This week, Upstate Capital Association of New York welcomed investors, operators, advisors and sports business leaders to Buffalo for Inside the Playbook: How Private Equity is Reshaping Sports — an engaging afternoon of conversation exploring one of the fastest-growing and most dynamic sectors in investing.
Hosted at the offices of Lippes Mathias LLP, the event brought together leaders from across private equity, professional sports, collegiate athletics, hospitality and infrastructure development to examine how institutional capital is transforming the sports ecosystem.
From franchise ownership and stadium development to fan engagement technologies and NIL economics, the discussions highlighted how sports have evolved into a sophisticated global business platform — and why investors are increasingly paying attention.
Panelists explored everything from valuation methodologies and governance structures to the growing role of mixed-use developments, premium experiences and technology-enabled venue operations.
PE Playbooks for Sports Investing
The first panel, PE Playbooks for Sports Investing, moderated by Ben White of Lippes Mathias LLP, brought together John Carroll of Sportsology Capital Partners and Jeff Ellis of Seneca Holdings for a candid discussion on how private equity firms are approaching one of the most competitive and rapidly evolving asset classes in the market today.
The conversation explored how institutional investors are sourcing, structuring and scaling sports investments, from minority ownership stakes in major league franchises to operational strategies surrounding emerging teams and leagues.
Carroll shared insights from Sportsology Capital Partners’ investment in the Texas Rangers and discussed the increasing institutionalization of sports ownership, while Ellis reflected on Seneca Holdings’ acquisition and operation of the Rochester Nighthawks and the realities of building operational infrastructure around a professional sports franchise.
Together, the panelists examined valuation methodologies, governance considerations, league approvals and the importance of disciplined leadership and long-term strategy in sports investing.
Beyond the Field: Stadiums, Infrastructure & Value Creation in Sports
The second panel, Beyond the Field: Stadiums, Infrastructure & Value Creation in Sports, shifted the focus toward the broader economic and infrastructure opportunities that surround modern sports investments. Moderated by Kelsey Thomas, Senior Manager of Transaction Advisory at Withum, the discussion featured Keaton Robbins, Founding Partner of Front3 Consulting and Peter Marlette Jr., Founder & President of Buffalo Pro Soccer.
Panelists explored how stadiums and sports venues are increasingly serving as anchors for mixed-use development, entertainment districts, hospitality investments and community revitalization efforts.
Robbins emphasized the importance of building market-specific investment theses rather than replicating large-market models in smaller cities, while Marlette highlighted Buffalo’s strong sports culture and untapped potential as a growing soccer market. The conversation also explored how training facilities, player development systems and surrounding real estate are becoming increasingly important drivers of long-term enterprise value.
Throughout the discussion, Buffalo emerged as a compelling example of how mid-sized markets can create meaningful opportunities for investors through creativity, authenticity and strategic infrastructure development.
The Business of Sports Ecosystems
The final panel, The Business of Sports Ecosystems, examined how some of the most compelling opportunities in sports today exist beyond the teams themselves. Moderated by Holly Mergenhagen, Director of Corporate Development at Seneca Holdings, the discussion featured Jamie Obletz, EVP & COO of Delaware North and Kevin Morgan, GM & Chief Revenue Officer for Syracuse Athletics.
As sports continue evolving into integrated entertainment, hospitality and media businesses, the panel explored how investors and operators are increasingly focused on scalable adjacencies that complement team ownership and create diversified revenue streams.
Obletz shared insights into the operational and hospitality side of modern venue management, discussing how premium experiences, technology-enabled concessions and customer engagement strategies are reshaping fan expectations and driving revenue growth. Morgan provided perspective from collegiate athletics, including the evolving economics surrounding NIL, infrastructure investment and the professionalization of college sports operations.
The discussion also highlighted how technology, AI, subscription-based fan engagement models and integrated partnerships are becoming central to the future of sports business strategy. Panelists reinforced that successful organizations are increasingly those that understand how to connect media, hospitality, real estate and fan experience into one cohesive ecosystem.
Thank You to Our Sponsors and Partners
We extend our sincere gratitude to our event sponsors and partners whose support made this program possible.
A special thank you to Lippes Mathias LLP for hosting the event and providing an outstanding venue, as well as Withum and Seneca Holdings for their partnership and support. We also thank Upstate Capital’s annual sponsors and members whose continued support strengthens the investment ecosystem across Upstate New York.
We are incredibly grateful to all of our speakers and moderators for sharing their expertise, insights and perspectives throughout the afternoon. Their thoughtful discussions made for an engaging and highly informative program that showcased the growing intersection between private capital, sports, infrastructure and regional economic development.
Events like Inside the Playbook reinforce Buffalo’s position as an important hub for innovation, investment and sports business leadership, and we look forward to continuing the conversation at future Upstate Capital events, including the upcoming Buffalo Private Equity Summit this September 22-23 at the Westin, Buffalo.