Marc Lasry and Alexis Ohanian sat down at the 2026 Sohn Investment Conference on May 12 to explain why sports franchises have moved from trophy assets to institutional allocations. Lasry, chairman and CEO of Avenue Capital Group and former co-owner of the Milwaukee Bucks, joined Ohanian, founder of venture firm Seven Seven Six and co-founder of Reddit, for a conversation moderated by Stable CEO Erik Serrano Berntsen. The session covered franchise economics, valuation discipline, and why artificial intelligence will make live sports the last reliable way to capture attention at scale.
Ohanian laid out a thesis that connects women’s sports, brand power, and technological disruption. Lasry brought lessons from a decade owning the Bucks, including the reality that winning teams often lose money while building franchise value. Both see liquidity coming from strategic buyers, streaming platforms for emerging leagues, private equity for established franchises, as the entertainment industry faces an existential reshuffling driven by generative AI.
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