Over the last two decades, the value of North American sports franchises has surged. Teams in the NFL, NBA, and MLB have seen valuations climb nearly 1,000% according to data from Forbes.
The Baltimore Ravens, for example, were purchased for $600 million in 2004 and are now estimated to be worth more than $6 billion, .
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WATCH HEREDespite that massive growth, most teams remain privately owned, typically passed down through generations of ultra-wealthy families. For many owners, these franchises aren't just businesses; they're cultural assets, status symbols and tools for influence.
Going public could offer liquidity and access to new capital, but it also comes with tradeoffs. Public companies face tighter regulation, shareholder pressure, and financial transparency. There's also the risk of tension in trying to keep both shareholders and fans happy. Owners also face the potential of losing control: selling shares means giving up decision-making power.
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SIGN UP The Green Bay Packers are a unique, publicly owned non-profit team whose shares serve more as fan memorabilia than financial assets. Most sports franchises follow a corporate ownership model; MSG Sports, for example, owns the NBA's New York Knicks, while Rogers Communications holds major stakes in several Canadian teams like the Toronto Blue Jays. In contrast, the Atlanta Braves became a solely publicly traded team in 2023 after splitting off from its former parent company, Liberty Media.
Instead, many teams are turning to private equity and other alternative financing strategies. Firms are now allowed to acquire minority stakes, usually between 10% and 30%, in professional teams. Kansas City Chiefs owner
Some owners bypass private equity altogether, choosing instead to work with sports investment bankers like Salvatore Galatioto, who connect them with wealthy individuals or limited partners willing to pay a premium for exclusivity and less control.
Money Report
Still, private equity firms generally expect an eventual exit, often through a sale or IPO. That expectation could push more teams to consider going public over time. But for now, the leagues remain cautious. They worry about the disruptions public ownership might cause, ranging from from sensitive financial disclosures to tougher labor negotiations.
to learn more about why most pro sports teams stay private.
