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Superfans to Super Investors: Major League Sports Capital
April 9, 2024
The Evolution of Sports Capital Raising
Professional sports is undergoing a fundamental transformation. While the games themselves remain at the heart of the industry, the business model behind them is evolving rapidly. Major leagues are expanding globally, streaming is disrupting traditional broadcast models, and technology is creating new fan engagement opportunities.
Yet amid this change, one truth remains constant: fan loyalty is the most valuable asset in sports.
The sports industry is seeing unprecedented growth, with global valuations reaching $512 billion in 2023. This expansion requires significant capital, but traditional funding models often leave value on the table. Forward-thinking organizations are discovering that their most passionate supporters aren't just fans—they're potential investors.
The Fan Ownership Revolution: Converting Passion to Capital
The concept of fan-driven capital raising isn't new, but technology has finally made it accessible. The Green Bay Packers exemplify this approach with their 2021 DealMaker campaign that raised $65.8 million and added 176,160 new shareholders through fan ownership. This achievement wasn't just a fundraising milestone—it was a masterclass in converting fan passion into financial capital.
The Evolution of Fan-Driven Sports Capital
1923
Green Bay Packers' First Stock Sale
The Packers launched their first-ever community stock offering to prevent bankruptcy, establishing the model for fan ownership in American sports.
1960s
German Bundesliga's 50+1 Rule
German soccer implemented the 50+1 rule requiring majority fan ownership of clubs, creating one of the world's most financially stable leagues with deep community ties.
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2012
Manchester United IPO
Man U became publicly traded on the NYSE, setting a precedent for professional sports teams accessing public markets for capital, though with limited fan governance input.
2021
Packers' $65.8M Digital Capital Raise
The Green Bay Packers partnered with DealMaker to conduct their sixth stock offering, reaching 176,160 new shareholders in a digital-first, fan-centric approach.
2022
Wrexham A.F.C. Fan-Fueled Resurgence
Ryan Reynolds and Rob McElhenney leveraged fan passion into a successful investment strategy, multiplying club valuation while maintaining the fan ownership structure.
2024
Oakland Ballers Community Raise
After losing MLB's Athletics, Oakland residents launched a fan-owned baseball team, raising $1.2M from the community to fill the void left by departing franchises.
2024
Real Madrid Restructuring
Real Madrid announced plans to transition their ownership structure to strengthen their socios (member-owners) system, giving fans more direct involvement in club governance.
Now
The Future of Sports Capital
As streaming reshapes media rights and fan engagement becomes more critical, teams are increasingly exploring fan-driven capital raises to secure funding while building deeper community connections.
European soccer powerhouses like FC Barcelona, Real Madrid, and Germany's Bundesliga clubs have long recognized this potential. Their socios (member-owners) model demonstrates how social connection translates into financial strength. When fans become stakeholders, they form deeper, more resilient relationships with their teams.
What's changing is the accessibility of this model for both teams and fans. Regulatory modernization and digital platforms now enable sports organizations of all sizes to implement fan ownership strategies efficiently and compliantly.
Case Study: Oakland Ballers - Fixing the "Broken Social Contract"
Fixing a "broken social contract" between teams and fans
How the Oakland Ballers launched a historic fan ownership offer
The Story
Co-founded by Oakland locals Paul Freedman and Bryan Carmel, the Oakland Ballers were created to keep baseball in historic Oakland after the Oakland Athletics announced plans to relocate to Las Vegas. The team's mission was clear: ensure the community would never be left hung out to dry again.
To achieve this, the team collaborated with local fan groups to create a fan-investment structure that would give supporters voting rights and control over the team's future. This groundbreaking approach was designed to repair what the founders called "a broken social contract" between professional sports teams and their communities.
With DealMaker's capital raising technology, the Ballers were able to democratize team ownership, allowing investments starting at just $100. This approach attracted everyone from local fans to celebrities like Green Day's Billie Joe Armstrong, creating a diverse ownership community united by their love for Oakland baseball.
Key Results
CAPITAL RAISED
$1.2M+
Total amount raised through community investment
INVESTOR PARTICIPATION
Thousands
Of fans became shareholders in days after announcement
MINIMUM INVESTMENT
$100
Accessible entry point for community members
MEDIA COVERAGE
National
Featured in major sports and business publications
The Triple Win: Benefits for Teams, Fans, and Communities
For Sports Organizations:
- Stable, Loyal Capital Base: 83% of shareholder fans maintain or increase their support during losing seasons, compared to 58% of non-shareholder fans
- Enhanced Revenue Streams: Teams with significant fan ownership report 54% higher per-fan spending on merchandise and tickets
- Brand Ambassadorship: Shareholder fans are three times more likely to recommend their team to others
For Fans:
- Emotional Investment Becomes Financial: The psychological benefits of ownership create deeper connection
- Community Building: Shareholder groups foster vibrant communities beyond game days
- Democratic Participation: Fans gain a voice in organizational direction (varies by structure)
For Communities:
- Local Economic Anchoring: Fan ownership helps keep teams rooted in their communities
- Civic Pride: Shared ownership creates powerful community identity
- Economic Inclusion: Enables broader participation in sports business success
The Financial Transformation: How Capital Raises Reshape Sports Finance
Traditional sports financing has typically relied on:
- Wealthy individual owners
- Private equity and institutional investment
- Corporate sponsorships and broadcasting deals
These models create disconnects between fans and financial decision-making. Fan-driven capital raises offer a compelling alternative:
Regulatory Landscape and Capital Raising Options
Successful sports capital raises typically leverage three regulatory frameworks:
Regulation CF (Crowdfunding)
- Raise up to $5 million
- Open to both accredited and non-accredited investors
- Lower compliance requirements
- Ideal for: Emerging leagues, NIL collectives, local teams
Regulation A+
- Raise up to $75 million in a 12-month period
- Requires SEC qualification
- Higher compliance requirements
- Ideal for: Established teams, major facility upgrades, expansion franchises
Regulation D
- Unlimited raise amount from accredited investors
- More flexibility in offering structure
- Various exemptions available (506(b), 506(c))
- Ideal for: Major league franchises, large acquisition financing
Case Study: The Green Bay Packers Playbook
Green Bay Packers: Fan-Driven Capital Raise
How the NFL's only community-owned team leveraged fan passion into financial strength
$65.8M
CAPITAL RAISED
176,160
NEW SHAREHOLDERS
76
DAYS TO COMPLETE
$373
AVERAGE INVESTMENT
Key Success Factors
Authentic Community Connection: The Packers' century-long history as a community team created genuine emotional investment from fans.
Accessible Investment Threshold: The $250-$300 entry point made ownership accessible to average fans rather than just wealthy investors.
Digital-First Approach: The DealMaker platform enabled seamless digital transactions, significantly expanding the potential investor pool beyond local boundaries.
Transparent Governance Structure: Clear communication about what ownership entailed created appropriate expectations and trust with investors.
Minimal Marketing Requirements: The organic enthusiasm from fans drove the campaign with virtually no traditional marketing spend needed.
The Future of Sports Capital Raising
The sports capital landscape is continuing to evolve:
- NIL Collectives leveraging fan capital to support college athletes
- Emerging Leagues using fan ownership to differentiate from traditional models
- Technology Integration creating new investment opportunities in sports tech, e-sports, and digital assets
- Global Expansion as international sports adopt fan financing models
- Community Reclamation like the Oakland Ballers' $1.2 million community raise
Technology's Role in Democratizing Sports Investment
For teams looking to implement fan-driven capital raises, technology platforms have eliminated previous barriers. Modern platforms provide:
- Regulatory Compliance automation to navigate complex requirements
- Seamless Investor Onboarding to convert fans to investors efficiently
- Real-Time Analytics for optimizing campaigns
- Investor Communication Tools to maintain engagement
- Payment Processing across multiple channels and methods
The Opportunity Ahead
As Brian Christie noted in the Sports Business Journal: "Giving fans the opportunity to invest and share in ownership isn't about charity—it's about a chance to democratize ownership and bring it closer to the heart of American communities. It's a paradigm shift of ownership to a more inclusive, fan-based model."
Research demonstrates that fans who become shareholders drive 54% more value into the brand and show 60% more brand loyalty and engagement. They are empowered to care on an entirely new level.
Sports organizations face a choice: continue with traditional financing models or embrace the power of fan capital. As leagues and teams navigate new economic realities, those who build direct financial relationships with their fans gain a significant competitive advantage.
Fans are the lifeblood of all sports leagues—and executive teams increasingly recognize that growing these relationships is mission-critical. The most effective way to strengthen these connections in today's landscape? Enabling fans to become genuine stakeholders in the teams they love.
When VCs said no, Monogram turned to retail investors. That decision powered their rise from startup to publicly traded company—and even helped them raise an additional $13M privately after their Nasdaq debut.
The Challenge: Raising Capital on Their Terms
The Challenge: Raising on Their Terms
Monogram Technologies was founded with a bold vision: to revolutionize orthopedic surgery with a robotic joint replacement system using custom 3D-printed joints. The market for this technology is massive—approximately $19.6 billion, with over 1 million knee replacements per year. But it's a capital-intensive, regulation-heavy space—and traditional VCs weren't biting.
Instead of compromising, co-founders Dr. Doug Unis and Ben Sexson went all-in on a different path: retail capital. Why?
- Control and ownership: Not only were they able to raise the capital they needed to grow the business—they did it on their own terms.
- Long-term asset: They wanted to build an army of true believers who wanted to see the company succeed and would continue to reinvest over the years.
- A value-add network: Raising from retail allowed Monogram to amass a waiting list of thousands of patients eager to participate in future trials.
- Aligned incentives: Their mission to improve patient outcomes and build a better future for those struggling with joint pain resonated with retail investors.
The Power of Retail: Monogram's Capital Journey
| Start Date | End Date | Type | Platform | Amount Raised | # Investors |
|---|---|---|---|---|---|
| 3/13/19 | 3/31/20 | A+ | SeedInvest | $14,588,668 | 6,000 |
| 11/16/20 | 1/16/21 | A+ | StartEngine | $2,965,501 | 8,000 |
| 1/17/21 | 2/18/22 | A+ | StartEngine | $23,647,853 | 14,082 |
| 7/15/22 | 3/16/23 | CF | DealMaker | $4,673,000 | 2,249 |
| 3/1/23 | 4/8/23 | A+ | Republic | $232,275 | 120 |
| 3/1/23 | 5/23/23 | A+ | DealMaker | $15,958,364 | 5,198 |
| 5/18/23 | - | Nasdaq listing | |||
| 7/24 | 10/24 | Unit Offering | DealMaker | $12,990,103 | 2,745 |
Monogram Capital Raise Timeline
Monogram's first direct-to-investor raise was a $14.6M round in 2019. Since then, Monogram has raised retail capital six additional times, using Reg A+ as a springboard to a Nasdaq listing in 2023.
Each raise brought in new believers—and more importantly, kept bringing them back. That's the long-term power of retail capital. It's not just one campaign—it's a compounding asset that grows with the business.
$80M+
Raised across seven campaigns
~40,000
Investors championing Monogram's vision
20%
Of each raise came from previous investors
Marketing Excellence
DealMaker Reach provided strategic investor acquisition services, helping Monogram connect with the right audience through high-impact channels.
Premium Publications
Targeted campaigns in premium publications like Morning Brew captured qualified investors
High-Engagement Webinars
Engaging events that generated over $4.3 million in investments
Community Building
Strategic approaches that fostered a loyal shareholder base
Investment Momentum
Innovative approaches that amplified investment momentum
Monogram's Journey to Success
Monogram's journey has been defined by relentless innovation, strategic fundraising, and breakthrough advancements in robotic-assisted joint replacement. From early-stage research to a Nasdaq listing and beyond, Monogram's milestones reflect its evolution into a pioneering force in orthopedic surgery:
- Filed its first patent application in 2017
- Conducted clinical studies at UCLA and University of Nebraska
- Expanded the team with key hires
- Attracted a top-tier advisory board to guide clinical innovations
- Signed their first distribution partnerships
- Made headlines with cutting-edge live demonstrations
- Secured 501(k) FDA clearance for the mBôs surgical system
Nasdaq Debut & Beyond
In May 2023, Monogram Orthopaedics successfully listed on the Nasdaq—a significant milestone offering liquidity and growth opportunities for the company.
For most companies, that would be the end of their story in the private markets. But for Monogram, it was just the beginning of a new chapter.
Public perception says you can't raise privately post-IPO. Monogram proved that wrong.
Defying conventional fundraising norms, Monogram raised an additional $13 million from private investors, powered by DealMaker. This move highlighted the power of a dedicated investor community and provided additional strategic growth capital. Meanwhile, strategic digital marketing for the private offering helped boost the public share price—a win-win for the company and its investors, both public and private.
This was retail capital at its best: strategic, repeatable, and aligned.
One vision. Zero compromises.
This wasn't a one-time raise. It was a multi-year capital strategy.
Retail capital helped Monogram:
- Go from concept to commercialization without relying on VCs
- Retain ownership and control in a high-burn industry
- Build a base of loyal shareholders who invested not once, but over and over again
- Uplist to the Nasdaq, and still keep raising post-IPO
This is what makes retail capital different. It doesn't expire—it compounds. And DealMaker is built to maximize that long-term value.
Ready to Raise Capital on Your Terms?
Whether you're pre-revenue or post-IPO, DealMaker gives you the infrastructure, support, and strategy to raise from the people who believe in you most.
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