Here's what most sports investors miss: The difference between leasing a stadium and owning one isn't incremental. It's structural.

When you control your venue plus the land around it, you're operating a 365-day revenue engine with cash flows the league can't touch.

The Dallas Cowboys proved this at scale. And the numbers are wild.

The Third-Party Problem

When Jerry Jones bought the Cowboys in 1989 for $150 million, the team was losing $1 million every month. They played at Texas Stadium—a venue they didn't own.

That meant:

Jones paid all team expenses while the landlord captured venue economics.

The Ownership Shift: AT&T Stadium (2009)

Jones spent $1.15 billion building a stadium with one critical detail: While Arlington, who contributed $325 million to the project, owns the facility, Jones got operating rights. He captures all non-shared revenue.

The whole thing was privately financed. No taxpayer debt diluting economics.

What Ownership Unlocked

Naming Rights: AT&T pays $17-19M annually—outside league revenue sharing.

Non-NFL Events: $30M+ annually from concerts, boxing, college games, corporate events. Jones books 300+ events yearly beyond 10 NFL home games. The league can't touch it.

Sponsorships: $250-300M annually—$50M+ more than any NFL team. Includes a 10-year, $200M Molson Coors deal and complete stadium signage control.

Total Revenue: $1.27 billion in 2024. Highest in NFL. Nearly $400M more than second place.

The Valuation Explosion

Forbes breaks down the value:

Arlington also benefited—hotel taxes up 72%, sales taxes up 36%.

The Battery Atlanta proves the model at scale.

The Setup

When Truist Park opened in 2017, the Braves built The Battery—a mixed-use district they own:

The Revenue

Pure incremental revenue. At Turner Field, they got zero rent dollars.

The Performance Premium Retail stores in The Battery do 20% better than same chains nearby during baseball season. That's the foot traffic effect from 81 home games.

Property values went from $5M (2014) to $736M (2022)—a 147x increase.

Why This Model Is Different

Traditional stadiums consistently fail economically. But sports-anchored mixed-use works because:

This is not an offer to buy securities. 

Multiple Cash Flow Streams

Own both team and venue, collect from:

Team side:

Real estate side:

The League Can't Touch It

NFL teams share ~70% of revenue. But stadium and real estate revenue falls outside sharing agreements. That's asymmetric value capture.

Why Family Offices Have an Edge

Traditional PE funds face silos between their PE and real estate teams. Family offices can:

The Return Profile

Cowboys: 73x over 35 years (12.6% CAGR)
S&P 500: 18x over same period (8.6% CAGR)
Premium: +400 basis points annually

That premium comes from franchise scarcity, unshared revenue, real estate appreciation, and brand value compounding.

Green Lights:

Red Flags:

Several trends converging:

The Gap: Most capital flows into either minority stakes OR standalone real estate. Almost nobody pairs both from day one.

That’s the unlock where the value gap exists.

The Cowboys turned a 73x return by controlling both team and venue. The Battery proved mixed-use works at scale.

We believe that controlling both the team and the venue can unlock revenue streams outside league sharing, enable real estate appreciation to compound into franchise value, and potentially provide tax efficiencies through depreciation.

The playbook exists. The question is execution in markets where valuations remain reasonable.

Dallas Cowboys & AT&T Stadium:

The Battery Atlanta & Sports-Anchored Development:

Academic Research:

This newsletter is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities. All financial data presented represents historical performance of specific venues and should not be construed as indicative of future results. Past performance does not guarantee future results. Investment in sports venues and related assets involves significant risk, including potential loss of principal. The behavioral economics concepts discussed are based on academic research and historical case studies that may not apply to all situations or guarantee similar outcomes. No representation is made that any investment approach discussed herein will or is likely to achieve results similar to those shown. Any investment decision should be made only after careful consideration of all relevant factors and consultation with qualified financial, tax, and legal advisors. Momentous Sports and Magnolia Hill Partners make no representations or warranties regarding the accuracy or completeness of this information and disclaim any liability arising from your use of this information. This material has not been prepared in accordance with requirements designed to ensure unbiased reporting, and there are no restrictions on trading in the securities discussed herein prior to publication. For qualified accredited investors interested in learning more about our educational materials and investment approach, please contact us directly for a confidential discussion.