The stage is set. Three and a half years since the last soccer World Cup, the greatest sporting show on earth is back.

Kicking off Thursday in Mexico City, the expanded tournament features 48 nations, 104 games and 16 host cities across North America, culminating at the MetLife Stadium in East Rutherford, New Jersey on 19 July, where immortality awaits.

The World Cup will draw the eyes of the world to North America at a time of unprecedented investment across the sporting ecosystem. Sports M&A in the US, Canada, and Mexico reached a record last year, with 70 deals worth USD 20.6bn agreed, according to Mergermarket data. And 2026 is showing no signs of tiring: at USD 5.8bn so far, deal volume is tracking in line with that seen in the same period during last year’s record run.

Last year’s milestone extended a long-term ramp-up in activity, with resilient fan demand, unparalleled customer loyalty, and scarcity value at the heart of the sports investment thesis. Significant investment has flowed into major franchises as the likes of Major League Baseball (MLB), the National Basketball Association (NBA), and the National Football League (NFL) have gradually opened the door to private capital.

Source: Mergermarket, data correct as at 9 June 26

While marquee events such as the World Cup – and the New York Knicks’ epic run to the NBA Finals – are not necessarily catalysts for deals themselves, they can serve as accelerators, helping drive commercial activity and engagement for sports-related businesses. “The more meaningful impact is that the World Cup shines a spotlight on the broader sports ecosystem,” said Bobby Sharma, founder and managing partner of Bluestone Equity Partners, which specializes in sports, media, and entertainment.

The heightened attention also makes it easier for stakeholders to meet, exchange ideas, and pursue opportunities. “There’s just a tremendous amount of conversation ongoing, which inevitably leads into discussions on revenue streams, valuations, media rights, and a variety of topics around the excitement we’ve seen in the last five years or so with respect to investing in sports,” said Michael Senders, a partner at Davis Polk.

The beautiful game

For soccer, however, the impact could be more direct.

The sport has already seen staggering growth in North America. According to a media report, Nielsen estimates that there are now over 136m soccer fans in the region, including 62.5m in the US alone – a double-digit uptick in the last five years.

The last World Cup staged on these shores – in 1994 – was a watershed moment, notably leading to the creation of Major League Soccer (MLS) two years later. Some believe the 2026 World Cup could trigger a similar step-change.

“I expect a lot of activity on the heels of the World Cup,” said PJ Sullivan, a partner at Ropes & Gray. “Teams in the MLS and the NWSL (National Women’s Soccer League) will try to capitalize on increased interest to attract investment, and private equity will look to invest.”

Recent activity highlights the appeal of North American soccer assets for private capital. KKR, which is making a push into sports investing after acquiring specialist Arctos earlier this year, recently invested in a platform to support the growth of developmental league MLS NEXT Pro.

Source: Mergermarket, data correct as at 9 June 26

The fast-growing NWSL – which was recently expanded to 16 teams amid surging viewership – is another key focus. In 2024, Carlyle teamed up with owners of the MLS’s Seattle Sounders to invest in NWSL franchise Seattle Reign. Earlier this year, Ariel Investments backed Denver Summit, the NWSL’s newest team.

Mexico’s Liga MX is also attracting PE interest. Last December, General Atlantic acquired a 49% equity stake in Mexico’s most popular soccer club, Club América, alongside the Estadio Azteca, one of the world’s most iconic stadiums, graced by Pele and Maradona in World Cups past. California-based Bertram Capital, meanwhile, invested in Querétaro FC last year. Mikel Arriola, head of the Mexican Soccer Federation, last week said owners of the 18 Liga MX clubs approved changes to centralize ownership of the league’s sponsorship, commercial and broadcast rights, paving the way to sell a stake to a PE firm or list on the public markets. The league is valued at USD 13bn and recorded double-digit growth in 2025, Arriola noted.

“Mexico offers a rare mix of historic brands, deeply engaged fans, bi-national reach, and diverse monetization,” said María Ariza, CEO of BIVA, Mexico’s second-largest stock exchange. “Soccer, in particular, drives a broad ecosystem of media rights, sponsorships, ticketing, in‑stadium experiences, merchandise, digital content, and infrastructure.”

Broader ecosystem

Still, with access to top-tier franchises in most major leagues limited to minority stakes, many of the most compelling opportunities for private investors lie outside of team ownership.

Smaller assets in adjacent areas tend to be valued on more traditional metrics such as revenue growth, profitability, operational execution, and market positioning and come with more familiar value creation playbooks, Sharma of Bluestone noted.

The New York-based sponsor recently backed pickleball equipment manufacturer Selkirk Sport, as well as Scorability, a college sports recruiting marketplace.

Both deals illustrate the scope of the opportunity set for private investors, which accounted for a record USD 17.5bn in sports-related deal volume last year. Capital is flowing beyond major league teams into the wider sports ecosystem, including media businesses and tech platforms, as well as high-growth segments such as emerging and women’s sports.

Source: Mergermarket, data correct as at 9 June 26

“It’s inevitable that more money will flow into sports,” said Ted Goldthorpe, a partner and head of credit at BC Partners. “The question is: who benefits?”

Following this logic, BC Partners has invested – via its credit arm – in businesses such as sports agency GSE Worldwide and Riddell, a leader in football helmet technology. “Player safety is becoming a much bigger concern, so people are spending more money on helmets to prevent injuries,” Goldthorpe noted.

Elsewhere, youth sports represent another growing area for sports investors. Last week, New York-based investment firm Brand Velocity Group (BVG) announced the acquisition of youth sports platform RCX Sports, which manages official licenses on behalf of major leagues such as the NFL, MLS, NBA, MLB and NHL. The investment fits into BVG’s strategy of investing within the broader sports ecosystem. “The first inning of sports investing was around team ownership, but there’s a whole new world of opportunities out there,” explained Drew Sheinman, the firm’s founding partner.

The deal also shows how PE can play what could prove a transformative role within the sports ecosystem. BVG is backing a business model focused on providing more accessibility for young athletes by easing cost and administrative burdens. It has notably driven the development of flag football via NFL Flag, the league’s official youth program.

NFL legend Eli Manning, a partner at BVG and a passionate advocate for youth sports, played a key role in the deal. Manning told Mergermarket the focus is on making a long-term impact for young athletes.

“That’s really where we see it going – continuing to grow the platform through more access, expanding flag football both domestically and internationally and alongside our other sports, and ultimately creating more opportunities for kids to get out and play,” he said.

Flag football is also a newly anointed Olympic sport. For those looking for the next sports investment targets, the 2028 Los Angeles Summers Olympics may be a good place to start.

“A lot of the Olympic sports will come into focus in 2027 in advance of LA,” said Ropes & Gray’s Sullivan. “We’re seeing all kinds of interesting partnerships between investors and operators trying to establish interesting new markets.”