Welcome back to MoneyCall, The Athletic’s weekly sports business cheat sheet. (Want to get this conveniently delivered via email? Sign up here.)
Name-dropped today: Ernie Johnson, Mark Shapiro, Ari Emanuel, Elle Duncan, Travis Kelce, Michael Jordan, Lionel Messi, Philip Rivers, James Madison, Ryan Seacrest, Campbell Wright, Chris Marinak, Audi, Jeff Miller and more. Let’s go:
Driving the Conversation
Who won 2025?
Andrew Marchand released his 2025 sports media awards this morning — the “Golden Clickers” — and, beyond the prestige, it’s a TV-tinted window into the year’s biggest winners in sports business. Just a sample of the 13 awards he hands out:
• Person of the Year: Ernie Johnson, TNT Sports
• Dealmakers: Mark Shapiro and Ari Emanuel, TKO/Endeavor
• Mover and Shaker: Elle Duncan, Netflix
Go back just a few years. Imagine telling someone “Inside the NBA” is on ESPN … UFC and WWE are now under one corporate roof … and Netflix is such a massive player in live sports that it needs its own on-air lead talent.
That’s how I think about sports business in 2025: tectonic shifts that certainly impacted this year, but — even more — created dramatically new foundations for what’s next.
A few other trends that stand out to me:
New money in college sports, from “NILeveling” the playing field at places like Texas Tech and BYU to private equity’s toehold wedging in just before the calendar flips.
Fans cannot escape navigating multiple systems, subscriptions and squabbles to simply watch games. (Shout-out to YouTube TV and Disney for keeping my November busy.)
Women’s sports’ biggest year yet: The WNBA and NWSL? Both bigger than ever, with expansion, not one but two competitor leagues emerging for each and distinctive labor battles. Investment? Also bigger than ever, from surging franchise valuations to expansion teams in LOVB and the PWHL to start-up leagues like Athlos, AUSL and WPBL and more.
The creeping aura of “everything is gambling”: Loosely regulated prediction markets are speed-running the ground walked a decade ago by sports gambling companies, and 2026 will test the limits of leagues, fans and regulators.
As an aside: This is the milestone 50th edition of MoneyCall, which launched the first week in January — a big sports business win in 2025 for your email inbox, hopefully.
We have two more jam-packed editions coming to close out the year, but while everyone downshifts for the holidays, I want to express my deep gratitude and appreciation for your attention every Wednesday, your responses and — of course — your forwards and recommendations to friends and colleagues, encouraging them to sign up to receive it.
This is also a great moment to ask for any feedback on what you want to see more of (or less of!) in 2026. Let me know at moneycall@theathletic.com.
Get Caught Up
Can the NBA Cup level up? Plus: MJ’s 2-sport legacy
Big talkers from the sports business industry:
Future of the NBA Cup: Last night, the Knicks finally winning something again was fun, and I was transfixed by the Thunder-Spurs semifinal Saturday night, but I voted in yesterday’s Pulse poll that I don’t really care about the event (and 60 percent of 17,000 Pulse Poll respondents agreed with me). Meanwhile, I’m all for relocating the Cup every year, like the Super Bowl or Final Fours. Love Adam Silver’s idea of putting it in a “storied college arena.”
World Cup ticket-price frustration, cont’d: My colleague Henry Bushnell has your must-read column on the entire situation. Key point:
“Where FIFA went wrong, is with a lack of specialized offerings for loyal fans — or for potential fans who could use a cheap ticket to soak up an unforgettable experience and get hooked on the sport.”
If you want to be surrounded by fans next summer, one accessible option appears to be “fan zones,” like the one NY/NJ organizers are creating in Queens, but even those will probably end up price-maxxed due to demand.
NASCAR/MJ trial settlement: Two worthwhile reads for you from our crew — Jordan Bianchi on how this all could/should have been avoided, and Jeff Gluck on what NASCAR needs to enter its post-Jim France era. (Oh, also: Michael Jordan has now left an indelible legacy on TWO sports.)
What next for Travis Kelce? Retirement? Tending to his $100 million media empire? Focusing on his 2026 wedding planning? Like his brother Jason, I’m curious.
Lionel Messi in Kolkata: Yikes.
Nebraska volleyball shocker: It’s a huge bummer for the visibility of women’s college volleyball that Nebraska was upended ahead of what seemed like an inevitable undefeated championship run — I think the Cornhuskers’ dominance would have broken through as the sport heads into its Final Four. College volleyball still has massively undervalued audience interest. But it would have benefited from an avatar like Nebraska in the championship game.
Private equity invades college: As referenced above, the Big 12 wants its teams to have access to private capital (and some might need it, given the deal Utah cut on its own).
Philip Rivers mania: He just wants decent health insurance.
Other current obsessions: Christmas Day NFL on Netflix with Snoop Dogg … the NBA (hopefully) expanding to Seattle and Vegas … TNT’s NHL studio show, inspired by TNT/NBA magic … the James Madison football news satire X account … Nike’s NIL-collective deal with LSU … Dunwoody (Ga.) HS’s new Ryan Seacrest Stadium …
What I’m Wondering
Ultimate front-office ranking: Your pick!
As promised last week: Now that you have seen our four front-office rankings covering the NFL, NBA, NHL and MLB, it’s your time to weigh in on this question I’m very much wondering about:
What is the best front office among those four leagues? Take our poll (after you read the rest of MoneyCall!). It requires maybe 30 seconds of your time.
Results will be published tomorrow (and noted in next week’s MoneyCall: Christmas Eve Edition).
Grab Bag
Full analysis here of the College Football Playoff’s financial disparity.
Data Point: 30 percent
That’s the rev share that WNBA players are looking for from the league in the new CBA, just about double what the league is offering. We discussed this a few months ago: Given the surge in media revenues, expansion fees and team valuations, 30 percent is not unreasonable at all.
Related: The NWSL seems to be ready to pay its superstars closer to what they’re worth to keep them in the league. Like MLS’s Beckham Rule in 2007, let’s call it the “Rodman Rule.”
Investor of the Week: Nick Saban
The legendary college football coach took his first ownership position with a sports team, investing in the NHL’s Nashville Predators. “Trust the Preds-cess!”
Name to Know: Campbell Wright
He’s from New Zealand, but he is eligible to compete for the U.S. at the Winter Olympics in biathlon, a sport the U.S. has never medaled in … until now?
One more: Chris Marinak, a top MLB exec seen as a strong contender to one day be commissioner, is leaving MLB after a 17-year career there, in which he worked on seemingly everything. Like the NFL’s Brian Rolapp leaving the NFL to lead the PGA Tour, going outside the league to get some different leadership experience will only strengthen his case to one day come back as a future commish.
Branding: Audi Revolut F1 Team
Four years in the making, Audi officially replaces Sauber branding with its own, along with its title sponsor, a fintech company. Audi is developing its own engine, and its livery will be revealed next month in Munich.
Quote of the Week
“Until such time that professional sports leagues and fans can be certain that effective game integrity and consumer protection measures can be enforced, sports-related events contracts should not be approved by the CFTC.”
— NFL EVP Jeff Miller, in submitted testimony to Congress on reauthorizing the Commodity Futures Trading Commission, the organization responsible for regulating prediction markets. (h/t: Dustin Gouker’s essential Closing Line newsletter)
Beat Dan in Connections: Sports Edition
Puzzle No. 450
Dan’s time: 00:44
Give it a try here!
Worth Your Time
Great business-adjacent reads for your downtime or commute:
A deep dive into the books of Real Madrid, the world’s richest football club.
Two more:
(1) What Lane Kiffin left behind in Oxford, Mississippi.
(2) Charley Hull’s Instagram tells a story. A trip to her English home told the real one.
OK: Now take the ultimate front-office rankings poll! Back next Wednesday! And, as always, give a try to all The Athletic’s other free newsletters.
