PwC: team valuations to outpace revenue

Sports team values are pulling away from the business lines that used to explain them. That is the real news in PwC’s new 2026 Global Sports Survey. Executives still expect the sports business to grow over the next 3 to 5 years, but they now see franchise values rising even faster than the market itself. In plain English — investors are pricing teams less like simple media-rights machines and more like scarce, expandable platforms. ### What actually changed? PwC surveyed 517 senior sports executives across 48 countries and found they expect the global sports market to grow 7.4% annually over the next 3 to 5 years. But team and franchise valuations are expected to grow 7.9% a year, up from 7.0% in last year’s survey. That gap matters because it says asset prices are still outrunning the underlying industry. (pwc.ch) ### Why are valuations outrunning revenue? Because buyers are no longer valuing a team on one income stream. The old model leaned heavily on media rights. The newer one bundles everything around the team — sponsorship, hospitality, premium seating, betting-related rights, real estate around venues, digital products, and year-round fan monetization. A franchise is starting to look more like a stack of businesses than a single sports property. (pwc.ch) ### What happened to media rights? They still matter a lot, but PwC’s survey shows executives expect media-rights growth to be the laggard among major revenue lines, aside from merchandising. PwC says the split between premium and non-premium properties is getting sharper, and viewing is fragmenting across platforms and markets. So the biggest teams and leagues can still command huge checks, but the middle of the market looks less bulletproof than it used to. (pwc.ch) ### What replaces that growth? Mostly premium experiences and commercial inventory. PwC says sponsorship should partly offset slower media growth, while ticketing and hospitality are accelerating as teams invest in better stadiums and richer matchday offerings. Betting-related rights are also one of the fastest-growing lines. Basically, the industry is trying to squeeze more value out of superfans, live events, and adjacent businesses instead of waiting for the next TV windfall. (pwc.ch) ### Why do investors like that model? Because it feels more durable. In the survey, 78% of executives said investors will prioritize sports assets with diverse revenue streams beyond media rights. That is a big tell. If the market no longer assumes TV money alone will carry returns, then teams with multiple ways to monetize fans start to deserve a premium. Scarcity helps too — there are only so many top-flight teams to buy. (pwc.ch) ### Where do women’s sports fit in? Right at the center of the thesis. PwC says 91% of executives expect double-digit growth in women’s sport over the next 3 to 5 years. That optimism is not abstract anymore. Sportico recently valued the 14 NWSL teams at a combined $2.6 billion, and it valued the 13 WNBA teams that played in 2025 at $5.55 billion. Yahoo Sports also reported the WNBA’s new media-rights agreements total $3.1 billion over 10 years, or about $281 million annually. (pwc.ch) ### So what is the catch? The catch is that higher valuations still need real operating proof. PwC itself flags macro uncertainty, pressure on consumer spending, and higher interest rates that can temper valuation multiples. If teams promise diversified growth, they have to actually build it — through venues, memberships, sponsorship packages, and digital products that fans will pay for. (pwc.ch) ### Bottom line? PwC’s survey is a snapshot of a market that still loves sports assets, but for a different reason than before. The bet is no longer just “TV money goes up.” The bet is that elite teams can become scarce entertainment platforms with many revenue levers — and that belief is pushing valuations ahead of revenue again. (pwc.ch)