Sportonomics: Why Investing in American Sports Franchises Has Doubled The Returns Of The Market
Sportonomics: Why Investing in American Sports Franchises Has Doubled The Returns Of The Market
Investments in American professional sports franchises have more than doubled the equities market returns since 2000. The outperformance is attributed to lucrative media rights deals and the dawn of streaming.
自2000年以來，美國職業體育特許經營權的投資回報率已經增加了兩倍以上。超額表現歸因於有利可圖的媒體權益交易和流媒體的興起。
The Data: The first-of-its-kind Ross-Arctos Sports Franchise Index (RAFSI), released in June, tracks the valuation of NFL, NBA, MLB and NHL franchises against the SPDR S&P 500 ETF Trust (NYSE:SPY).
數據顯示：羅斯-北極熊體育特許經營權指數（RAFSI）是首個發佈的指標，追蹤NFL、NBA、MLB和NHL特許經營權的估值與SPDR S&P 500 ETF Trust (NYSE:SPY)基金的估值對比。
According to the index, sports franchise investments have seen 13% annualized returns over the past 60 years. Since 2000, the RAFSI recorded 1,260% returns while the S&P 500 appreciated 620%. In the past 20 years, the only asset class with higher annualized returns is private equity.
依據此指數，體育特許經營權的投資在過去60年中年化回報率爲13%。自2000年以來，RAFSI的回報率爲1260%，而S&P 500升值爲620%。在過去20年中，唯一比私募股權更高年化回報的是體育特許經營權。
Franchises' value appreciated by 28.1% year-over-year, lagging slightly behind U.S. equities in the past 12 months.
特許經營權價值在過去12個月中每年增長28.1%，略低於美國股票。
Why it Matters: Historically, sports have been more resilient than the overall market during economic downturns and have rarely faced sustained drawdowns. The index did not see substantial value losses during the Dot-com bubble, the 2008 financial crisis or the 2020 COVID-19 pandemic.
爲什麼重要：歷史上，在經濟衰退期間，體育產業比整個市場更具彈性，而且很少遭受持續的回落。這個指數在2000年互聯網泡沫、2008年金融危機或2020年COVID-19大流行期間並未看到實質性的價值損失。
Given recent performance, it is unsurprising that several private equity companies have looked toward sports in their investment strategy. Blackstone Inc (NYSE:BX), Ares Management Group (NYSE:ARES), Carlyle Group Inc (NASDAQ:CG) and even energy drink conglomerate Red Bull have eyed sports investments.
鑑於最近的表現，幾家私募股權公司都將投資策略轉向體育產業並盯上了體育投資，包括黑石集團（NYSE：BX）、Ares Management Group（NYSE：ARES）、Carlyle Group Inc（NASDAQ：CG）甚至是能量飲料公司紅牛（Red Bull）。
Red Bull already owns two Formula 1 teams and Major League Soccer's New York Red Bulls, among other sports-related investments.
除其他體育相關投資外，紅牛已經擁有了兩支F1車隊和美國職業足球大聯盟的紐約紅牛隊。
Of course, past performance does not necessarily indicate future results. Future value is dependent on the success of the entertainment industry as a whole and whether media rights remain lucrative.
當然，過去的業績不一定預示着未來的結果。未來的價值取決於整個娛樂產業的成功以及媒體權益是否仍然可觀。
The University of Michigan Ross School of Business is one of the top collegiate business schools in the world. Its namesake, alumnus Stephen M. Ross, owns the Miami Dolphins. Arctos Partners is an investment firm specializing in sports ownership.
密歇根大學羅斯商學院是世界頂級的商學院之一。該校的名譽校友斯蒂芬·M·羅斯擁有邁阿密海豚隊的特許經營權。Arctos合夥公司是一家專門從事體育所有權的投資公司。
Now Read: NFL Rule Could Open Door For Big Money Investors: Will Your Team Go Up For Sale?
現在閱讀：NFL規則可能爲大資本投資者打開大門：你的隊伍會出售嗎？
Image: Pixabay
圖片：Pixabay
譯文內容由第三人軟體翻譯。