Best of the Left - Leftist Perspectives on Progressive Politics, News, Culture, Economics and Democracy #1781 Your Team Is a Hedge Fund Now: How Gambling and Billionaires Captured American Sports
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Apr 1, 2026 Money and power have reshaped American sports into a playground for billionaires and private equity. Unregulated gambling and prediction markets are entwined with broadcasts and athlete investments. Leagues prioritize valuation and access to politicians over players and communities. Fans, independent reporters, and new labor wins push back against a captured sports culture.
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Team Owners Buy Political Influence
- Sports ownership is political power, with owners donating to politicians and buying influence rather than just supporting candidates.
- Jemele Hill shows Trump's $239M inauguration included $15M from team owners, betting firms, and sports figures, linking owners to political leverage.
UFC's Monopoly Leaves Fighters Underpaid
- UFC fighters earn about 17% of $1.4B in revenue while the UFC exerts monopoly control with exclusive contracts and rank/title power.
- More Perfect Union tracks ticket prices rising 4,000% and fighters like Francis Ngannou walking away over health and sponsorship demands.
Captured Sports Media Protects Powerful Owners
- Sports media has become financially captured by leagues and gambling companies, weakening investigative journalism.
- Pablo Torre exposed a $28M endorsement paper trail involving Clippers owner Steve Ballmer because ESPN avoided hard reporting tied to league money.