Josh Harris Foresees Few Sports Teams Going Public Despite Rising Franchise Values
Josh Harris, managing partner of the Washington Commanders and co-founder of Harris Blitzer Sports & Entertainment (HBSE), recently addressed the likelihood of sports franchises entering public markets amid soaring valuations. Speaking at CNBC Sport and Boardroom’s Game Plan conference in Santa Monica, California, Harris expressed skepticism about more sports assets pursuing initial public offerings (IPOs).
HBSE’s Expanding Sports Empire
Since its founding in 2017 by Harris and Blackstone executive David Blitzer, HBSE has amassed majority stakes in several premier sports franchises, including the NFL’s Washington Commanders, NBA’s Philadelphia 76ers, NHL’s New Jersey Devils, and Premier League’s Crystal Palace. Earlier in 2025, HBSE secured a $250 million franchise fee for a Philadelphia WNBA expansion team slated to begin play in 2030. These holdings contributed to HBSE ranking third on CNBC’s 2025 Most Valuable Sports Empires list, valued at $14.58 billion.
Private Valuations Outpace Public Markets
Harris highlighted that sports assets traditionally command higher valuations in private transactions compared to public markets. “You haven’t seen the public valuations exceed the private valuations; therefore, people have tended to keep them private,” he said. He pointed to Madison Square Garden’s publicly traded sports assets, including the New York Knicks and Rangers, noting these often trade below their intrinsic value and have not garnered strong market enthusiasm.
Long-Term Control and Spending Flexibility
A primary factor deterring teams from going public is the desire for long-term strategic flexibility. Harris explained that team owners want to “spend to win” and maintain control without the pressures of short-term public market expectations. He cited the Washington Commanders’ $3.7 billion relocation deal to move the team to Washington, D.C., as an example of an investment unlikely to generate profits for many years, underscoring the importance of a patient ownership approach.
New NFL Policies on Private Equity Stakes
Leagues are innovating funding approaches; notably, the NFL recently approved select private equity firms to acquire minority stakes in franchises. Harris views this positively, emphasizing that many of these funds are long-dated and lack controlling interests, allowing owners to maintain a long-term perspective focused on city support, fan engagement, and league growth.
Overall, Harris’ insights suggest that despite increasing franchise valuations, the sports industry will likely continue favoring private ownership structures to preserve strategic autonomy and long-term planning.
FinOracleAI — Market View
Josh Harris’ remarks indicate a sustained preference for private ownership in sports franchises, driven by the desire for long-term control and higher private market valuations. This stance reduces the likelihood of new sports IPOs in the near term, preserving the exclusivity and value of private sports assets. Investors should monitor evolving league policies on private equity participation and the performance of publicly traded sports entities like Madison Square Garden for potential shifts in valuation dynamics.
Impact: neutral
