“Fueled by booming franchise valuations, technology-based developments in the business of sports (e.g., the rise of streaming platforms, widespread legalization of sports betting, and monetization of broadcasting rights), and fallout from the COVID-19 pandemic, the demand for capital in professional sports has significantly outpaced the capacity of most high-net worth individuals. This need for liquidity ultimately resulted in certain regulatory changes, allowing professional sports to seek alternative sources of funding, effectively opening the door for private equity.”