I’d like to start beginning these newsletters moving forward with what I’m coining “On My Desk This Week.”

Here, I’ll synthesize the most valuable insights from my weekly conversations with industry operators, investors, and builders—the people actually moving capital and making decisions in sports, real estate, and entertainment. 

Here are my biggest takeaways and notes this week:

I had three separate calls this week, the same question in different forms: "Should we buy the team or build around it?"

Ten years ago, nobody asked this.

The answer was obvious: buy the team, control the economics, done.

That perspective 10 years ago today:

Former team CFOs → district developers

"Sports people" → multi-lane operators (finance + ops + real estate + politics)

Control → alignment

12-game assets → 365-day revenue machines

The smartest operator I talked to this week put it simply: "The people still asking whether to buy the team or build around it are figuring it out. The people not asking? They're already at the table structuring the district deal." The game didn't change. Where the points are scored shifted completely.

— Marley

The United Soccer League has formalized its timeline for introducing promotion-relegation in American professional soccer, with implementation beginning in 2028. In a strategic coup lending international credibility to the undertaking, Premier League chief football officer Tony Scholes will assume the role of Division One president this summer.

Structural framework: USL's new Division One will sit atop an interconnected system featuring the existing USL Championship and League One divisions, with teams moving between tiers based on performance. A supermajority of USL club owners voted to adopt the system after initially rejecting it in 2023.

Capital structure contrast: Unlike MLS's single-entity model where the league holds all contracts centrally, USL clubs are independently owned with full operational control—creating entrepreneurial pathways absent in traditional American closed-league systems.

Why it matters: The USL's promotion-relegation model represents the most significant structural challenge to American sports orthodoxy in decades. The jeopardy and meritocracy inherent in European-style tiered leagues could fundamentally reshape how US soccer clubs attract investment and engage supporters. The 2026 World Cup in North America positions soccer for unprecedented domestic growth, with USL's performance-based pyramid offering competitive drama that may resonate with younger, globally connected audiences.

Analyst perspective: The critical question: whether American investors accustomed to guaranteed returns and franchise fee protection will embrace relegation risk for the upside of promotion glory and authentic sporting competition. Scholes' appointment signals USL's intent to import proven European football expertise rather than adapt continental models to American preferences.

The Kansas City Current's purpose-built stadium has catalyzed a multiphase, billion-dollar riverfront development project, with Phase II now underway featuring residential buildings, retail, and entertainment venues that extend activation beyond match days. The privately financed venue demonstrates how right-sized sports facilities can anchor broader urban transformation.

Deal Structure

The Current's 11,000-seat stadium opened in 2024 as the first professional soccer stadium built exclusively for a women's team, generating more than $36 million in revenue—the highest in the National Women's Soccer League—with every home game sold out and a waiting list for season tickets. Construction of the second phase, which kicked off in late 2024, includes development of two multifamily residential buildings containing 430 units, 48,000 square feet of retail, and other elements to beautify the riverfront, with future phases potentially including office, lodging, and additional entertainment uses beginning in 2026.

The expansion builds on a public-private framework in which local infrastructure improvements are publicly supported while the team and private partners finance vertical development. This model preserves public alignment around access and utilities while ensuring that long-term appreciation from the adjacent parcels remains in private hands.

Why It Matters for Sports-Real-Estate Investors

This project embodies the evolution of the modern sports venue—from a standalone arena into a district platform generating recurring, diversified cash flows. Several key trends stand out:

Venue control drives valuation. Ownership or long-term control of surrounding parcels transforms a franchise into a multi-asset enterprise with revenue streams extending well beyond tickets and concessions.

Public infrastructure as leverage. Structuring deals where municipalities contribute infrastructure—not direct subsidies—remains politically feasible and financially efficient.

365-day activation. Mixed-use environments tied to sports assets are being programmed for continuous use—events, dining, recreation, short-stay lodging—turning seasonal attendance into year-round economic activity.

Urban Migration Continues

The project reinforces the national migration toward downtown and waterfront sites as franchises pursue mixed-use value instead of suburban convenience. Modern teams increasingly prioritize walkable districts, hospitality integration, and synergy with civic spaces—creating more resilient demand profiles and higher surrounding property valuations.

Analyst Takeaway

The Kansas City model highlights the playbook now driving sports-anchored development:

For long-term investors, it demonstrates that the real upside lies not in the stadium alone but in the ecosystem built around it—a philosophy central to the Momentous Sports thesis of pairing athletic venues with enduring, cash-flowing real-estate platforms.

Between November 8 and 11, 2025, multiple top-flight European football organizations announced fresh rounds of infrastructure-backed financing totaling more than $1.8 billion, signalling a decisive return of institutional credit to the global sports sector. The financing packages—secured against future match-day, media, and real-estate income—underscore the accelerating shift toward structured, yield-based capital rather than equity dilution. Insider Sport+2Dakota+2

The resurgence of structured financing reflects a maturing capital market for sports. Rather than selling controlling stakes to outside investors, ownership groups are using long-dated debt facilities and securitised revenue streams to fund upgrades, digital platforms, and venue redevelopment—approaches more typical of infrastructure or hospitality assets.

For institutional allocators and family offices, the rationale is compelling:

The re-emergence of long-term credit in the sports sector suggests that “sports infrastructure debt” is becoming an investable sub-asset class. For operators, it offers balance-sheet flexibility without sacrificing control. For capital providers, it offers the rare combination of hard-asset collateral and cultural-demand durability.

This week on the Momentous Sports podcast, we sat down with Marc Spiegel, entrepreneur, former Rubicon Global co-founder, and now the first majority U.S. owner in Liga MX after acquiring Querétaro FC (QFC) in a nine-figure deal.

Marc explains how he evaluated 200+ clubs across the globe, why Mexico emerged as the most compelling opportunity, and how he’s rebuilding a 75-year-old legacy club with modern operating discipline.

What We Cover

Why This Matters to Momentous

Key Idea:
Global football is professionalizing fast, and disciplined operators will define the next decade of growth.

Marc’s blueprint at QFC shows exactly what that transformation looks like.

On November 7, 2025, the National Women's Soccer League announced the creation of the NWSL Advisory Board, a new council of investors, cultural icons, and soccer legends designed to accelerate the league's expansion and cultural reach. Led by Commissioner Jessica Berman, the board unites representatives from every NWSL club to focus on partnerships, fan engagement, and long-term sustainability.

Strategic intent: "When we looked across our clubs' investor base, we realised how fortunate we are to have such an extraordinary group of cultural icons, athletes, and leaders who believe – and have invested – in the power and potential of this league," said Berman. "Their experience and influence will be instrumental as we continue building not just a league, but a movement – one that redefines entertainment and what's possible in sports."

Financial context: The NWSL secured a 40-fold increase in average annual media rights value between 2023 and 2025, with domestic media revenue reaching $60 million annually. Team valuations in the league jumped 57% in the past year, with recent transactions pricing franchises between $110-250 million—a dramatic repricing from approximately $2 million just a few years ago.

Commercial momentum: The league's collective sponsorship revenue for 2025 is projected at $39.5 million, while team-level sponsorships hit $66.46 million, representing a quadrupling of sponsorship income over five years. Key sponsors including Ally Financial, Nike, Gatorade, and Pepsi have deepened commitments as the league's viewership and attendance continue accelerating.

Why it matters: The advisory board structure leverages the cultural capital and business networks of high-profile investors to unlock partnership opportunities and strategic growth initiatives. The plan is to convene twice a year with team owners, staff and players, working with Boardroom (the media firm headed by NBA's Kevin Durant and Rich Kleiman) to assemble the inaugural summit in spring 2026.

Analyst perspective: The NWSL represents a case study in accelerated commercialization within women's sports. The combination of institutional capital, celebrity ownership, and sophisticated league governance has compressed decades of typical league development into a five-year window. For investors, the advisory board signals that the league is transitioning from startup to scale-up phase—focusing on distribution, brand partnerships, and operational excellence rather than proving market viability.

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.