Welcome back. Christine Dorfler was chief financial officer of NBC Sports Group before the NFL hired her for the same job in 2023. Last week in Austin, she spent 45 minutes on stage at the University of Texas answering questions about the league's strategy and finances. Today's feature comes from that conversation at the McCombs School of Business.
IN TODAY'S ISSUE: NFL, 32 Equity, General Atlantic, Fanatics, DAZN, Genius Sports, NOBULL, ESPN, NBA, Sportradar, Nike, Harry Hardy, Ted Towne, Chris Zaber, Banks Shepherd, Jamie Chagnon, Baltimore Orioles, Washington Commanders, Houston Dynamo FC, Phoenix Suns, Detroit Lions, South Florida, NordVPN, Los Angeles Lakers, adidas, Stetson, FAGE, WTA, TENEX.AI, TGR Haas F1 Team, Mumbai Indians, AbbVie, McLaren
FEATURED
How the NFL Turns Business Partners Into Investments
AUSTIN, Texas — Three days after NFL owners approved a partnership between 32 Equity and General Atlantic, executive vice president and chief financial officer Christine Dorfler explained what the league's investment arm does. Speaking at the Business of Sports Summit at the McCombs School of Business last week, she described 32 Equity as a way for the league to "invest in companies that are adjacent to the NFL," with two kinds of deals: commercial equity and investment equity. In the commercial deals, the NFL takes an ownership stake in a company as part of a business relationship, on top of fees or in exchange for league assets.
Owners started 32 Equity in 2013 with $1 million from each of the 32 teams, added $2 million per team in 2019, and agreed in December 2022 to put in another $5 million each, bringing the total commitment past $250 million. Its holdings have included Fanatics, the airport security screening service Clear, the mobile gaming platform Skillz and On Location, which sells Super Bowl hospitality packages and which 32 Equity helped form. In August, DAZN agreed to buy EverPass Media, which 32 Equity started with RedBird Capital Partners in 2023 to sell NFL Sunday Ticket to bars and restaurants, and 32 Equity will become a minority shareholder in DAZN.
The General Atlantic partnership will let 32 Equity "expand the aperture of how the league invests and how the owners invest," Dorfler said. General Atlantic manages about $130 billion, and the two will make growth investments across the sports industry. Neither side disclosed financial terms.
Equity in the Contract
When the NFL made Genius Sports its exclusive distributor of official data to sportsbooks and media companies in 2021, the league received warrants to buy Genius shares at a penny apiece. The deal was extended in June 2025 through the 2029 season, and Genius issued warrants for 9.5 million more shares, with 4.5 million vesting that month and 5 million scheduled to vest in April 2028, according to the company's interim report for the first half of 2026. As of June 30, the NFL held warrants covering 19.5 million Genius shares. The extension also made Genius the exclusive seller of in-game advertising for NFL games and a reseller of the league's international advertising and its U.S. sports betting advertising.
NOBULL, the training apparel brand, signed on in August 2022 as the official training partner and on-field apparel supplier of the NFL Scouting Combine, where participants were required to wear its apparel and headwear. In December 2022, owners approved an investment in the company by 32 Equity.
The NFL's largest deal of this kind closed last January. In exchange for NFL Network, the cable and satellite distribution rights to RedZone, and NFL Fantasy, the league took 10% of ESPN, a share TheWrap reported was worth $3 billion. The NFL kept NFL Films, NFL+ and the digital rights to RedZone.
Outside Money in the Teams
NFL owners voted in August 2024 to let approved private equity funds buy up to 10% of a team, with no voting rights and a six-year minimum hold, and cleared Arctos Partners, Ares Management, Sixth Street and a consortium that at the time included Blackstone and Carlyle to buy in. Dorfler said there have been eight transactions since, and all four groups have taken part. Sales of limited partner stakes have also picked up, she said, at healthy valuations.
The NFL opened to private equity later than the other major U.S. leagues, which Dorfler called deliberate. "We crawl, walk, run," she said. Owners had asked for ways to sell minority shares of their teams, especially with new stadiums to pay for. She pointed to Josh Harris, who bought the Washington Commanders in 2023 for $6.1 billion and is now planning a new stadium in Washington.
She said the 10% cap is working for now. Institutional investors tell the league they are "looking for AI-resilient investments," according to Dorfler, and she counts live sports as a big one.
In General Atlantic, Dorfler said the league "found an investment partner that really is global." The firm invested in the Brazilian sports marketing agency LiveMode in 2024 and is one of the funds that bought 20% of the commercial rights of Liga Forte Uniao, a coalition of Brazilian soccer clubs, in a 50-year deal. The NFL is playing nine international games in seven countries this season, including its first games in Melbourne, Rio de Janeiro and Paris.
More of what we heard at the Business of Sports Summit:
About 87% of NFL games air on free over-the-air television in a given season, Dorfler said, but the league continues to review its streaming offerings. "We would be foolish not to follow where the audiences are going," she said. Amazon's Thursday package was averaging more than 17 million viewers through Week 6, by her count, and Netflix has four games left this season, starting with the league's first Thanksgiving Eve game.
More than 200 NFL players have told the league they want to play flag football for their countries at the 2028 Los Angeles Olympics, Dorfler said, and the NFL is working to get the sport into the 2032 Games in Brisbane.
Earlier in the day, Nike CEO Elliott Hill sat down with Rich Kleiman, co-founder and CEO of Boardroom, for the summit's featured conversation. Hill, who grew up in Austin and started at Nike as an intern in 1988, said the company has deliberately pulled back about $5 billion in sales of the Air Force 1, Air Jordan 1 and Dunk, which it had oversupplied until pairs ended up discounted. "Kids love the chase," he said.
Nike is also rebuilding its business with retailers after leaning on direct sales during the pandemic, Hill said. "There are consumers that will never shop a brand direct," he said.
In next week's newsletter: How Nike, Dell and Google built their University of Texas deals around the school's students.
RESEARCH
Our Fan Sentiment Index jumped 10 points this week, and its momentum reading of 69 is well above the neutral mark of 50. Ticket pricing drew the most praise, with fans crediting quick, automatic refunds on postseason ticket strips for games that were never played and weekday upper-deck seats under $50 after fees. WNBA fans were among the happiest with ticket prices, and college fans reacted well to revenue sharing with athletes.
INDUSTRY MOVES
Harry Hardy → Chief Commercial & Growth Officer, Pac-12 Conference
Hardy is the Pac-12's first chief commercial and growth officer and reports to Commissioner Teresa Gould. He leads Pac-12 Enterprises, the conference's business arm, which includes the San Ramon production studio along with sponsorship and ticketing sales. At LIV Golf he was senior vice president of team commercial operations and development, after a stint as chief commercial officer of Major League Rugby. Hardy will be based in the New York area.
Ted Towne → Chief Financial Officer, Pittsburgh Penguins
Towne spent nearly two decades with the Washington Nationals and left as chief financial officer. In 2025 he picked up interim chief revenue officer and chief marketing officer duties and helped negotiate a 20-year lease extension for Nationals Park, which the Penguins say is the largest investment the District has made in a single facility. From 2014 to 2022 he was assistant general manager and vice president of finance, working on player acquisitions and contracts for the 2019 World Series champions. Penguins owner Hoffmann Family of Companies hired him after bringing in Marcel Braithwaite from the Astros as president of business operations.
Banks Shepherd → Vice President of Partnerships, Fiesta Sports Foundation (Fiesta Bowl)
Shepherd will lead corporate partnership strategy and activation for the Foundation's year-round events and its charitable programs, among them Wishes for Teachers and the AED Assistance Program. For the past six years he was a Learfield general manager at Tulane and Wake Forest, and the Foundation says both schools set partnership revenue records under him. In September the Foundation launched Circle of Champions, a premium partnership level built around naming rights to one of its events or programs, and signed Phoenix Children's as its founding partner.
Chris Zaber → Senior Vice President, Ticketing and Venue Experience, TMRW Sports
In a role TMRW just created, Zaber is responsible for ticket sales, pricing, premium hospitality and memberships for TGL, WTGL and the professional flag football league the company is building with the NFL. He was chief revenue officer of the Pittsburgh Penguins and later the Washington Nationals, which hired him in August 2025. Earlier he was the Mets' senior vice president of corporate partnerships and ticketing and worked in revenue for the Hawks, Thrashers, Carolina Panthers and Hornets. WTGL plays its first season in November.
Jamie Chagnon → Assistant Athletic Director for Communications and Brand Management, Tufts University
Tufts promoted Chagnon from director of athletic communications and added brand management, creative direction and the department's digital and external presence to his work. The department's social media following has grown 75% and its total engagement 200% in his four years, according to Tufts.
Want to see a colleague or friend in a future edition? Just reply with the details, or email [email protected]. New hires and promotions at every level belong here, especially earlier-career moves that don't show up anywhere else, so send them our way.
FEATURED JOBS
Vice President, Fan Experience, Baltimore Orioles (Baltimore): Sets the fan experience strategy for Oriole Park at Camden Yards across MLB games, concerts and community events, and leads the guest experience, concessions and retail teams along with the third-party operating partners behind them. The position carries P&L responsibility for concessions and retail merchandise and reports to the SVP, Operations & Guest Experience. As the club's voice of the fan, this executive engages directly with fans on gamedays and works with Strategy & Analytics to translate their feedback into improvements. Learn more and apply here.
Director, Partnership Development, Washington Commanders (College Park, MD): A new-business seat on the Commanders' corporate partnerships team, finding and closing B2C, B2B and B2G partnerships with advertisers and sponsors. Works with the Partnership Strategy + Success team to build programming around each client's marketing objectives. The mandate is new sponsorship revenue, whether by growing the club's core categories or opening new ones. Learn more and apply here.
VP, Marketing, Houston Dynamo FC (Houston): Heads marketing for Houston Dynamo FC as a member of the senior leadership team, with brand strategy, integrated campaigns, digital, CRM and consumer insights all aimed at ticket sales, partnerships and merchandise. The VP sets the department's annual plan, budget and KPIs and oversees merchandise and licensing strategy. The club's brands include the Dynamo of MLS, the Dash of NWSL, Shell Energy Stadium and Houston Sports Park. Learn more and apply here.
Manager, VIP & Special Events, Phoenix Suns (Phoenix): Runs premium season ticket holder events for the Suns, Mercury and Valley Suns from concept through on-site execution, owning venue selection, entertainment, food and beverage, gifting and budgets. At Suns and Mercury home games, it oversees the VIP experience and serves as a primary point of contact for requests involving ownership, celebrities, professional athletes and other high-profile guests. Member events run through Player 15 Group's Premium Events & Experiences team and support season ticket retention and renewals. Learn more and apply here.
Marketing Events Manager, Detroit Lions (Detroit): Leads fan experience for Lions tentpole events and game days, including Training Camp and open fan practices, NFL Draft parties and the Pride Plaza tailgate activations. The manager is the club's primary contact with third-party vendor Activate for the Detroit Lions Mobile Marketing Unit, an interactive trailer used at community, partner and school events. Day to day, the job includes supervising the Detroit Lions Hype Squad and tracking the marketing department's budgets. Learn more and apply here.
Associate VP, Athletics Retail Operations, University of South Florida (Tampa): Owns the retail and merchandise strategy for USF Athletics and oversees every channel it sells through, including retail locations, venue stores, game-day and special-event sales and e-commerce. Responsibilities include retail profitability, pricing and forecasting, product assortments, licensing initiatives and exclusive offerings, along with relationships with vendors, manufacturers, licensing partners and sponsors. On the digital side, the associate VP leads e-commerce and omnichannel growth and works to integrate physical retail with digital commerce and marketing. Learn more and apply here.
Hiring? Feature your opening at the top of this section, in front of 27,000 people who work in sports. Learn more at sportsandcompany.com/hire.
DEALMAKERS
NordVPN × Los Angeles Lakers: The Lakers announced a partnership with NordVPN that puts the cybersecurity and digital privacy company on in-arena LED signage at home games, plus social media integrations and digital campaigns. Fans can claim an exclusive offer through a dedicated NordVPN URL. In September, NordVPN named Shaquille O'Neal a global ambassador.
adidas × Stetson Athletics: Stetson and adidas signed a multiyear agreement that makes adidas the official uniforms, apparel, footwear, accessories and equipment provider for all 21 Hatter programs from the 2027-28 athletic year, with BSN SPORTS supplying the department. Per SGB Media, Nike has outfitted Stetson since 2011.
FAGE × WTA: FAGE signed on as title partner of the WTA Finals and Official Yogurt Partner of the WTA. The deal opens at the FAGE WTA Finals Indian Wells, Nov. 8-15, then follows the event to Charlotte, its new home, for 2027 through 2029. The dairy company already has tennis deals with the US Open, LTA, ATP Finals and Davis Cup.
TENEX.AI × TGR Haas F1 Team: TGR Haas F1 Team added TENEX.AI, an AI-native security operations company, as an Official Partner in a multiyear deal. TENEX.AI branding appears on the VF-26's engine cover and halo. The company will also handle 24/7/365 threat detection across the team's global digital infrastructure.
Nike × Mumbai Indians: Nike is the official kit partner of the Mumbai Indians women's and men's teams in a multiyear deal from the 2027 season that also covers coaches and technical staff. Players start wearing Nike team gear this month, ahead of new kit reveals for each squad.
AbbVie × McLaren Mastercard F1 Team: AbbVie joined the McLaren Mastercard Formula 1 Team as an Official Pharmaceutical Partner. Through the AbbVie Race to Innovate campaign, the biopharmaceutical company gives $10,000 for every 10 Constructors' Championship points McLaren scores from the US Grand Prix on, and it will keep donating through the 2027 season. Recipients are patient advocacy organizations serving people with immune-mediated diseases.
See you next Wednesday.
