Unrivaled just announced a massive fundraising round: $106 million in additional capital. $650 million valuation. Carmelo Anthony, Alex Morgan, Geno Auriemma, Ashton Kutcher, and Trae Young all wrote checks. The league generated $45 million in revenue last year, up from $21 million the year prior. And since players own 30% of the company, their equity stake is now worth just under $200 million.
These are impressive numbers. But you can also get those details anywhere. I’m not interested in rewriting the press release. Instead, I want to have some fun. So for today’s newsletter, we’re going to dig into the numbers. We’ll start by breaking down Unrivaled’s business model and unique value proposition. But then I want to get into the good stuff, including how much money Unrivaled makes per event, future TV rights negotiations, and what type of return new investors will demand.
Here’s what you need to know…