Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain unusual assets, combining economics with competition, community identity and deeply emotional fan relationships.

Host Oscar Pulido speaks with David Rubenstein, co-founder and co-chairman of The Carlyle Group and control partner of the Baltimore Orioles ownership group, about his move from private equity into sports investing. They discuss his decision to invest in his hometown team, the role franchises can play in their cities, and how leadership differs when success is measured by more than financial returns.

The conversation also explores the forces influencing sports investing, from rising franchise values and broader ownership participation to live media demand, AI-powered analytics and longer-term developments across capital markets.

Key moments in the episode:

00:00 Meet David Rubenstein

02:10 Sports ownership and Civic Responsibility

04:06 Camden Yards and Baltimore City Revival

06:42 What Owners Really Do

09:00 Winning Over Profits

10:24 Long Horizon Decisions

13:06 Sports as an Asset Class

15:45 AI in Sports and Moneyball 2.0

17:11 Next 20 Years of Investing

20:28 First Orioles Game Memories

21:38 Closing and Up Next

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sports investing, David Rubenstein, Baltimore Orioles, sports ownership, business of sports, sports franchises, private equity, Carlyle Group, private markets, AI investing, artificial intelligence, baseball analytics, sports analytics, live sports, media rights, franchise valuations, leadership, sports business, institutional investing, professional sports ownership

Sources: Inside The Owners Box, David Rubenstein, September 2026

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271: David Rubenstein, Co-Founder of The Carlyle Group, on the Business of Sports, Investing and Leadership

The Bid - An Investing Podcast from BlackRock

271: David Rubenstein, Co-Founder of The Carlyle Group, on the Business of Sports, Investing and Leadership