Navigating Sports Business

How can a team that just sold for $12.5 billion be projected to hit $30 billion in 10 years? According to Navigate founder AJ Maestas, the math is more realistic than it looks, because these sales were never really about fundamentals.

In this highlight, AJ explains why doubling revenue in a decade only requires about 7.2% annual growth, and why buying a franchise like the Lakers is closer to buying a Picasso than a business.

He breaks down the scarcity argument, why the ultra-wealthy prize wealth preservation over upside, the 15-year depreciation tax shield, and how revenue multiples have climbed from roughly 3x to 9x to nearly 20x. The real question is whether that multiple keeps expanding, and that's where AJ starts to get skeptical about the proposed $62 billion bull case.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=e3d135a7572b37994c97094dd04675a9

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

Paramount's acquisition of Warner Bros. Discovery is officially closed, and the combined company, Skydance, now holds one of the deepest sports rights portfolios outside of ESPN. But did Netflix, the runner-up in the WBD bidding war, actually get the best deal?

Netflix walked away with a nearly $3 billion breakup fee and the freedom to keep cherry-picking marquee events and postseason packages.

In this highlight, AJ and Charles make the case for Skydance still being the biggest winner, explaining how pairing CBS's broadcast reach with two streaming services gives it a distribution edge matched only by ESPN.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=e3d135a7572b37994c97094dd04675a9

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

The Lakers sold for a record $12.5 billion, 25% more than their previous record-setting sale just a year earlier. Still, the bigger story might be what's in the investor pitch deck.

In this highlight, AJ Maestas breaks down the deck's projection that the Lakers will be worth $30 billion by 2037, with an optimistic case of $62 billion. He walks through the assumptions behind those numbers, from NBA media rights doubling to a plan to reclaim 6,000 broker-held season ticket plans worth roughly $35 million a season.

AJ and Charles also discuss the Navigate franchise intelligence model that correctly projected the Lakers most recent sale price.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=e3d135a7572b37994c97094dd04675a9

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

The Lakers just sold for a record $12.5 billion. Their new owners are already telling investors the team will be worth $30 billion by 2037.

AJ & Charles debut a new episode format: each brings one major sports business story to the table for their discussion.

AJ breaks down the Lakers' sale, the investor pitch behind the $30B target, and how Navigate's Franchise Intelligence Tool valued the team within 1% of the final price.

Charles covers Paramount's $110 billion acquisition of Warner Bros. Discovery, now officially Skydance and what it means for CBS Sports and TNT Sports. For more, you can revisit how our predictions held up from when Netflix was the buyer, in an episode we published in December of 2025.

Timestamps:

• 0:25- Story #1 - The Lakers' $30B price projection
• 12:35 - Story #2 - Paramount-WBD deal closes

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

"There is always a cost to progress"

Bob Kendrick – President of the Negro Leagues Baseball Museum – on three vital lessons we can all learn from the story of the Negro Leagues. He also points out how progress comes at a price. With integration into Major League Baseball, many Black-owned businesses suffered.

Bob explains why it's important to remember the team managers, owners, and other employees who made the Negro Leagues possible, not just the players who were heroes on the field. Their stories are an essential part of sports business history, and we urge everyone to listen to Bob's full episode for many more stories from the rich history of Negro Leagues baseball.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=094dbf0f9b0124c594740b88d443a64a

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

Bob Kendrick – President of the Negro Leagues Baseball Museum – on the profound story of baseball and American history that was intentionally ignored by historians, and the museums's mission to make that story known.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=094dbf0f9b0124c594740b88d443a64a

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

Bob Kendrick - President of the Negro Leagues Baseball Museum - has spent decades educating people about one of the most important chapters in American history.

He and Jeff Nelson discuss the fascinating history of the Negro Leagues and the star players that have been far-too-often overlooked by sports fans across the country.

They also discuss the museum's 55-million-dollar fundraising campaign and the expansion to a new renovated district which will include a 30,000 square foot museum building. Bob has been with the museum since it was still a collection of stories and memorabilia in one room in Kansas City.

The NLBM was recently featured in an episode of Ted Lesso and that attention has meant great things for the museum's publicity. Bob tells of how he was offered a cameo role and why he turned it down. He is, however, prominently featured in the MLB The Show video game.

Timestamps:

• 2:15 - Touring Henry Aaron
• 8:35 - Expanding from one room
• 13:55 - Coexisting with Cooperstown
• 18:20 - Negro Leagues stats added to MLB record books
• 22:00 - Ted Lasso visits the NLBM and the business impact
• 26:15 - Three key lessons from the Negro Leagues
• 31:25 - The museum's role in representation in baseball

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

Should the NFL put a team in Europe?

AJ and Charles discuss paths to international expansion in Europe or Africa as the NFL looks to expand its global presence beyond the United States.

The NBA already gets around 10% of its media dollars from international rights, and that could be the goal for the NFL in its next wave of negotiations.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=3d71db41f8d7a394d6b587a7f171f363

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

51% of Americans are NFL fans. Where does the league go from here?

AJ & Charles discuss the prospects of NFL international expansion, an 18th game, the next media deal, flag football, and other ways that American football can continue to grow.

Are you an employee or equity holder for a U.S.-based pro sports team? Take the PRO Public Policy Poll by September 4th: https://survey.sightx.io/9866314006e0c906ca306f3eac718882b45e18ecff0f34bc2bd3ada1cb809aae

Timestamps:

1. 0:45 - How big is the NFL?
2. 3:00 - The next NFL media deal
3. 10:10 Adding an 18th game
4. 13:40 - International growth for the NFL
5. 17:55 - Flag football
6. 19:00 - Predictions

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.

The cost of supporting your favorite teams has doubled in the past 10 years.

Our most recent episode of Navigating Sports Business explores the rising cost of sports fandom and if that trend is sustainable for fans, teams, and leagues.

Listen to the full episode here: https://nvgt.com/podcast?ppplayer=1e977ebc536a4f7840f232ca6e253547&ppepisode=fe4d6cb197e064772ba8c97f8090c9f0

For more insights, visit our LinkedIn page or learn more about Navigate at https://nvgt.com/.