Sports investors want novelty. Fans want tradition

In the world of sports, there's a tension between investor preference and fan interest. In PwC's 9th Global Sports Survey, 55% of sports executives say the most exciting investment opportunities lie in emerging or breakaway assets. These include series-based properties with year-round touring calendars; women's leagues; action and fight sports circuits; endurance events, and creator-led competitions. But only 27% of fans prefer new concepts, instead favouring established leagues and teams.

Why are investors looking elsewhere? New formats offer greater control of intellectual property and more diversified and measurable revenue in areas like direct-to-consumer sales of branded merchandise, data, sponsorship, and host-city fees. The lower capital requirements make these assets more attractive as well. They're designed for the way consumers increasingly view sports, often featuring shorter formats and distributed through streaming and social-media channels rather than legacy media.

The challenge is unlocking sustainable value from unproven assets. To that end, investors should consider three priorities:

Be prepared to earn fans. Operators of new business models need to redouble their marketing efforts, to build awareness over time. They should build close ties with fans and be willing to experiment with formats, platforms, creator-led content, and other aspects of their product, to create something that resonates.

Capitalise on demographic and geographic differences. The data shows a clear generational divide. About one-third of fans ages 18 to 34 prefer innovative or breakaway formats, but this falls steadily with age, to 16% for fans ages 55 to 64 and just 9% for fans 65 and older. Similarly, geographic preferences overlap. The Middle East and Asia have large and growing populations under 40, with emerging sports cultures and digital-first ecosystems that favour streaming and social engagement. These markets often have white-space opportunities for new formats to capture attention and attract new fans.

Invest for the long haul. New models often require a longer investment horizon to fully realize their potential. Investors pursuing this strategy often need to accept lower initial returns and take a long-term approach. 

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