CNBC Sport

Four-time NBA champion Draymond Green joins CNBC's Alex Sherman to discuss the Golden State Warriors' future, LeBron James' move to Philadelphia, and why he believes NBA salary cap rules are hurting basketball dynasties. Green also opens up about retirement, a potential broadcasting career with Inside the NBA, and his virtual reality therapy series Open Season.

Episode Notes

What's next for Draymond Green and the Golden State Warriors, and could this be his final season in Golden State? Four-time NBA champion Draymond Green joins CNBC's Alex Sherman for a candid conversation about NBA salary cap rules, championship dynasties, LeBron James, his basketball future, sports broadcasting, and the importance of mental health.

As the NBA season approaches, Green explains why he would change the league's salary structure if he became commissioner. While Commissioner Adam Silver has emphasized competitive parity, Green argues that basketball's greatest dynasties have historically helped drive fan interest and that today's financial restrictions make sustained championship success more difficult.

Green also weighs in on LeBron James' decision to join the Philadelphia 76ers rather than the Warriors, discussing championship experience, roster chemistry, and the challenges of building a title contender.

Turning to his own career, Green reflects on 15 seasons with Golden State, his relationship with Stephen Curry, and the possibility that his current one-year contract could be his last with the franchise. He shares why retiring as a Warrior remains his preference, while acknowledging that he wants to continue playing basketball.

Beyond the court, Green explores his ambitions in sports media, including his experience with Inside the NBA and the prospect of working alongside or following Charles Barkley. He also discusses Open Season on Draymond Green, a virtual reality series produced by Skydance Sports for Meta Quest TV that documents his personal therapy journey with Dr. Kerry Hastings.

The conversation concludes with Green's admiration for Shaquille O'Neal's success in broadcasting, brand partnerships, and entrepreneurship.

Key topics discussed:

• NBA salary cap and championship dynasties: Why Green believes the league's salary structure is making it harder to build sustained championship contenders.
• Adam Silver and competitive parity: Green's perspective on whether fans prefer championship dynasties or a league where more teams can compete for titles.
• LeBron James and the Philadelphia 76ers: Why Green respects LeBron's decision and how he compares Philadelphia's championship prospects with Golden State's.
• Golden State Warriors' future: Green's expectations for the season and his approach to competing without being considered a championship favorite.
• Draymond Green's retirement plans: His desire to finish his career with the Warriors and the possibility of playing for another NBA team.
• Inside the NBA and Charles Barkley: Green's broadcasting ambitions and why he considers Barkley an irreplaceable television personality.
• Athlete mental health and therapy: How Green overcame his initial reluctance to seek therapy and why he believes it has improved his decision-making and performance.
• Virtual reality sports entertainment: The creation of Open Season on Draymond Green and how Meta Quest technology brings viewers into his therapy sessions.
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Episode timestamps:

01:59 – Introduction: Draymond Green joins Alex Sherman

02:11 – What Green would change as NBA commissioner

03:30 – Adam Silver, competitive parity, and the value of NBA dynasties

04:29 – LeBron James joining the Philadelphia 76ers instead of Golden State

07:42 – Stephen Curry and redefining success for the Warriors

09:03 – Could this be Draymond Green's final season?

10:23 – Retiring with the Warriors versus continuing his NBA career elsewhere

11:16 – Inside the NBA, Charles Barkley, and Green's broadcasting future

14:24 – Why Charles Barkley's television career is so remarkable

15:16 – Open Season on Draymond Green and the origins of his VR therapy series

16:00 – Mental health stigma, therapy, and sharing his personal journey

19:16 – How therapy influences Green's basketball performance

Featured shows, organizations, and resources:

• CNBC – Business, media, and sports industry coverage
• Golden State Warriors – Official Warriors website
• NBA – Professional basketball news and league information
• Meta Quest – Virtual reality platform featuring immersive entertainment experiences
• Skydance – Entertainment company associated with the production of Open Season on Draymond Green

From the economics of NBA championships to the challenges of professional athletes transitioning into media and business, this episode offers an inside look at Draymond Green's evolving career and his perspective on basketball, mental health, and life beyond the NBA.

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Milwaukee Bucks President Josh Glessing joins CNBC Sport's Michael Ozanian to explore soaring NBA franchise valuations, the growing influence of private equity, and why sports teams are attracting billions in investment. From the Bucks' media and arena strategies to women's sports, NBA competitive balance, and potential $10 billion expansion fees, Glessing explains what's driving the business of professional sports and where the biggest opportunities lie.

Episode Notes

Why are NBA franchises commanding multibillion-dollar valuations, and how much higher could sports team prices climb? Milwaukee Bucks President Josh Glessing joins CNBC Sport's Michael Ozanian for an in-depth conversation about sports investing, private equity, NBA economics, and the future of professional sports ownership.

Drawing on his experience at Goldman Sachs and Haslam Sports Group, Glessing explains how institutional investors, live sports media rights, and new sources of capital have transformed sports franchises into increasingly valuable and liquid assets. He discusses the Milwaukee Bucks' approach to competing in a smaller market, reaching fans through free television broadcasts, and turning Fiserv Forum and the surrounding Deer District into an economic development engine.

The conversation also examines the Bucks' roster-building philosophy, the NBA's second-apron salary cap restrictions, the commercial value of jersey sponsorships, and the accelerating growth of women's professional sports.

Looking ahead, Glessing shares his outlook for NBA expansion into Las Vegas and Seattle, including why he believes potential franchise fees could exceed $10 billion and $7 billion, respectively.

Key topics discussed:

• Sports franchise valuations: How major transactions involving the Los Angeles Lakers and other professional teams reflect growing demand for sports assets.
• Private equity and sports ownership: Why institutional capital, high-net-worth investors, and alternative asset managers are increasingly investing in professional teams.
• NBA media rights and local broadcasting: How the Bucks are prioritizing audience growth and fan accessibility as the regional sports network business model evolves.
• Milwaukee Bucks business strategy: The advantages of operating in a smaller NBA market and balancing championship ambitions with long-term financial sustainability.
• NBA salary cap and competitive balance: How the second apron is influencing roster construction and opportunities for smaller-market teams.
• Fiserv Forum and the Deer District: How sports venues can attract concerts, hotels, housing, commercial development, and institutional investment.
• Jersey sponsorships and sports marketing: Why the Bucks' partnership with Uline illustrates the growing value of NBA sponsorship inventory.
• Women's sports investment: The business potential of the WNBA and NWSL, including media rights, sponsorship revenue, and expansion.
• NBA international growth: Why basketball's worldwide talent pool and global audience create significant long-term commercial opportunities.
• NBA expansion fees: Glessing's bullish outlook for potential franchises in Las Vegas and Seattle.

Episode timestamps:

02:00 – Why sports franchises are becoming more liquid and attractive investments

03:56 – Live sports, private equity, and the growth of sports finance

05:31 – NBA ownership rules and institutional capital

07:21 – Sports teams as alternative investments and portfolio diversification

10:02 – Milwaukee Bucks strategy and the advantages of a smaller market

11:48 – NBA media rights, local television, and free broadcasts in Wisconsin

13:53 – Giannis Antetokounmpo, roster decisions, and long-term franchise strategy

15:27 – The NBA's second apron and competitive balance

16:57 – Fiserv Forum, the Deer District, and sports-driven real estate development

19:22 – Institutional investment in mixed-use sports developments

20:09 – Uline jersey sponsorship and the evolving economics of sports partnerships

22:35 – WNBA and NWSL valuations and investment opportunities

25:08 – The NWSL's global growth potential

25:59 – NBA international growth and league governance

28:38 – Las Vegas and Seattle NBA expansion and potential franchise valuations

Featured organizations and resources:

• CNBC Sport – Sports business news, franchise valuations, and industry analysis
• Milwaukee Bucks – Official team website
• NBA – League news, standings, and information
• Fiserv Forum – Milwaukee's sports and entertainment arena
• Haslam Sports Group – Sports ownership and investment organization
• WNBA – Women's professional basketball
• NWSL – Women's professional soccer
• Uline – Milwaukee Bucks jersey patch partner

For more reporting and analysis on NBA franchise valuations, sports investments, media rights, and professional sports business trends, visit CNBC Sport.

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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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