Sports franchises have become one of the fiercest battlegrounds in modern finance, and Sixth Street’s Alan Waxman just laid out why the biggest investors still want in.

In a Bloomberg conversation with Alex Rodriguez and Jason Kelly, Waxman discussed several pressure points reshaping the sports business: Sixth Street’s stake in the New England Patriots, the NBA’s international growth runway, and the logic behind a historic expansion fee in the National Women’s Soccer League. Taken together, the remarks point to a simple thesis. Top-tier teams and leagues no longer sit on the edge of the investment world. They now stand near its center.

Waxman’s message was clear: the strongest sports assets draw value from scarcity at home and growth abroad.

Key Facts

  • Alan Waxman spoke with Bloomberg about sports investing trends.
  • He addressed Sixth Street’s stake in the New England Patriots.
  • He highlighted international expansion as a major NBA growth driver.
  • He argued that a record NWSL expansion fee paid off.

The Patriots stake matters because it signals how institutional capital approaches elite franchises. Reports indicate investors continue to prize teams with entrenched brands, loyal audiences and durable revenue streams. In that framework, ownership stakes offer more than prestige. They provide access to assets that remain scarce even as demand rises from private capital, celebrities and global buyers.

Waxman also pointed to the NBA’s international ceiling, a theme that keeps attracting money to basketball. Sources suggest investors see the league’s appeal outside the United States as one of its strongest long-term advantages, especially as media distribution, sponsorship and fan engagement stretch across borders. His comments on the NWSL expansion fee sharpened that broader point. What once may have looked expensive can start to look disciplined if a league keeps building audience, relevance and commercial power.

That is why this discussion reaches beyond one firm or one deal. It captures how investors now value sports: not just as teams on a field, but as global intellectual property with recurring consumer demand. The next test will come as leagues pursue new media arrangements, new markets and new ownership structures. If Waxman’s thesis holds, the winners will be the properties that combine rarity with room to grow.