Sports M&A continues growth path driven by structural industry strengths
The number of mergers and acquisitions (M&As) in the sports industry enjoyed significant growth in 2025, growing by 19% compared to the previous year. That is according to a new report from Oaklins, which explores deals and other market trends across the sports arena.
The increase in M&A activity last year was driven largely by strategic buyers, including private-equity-backed consolidators, who have been responsible for 61% of all transactions since 2019. These groups expanded their activity by 33% over the same period.
Overall, it is clear that sports has remained an important sector in recent years, with a wide overlapping of separate areas like large-scale events, merchandise, media, and even lifestyle. Most M&A activity in recent years has been in sports centers and teams, though there has been growth in participation-driven assets like gyms.
Celebrities, clothing, and more
The interest in sports is also being fueled by broader trends, like the involvement of famous personalities. For example, the boxing match between Jake Paul and Anthony Joshua drew global attention well beyond traditional sports fans. Media companies have also been successful with sports-themed stories on streaming platforms, such as the series Formula 1: Drive to Survive.
While the total number of deals for sports products and clothing fell slightly, interest in high-quality outdoor brands remained strong. Major sales in this area included the purchase of 46% of Scott Sports for €15 million and Foot Locker for around €2 billion. Businesses that own brands are currently valued at about 10 times their annual earnings, while sports retailers are valued at approximately six times their earnings.
Investment in sports media and technology stayed steady throughout 2025. Buyers are particularly interested in businesses that provide streaming services, as they offer predictable and stable income. There is also significant interest in companies that track sports data and provide analytics for teams. Furthermore, the market for sports betting and fantasy sports continues to gain speed as more fans engage with games digitally.
Looking ahead to 2026, Oaklins said that the market is expected to remain busy. Major international competitions like the the FIFA World Cup in North America will likely encourage more investment. Large leagues like the NFL and NBA are also changing how they sell the rights to broadcast their games, which creates new opportunities for investors.
Some major deals to come
In 2025, a group of investors led by Bill Chisholm purchased 51% of the Boston Celtics for nearly €3 billion. The investment company Apollo Global Management also bought 55% of Club Atletico de Madrid for €1.4 billion. In the media sector, ESPN purchased two major platforms, the NFL Network and NFL Fantasy, for €1.7 billion. Other significant transactions included the purchase of the David Lloyd Leisure Group for €2.3 billion.
Finally, the expected release of the video game Grand Theft Auto VI in November 2026 is predicted to draw renewed interest to gaming and electronic sports. This could lead to more deals in related technology and media areas as the industry continues to evolve.
“The strong level of activity in sports M&A during 2025 reflects the sector’s structural strength,” said Derk Verheul, sports specialist at Oaklins. “Looking ahead, global sports events and further convergence between sports, media, and technology are set to create additional opportunities in 2026.”
