(Bloomberg) -- Tony Ressler, co-founder of Ares Management, said even with the surge in valuations of pro sports teams around the world, investors are still undervaluing the opportunity.
“This is an asset class that we at Ares would argue is a $2.5 trillion or $3 trillion asset class,” Ressler said at Bloomberg Power Players New York.
Ressler, who is also principal owner of the NBA’s Atlanta Hawks, said it has taken time for professional leagues to mature and prove they can generate returns for investors. And that franchises are much more than what happens on the field.
“Each of those franchises has all sorts of ancillary business,” including real estate, retail and food, Ressler said. “Most folks looking at it are woefully underestimating the value of this sports world globally.”
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