This week on the Momentous Sports podcast, we sat down with Chip Paucek, co-founder and co-CEO of Pro Athlete Community (PAC), to unpack a problem hiding in plain sight:

Athletes generate massive attention and opportunity, but most don’t have a scalable system to turn that into durable, off-field success.

Chip breaks down how PAC is building that system and what it means for athletes, teams, and investors.

What We Cover

Why This Matters to Momentous

This episode shows what that infrastructure looks like in practice.

Key Idea:
Content isn’t the product…
Community is the product — and the operating system that compounds it is the edge.

The Atlanta Braves just released third-quarter earnings that show why every major sports franchise is trying to copy their playbook. Revenue from The Battery—the mixed-use development surrounding Truist Park—grew 56% to $27.2 million in Q3, easily offsetting what was the team's first non-playoff season since 2017. Overall revenue still grew 7% to $311.5 million, with adjusted earnings more than doubling to $67.2 million.

"What we're doing within this organization is truly unique, not only in baseball but in all of professional sports," said Braves chair Terry McGuirk in the earnings call. "Every sports organization is trying to emulate our success in combining a stadium environment with a large, bustling mixed-use development."

He's not exaggerating. Virtually every major stadium project currently in development—Browns, Commanders, Stars, Bears, Rays, 76ers/Flyers, and the recently approved Spurs project—features a mixed-use development as a central component.

Why This Matters

The Braves' financial results demonstrate something crucial for sports investors: real estate revenue can insulate franchises from on-field performance volatility. Despite missing the playoffs, the organization posted strong growth because The Battery's revenue stream operates independently of win-loss records. This is the virtuous cycle that makes the model so compelling—real estate cash flow funds competitive payrolls while providing downside protection during rebuilding phases.

McGuirk made this connection explicit, stating the Braves intend to return to top-five MLB payroll territory (currently top-10) and will be "quite active" in free agency. The development's success is directly enabling the team's competitive positioning.

The 2025 All-Star Game Showcase

The third quarter that generated these results included the 2025 MLB All-Star Game, which Atlanta finally hosted after MLB shifted the 2021 event to Colorado's Coors Field following Georgia's passage of the Election Integrity Act.

"The Battery is certainly more built out since [2021], and there are many people coming in who still haven't seen this," Braves president and CEO Derek Schiller told Front Office Sports before the event. "It's going to be a great chance to really show this off, and have people discover everything we have to offer here and the walkability that's going to be central to all of this."

The timing proved ideal—The Battery hosted additional All-Star Week events including Home Run Derby X and a live broadcast of The Pat McAfee Show on ESPN, offering a complete demonstration of how mixed-use developments can create value beyond traditional gameday revenue.

Investment Implications

For institutional investors evaluating sports opportunities, the Braves' results underscore the importance of real estate optionality in franchise valuations. Teams with adjacent development rights or opportunities to create mixed-use districts may command premium multiples compared to franchises limited to traditional stadium revenue streams.

The divergence between Atlanta's on-field struggles in 2025 (they entered the All-Star break with a 40-52 record, the NL's fourth-worst mark) and the organization's strong financial performance also creates an interesting analytical framework: how much should near-term team performance factor into valuations when real estate provides durable cash flow independent of competitive cycles?

As McGuirk noted, The Battery's growth trajectory suggests the development is still in expansion mode, with the third quarter showing 56% year-over-year growth. For Liberty Media's Braves Holdings—the publicly traded entity—this could create opportunity if the market overweights recent team performance versus the durability and growth potential of the real estate revenue stream.

On November 3, 2025, Bayern Munich announced record revenue figures for the 2024-25 season: €978.3 million ($1.13 billion), representing a 2.8% increase year-over-year. The club posted operating profit (EBITDA) of €187.8 million (+11.3%) and net profit of €27.1 million.

Why it matters: Bayern's results illustrate a sustainable franchise economic model that institutional investors increasingly seek in sports assets. The club achieved record revenue "despite turbulent times and a transfer market which is reaching new dimensions," demonstrating resilient business fundamentals independent of player acquisition costs. For investors evaluating European football assets, Bayern's model—balancing sporting success with economic discipline—provides a case study in long-term value creation without relying on external capital infusions.

Key financial drivers:

Market observation: Bayern's financial performance reinforces that sports franchises operating with disciplined capital allocation and diverse revenue streams can generate sustainable returns even in volatile transfer markets. For institutional investors, this validates the sports-as-infrastructure investment thesis: well-governed franchises with global brand recognition, membership models, and merchandising engines may deliver predictable cash flows comparable to other infrastructure assets. The club's ability to achieve record revenue while maintaining profitability positions it as a benchmark for European football franchise valuations.

San Antonio-area voters approved a $311 million county-level funding measure on Tuesday that sets the stage for a $1.3 billion Spurs arena at Hemisfair, a downtown location that hosted the 1968 World's Fair. The city of San Antonio will separately contribute $489 million (not subject to citizen vote), while the Spurs will pay $500 million plus all cost overruns.

Critically, the team intends to bring in private partners for a mixed-use development surrounding the arena—the same model that's driving The Battery Atlanta's 56% revenue growth and attracting institutional capital across sports.

The Financing Structure

The Bexar County vote passed ending any possibility of the Spurs relocating to markets like Austin, where they operate a G League team. County funds will come from hotel and rental car tax receipts, a common public financing mechanism for sports facilities.

"The community has spoken," Spurs Sports and Entertainment chair Peter J. Holt said after the vote. "We love this city, we love this county, and the county and the city love us back."

The team plans to open the new arena in the early 2030s, with their current Frost Bank Center lease expiring in 2032. The 23-year-old facility lacks amenities offered in modern venues like California's Chase Center and Intuit Dome.

Why This Matters for Real Estate Investors

The Spurs' arena plan follows an increasingly standard playbook: public-private partnership for the facility itself, with the real value creation happening in the surrounding mixed-use development that remains privately controlled. This structure allows teams to socialize infrastructure costs while capturing the long-term real estate upside.

The timing is also notable—the arena will open during what should be Victor Wembanyama's prime years, potentially driving sustained fan engagement and commercial activity that benefits the adjacent development. This is the same logic that made The Battery Atlanta valuable: creating a year-round destination that generates revenue independent of game schedules.

The Downtown Migration Continues

Once completed, the Spurs' new arena will leave the 76ers as the only NBA team not playing in a downtown facility. Philadelphia struck a deal earlier this year with Comcast Spectacor to develop a new South Philadelphia arena.

This downtown migration reflects a fundamental shift in how teams think about real estate value. Suburban locations like the Frost Bank Center (and the Braves' former Turner Field) offered parking and highway access but limited opportunities for adjacent development. Downtown sites enable the mixed-use districts that are now central to franchise economics.

Investment Implications

For institutional investors evaluating sports real estate opportunities, the Spurs project reinforces several key trends:

Public financing remains available for arena infrastructure, even in politically divided environments, when structured around tourist taxes rather than general revenues.

Mixed-use development rights represent the primary value creation opportunity for team ownership, justifying significant private investment in the core facility.

Timing matters—the Spurs are building during Wembanyama's rookie contract years, positioning the new facility to open when the team should be maximally competitive and commercially valuable.

Dodgers repeat as World Series champions, reinforcing revenue trajectory: The Los Angeles Dodgers won their second consecutive World Series on November 1, 2025, defeating Toronto 5-4 in 11 innings—becoming the first back-to-back champions since the Yankees (1998-2000). The franchise's ninth title strengthens its position as MLB's first $1 billion revenue team and positions the club to command premium pricing for 2026 season tickets and sponsorships. Following their 2024 championship, the Dodgers set records for merchandise sales across all sports platforms. The franchise—valued at $7.73 billion—generates $4.29 million in ticket revenue per home game (MLB's highest) and benefits from a $8.35 billion/25-year media deal through 2038, illustrating how sustained on-field success combined with real estate ownership and long-term media rights creates diversified revenue streams.

Sports gambling integration continues: Direct sponsorship deals between sports books and major U.S. leagues are worth more than $1 billion annually. Despite recent NBA betting scandals, leagues show no signs of stepping back from gambling partnerships, which have become crucial revenue streams. Physical betting shops are now located inside stadiums for NFL, MLB, and NBA teams.

Franchise transaction activity: The Los Angeles Lakers agreed to sell to Mark Walter for approximately $10 billion (June 2025), setting a record for North American sports franchise sales. Meanwhile, New York Giants minority stake (approximately 10%, Koch family) valued the franchise at $10.0 billion in September 2025, illustrating that NFL valuations continue escalating despite broader economic 

Stadium development watch: Browns' $100M Cleveland settlement remains stalled at City Council despite planning commission approval, with first $25 million payment due December 1 as the team pursues its $2.4 billion suburban Brook Park stadium. Front Office Sports

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.