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‘I Hate Watching Them Play Sometimes’

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Shaquille O'Neal

LOS ANGELES — Hall of Famer Shaquille O’Neal delivered a blunt on-air critique of the Los Angeles Lakers after their Game 5 playoff loss to the Houston Rockets, saying he sometimes “hate[s] watching the Lakers play” because they revert to “hero ball” in the closing minutes instead of playing with sustained intensity and focus.

The comments, made Wednesday night on TNT’s “Inside the NBA,” quickly went viral after a clip was posted to X by the account @ohnohedidnt24 and viewed more than 3,000 times within hours. O’Neal’s frustration captured a broader conversation about the Lakers’ clutch-time execution as they cling to a 3-2 series lead heading into Game 6 on Friday.

“I hate watching the Lakers play sometimes because towards the end they try to play the hero ball,” O’Neal said, gesturing emphatically. “Okay? We’re going to start playing hard now and if we hit this three at a time of game that’s not gonna work. LeBron knows that and understands it. These young guys need to understand that.” He added that the crowd was flat, the team played flat, lacked intensity and focus, and that he was “glad the Rockets beat them” in the 99-93 defeat.

The Rockets forced a return trip to Crypto.com Arena by capitalizing on the Lakers’ late-game lapses. LeBron James led Los Angeles with 25 points, but the team was unable to generate consistent stops or ball movement when the game tightened in the fourth quarter. With Luka Doncic still sidelined by a Grade 2 hamstring strain suffered in early April, the Lakers have leaned heavily on James and Austin Reaves to create offense in crunch time.

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O’Neal’s critique carries extra weight because he won four NBA championships as a Laker between 1996 and 2004 and remains one of the franchise’s most beloved figures. The 7-foot-1 center turned analyst has never shied away from calling out his former team when he sees problems, but his latest remarks struck a nerve as the Lakers fight to avoid elimination in the first round for the second straight postseason.

“Hero ball” — the term for isolating one superstar to create shots while teammates stand and watch — has been a recurring theme in Lakers discourse this season. Coach JJ Redick has preached team concepts and off-ball movement, yet execution in high-stakes moments has occasionally reverted to the familiar pattern of James or Reaves attempting to carry the load alone. O’Neal, who once thrived in a pick-and-roll partnership with Kobe Bryant, emphasized that championship teams avoid waiting until the final minutes to ramp up effort.

The Game 5 loss dropped the Lakers to 3-2 in the best-of-seven series. Houston, led by young stars Alperen Sengun and Jalen Green, has shown impressive resilience despite being the lower seed. Rockets coach Ime Udoka praised his team’s defensive intensity after the victory, indirectly validating O’Neal’s point about the Lakers’ lack of focus.

Lakers fans reacted swiftly on social media. Some defended the team, noting injuries and fatigue, while others agreed that late-game decision-making has been an Achilles’ heel. “Shaq is right,” one prominent Lakers podcaster posted. “We can’t keep waiting until the last five minutes to turn it on.”

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Inside the Lakers locker room, the mood after Game 5 was described as businesslike. James, who has played in 22 career playoff series, told reporters the team must “correct the little things” and “play with more urgency for longer stretches.” Reaves echoed the sentiment, saying the group understands the stakes heading into Game 6.

Redick, in his first postseason as head coach, has navigated the Doncic injury by adjusting lineups and emphasizing defensive rotations. Yet the absence of the Slovenian star — who averaged 28 points and 8 assists before getting hurt — has forced the Lakers to rely on a thinner rotation. Medical updates indicate Doncic continues on-court rehab but remains out indefinitely, with no firm return timeline.

O’Neal’s comments also spotlight broader questions about the Lakers’ roster construction. General Manager Rob Pelinka has prioritized veteran experience and defensive versatility, but the team’s offensive efficiency in the half-court has dipped at times. Analysts note that without consistent three-point shooting or secondary creation, the Lakers become predictable when defenses load up on James.

For O’Neal, the criticism is rooted in championship standards. During his Lakers tenure he helped deliver three-peat titles in 2000-02 and a fourth in 2009. He has repeatedly said modern players must learn from past eras where sustained effort defined winners. His TNT colleagues nodded in agreement during the broadcast, with one noting the Lakers’ crowd appeared disengaged at key moments — a rare occurrence at Crypto.com Arena.

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The series has been competitive despite the Lakers’ injury issues. Houston has pushed the pace and exploited mismatches, forcing Los Angeles to adjust on the fly. Game 6 will be pivotal: a Lakers win clinches the series and sets up a second-round matchup against either the Oklahoma City Thunder or Minnesota Timberwolves, while a loss sends the series back to Houston for a decisive Game 7.

Sports betting markets reacted to O’Neal’s remarks as well. The Lakers remain favorites to advance, but implied probabilities for Game 6 shifted slightly after the broadcast. Analysts at ESPN and The Athletic suggested the team must address late-game execution or risk becoming the latest high-profile first-round casualty.

Beyond the immediate series, O’Neal’s comments fuel ongoing debate about the Lakers’ long-term direction. With James entering his 23rd season and the franchise committed to contending, pressure mounts on Pelinka and ownership to surround the stars with complementary pieces. The team’s massive cash reserves and trade assets could be deployed this offseason, but playoff performance will shape perceptions heading into free agency.

Lakers fans, meanwhile, remain hopeful. Many point to James’ playoff pedigree and the team’s home-court advantage in Game 6 as reasons for optimism. Tickets for Friday’s contest sold out quickly after the Game 5 defeat, signaling strong local support despite the criticism.

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O’Neal has not commented further on the clip since the broadcast. His history of colorful, no-holds-barred analysis has made him one of the most popular figures in sports media. Whether his words motivate the Lakers or simply reflect a frustrated fan’s perspective, they have added another layer of drama to an already tense playoff series.

As the Lakers prepare for what could be a season-defining game, O’Neal’s message is clear: championship contenders cannot afford to wait until the final minutes to play with purpose. For a franchise built on greatness, the difference between advancing and going home may hinge on heeding that advice.

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MP urges Prime Minister to help with ‘disgusting Calne pong’

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Business Live

Sarah Gibson has raised the issue of the Hills Waste “rotten egg smell” in Parliament

Sarah Gibson MP speaking at PMQs about the smell in Calne

Sarah Gibson MP speaking at PMQs about the smell in Calne(Image: UK Parliament / Youtube)

A Wiltshire MP is urging the Prime Minister to help provide answers on a “disgusting egg-like smell” that is impacting people living near a landfill site in the county. Thousands of people have complained about the “Calne pong” coming from the Hills Waste site in Lower Compton, with residents reporting headaches and breathing difficulties.

Liberal Democrat minister Sarah Gibson raised the issue with Sir Keir Starmer at PMQs this week, saying she wanted to “reassure” residents of the town “they are not suffering from ill health”.

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“We have a landfill site in Calne that is producing sulphurous smells that are causing residents to need to close their windows, causing children to have sore throats and yet I am not getting any answer except that the Environment Agency (EA) itself admits that controls may not be working effectively,” Ms Gibson said.

“Like my constituents I find it really disappointing that we are not getting any serious response. This is not the kind of thing you expect in the UK. You do not expect the air you breathe not to be safe and I would like to urge the PM to help me in getting a response from Defra and from the EA on what measures can be put in place to reassure my constituents.”

The Prime Minister thanked Ms Gibson for raising the issue in Parliament.

“I will make sure I will go away and chase up that she gets the reply, and importantly, that they are entitled to,” Sir Keir said in response.

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‘It’s very worrying’

Emily, a mum-of-two who lives in Calne, said she had “woken up gagging from the smell”.

“We smell it every day and it’s disgusting,” she said. “My mum stayed at our house and said it smelt like a drain had burst. My daughter has noticed it too; it’s just vile. I want to be able to enjoy these lovely spring mornings, but you can’t breathe in or outside your house.”

Another Calne resident who lives near the waste site said the “rotten-egg stink” was “revolting” and she was concerned it would get worse in the hot weather.

“It’s very worrying,” she told Business Live. “It’s good to hear the issue has been raised in Parliament, but something needs to be done soon. The smell is horrible.”

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Last year, the EA confirmed the landfill site was likely to be responsible for the odour after an investigation lasting months – and it served Hills with an enforcement notice ordering a programme of landfill capping to reduce smells escaping from the site.

But since the beginning of 2026 the EA has received nearly 3,000 more complaints about the odour. In March and April, the government agency carried out more than 60 inspections of the Lower Compton area and it is understood the main source of the smell is a current open landfill cell on the site. The EA has acknowledged the increase in complaints this year suggests the current site controls are not working effectively.

It has said there is “no indication of an immediate risk to people’s health”, however.

“The community should not have to tolerate odours that significantly affect their environment, and we are continuing to investigate complaints made in Calne and the surrounding area, alongside our partners Wiltshire Council and the UK Health Security Agency,” an EA spokesperson said.

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“While landfills and other waste activities will generate smells, the impact should be minimal, and the recent increase in odour reports indicates controls may not be working effectively.

Hills Waste, Lower Compton Calne

Hills Waste, Lower Compton Calne(Image: Google Maps)

“We have traced landfill gas odour to a specific part of Lower Compton Landfill and have required the operators to provide an action plan identifying how they will minimise odour. Several mitigation measures are already in place, including changes to daily cover materials, installation of temporary gas wells, connection of additional gas collection points, and extensive soil covering.”

As Business Live understands, Hills is co-operating fully with the EA and has developed proposals to tackle the problem, including changing how waste at the site is covered up.

“Hills is aware of a recent increase in complaints relating to odour in the Calne area,” a spokesperson for the company told Business Live.

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“We take this matter very seriously, and where this is attributed to our landfill activities at Lower Compton, we would like to apologise.

“As a responsible business, we continually monitor and seek to improve operations at our Lower Compton landfill site. Working with the Environment Agency, we have agreed an action plan of immediate and longer term works to help reduce fugitive emissions of landfill gas.”

The EA is continuing to carry out assessments around the site, including early in the morning and in the evening when “the pong” is most commonly reported.

It has also installed an air-quality monitoring station within the community and is planning to provide the data to the UK Health and Security Agency for analysis.

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Meanwhile, it is understood Hills is using a water-based system to reduce odour molecules being emitted from the site and is preparing to carry out more regular capping – a process that involves sealing a closed landfill with material such as clay to create a barrier and isolate waste from the environment.

The company is planning to start a 13-week programme of works on May 11 to cap over certain sections of the site. Other actions include the installation of extra gas collection points and covering large areas of the site in soil.

“We recently welcomed Sarah Gibson MP on a tour of the Lower Compton site to explain our action plan, and we will be keeping Sarah and other local elected representatives regularly updated on the progress of these works,” the Hills spokesperson added. “Updates will also be shared on our website.”

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US stocks today: US market ends higher, S&P 500, Nasdaq notch biggest monthly gains in years

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US stocks today: US market ends higher, S&P 500, Nasdaq notch biggest monthly gains in years
U.S. stocks advanced on Thursday and the S&P 500 and the Nasdaq logged their biggest monthly gains in years as solid corporate earnings offset the war-related oil supply shock that has rattled markets and sent crude prices to four-year highs.

But oil prices eased and economic data showed the U.S. economy continues to grow at a healthy pace, helping as investors geopolitical tensions and close the book on a month of solid gains.

The rally ‌gained momentum throughout the ⁠session, pushing all ⁠three major U.S. stock indexes sharply higher.

“A lot of the economic data calmed investors’ fears,” said Paul Nolte, senior wealth adviser & market strategist at Murphy & Sylvest in Elmhurst, Illinois. “Beyond that, you’ve got some pretty good earnings from a lot of different companies, and we’re seeing that broaden out today.”

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“Until we see some changes to the market dynamic, as well as the economy, the momentum is on the bullish side,” Nolte added.


Industrials, powered by Caterpillar shares, put the Dow out front, while technology limited the Nasdaq’s gains in the wake of a spate of high-profile quarterly results released late Wednesday.
Four members of the Magnificent Seven group of artificial intelligence-related megacaps reported late Wednesday: Alphabet , Amazon, Meta Platforms and Microsoft. Alphabet jumped ⁠after reporting ‌a record quarter for its cloud unit. Meta and Microsoft shares slid on concerns over artificial intelligence-related expenditures.

“The spending continues to be at pace,” Nolte said. “They’re seeing still very robust growth and some are starting to report a return on the investment, which ⁠is new.”

Apple, another Magnificent Seven constituent, was slated to report after the bell.

According to preliminary data, the S&P 500 gained 74.29 points, or 1.04%, to end at 7,210.24 points, while the Nasdaq Composite gained 223.15 points, or 0.90%, to 24,890.36. The Dow Jones Industrial Average rose 796.27 points, or 1.63%, to 49,658.08.

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CRUDE PRICES, INFLATION AND THE FED

A raft of economic data showed the U.S. economy grew by 2.0% in the first three months of 2026, while initial jobless claims dipped to their lowest since 1969 and soaring energy prices kept year-on-year inflation above 3%, thwarting hopes of near-term rate cuts from the Federal Reserve as Jerome Powell’s eight-year tenure as chair draws to a close.

“For now, we can label (inflation) as transitory,” said Peter Cardillo, chief market economist at Spartan ‌Capital Securities in New York. “However, if the war continues and energy prices do not come down from the present levels, that transitory inflation will become constant inflation and certainly a major headache for the Federal Reserve.” On Wednesday, in its most divided vote since 1992, the central bank let its key interest ⁠rate stand, while acknowledging uncertainties related to heightened crude prices due to the conflict in the Middle East. That conflict showed no sign of abating, with Iran warning of retribution if the United States abandons its ceasefire and renews its attacks, suggesting that efforts to negotiate a peace deal have hit an impasse. Top U.S. military leaders were expected to brief President Donald Trump on potential military action in Iran, a U.S. official told Reuters.

The possibility of protracted war, long-term disruption of traffic in the Strait of Hormuz, and the prolonged pressure on energy prices have dampened hopes for near-term policy easing from monetary policymakers. Eli Lilly surged after the drugmaker raised its annual profit forecast on sustained weight-loss drug demand. Caterpillar shares jumped to a record high following the company’s reported rise in first-quarter profit due to strong demand for its power generation and construction equipment.

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Trump to remove whisky tariffs after King's visit

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Trump to remove whisky tariffs after King's visit

The US president said he would lift restrictions on Scotland’s ability to work with the state of Kentucky on whisky and bourbon.

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Laurus Labs Q4 Results: Cons PAT increased 19% to Rs 279 crore, revenue rises 5%

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Laurus Labs Q4 Results: Cons PAT increased 19% to Rs 279 crore, revenue rises 5%
Laurus Labs reported a consolidated net profit of Rs 279 crore in the March-ended quarter versus Rs 234 crore in the year ago period, implying a 19% uptick. The profit after tax (PAT) is attributable to the equity holders of the company. The company’s revenue from operations in Q4FY26 stood at Rs 1,812 crore compared to Rs 1,720 crore in the corresponding quarter of the last financial year, rising by 5%.

The PAT is up 11% quarter-on-quarter from Rs 252 crore in Q3FY26 while the topline was 2% higher sequentially versus Rs 1,778 crore in the October-December quarter of FY26.

The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 523 crore, rising 10% over Rs 477 crore in Q4FY25. It was 8% higher sequentially.

Company’s gross margins stood at 61.4%, up from 54.5% in the year ago period. It rose 690 bps YoY and 50 bps QoQ.

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The R & D spends were reported at Rs 76 crore which is 4.2% of revenues.


The company’s board of directors approved the payment of second interim dividend of Rs 1.20 for the financial year 2025-26 and has fixed May 8, 2026 as the record date for determining the eligibility of the shareholders. The Dividend amount will be paid on or after May 20, 2026.
The net profit for FY26 stood at Rs 889 crore, which increased 148% from Rs 358 crore in FY25. The revenues in FY26 stood at Rs 6,813 crore, which increased 23% driven by continued strong growth across both CDMO and Affordable Medicine (Generics) division.The full-year EBITDA stood at Rs 1,826 crore, which increased by 64% YoY.

The company in its filing to the exchanges said strong OCF (operating cash flow) was due to higher EBITDA and improved net working capital. The net debt to EBITDA reduction was largely in line and better operating leverage drove ROCE while CAPEX momentum continued.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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Retailers Flock to TikTok Shop to Find New Shoppers, Sales Growth

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Retailers Flock to TikTok Shop to Find New Shoppers, Sales Growth

Americans are increasingly turning to TikTok Shop to buy shampoo, jewelry and apparel. Retailers have noticed, pushing onto the platform with their own virtual stores.

Ralph Lauren and Olaplex Holdings moved onto the platform late last year, while Ulta Beauty launched its store in March. They follow early adopters like Crocs, Revolve Group and L’Oréal in the race to capture scrolling shoppers. “You want to be where the consumer is, and increasingly, that’s obviously on social media and online,” said Olivia Tong, a managing director at Raymond James.

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Earflo to enter US after securing FDA approval

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Earflo to enter US after securing FDA approval

An award winning Perth-developed device to treat chronic ear infections in children has received FDA approval, clearing the way for its launch in the United States.

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Gold Squeezed Between Safe-Haven Allure, Rate Fears as Underlying Demand Holds

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Gold Squeezed Between Safe-Haven Allure, Rate Fears as Underlying Demand Holds

Gold is back in the geopolitical crosshairs, caught between safe-haven demand and prospects of higher interest rates for longer.

Persistent geopolitical uncertainty is expected to drive investment demand and central-bank buying this year, according to the World Gold Council. Yet, the same forces are pushing oil prices higher, stoking inflation and reinforcing expectations of elevated interest rates—traditionally a headwind for non-interest-bearing assets like gold.

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Magnificent Seven Stocks Struggle for Direction Ahead of Big Tech Earnings

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Magnificent Seven Stocks Struggle for Direction Ahead of Big Tech Earnings

Magnificent Seven Stocks Struggle for Direction Ahead of Big Tech Earnings

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Mazagon Dock Q4 Results: Profit jumps 42% to Rs 464 crore; co declares Rs 4.62 dividend

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Mazagon Dock Q4 Results: Profit jumps 42% to Rs 464 crore; co declares Rs 4.62 dividend
Mazagon Dock Shipbuilders reported a strong set of March quarter earnings, with net profit rising nearly 42% year-on-year (YoY), supported by higher execution across shipbuilding and submarine programs. The state-run defence shipbuilder posted a standalone net profit of Rs 464 crore for the quarter ended March 2026, compared with Rs 327 crore in the same period last year.

The company’s board has recommended a final dividend of Rs 4.62 per share for the financial year ended March 2026.

Revenue from operations rose 16% YoY to Rs 3,684 crore from Rs 3,174 crore a year ago, reflecting higher project execution during the quarter. Including other income, total income for the quarter stood at Rs 3,965 crore, up 13% from Rs 3,498 crore in the year-ago period.

Profit before tax rose sharply by 54% to Rs 625 crore, compared with Rs 406.4 crore in the corresponding quarter last year, indicating improved operating leverage.

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Sequentially, however, profitability moderated from the December quarter, when the company had reported a profit of Rs 837 crore, suggesting normalization after a stronger third quarter driven by milestone-based revenue recognition.


Expenses during the quarter rose at a slower pace than revenue. Total expenses increased 8% to Rs 3,340 crore from Rs 3,091 crore a year ago, mainly due to higher raw material consumption and inventory purchases.
For the full financial year FY26, Mazagon Dock reported revenue from operations of Rs 12,840 crore, up 12% from Rs 11,432 crore in FY25.Total income for the year came in at Rs 13,982.4 crore, registering a growth of 12% YoY.

Annual profit before tax rose 4% to Rs 3,250 crore, while net profit increased 5% to Rs 2,436 crore from Rs 2,325 crore in the previous financial year.

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Pricey NFL, NBA ownership stakes push investors to smaller leagues

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Pricey NFL, NBA ownership stakes push investors to smaller leagues

Trinity Rodman #2 of Washington Spirit evades Sarah Schupansky #11 of Gotham FC during the NWSL Championship 2025 final between Washington Spirit and NJ/NY Gotham FC at PayPal Park on November 22, 2025 in San Jose, California.

Lyndsay Radnedge/isi Photos | Isi Photos | Getty Images

A version of this article first appeared in the CNBC Sport newsletter with Alex Sherman, which brings you the biggest news and exclusive interviews from the worlds of sports business and media. Sign up to receive future editions, straight to your inbox.

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Last week, the National Women’s Soccer League awarded a new expansion franchise — in Columbus, Ohio — to an ownership group led by Haslam Sports Group for a fee of $205 million.

This represents a $40 million jump from the $165 million that billionaire Arthur Blank reportedly paid for the league’s Atlanta franchise in November. And that $165 million itself was a jump of $55 million from the reported $110 million fee Denver paid in January of last year.

Rewind to 2022, and the expansion fee for a new NWSL club was just $2 million

On the surface, this appears to be a story about the NWSL’s growth. Postseason attendance rose 11% this past season, according to the league. Nearly 1.2 million people watched the NWSL finals, up 22% from a year ago, including a whopping 70% jump in the 18-to-34 demographic, the NWSL said.

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It makes sense that investors would want to get in now given the league’s growth trajectory.

But, according to investors and bankers, something else is going on that’s affecting the NWSL’s valuations that has absolutely nothing to do with soccer. It has to do with a trickle-down investment thesis driven by the outsized businesses of the NFL and NBA.

Wealthy investors have long been interested in sports ownership, trophy assets that have also produced outsized returns on investment. The introduction of private equity investment, first adopted in the NFL in 2024, has added to the pool of possible buyers. 

This dynamic is welcome news for the entire professional sports industry, which is also benefiting from another strategic investment play — the anti-artificial intelligence trade. Betting on live events is a counter-strategy for those who want less exposure to the tech in a market driven by AI investments.

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That’s helped supercharge valuations of the most valuable sports teams in the U.S. According to CNBC Sport, the average NFL team is now valued at $7.65 billion. In 2010, NFL teams were worth, on average, about $1 billion

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The average value of an NBA team is now $5.52 billion, 18% higher than a year ago. Fifteen years ago, the average NBA team was worth $369 million. That’s an increase of 1,396%. The S&P 500 is up about 422% over the same time period. 

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NBA and NFL ownership stakes are becoming too pricey for a class of buyers who have active interest in being a sports team owner — even at the minority stake level. Former New York Giants quarterback Eli Manning said as much in an interview with CNBC Sport last year.

“It’s too expensive for me,” Manning said of a potential minority stake in his longtime team. “A 1% stake valued at $10 billion turns into a very big number.”  

Equity research firm Bernstein wrote in a recent note to clients that NFL team valuations have risen about 17 times in 25 years, “the kind of returns sufficient to give any portfolio manager a legendary status and easily trumping the S&P index or any emerging market index on the planet.”

The main cause of the valuation growth stems from the enormous size of the league’s media rights. The NFL signed an 11-year, $111 billion media rights deal in 2021 — and now wants even more money. The NBA followed with an 11-year, $77 billion deal of its own, starting with the 2025 season. 

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Splitting national TV dollars among teams allows even the lowest revenue teams — the NFL’s Arizona Cardinals and the NBA’s Memphis Grizzlies — to be valued at $5.9 billion and $3.75 billion, respectively, according to CNBC estimates.

There’s a fear that “second-tier” sports, including MLB and NHL, may be at risk of losing media rights dollars as the NFL flexes its muscle and asks for more from its media partners. The more money that goes to the NFL, the less money there is for everyone else.

One might expect that dynamic to negatively affect the valuations for those sports. But according to these bankers and investors, that’s not happening. 

As the NBA and NFL have priced out buyers, there’s now increased demand for sports teams with more affordable valuations. That’s helped drive the recent NWSL surge, they say. There’s more liquidity at NWSL team price points, which has led to bidding wars and soaring valuations. 

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While the most recent winning buyers — Blank and the Haslams — are already owners of NFL and other sports teams, they’ve had to pay increasingly high prices to fight off other offers. There are far more buying groups willing to write a consortium check for $200 million than pay $1 billion or more for minority stakes in the biggest leagues.

“There’s a lot of demand to get into the sports business but people can’t write the checks to buy into the big four anymore. So what they’re doing is they’re substituting,” said veteran sports banker Sal Galatioto, president of Galatioto Sports Partners. “When supply is fixed and demand goes up, people will bid more to win. The underlying economics are not as important.”

The San Diego Padres are finalizing a sale for $3.9 billion, a record for MLB, despite the team’s regional sports network falling apart a few years ago. While nearly $4 billion is a lot of money, it’s still well below the average value of an NFL or NBA team.

“I’ve got investors coming up to me saying, ‘I can’t afford the NFL and NBA, what do you have for me in MLB, NHL?’” said one prominent sports banker, who asked to speak anonymously because the discussions were private.

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The success of the NBA and NFL has funneled all the way down to the bottom of the sports food chain, said Rick Horrow, CEO of Horrow Sports Ventures.

“Major League Cricket was at $5 million. Now the value’s at $30 [million] and going higher. Major League Pickleball two years ago was at $5 million. Now the value is at $15 million or higher,” said Horrow.

Some of this sounds a little like a sports investment bubble, where valuations are divorced from the underlying financials of the leagues themselves.

That’s a real worry for smaller, less established leagues, said Jasmine Robinson, managing partner at Monarch Collective, the largest women’s sports investment fund, with $250 million to invest. It’s why Monarch has focused most of its funds on the WNBA and the NWSL, rather than more emergent leagues, Robinson said.

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“Sports has historically been a great investment, but that’s really only for the biggest leagues. It’s not really like you can do any sports deal and you’re going to make money,” Robinson said. “There’s been real scarcity. You do need to be in the leagues that really are going to be leaders to make money. We wouldn’t make a bet on every women’s sports league.”

The big question may be what the threshold is for an established league if there’s an economic downturn that turns off the investment faucet. Monarch is betting the WNBA and the NWSL are above the line, but WNBA franchises have historically never made money, and now they need to pay out far more money to players after this year’s new collective bargaining agreement.

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