The biggest sports league in the U.S. wants to get bigger, and it’s hiring Goldman Sachs to help.
The NFL is considering ways to grow its media reach, including partnering with major media and technology companies. Goldman Sachs has been tapped to advise the league on the matter.
“We are not selling. We are looking for investment partners,” Dallas Cowboys owner Jerry Jones told The Wall Street Journal.
Goldman Sachs has been at the center of the media M&A market this year, acting as advisor on two of the sector’s largest transactions: Verizon selling its media arm to Apollo and AT&T merging their media assets with Discovery.
This latest move comes on the heels of the NFL securing $113 billion in broadcast rights deals over 11 seasons.
- Talks are reportedly focused on the league’s major subscription-based media properties, like the the NFL Network and RedZone, as well as NFL.com.
- NFL commissioner Roger Goodell told league staff in a memo that the league plans to leverage live games, major events like the NFL Draft, and “a myriad of opportunities around legalized sports betting.”
In April, Goldman Sachs estimated that the sports betting market will grow to $39 billion by 2033. The investment bank foresees up to 50 million sports bettors in the U.S. when the industry reaches maturity.
“We’re only going to do it if it’s the right fit,” New England Patriots’ owner Robert Kraft said about potential investments. “It has to be clear that it’s someone who can manage our resources better than we can.”