Everything happens for a reason.

Now that would make for a memorable final scene in Willpower, after the hilarious MLB Group Chat and the tear-jerking opening day theatrics.

When I first began exploring sports franchises as an asset class — not as a fan, but as a capital allocator seeking the right ownership structure for the Expos — I felt a bit like Columbus thinking he’d discovered something new… only to realize entire continents of private equity were already swimming in these waters.

Ross Arctos Index.
Apollo white papers.
KKR acquiring Arctos.

This space is buzzing.

Sports franchises are no longer “trophy assets.” They are structured financial instruments. Yield-generating platforms. Scarcity-driven appreciating assets.

The capital is there.

What’s missing?

Operators.

Investors don’t just look for capital stacks. They look for people who can build culture, manage stakeholders, communicate vision, and execute under pressure.

I concede I am rarely the first to spot an opportunity. Rupert Murdoch wasn’t the first in cable. WatchMojo wasn’t the first on YouTube. But once I assess terrain, few can match the drive, energy, and stamina.

Same here. After 70 days on the mission, I had received a staggering amount of conditional financial support, preferably to the deployed sooner, not later, i.e. pursuing a team on the market now, instead of patiently waiting for expansion window to open up in 2028.

Two Models: Arctos vs. Monumental

There are different ways to play this game.

The Arctos Model

  • Passive minority stakes
  • Small bets across many teams
  • Focus on relationships, culture, league approvals
  • Pro-rata rights to follow in secondaries
  • Portfolio approach to sports ownership

Arctos built ~$15B AUM in under a decade doing exactly this. They institutionalized minority sports ownership. Then KKR stepped in — with ~$600B+ AUM — and effectively said: “We can scale this.”

With rising franchise valuations, pro-rata follow-ons require bigger checks. That’s where scale matters.

Arctos = specialist.
KKR = amplifier.

Together, that’s a signal.

For me, this was one of my frustrations investing in 15 startups: small minority stakes, no control to really help, no real input. Frustrating more than fulfilling. I didn’t understand at the time the role this played in my journey. Now, I get it. It’s tempting to take PE money and just buy the Padres and retire in the sun. But that isn’t the purpose, nor the mission at hand.

The Monumental / MLSE Model

Then there’s the operator-led model:

Own the flagship.
Build around it.
Control the ecosystem.
Drive media, real estate, infrastructure.

This is where The Peanut Project increasingly leans.

Granicus Sports & Entertainment could absolutely resemble Arctos — minority stakes across properties.

But Peanut Project LLC?

That’s Expos-first.

That’s 4C.

That’s a campus, a calling… not a cap table.

Why This Matters

When I began Phase 1, I thought capital might be the constraint.

It isn’t.

The constraint is structure.

Who leads?
Who anchors?
Who scales?
Who operates?

PE is comfortable up to 30% of franchise equity.
Up to 100% of infrastructure.

That means:

  • Stadium
  • Mixed-use
  • Media
  • IP
  • Tech-enabled monetization

This isn’t just buying a team.

It’s building a platform.

The Tale of the Tape: Arctos vs. KKR

Arctos

  • Founded 2019
  • ~$15B AUM
  • ~70 professionals
  • Minority stakes across MLB, NBA, NFL, European football
  • Focused, specialized, relationship-driven

KKR

  • Founded 1976
  • ~$600B+ AUM
  • 4,000+ employees
  • Diversified across PE, credit, infrastructure
  • Acquired Arctos to scale sports exposure

Translation?

Sports is no longer fringe. It’s mainstream institutional capital.

And when KKR acquires Arctos, it tells you something:

The asset class is graduating.

So… Expos or Many Teams?

Short answer:

Expos first.

4C will keep me busy enough. Padres? Nordiques? Other leagues? Interesting — but not the mandate.

However.

Nothing stops sports leagues, teams, or owners from responding to the RFP process now underway through Peanut Project LLC.

Phase 2 is about converting interest into structure.

Whether that structure resembles:

  • Arctos (portfolio minority stakes), or
  • Monumental (operator-led flagship ownership),

…will be determined by the capital stack, governance, and execution model.

The Real Insight

I’m not trying to “collect teams.”

I’m building an operating platform.

Capital is abundant.
Sports demand is abundant.
Institutional appetite is abundant.

Operators who understand media, distribution, monetization, and global audience building?

Less abundant.

Everything happens for a reason.

Arctos swimming.
KKR scaling.
MLB renegotiating rights.
PE circling.

And Montreal?

Still underestimated.

For now.

LFG.

— Ash