Sports valuation does not require abandoning established valuation principles. However, sports assets often combine complex commercial operations, unique intangible assets with no cash flows, regulatory constraints that may differ across jurisdictions, leagues, and sports, and accepted highly uncertain future outcomes, less common in traditional industries. As a result, the challenge for practitioners is properly defining the valuation problem before attempting to solve it. In this article, the author shares the complexities arising in this market. Why Sports Valuation Matters for Valuation Practitioners Over the past decade, the sports industry has evolved from a specialist, niche sector into an increasingly active…