#188 🤝 Rogers Buys Remaining 25% of MLSE, Valued at ~$12B

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Rogers Communications paid $3.06 billion (C$4.35 billion) for Kilmer Sports' remaining 25% stake in MLSE, taking full ownership of the Maple Leafs, Raptors, Toronto FC and Scotiabank Arena at a valuation north of $12 billion. Rogers and Kroenke Sports & Entertainment are now the only sports conglomerates owning three or more major professional teams. But unlike KSE, all of Rogers' assets sit in the same city, the fourth-largest in North America.

Speaking of a big week for big cheques, Sky agreed to buy ITV's media division for $2.1 billion. Versant picked up Full Swing from Bruin Capital for $530 million. And the Las Vegas Jacks secured $8 billion in financial commitments as they compete for an NBA expansion franchise.

This week's lead is a sit-down with Dutch Sport Tech Fund CEO Alexander Janssen at a pivotal moment: Fund I approaching maturity, exits being engineered, a US office opening in January. One of the first case studies in how a dedicated sports tech fund actually realises value. Part 1 of 2.

How One of Europe's Most Active Sports Tech Funds Is Engineering Its Exit

A conversation with Dutch Sport Tech Fund CEO Alexander Janssen, ahead of Fund II.

Since our inception, SportsTechX has tracked the evolution of the global sports tech ecosystem.

We've analysed where money is flowing, which companies are attracting attention, and which investors are shaping the market.

But following the money only tells part of the story.

For our next piece of primary research, we wanted to understand what happens before a deal gets done. We spoke with 30+ leading sports tech investors to unpack how they source opportunities, evaluate founders, and make investment decisions.

Every fund has its own approach, but the underlying frameworks are often more similar than they appear. We'll be sharing those insights soon.

In the lead-up, we got a rare opportunity to sit down with one of the most active funds in the space, and at an especially pivotal moment.

Founded in 2020, the Amsterdam-based Dutch Sport Tech Fund (DSTF) is one of Europe's earliest and most active dedicated sports tech investors. Five years in, the fund is hitting its maturity milestone. The story now shifts from portfolio building to something harder to execute: exits.

The lifecycle of a venture capital fund is a well-rehearsed narrative: raise, deploy, build, exit. Yet sports tech remains a young and highly fragmented market, with few historical examples to guide the journey from investment to exit. Many of the funds now approaching maturity are effectively becoming the industry's first case studies in how value gets realised.

In Part I of a two-part series, we sat down with DSTF CEO Alexander Janssen to talk about the fund's upcoming exit journey, the mechanics of building an "acquirable" ecosystem, and how their planned US expansion ties it all together. All ahead of the already-announced Fund II.

DSTF Fund I & Fund II At A Glance

Engineering a Portfolio With Exits Baked In

DSTF believes the value of Fund I lies not only in its individual portfolio companies, but in how they fit together.

"From day one, our strategy was never to simply collect isolated startups," says CEO Alexander Janssen. "We deliberately engineered a synergistic portfolio. In sport-tech, value compounds exponentially when platforms, data capabilities, media reach, and commercial networks actively reinforce one another."

Today, the portfolio sits at 16 companies, most having graduated from early-stage startups into established scale-ups, with a handful already operating at Series A or B level. For strategic buyers, Janssen argues, the interconnected structure is the proposition.

"Because of how we built the fund, we can offer buyers incredible optionality," he says. "A strategic buyer might come in to acquire a single standout asset, or they might look at a multi-asset transaction acquiring a cluster of connected companies within a specific vertical to secure immediate market dominance."

The Separation of the Pack

Five years of active portfolio management creates clarity. Janssen doesn't soften the picture.

"We are seeing a clear separation of the pack, in the best way possible. Right now, we have roughly seven high-growth frontrunners that have already surpassed a 3x MOIC. These companies have significant commercial momentum. In fact, some are already attracting inbound interest and are in active acquisition discussions as we speak."

But MOIC multiples aren't the only signal he's watching.

"We also hold a number of businesses that intentionally chose a more capital-efficient, organic growth route. They didn't play the hyper-scaling game, but they have rock-solid fundamentals and sustainable revenue. For the right strategic buyer looking for profitability and stable market integration, these are prime targets."

Not every portfolio company follows the same trajectory. Asked about the rest of the portfolio, Janssen remains optimistic: "We currently have no true laggards in the portfolio. The overall execution maturity is incredibly high."

Not Passive Capital

One consistent differentiator DSTF points to is what they call the "active shareholder" approach: staying embedded in commercial expansion, internationalization, and governance rather than sitting quietly on cap tables.

As the exit window opens, that hands-on posture is intensifying.

"Right now, the work is no longer about product-market fit or validation. It's about scaling readiness," says Janssen. "We are actively working with our founders to professionalize sales pipelines, sharpen strategic narratives, and align their financial reporting with the exact standards that global corporate buyers and PE firms expect. We want our companies to be plug-and-play for acquirers."

The LA Move: Timing Is Everything

Perhaps the most concrete signal of where DSTF is heading: effective January 1, 2027, the fund opens an office in Los Angeles.

The timing isn't incidental. With the FIFA World Cup underway and the 2028 Olympic Games approaching, Los Angeles is becoming an increasingly important hub for sports business, media, and investment activity.

"The LA office is a direct bridge for our portfolio companies," says Janssen. "It puts them face-to-face with major US sports stakeholders, media conglomerates, and tech buyers. The years leading up to an Olympic Games see a massive concentration of dealmaking and infrastructure spending. We are positioning our companies right where the capital is flowing."

Fund II: The Model, Scaled

While Fund I focuses on unlocking liquidity, DSTF is simultaneously laying groundwork for its next vehicle.

"Fund I proved the model, but Fund II is about scaling it," says Janssen. "While the first fund took early-stage risk, Fund II will focus exclusively on mature, late-stage scale-ups and Series A/B companies with proven traction."

The rationale reflects a broader market shift, one we've been tracking in our own research.

"The technical barriers to entry have fallen. Anyone can build a product quickly now. Therefore, technical differentiation alone is no longer a moat. The real winners of tomorrow are defined by execution, go-to-market dominance, and crucially user retention.

Fund II will back companies that have already proven they can retain customers, and we will use our global sports network to help them achieve international dominance."

Our Take:

The sports tech market is entering a new phase of maturity. After years focused on company creation, attention is increasingly shifting toward consolidation, acquisitions, and ultimately liquidity.

That makes DSTF's position particularly interesting. As one of Europe's first dedicated sports tech funds, it is among the first specialist investors approaching the exit stage at meaningful scale.

Whether the fund can successfully translate portfolio performance into realized returns remains to be seen. But if it does, DSTF could become an important case study for how dedicated sports tech funds create and realize value across a full investment cycle.

And if the market does move toward consolidation, few funds appear better positioned. Early entry, a concentrated portfolio, an active ownership model, and a growing international footprint could prove valuable advantages as the sector enters its next chapter.

In Part 2, we look under the hood of Fund I: the six investment verticals, the due diligence process, and the specific companies being positioned for strategic acquisition.

To learn more about DSTF's portfolio companies, Fund II, or ongoing strategic initiatives, visit their website or email them directly on [email protected].

📰 THE LATEST

Top News From The World Of Sports Tech & Biz

⚽ Chelsea launched on Strava in a Premier League and Barclays Women’s Super League first, using the fitness app to connect the club’s global fanbase through running, training, and wellness.

🏀 Euroleague Basketball unveiled Euroleague Basketball+, a new strategic vision to become the digital home of European club basketball, combining competitions, content, technology, commercial opportunities and fan experiences into one integrated ecosystem, designed around a fan-first philosophy.

🏀 Euroleague Basketball also launched its franchise process as part of a long-term strategy to strengthen and expand Europe’s top club basketball league.

📺 Netflix, Disney, and YouTube showed interest in FIFA World Cup U.S. rights for 2030 and 2034, with FIFA likely to sell English and Spanish-language packages together in a deal that could reach $2 billion.

💸 The NRL (National Rugby League) sealed $3.7 billion in seven-year media rights deals with Foxtel, Nine, and Sky NZ, marking the richest broadcast contracts in Australian sporting history.

🏅 The International Olympic Committee lifted Russia’s suspension provisionally, opening the door for Russian athletes to compete for their country at the LA 2028 Olympic Games.

🏟️ Manchester United confirmed the proposed location for its new 100,000-seat stadium, marking another milestone in the club’s long-term plan to transform the Old Trafford area.

⛳ LIV Golf faced a $603 million lawsuit from plaintiffs who alleged Saudi Arabia’s PIF used their stolen golf league concepts after a failed $490 million deal.

💸 AO Ventures invested undisclosed amounts in Scottish wearable technology company PlayerData and sports media platform ScorePlay, taking the Tennis Australia and Australian Open venture arm’s portfolio to six companies as it backed technologies shaping sport and entertainment.

🤝 Rogers Communications agreed to acquire Kilmer Sports’ remaining 25% stake in Maple Leaf Sports & Entertainment for $3.2 billion (C$4.35 billion), increasing its ownership of MLSE to 100% and bringing the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, and Scotiabank Arena under full Rogers ownership.

🤝 Sky agreed to acquire ITV’s Media & Entertainment division for $2.1 billion (£1.6 billion), combining Sky’s pay-TV, broadband, and streaming operations with ITV’s free-to-air channels and ITVX while leaving ITV Studios as a standalone production company.

🤝 Viaplay Group agreed to sell its Dutch streaming and broadcasting operations to DPG Media-owned Videoland for $166 million (€142 million) on a cash and debt-free basis, including a rights portfolio with Premier League, Bundesliga, Formula 1, and PDC darts.

🤝 Hudl acquired youth and high school athletics fundraising startup TeamUp for an undisclosed amount, marking its 19th sports technology acquisition and rebranding the product as Hudl Fundraising.

🤝 LeagueApps acquired the National Center for Safety Initiatives for an undisclosed amount, adding background checks and safety compliance services to its youth sports management platform.

🤝 Versant Media Group agreed to acquire golf simulator company Full Swing from Bruin Capital for $530 million in cash, expanding the Golf Channel owner’s sports technology and digital portfolio.

💸 APEX took a strategic stake in the Northern Super League for an undisclosed amount, marking the first completed private equity investment in a professional women’s soccer league globally and supporting Canada’s first professional women’s soccer league across commercial expansion, audience development, digital innovation, and international distribution.

💸 The Las Vegas Jacks secured $8 billion in financial commitments as the Jerry Colangelo-led group competed to acquire a prospective NBA expansion franchise in Las Vegas.

💸 JD Sports created a $1.4 million (£1 million) fund with BBC Children in Need to increase young people’s access to work experience and develop their skills and confidence.

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