The Mack Podcast Where Family Offices Are Investing Across the Sports Landscape
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Mar 26, 2026 Justin Papadakis, USL deputy CEO focused on stadium-anchored real estate and long-term soccer growth. Bobby Henebry, CIO of Elway Capital, specializes in bespoke sports and real estate deals for a single-family office. Kyle Auffray, ex-NFL player and sports investor, builds fan-centric investment vehicles. They discuss where value is created today: real estate, media rights, fan engagement, platforms, and how to access and size positions across the sports landscape.
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Sports Is A Diverse Investable Asset Class
- Sports is a broad, investable asset class that extends far beyond owning teams and includes fandom, ticketing, merchandising, sponsorships, and venue ecosystems.
- Kyle Auffray and Justin Papadakis highlight cash-flowing assets around stadiums and fan engagement as core, diversified sources of returns.
How Family History Sparked The USL Investment
- Justin's family bought USL in 2008 because soccer transformed his father's life and the family wanted to give back to the game.
- That personal origin drives their long-term focus on community development and stadium projects.
Invest Through Experienced Sports Operators
- Invest with operators who have real sports experience or hire their management teams to diligence and operate assets.
- Kyle Auffray describes bringing former pro athletes, execs, and tech leaders into his fund to provide that expertise for family offices.