Capitalizing on the "First Inning": Strategic Sports Investments in the Evolving Landscape

The sports industry, long viewed as a blend of entertainment and cultural influence, is increasingly becoming a fertile ground for strategic capital deployment. Marc Lasry's "first inning" investment philosophy-focusing on undervalued opportunities with long-term growth potential-offers a compelling framework for navigating this evolving landscape. By targeting sectors poised for expansion, Lasry has demonstrated how investors can capitalize on structural shifts in consumer behavior, media consumption, and demographic trends.

The Rise of Women's Sports: A Calculated Bet

Women's sports represent a prime example of Lasry's strategy. According to S&P Global Market Intelligence, viewership of women's sports in the U.S. rose from 14% in late 2023 to 18% in early 2024. This growth is not merely statistical but reflects a cultural shift. The NCAA women's basketball championship in 2024 drew 18.9 million viewers-a 90% surge from the previous year-while the WNBA's Finals averaged 1.6 million viewers, marking a 115% increase, as reported by Forbes. These figures underscore a broader trend: younger audiences, particularly those under 35, are increasingly open to women's sports, driven by inclusivity and representation, according to Sports Business Journal.

Lasry's investments in women's sports, including Mercury/13 (a European women's football ownership group) and the North Carolina Courage (NWSL), align with this trajectory. While the latter acquisition faced league restrictions, the sector's financial potential remains undeniable. For instance, the NWSL surpassed two million regular-season attendees in 2024, a 50% jump from 2023, according to Space Coast Daily.

Bull Riding and Niche Leagues: Undervalued Gems

Lasry's focus extends to niche sports with untapped commercial potential. Bull riding, for example, has seen consistent ratings growth over three years, making it a low-risk, high-reward opportunity, as noted by Buyouts Insider. His investment in the New York Mavericks, a professional bull riding team, exemplifies this approach. Similarly, emerging leagues like the Professional Golf League (TGL), co-owned with Tiger Woods and Rory McIlroy, reflect a willingness to back innovation.

Financial Returns: From the Milwaukee Bucks to Pickleball

Lasry's track record underscores the profitability of his strategy. His 2014 investment in the Milwaukee Bucks, sold in 2023 for $3.5 billion (a sixfold return), illustrates the value of strategic ownership and operational improvements, as reported by Fortune. Beyond traditional leagues, he has identified high-growth niches. As Fortune reported, a Major League Pickleball team purchased for $100,000 in 2021 was valued at $10 million by 2023. These returns highlight the importance of timing and sector selection in early-stage investments.

Diversification Through the Avenue Sports Fund

Lasry's Avenue Sports Fund, which closed with $1 billion in 2025, further institutionalizes his approach. The fund's portfolio spans traditional and emerging assets, including the PGA Tour, SailGP's U.S. team, and Trackhouse Entertainment (NASCAR and MotoGP). This diversification mitigates risk while capturing growth across multiple fronts. As Lasry stated in an interview reported by Yahoo Finance, the fund's success hinges on identifying "sports with rising cultural relevance and scalable commercial models."

Conclusion: The Future of Sports Investing

The "first inning" strategy demands a balance of patience, insight, and agility. As women's sports, niche leagues, and emerging formats redefine the industry, investors who align with these trends stand to reap substantial rewards. Lasry's approach-rooted in long-term vision and data-driven decision-making-offers a blueprint for navigating this dynamic sector.