistic: Netflix can pursue established sports properties while also developing original events that take advantage of the platform’s global scale.

Shad Khan, owner of the Jacksonville Jaguars, turns to the economics powering the NFL. Khan discusses why he believes NFL franchises still have significant room to appreciate despite rapidly rising team valuations, citing the league’s competitive balance, financial structure and connection to local communities.

The conversation also explores the Jaguars’ stadium transformation and how modern venues are becoming year-round businesses. Khan describes plans to improve cooling, weather protection, premium seating, concourses, local food offerings and non-football programming while creating additional revenue for the team and Jacksonville.

Topics discussed include:

• Netflix’s strategy for live sports and entertainment events
• NFL games on Netflix and Christmas Day programming
• Creating global cultural moments versus buying traditional sports rights
• Netflix’s global reach and investment in local-language originals
• NFL franchise valuations and the economics behind their growth
• The Jacksonville Jaguars’ stadium redevelopment
• Premium seating, fan experience and non-game-day stadium revenue
• College football and other events as stadium revenue opportunities
• The NFL’s international growth and the Jaguars’ presence in London
• Streaming, broadcast television and the future of NFL media distribution
• Fantasy football, RedZone and changing viewing habits
• Fulham, Premier League economics and year-round venue development
• NFL ownership rules, debt limits and private equity
• What could drive future sports franchise valuations

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NFL Commissioner Roger Goodell joins Alex Sherman to discuss the league’s international expansion strategy, the possibility of a future overseas franchise, rising team valuations and the next era of NFL media rights. Goodell also addresses an 18-game season, streaming partners, sports betting and prediction markets, succession planning and the league’s next collective bargaining agreement.

Episode Notes

NFL Commissioner Roger Goodell sits down with Alex Sherman in Melbourne, Australia, ahead of the Rams-49ers matchup to discuss the NFL’s long-term growth strategy and the forces reshaping the league’s business.

Fresh off a four-year contract extension that could keep him as commissioner through March 2031, Goodell explains why international growth remains a major priority. He discusses plans to increase the number of NFL games played outside the United States, the growing global ambitions of players and the possibility that the league could eventually establish one or more international franchises.

The conversation also examines whether the NFL could move toward an 18-game regular season. Goodell says the league continues to evaluate converting preseason games into regular-season contests, while acknowledging that player health, safety and negotiations with the NFL Players Association would be central to any change.

Sherman and Goodell turn to the economics of the league, including surging NFL franchise valuations and whether those prices could lead the NFL to increase its current private equity ownership limits. Goodell says the league is not close to reaching its existing private equity caps and continues to see strong demand from investors.

Media rights are another major focus. Goodell discusses how the NFL is preparing for a rapidly changing television and streaming market, including relationships with Netflix, YouTube and Amazon. He says the league is evaluating how its current rights packages could be restructured while continuing to prioritize broad availability for fans across broadcast television and emerging digital platforms.

The interview also covers the NFL’s partnerships with DraftKings, FanDuel and Fanatics and why the league has taken a more cautious approach toward prediction markets such as Kalshi and Polymarket. Goodell says stronger regulation, consumer protection and preservation of game integrity are important considerations before the NFL moves forward with those platforms.

Goodell closes by discussing succession planning, the expiration of the current collective bargaining agreement in 2031 and why the NFL is already thinking five, 10 and 15 years ahead on labor, media, international growth and stadium strategy.

Timestamps:

04:09 Roger Goodell on his new contract and the NFL’s priorities

05:17 Expanding the NFL’s international schedule

06:16 The possibility of an international NFL franchise

07:18 League expansion and a potential 18-game season

08:23 NFL franchise valuations and private equity ownership

10:09 Preparing for the next NFL media rights negotiations

10:47 Netflix, YouTube, Amazon and the shift to streaming

11:33 Could international games become a separate media package?

12:12 Repackaging NFL broadcast and streaming rights

14:47 Sports betting partnerships and prediction markets

16:22 NFL personal conduct policy

16:41 Goodell’s contract and succession planning

18:01 Looking ahead to the 2031 collective bargaining agreement

19:00 International games, an 18-game season and NFLPA negotiations

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Josh Harris explains how the Philadelphia 76ers landed LeBron James and why superstar athletes, live sports and new stadium developments are reshaping the economics of professional teams. Then, WTA Chair Valerie Camillo discusses women’s tennis growth, player schedules, equal prize money and her vision for the WTA Finals.

Episode Notes

Josh Harris joins Michael Ozanian for an in-depth conversation about the rapidly changing business of professional sports, beginning with how LeBron James became a Philadelphia 76er.

Harris walks through the recruitment process after James opted out of his Lakers contract. What initially seemed like an unlikely possibility became a serious pursuit after Philadelphia strengthened its roster. Harris describes how the organization’s leadership and connections with James’ team helped the Sixers enter the conversation, while ultimately crediting James with choosing Philadelphia based on where he believed he could win and spend the final chapter of his career.

The impact was immediate. Harris says James energized Philadelphia, drove enormous ticket demand and created new sponsorship opportunities while changing the energy inside the organization.

The conversation expands into Harris’ broader sports and real-estate portfolio. He discusses multibillion-dollar arena and stadium developments involving the Sixers and Washington Commanders, along with surrounding restaurants, hotels, housing and entertainment. Harris argues that sports venues increasingly function as anchors for communities, economic development and live experiences.

He also discusses the Washington Commanders’ brand evolution, soaring franchise valuations, private equity, youth sports, NIL and why he does not believe sports team values are in a bubble.

Later, WTA Chair Valerie Camillo joins Alex Sherman for a wide-ranging conversation about the future of women’s tennis and the business strategy behind the WTA.

Drawing on her experience with the Philadelphia Flyers, Washington Nationals and NBA, Camillo explains why one of her biggest priorities is bringing a stronger fan-first mindset to professional tennis. She discusses the WTA’s global audience, its push for sustainable commercial growth and the continued pursuit of equal prize money.

Player scheduling is another major focus. Camillo says players have consistently raised concerns about the length and sustainability of the tennis calendar, including the number of tournaments they are required to play. She previews changes planned for the 2027 season and says more substantial calendar changes could follow in 2028.

Camillo also discusses Coco Gauff and the next generation of WTA stars, athlete advocacy, gender eligibility policies, pickleball, sports betting and prediction markets, maternity benefits, Serena Williams, AI and technology. She outlines an ambitious vision to make the WTA Finals the “Super Bowl of women’s sports.”

Topics discussed

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UConn women’s basketball coach Geno Auriemma joins Alex Sherman to discuss the state of the WNBA, his demanding coaching philosophy, the UConn dynasty, NIL and recruiting, and legendary rivalries with Pat Summitt and Dawn Staley. Auriemma also reflects on sustained success, leadership, accountability and what could eventually make him retire.

Episode Notes

Geno Auriemma, the longtime UConn women’s basketball coach and 12-time national champion, sits down with Alex Sherman for a wide-ranging conversation about winning, leadership and the evolution of women’s basketball.

Auriemma reflects on the coaches who shaped his philosophy, including Hubie Brown, Dean Smith, Pat Summitt, Kay Yow, Leon Barmore and Cathy Rush. He also explains how his early coaching experiences in Philadelphia and at the University of Virginia helped prepare him to build UConn into a national powerhouse.

The conversation explores the current attention surrounding the WNBA and Auriemma’s belief that discussion of women’s basketball should remain centered on the game, its players and the quality of competition. He also shares his perspective on leadership, accountability and the challenge of communicating strong standards in different environments.

Auriemma addresses the demanding coaching style featured in Apple’s documentary about the UConn dynasty, explaining why he continually pushes players toward what he believes is their full potential. He discusses how that philosophy translates beyond basketball, why high expectations matter, and why he has never been comfortable becoming satisfied after winning.

The episode also covers his rivalry and relationship with legendary Tennessee coach Pat Summitt, the rise of Dawn Staley and South Carolina, UConn’s championship drought before its 2025 title, and the role that health and timing can play in winning an NCAA championship.

Auriemma also weighs in on NIL and college basketball recruiting. He explains why UConn continues to prioritize players who want the challenge of the program rather than recruits whose college choice is driven primarily by money. Finally, he discusses retirement and says he has not yet reached the point of deciding when his coaching career will end.

Topics discussed:

Timestamps:

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Pro Padel League CEO Michael Dorfman explains why padel is rapidly gaining traction in the U.S. and how the league is turning the fast-growing racket sport into a professional sports business. He discusses franchise valuations, athlete compensation, media strategy, live events, demographics, investment interest, and the sport’s potential alongside tennis and pickleball.

Episode Notes

Padel is one of the fastest-growing racket sports in the world, and the Pro Padel League is betting that its combination of accessibility, competition, social connection, and spectator appeal can make it a major professional sport in the United States.

In this episode, Alex Sherman speaks with Pro Padel League CEO Michael Dorfman about how padel works, why participation is accelerating, and how the league is building a professional sports ecosystem around the game. Dorfman describes padel as a hybrid of tennis and squash that is played exclusively in doubles, with glass and metal walls keeping the ball in play. He says the sport has more than 35 million players globally and that U.S. participation has grown dramatically since the league launched in 2023.

The conversation explores the business model behind the Pro Padel League, including its 10 city-based franchises, men’s and women’s teams, tournament structure, prize money, player compensation, and developmental ambitions. Dorfman also discusses the league’s capital raises and the sharp rise in franchise valuations, with early teams selling for $200,000 and more recent valuation marks reaching into the double-digit millions.

Media and audience growth are another major focus. Dorfman explains why the league partnered with CNBC and Versant for live national broadcasts and why exposure, rather than near-term media-rights revenue, is currently the priority. He also discusses padel’s affluent, largely millennial audience and the sport’s growing popularity in markets including Miami, Los Angeles, New York, Austin, Chicago, and Atlanta.

Topics discussed:

Dorfman also explains his broader investment thesis around live sports: as more of everyday life becomes automated, he believes demand will increase for distinctly human, in-person experiences. For the Pro Padel League, that means building participation, community, live events, broadcast exposure, and professional opportunities before maximizing media monetization.

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This episode explores two ambitious plans to reshape professional sports. First, Shaquille O’Neal joins CNBC’s Alex Sherman to discuss Dunkman, a competitive league created to showcase elite independent dunkers from around the world. Shaq explains why basketball’s most spectacular play deserves its own professional platform—and why today’s best dunkers are not necessarily NBA stars.

Dunkman brings international competitors together in a structured league with professional judging and an initial $500,000 prize. Shaq says that figure could rise to $1 million as the competition grows. He also explains how online video and social media have helped independent athletes build audiences, develop increasingly difficult dunks and create opportunities outside traditional professional basketball.

The league evaluates performances across seven categories: difficulty, execution, originality, power, vertical leap, completion and crowd reaction. Shaq also shares memories of watching Michael Jordan and Dominique Wilkins, explains why he never entered the NBA Slam Dunk Contest and offers a blunt assessment of why the event has declined. For Shaq, elite athletes have a responsibility to reward fans by competing and putting on a memorable show.

In the second conversation, Alex speaks with Larry Berg following the announcement that Berg will become the next commissioner of Major League Soccer. Berg discusses his lifelong connection to soccer, his experience as a minority owner of LAFC and his desire to help grow the sport across the United States and Canada.

Berg describes MLS as being at a “fork in the road” following the World Cup. He argues that the league already has world-class infrastructure but must now improve the quality of play, strengthen youth development, refine its roster and spending rules, and capitalize on increased interest in North American soccer.

He introduces the idea of an “MLS 3.0” grand bargain in which owners consider multiple interconnected reforms rather than debating one issue at a time. Berg also explains why European-style promotion and relegation could discourage investment in American stadiums, training facilities and player rosters. Instead, he suggests that MLS can create competitive jeopardy through knockout matches, playoff changes and performance-based spending opportunities.

Topics discussed:

Approximate timestamps:

01:30 Why Shaq believes dunking deserves a professional league

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