GOLS portfolio managers detail a decade of 10-15% annual franchise appreciation. Scarcity and media rights support the readthrough to public teams and the sports ecosystem.
The Gabelli Opportunities In Live And Sports ETF released its first-quarter 2026 commentary. The portfolio managers, supported by more than 35 industry analysts, noted that professional sports franchise valuations have compounded at 10-15% annually over the past decade. The NFL, the NBA, and the top global football clubs led that run.
Most franchises remain privately held. The managers said the number of investable teams is structurally limited. That scarcity, paired with rising media rights revenue and a global fanbase expansion, has turned team ownership into one of the top-performing private asset classes.
The direct equity exposure for public-market investors is thin. Only a handful of publicly traded entities own major-league teams. Their enterprise values are driven more by the underlying franchise market value than by quarterly earnings. So the 10-15% annual appreciation flows directly into those valuations.
The ecosystem around professional sports also captures some of that growth. Media companies with long-term broadcast rights hold a steady contractual revenue floor. The NFL's current deals with major networks and Amazon run through 2032-33. Sports betting operators gain when league popularity rises. Their revenue ties more to handle than to franchise values directly. Venue operators and hospitality firms near stadiums see local demand from team success. That link is weaker.
The portfolio managers said the 10-15% compound growth held even through the pandemic-era dip in gate revenue. They attributed the resilience to global media rights growth and the fixed supply of teams. The NFL has not expanded since 2002. The NBA has remained at 30 teams since 2004. Any expansion would create new franchise values likely priced at multiples of historical precedent.
The next major catalyst is the NBA's media rights talks, expected to conclude by 2027. A significant increase from the current $2.6 billion annual deal with Disney and Warner Bros. Discovery would lift franchise values across the league.
The GOLS ETF itself is one of the few vehicles designed to capture this trend. It holds a mix of stocks tied to live entertainment, sports ownership, and related infrastructure. The fund's managers said they rely on a dedicated team covering indirect macro trends that feed into franchise valuations, including media rights negotiations, stadium development, and sports betting regulation changes.
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