Sports teams, clubs and leagues may command the spotlight but they represent only one part of a nearly US$3 trillion sports, media and entertainment investment universe. The opportunity – “the full prize” – encompasses approximately US$500 billion in teams and leagues and a further US$2.5 trillion across the broader ecosystem, from media rights, content and live events to venues, technology and the businesses that power the sector^{1 2}. Together, these segments form a deep and diverse investable market that remains relatively underpenetrated and increasingly in need of flexib...