Berkida Podcast

In this episode of Berkida Ventures Podcast, host Massimo Marinelli speaks with Michael Broughton, Co-Founder & Partner at Sports Investment Partners, former Senior Advisor at FIFA, Advisor to Recast, APEX, Krause House DAO, and Founding Member of Mercury 13, and an experienced investor and advisor across the global sports industry. The conversation explores the structural disconnect between governance and operations in sport, how investors should think about financial realities, and why infrastructure and women’s sports are emerging as key areas of opportunity. Michael also shares insights on ownership models, institutional capital entering the space, and the long-term structural shifts that could reshape the sports ecosystem.Key Takeaways:Governance in sports functions more like a political system than a traditional business structureInvestors often misunderstand fan dynamics and the true financial drivers of sports organisationsStadium infrastructure and surrounding real estate are becoming central to value creationWomen’s sports present high-growth, startup-like opportunities but require different KPIsInstitutional capital is reshaping sports, but rising debt and the cost of capital pose risksNoteworthy Quotes:“Governance in sport is effectively a political organisation seeking re-election.”“The fan is not the primary stakeholder at the governance level.”“If you deliver success on the pitch, fans will forgive almost everything.”“Women’s football is the same game, but a different product.”“Every empire falls, the question is which one, and when.”Key Timestamps:00:00 - Introduction and Michael Broughton’s background02:24 - Governance vs. day-to-day operations in sport05:35 - The Super League and control of competitions07:15 - Investor misconceptions in sports11:34 - Player unions and financial sustainability12:53 - Ownership models and governance approaches15:57 - Stadium infrastructure and real estate strategy21:00 - Investment case for women’s sports26:45 - Sports as an asset class and institutional capital31:09 - Future risks, bankruptcies, and structural shifts33:18 - New formats, esports, and evolving fan behaviour34:47 - Closing thoughtsConnect with the Guest, Michael Broughton:Michael Broughton LinkedIn: https://www.linkedin.com/in/michaelcbroughton/Sports Investment Partners LinkedIn: https://www.linkedin.com/company/sports-investment-partners/Connect with the Host, Massimo Marinelli:LinkedIn: https://www.linkedin.com/in/massimo-marinelli-803274/Follow Halford Media Advisory:LinkedIn: https://www.linkedin.com/company/halford-media-advisory/Website: https://www.halfordmediaadvisory.com/More from Berkida Ventures:Website: https://sites.google.com/view/berkida-ventures/Substack: https://theberkidabrief.substack.com/LinkedIn: https://www.linkedin.com/company/berkida-ventures/Email: [email protected] the Podcast:Apple Podcast: https://podcasts.apple.com/us/podcast/berkida-podcast/id1877643221Spotify: https://open.spotify.com/show/3PMcmovZzweazCDgXKzmpY?si=37f1773a8fd34e38&nd=1&dlsi=4f8c3665a8ba4448

In this episode, host Massimo Marinelli speaks with Hadrien Perazzini, Founder of Lake38 Advisory and previously with Arsenal Football Club and National Basketball Association (NBA), a sports industry executive with experience across football clubs, IMG, and the NBA. The discussion explores the structural differences between European football and U.S. franchise leagues, the growing role of institutional capital in sports, and how investors are approaching clubs as portfolio assets. Hadrien also shares insights on the NBA governance model, the potential launch of NBA Europe, and the long-term trends shaping the future of sports investment.Key Takeaways:European football’s promotion and relegation model creates strong storytelling but financial volatilityU.S. leagues prioritize stability through centralized governance and revenue sharingInstitutional investors increasingly treat sports teams as portfolio assetsPlayer trading and academy strategy remain critical to club financial sustainabilityDirect-to-consumer media and fan data ownership will shape the next decade of sportsNoteworthy Quotes:“Sports is an incredible source of stories and emotions, but it’s also a very untraditional business.”“European football’s meritocratic system fuels the storytelling, but it also creates financial volatility.”“In the NBA model, every stakeholder is aligned around the same objective: growing revenue, profitability, and valuations.”“Clubs today are increasingly being viewed as portfolio assets rather than just sporting institutions.”“Successful sports investors come with an operational thesis, not just a financial one.”Key Timestamps:00:00 - Introduction and Hadrien’s background04:30 - European vs. U.S. league models11:08 - Institutional investment in football16:18 - Player trading and club strategy20:33 - Lessons from the NBA governance model24:21 - NBA Europe and basketball’s future34:17 - How investors should approach sports assets37:55 - Final ThoughtsFollow our guest, Hadrien Perazzini:LinkedIn: https://www.linkedin.com/in/hadrien-perazzini/Lake38 Advisory LinkedIn: https://www.linkedin.com/company/lake38-advisory/ZATAP by collectID LinkedIn: https://www.linkedin.com/company/zatap/ZATAP by collectID Website: https://zatap.io/Connect with the Host Massimo Marinelli:LinkedIn: https://www.linkedin.com/in/massimo-marinelli-803274/Follow Halford Media Advisory:LinkedIn: https://www.linkedin.com/company/halford-media-advisory/Website: https://www.halfordmediaadvisory.com/More from Berkida Ventures:Website: https://sites.google.com/view/berkida-ventures/Substack: https://theberkidabrief.substack.com/LinkedIn: https://www.linkedin.com/company/berkida-ventures/Email: [email protected] the Podcast:Apple Podcast: https://podcasts.apple.com/us/podcast/berkida-podcast/id1877643221Spotify: https://open.spotify.com/show/3PMcmovZzweazCDgXKzmpY?si=37f1773a8fd34e38&nd=1&dlsi=4f8c3665a8ba4448

In this episode, host Massimo Marinelli sits down with Sasha Ryazantsev, former Chief Finance and Commercial Officer of Everton and current CFO advisor to Burnley Football Club, to unpack the financial realities shaping modern football. Moving beyond headlines, the conversation focuses on investor-driven themes including financial sustainability, UEFA’s evolving cost control framework, and the rapid rise of multi-club ownership structures.Sasha explains what financial sustainability truly means in practice, not simply complying with regulations, but achieving on-pitch performance without recurring capital injections. The discussion dives into the shift from traditional profitability rules to UEFA’s 70% Squad Cost Ratio, the regulatory tension between UEFA and the Premier League, and how newly qualified European clubs face structural pressure under the new system.Key Takeaways:Financial sustainability means delivering sporting performance without permanent reliance on new equity or debt injectionsUEFA’s 70% Squad Cost Ratio shifts focus from accounting losses to revenue-linked cost controlNewly qualified European clubs face structural challenges moving from domestic rules to stricter UEFA thresholdsStadium investments can boost matchday revenue but are increasingly difficult to justify on return-on-capital groundsMulti-club ownership can create player trading and financial diversification synergies, but only if structured strategicallyKey Timestamps:00:00 - Introduction and Sasha’s background in football finance05:03 - From profitability rules to squad cost ratios10:47 - How the 70% UEFA Squad Cost Ratio works13:59 - Infrastructure investment vs. squad spending16:00 - Premier League vs. UEFA regulatory overlap17:03 - The rise of multi-club ownership structures19:30 - Where real MCO synergies exist23:52 - European qualification risks within MCO models26:16 - Group-level finance and diversification benefitsFollow our guest, Sasha’s Ryazantsev:LinkedIn: https://www.linkedin.com/in/sasha-r-90707216b/Burnley Football Club LinkedIn: https://www.linkedin.com/company/burnleyofficial/Connect with the Host Massimo Marinelli:LinkedIn: https://www.linkedin.com/in/massimo-marinelli-803274/Follow Halford Media Advisory:LinkedIn: https://www.linkedin.com/company/halford-media-advisory/Website: https://www.halfordmediaadvisory.com/More from Berkida Ventures:Website: https://sites.google.com/view/berkida-ventures/Substack: https://theberkidabrief.substack.com/LinkedIn: https://www.linkedin.com/company/berkida-ventures/Email: [email protected]

In this episode of the Berkida Podcast, join host Massimo as he welcomes Mary Ann Halford, founder of Halford Media Advisory and a veteran with over three decades of experience in media and entertainment. This conversation explores the major shifts revealed at CES, the strategic rise of short-form "micro dramas," and the high-stakes M&A battles between streaming giants. Mary Ann also provides critical insights into the transformative impact of AI and the evolving power of the sports ecosystem in the modern advertising landscape.Key Takeaways:The New Content Economy: Industry players are shifting from traditional electronic products to immersive, interactive experiences that embrace a new content economy.Strategic Micro Dramas: Leading platforms like Disney are integrating addictive, short-form content to drive daily user engagement and compete with global leaders in the space.M&A Case Studies: The ongoing negotiations between Paramount, Netflix, and Warner Bros Discovery represent a pivotal lesson in media consolidation and strategic bidding.AI as a Critical Pivot: 2026 is projected to be the defining year for AI integration, balancing cost-effective production with the protection of human creative rights.Sports as a Viewership Linchpin: Live sports remain the primary driver of American television ratings, evolving from standalone games into comprehensive content ecosystems.Episode Highlights and Timestamps:[00:00:00] - Intro: Massimo introduces Mary Ann Halford and her extensive background in US media and entertainment.[00:04:45] - CES and Disney: Insights into the Disney and Lego "Star Wars" collaboration and the debut of the Sphere in Las Vegas.[00:07:30] - Micro Drama Strategy: Exploring how short-form content is becoming a primary tool for increasing platform engagement and combating churn.[00:13:20] - The Streaming Wars: A deep dive into the M&A dynamics and legal drama between Paramount and Warner Bros Discovery.[00:16:18] - Impact of AI: Discussing why the next 24 months are pivotal for AI's role in the content supply chain.[00:19:10] - Future of Advertising: How AI engines and retail media platforms are challenging traditional television advertising revenues.[00:22:26] - Sports Investment: Why advertisers are focusing on the total sports ecosystem, including podcasts and fan communities.Connect with the Guest Mary Ann Halford:LinkedIn: https://www.linkedin.com/in/maryannhalford/X: https://x.com/MaryAnnHalfordFollow Halford Media Advisory:LinkedIn: https://www.linkedin.com/company/halford-media-advisory/Website: https://www.halfordmediaadvisory.com/Connect with the Host Massimo Marinelli:LinkedIn: https://www.linkedin.com/in/massimo-marinelli-803274/More from Berkida Ventures:Website: https://sites.google.com/view/berkida-ventures/Substack: https://theberkidabrief.substack.com/LinkedIn: https://www.linkedin.com/company/berkida-ventures/Email: [email protected]

In the world of sports, media, and entertainment, the real game is played in the boardroom.From leading EMEA investment banking at UBS to serving on the board of Leeds United, Massimo brings an elite institutional perspective to the industries shaping our world.This isn't just news - it’s a masterclass in driving value, navigating global markets, and understanding the strategic moves behind the headlines.For the executives, investors, and power players: The Berkida Podcast is your inside track.New episodes coming soon to your favourite platforms. Subscribe now.