— EDITOR'S NOTE

Thanks to the new wave of subscribers for jumping aboard. Volume 37! Let’s do this thing.

And make sure you tune in to The Colosseum episode 7. We broke down the B1G’s new salary cap and the cap considerations heading into next week’s NFL trade deadline, answered our first audience question AND put Infraway to The Field Test (use code COLOSSEUM for $10 off your order).

When deals hit our screens and involve partners of the No Huddle family and ecosystem, we’ll give our audience a behind the scenes, digestible breakdown of what actually goes down, and the why behind it.

First up: how Hackees landed Barbara Corcoran’s $250K for 9% on Shark Tank.

🎙 IN THE POCKET

How I am seeing the field across sports, media, entertainment, wellness and CPG

Savvy sports business followers know that the most profitable part of Atlanta Braves Holdings isn’t the Braves themselves.

In 2025, the baseball business did $635 million of revenue and $51.1 million of Adjusted OIBDA, while the mixed-use side did $97.4 million of revenue and $68.5 million of Adjusted OIBDA. The Battery Atlanta, the district wrapped around Truist Park, brought in about 13% of the revenue and the bigger share of the profit.

Source: Draysbay

This year the gap only widened. Through the first nine months of 2026, the baseball side lost $12.5M in Adjusted OIBDA, while The Battery and the rest of the mixed-use development portfolio made ~$56M - up 11% YoY. And that is even with the Braves back in the playoffs (making it to the NLDS) and average attendance up 14%. Higher payroll and launching BravesVision ate into the business side of the house, but the apartments, offices and restaurants outside of the actual ballpark more than offset the baseball segment’s losses (on an Adjusted OIBDA basis).

Back in Volume 7, I dubbed these districts a fan experience play just as much as a business one: keep people around the stadium longer (and more frequently) and give them more ways to spend. That was the earlier version of the story, and me just starting to see down the tunnel. Since, mixed use districts have become their own asset class, and institutional money continues to pour that way.

In August, Apollo Sports Capital signed a $2.6 billion financing agreement with the Yankees’ holding company, a mix of credit and equity going toward growing the franchise and refinancing existing debt. I’m hoping some of that Apollo money finds its way to more bars, better restaurants, an easier way to get to the field transportation wise…and a more efficient way to enter Yankee Stadium (anyone who’s stood in that line on a Saturday or for a playoff game knows exactly what I’m talking about, and CLEAR’s line is just as long!) Two months earlier, Arctos Sports, now part of KKR, partnered with RVX and Magellan on a national platform built solely for sports-anchored districts.

It’s happening at every level too. Let’s follow the thread:

What gets lost in the beautiful renderings with happy-as-ever AI-generated fans is how long and expensive these projects truly are. KU’s project traces back to a 2017 announcement and won’t be finished until 2028. That’s more than a decade from the first press release to the full district…and we will see if they are able to finish it by then. Phase I alone came in at $448 million, up from the $335 million maximum the Regents originally approved. And the stakeholders involved grow quickly too: the team or school, a master developer (KU brought in Edgemoor, the developer of the new Kansas City International airport), the city, the county, the state, a hotel operator, lenders, donors and sometimes even more.

Many of these stadiums push for public funding as well to help alleviate the costs. That naturally heightens the stakes, and we see a lot of these discussions reach a boiling point - à la the Chicago Bears looking to build a new stadium development in Arlington Heights. The Bears have sunk tens of millions of dollars in R&D and feasibility for where their next stadium could be, and then more hours and dollars to lobby that they should be able to gain funding approval to go there. Sound fun?

Now, there’s a reason the public side checks everyone’s math and some politicians are staunchly against using taxpayer dollars to fund a stadium. A 2023 review of more than 130 studies over 30+ years confirmed the long-standing consensus that pro teams and stadiums have very limited economic impact. I’m not here to settle the subsidy debate - though that could be fun to cover on The Colosseum. The interesting part to me is that the district around the venue is where the numbers have a real shot at working. San Antonio is betting its ballpark bonds on it, and the Braves’ financials show why.

The problem is the very first step. Before a lender commits, before a council votes and before a developer signs on, someone has to answer whether the apartments will lease, the restaurants will fill and the hotel can make money on a Tuesday. Arlington Heights spent $118,000 upfront just to hire someone to check the Bears’ numbers. For a minor league town or a city weighing a youth sports complex, a six-figure, multi-month study can stop a project before it starts.

And that’s where Feasibly comes in… 👇

📺 THE WATCH LIST

A mini investment memo on the stars of tomorrow

The Company: Feasibly

The Business in a tweet: Feasibly is the market study engine for venue-anchored mixed use real estate. It’s a traditional feasibility consultant with decades of project data and experience, at a fraction of the cost, and exponentially faster. Feasibly produces bank-ready studies in 3 to 5 business days, and reports start at $7,500. Go behind the tech here.

The 101:

If you’re interested in learning more or meeting the team, respond to this email or reach out to [email protected].

📶 THE SIGNAL — NO HUDDLE'S TAKE

I am a huge believer in this business. Back in Volume 7 I wrote about Patriot Place and The Battery, and how teams were building whole neighborhoods around the stadium to keep fans spending year-round. In episode 1 of The Colosseum, we broke down Arctos, RVX and Magellan’s project with Neyland Stadium down in Knoxville (865 Neyland). What I neglected to cover is the first step of all of these projects - every one of these districts starts with an idea, and the need to hash out the art of the possible…and how much it would cost. A feasibility study answers all of the essential questions, and nothing gets financed until it does.

That’s why Feasibly - spun out of Victus Advisors - is such a smart play. It sits at the top of the ecosystem and the top of the funnel. Before the architect, before the general contractor, before the lender, there’s a study. Feasibly gets there in days, at a price that a mid-sized developer, a regional bank or a city like McAllen can actually pay. That data and experience then compound to bigger and bigger opportunities and projects.

Feasibly isn’t a traditional SaaS play either - the real reason why their reports hold up is the data moat and experience that Brian and the team have. The methodology behind Feasibly’s work comes from decades of actual project experience - well before the idea of a “mixed-use development” became as mainstream as it is today.

Feasibly is part of the long process to eventually cut the ribbon on a new development project. Because of where it stands in the funnel, it doesn’t have the same upside (or downside) risk, whether the project ends up getting greenlit or not. With strategic backers coming in, Feasibly is in the early innings of their success.

Sure, Feasibly can’t force a bad project to a green light - the study informs the decision, it doesn’t make it. And cities may take time to adjust to leaner, smarter ways to price out their future real estate builds…public processes don’t exactly move at startup speed!

These development plays aren’t going anywhere. If anything, they’re picking up speed. Minor league teams are building ballparks with apartments and restaurants beyond the outfield wall. College programs are looking at hotels, retail and premium space around their stadiums to give alumni more reasons to show up. Owners of pro teams, now with an influx of liquidity from investors and private equity joining in, are pushing for ways to generate revenue on the 300+ nights a year when there’s no game. All of those projects start with the same feasibility study, and plenty of them are in markets the big consulting firms never bothered to chase. That’s Feasibly’s sweet spot.

The anchor investors for this round will be very interesting to see, and certainly will be huge to help Feasibly take the next leg of their journey. Can’t wait to see how the next 6 months and beyond looks for the Feasibly crew!

If you’re interested in learning more, or meeting the team, respond to this email or reach out to [email protected].

No Huddle is for informational purposes only and is not financial or business advice. The content in this newsletter does not represent the opinions of any other person, business, entity, or sponsor.

FROM THE ARCHIVE

Every great venue district starts long before the first shovel. In Volume 29, we covered Ballers, who showed how the right building can anchor a whole destination. Feasibly is the step that tells you whether it pencils out.

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