Technology
College sports settlement sure to entice private equity; Verlinvest and Mistral increase Insomnia Cookies stake
Good morning, Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom. Let’s kick off the Wire with college sports. After a settlement in the House vs. NCAA, college athletes can be directly compensated by schools. That could open opportunities for PE firms to invest. We’ll dive into what […]

Good morning, Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.
Let’s kick off the Wire with college sports. After a settlement in the House vs. NCAA, college athletes can be directly compensated by schools. That could open opportunities for PE firms to invest. We’ll dive into what we know so far.
We’ll look at how deal value has risen so far despite deal count dropping according to HarbourVest’s 2025 Midyear Market Outlook.
Also, in a deal announced yesterday, Verlinvest and Mistral Equity Partners have increased their investment in Insomnia Cookies. The focus for both firms has been about expansion both nationwide and internationally.
Finally, we’ll dig into restaurant deals and why they are attractive. Houlihan Lokey has its US Restaurant Industry update.
Pay day
On Friday, a federal judge approved a settlement in the House vs. NCAA. The settlement will allow college athletes to be directly compensated by NCAA institutions for their name, image, and likeness (NIL) rights.
Private equity is expected to have interest in the college sports arena. In April, Buyouts reporter Alfie Crooks covered how the eventual settlement could lead to PE investment. In 2024, RedBird Capital Partners and Weatherford Capital created Collegiate Athletic Solutions, a capital- and business-building provider for public and private university athletic departments across the US.
“The paradigm shift we are seeing in the collegiate athletics ecosystem is similar to the ones we’ve seen with media distribution models, collective bargaining rights, and premium hospitality – they’re all centered around the need to create long-term growth by bridging the gap between premium IP and optimizing revenue streams,” Gerry Cardinale, founder of RedBird, said in a statement at the time of the CAS formation.
Under the new rules that could arise from the settlement in the antitrust case, universities would be allowed to distribute up to 22 percent of gameday revenue with student athletes, with each school subject to a $21 million per-year cap that grows by 4 percent each year.
The pool of capital distributed can be derived from revenue streams including ticket sales, broadcasting rights and sponsorships, shifting the college model closer to a professional model. It would not include NIL payments from outside sources or scholarships.
PE Hub has been following the college sports interest from PE firms since 2024. Before, the only deals that could be done involved NIL. Harlan Capital Partners invested in Nilly, which is a financial technology company with an online marketplace that allows college student athletes to maximize the value of their NIL.
At the end of the year, I highlighted college sports as one of the growing trends in PE’s interest in the overall sports ecosystem.
Increased deal value
Despite economic uncertainty, global private equity buying activity held up well in the first three months of 2025 according to HarbourVest’s 2025 Midyear Market Outlook. Private equity deal values rose to $495 billion in Q1 2025, surpassing the Q4 2024 total of $462 billion and a near-40 percent YoY increase ($345 billion).
Deal count in the first quarter was down slightly from Q4 2024 but also above Q1 2024. The report notes that there has been a slowdown in dealmaking in recent months and it seems unlikely that Q2 figures will show sustained momentum.
The report also highlights how US private equity had a 25 percent increase in Q1 value invested over the previous quarter and a jump of 36 percent on Q1 2024. One reason for the increase was take-private transactions.
The quarter’s total public to private deal value was $51 billion, or around one third of the total for full-year 2024 and 2023. In April, I highlighted how take-private deals in software have held their own and what makes take-privates in software attractive to PE firms.
Sweet progress
Verlinvest and Mistral Equity Partners have increased their investment in Insomnia Cookies, a New York and Philadelphia-based late-night bakery brand. Both firms are acquiring Krispy Kreme’s remaining stake in the deal.
Insomnia Cookies is now on track to scale to 1,800 bakeries globally over the next decade. Seth Berkowitz serves as CEO and founder of Insomnia Cookies.
“We believe Insomnia Cookies has all the ingredients to become a global icon in quality indulgence: a visionary founder, a cult-like following, and a clear edge in digital convenience,” said Clément Pointillart, managing director at Verlinvest in a statement. “We’re proud to deepen our commitment to Seth and the team as we help take Insomnia across the globe.”
In 2024, I spoke to both Verlinvest and Mistral about the initial deal which saw Krispy Kreme break off pieces of its majority stake to both PE firms. Expansion both nationwide and internationally was a focus for both firms with the deal at the time. Insomnia had 293 locations in 2024, so 1,800 locations is a huge step. Pointillart pointed to Verlinvest’s past investments in brands like Oatly and Tony’s Chocolonely as examples of its history in taking brands international.
Rapid expansion
Restaurant franchise assets continue to command premium valuations, driven by their asset-light economics, predictable cash-flow profiles, and ability to scale rapidly through multi-unit development according to Houlihan Lokey’s US Restaurant Industry update.
Recent premium multiples have favored platforms with 200-plus locations, reflecting investor preference for concepts with proven operating models, geographic diversity, and runway for continued unit expansion.
Private equity has consistently had interest in restaurants. Roark Capital announced an investment in Dave’s Hot Chicken. Several media outlets reported the value of the deal was $1 billion. The chain specializes in Nashville style hot chicken and expects to end the year with more than 400 restaurants according to a statement. In November, Blackstone took a majority stake in Jersey Mike’s Subs in November.
The report said that the year began with several large owned and franchised brands preparing to enter the market. While early signs point to a strong pipeline, market appetite will be tested in the months ahead as buyers and investors navigate a complex economic and global environment.
I’ve been covering PE’s interest in franchises for a few years and shared insights from dealmakers back in 2023.
That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at rafael.c@pei.group.
Tomorrow, Nina Lindholm will be with you for the Europe edition of the Wire and Michael Schoeck will bring you the US edition.
Cheers,
Rafael
Technology
RAJ Sports hires Clare Hamill to Portland WNBA, John Torris to company
RAJ Sports named CLARE HAMILL interim President for the new Portland WNBA expansion franchise and JOHN TORRIS EVP/Commercial Strategy & Business Development for RAJ Sports. The company also promoted CHRISTOPHER ORECHIA to VP/Corporate Partnerships for RAJ Sports and RON CAMPBELL to VP/Ticketing for the NWSL Portland Thorns (RAJ Sports). USC women’s basketball named SELENA CASTILLO […]

RAJ Sports named CLARE HAMILL interim President for the new Portland WNBA expansion franchise and JOHN TORRIS EVP/Commercial Strategy & Business Development for RAJ Sports. The company also promoted CHRISTOPHER ORECHIA to VP/Corporate Partnerships for RAJ Sports and RON CAMPBELL to VP/Ticketing for the NWSL Portland Thorns (RAJ Sports).
USC women’s basketball named SELENA CASTILLO as the program’s GM. Castillo most recently served over seven years at Duke, including as Dir of External Affairs for women’s basketball. Prior to her time at Duke, Castillo worked at the Tampa Bay Sports Commission and Event Development Institute (USC).
Georgia Tech men’s basketball has hired Jazz VP/Basketball Intelligence CHUCK TERRELL to an “administrative position.” He will reportedly “be in a general manager role” for the program (ATLANTA JOURNAL-CONSTITUTION, 7/2).
The new Cincinnati Regional Sports Commission has hired Warren County Convention & Visitors Bureau Sports Tourism Dir BEN HUFFMAN as its first Exec Dir (CINCINNATI BUSINESS COURIER, 7/2).
Boise State Athletics promoted KATIE TULLER DORES to Associate AD/Athletic Personnel Services, MATT MAYER to Associate AD/CFO, JAKE MANKIN to Associate AD/Chief Revenue Officer, and CHRIS KUTZ to Associate AD/External Affairs (Boise State).
To have your personnel announcements included in “Executive Transactions,” please send information to careers@sportsbusinessjournal.com.
Technology
California AG Says Daily Fantasy Sports Are Illegal
California AG Says Daily Fantasy Sports Are Illegal Privacy Manager Link 0

Technology
Which is the Better No-Screen Fitness Tracker?
The smartwatch has become the default for fitness tracking for many runners and athletes. The screens on our wrists allow us to leave our phones behind and focus in, while still having up-to-date workout tracking at our fingertips. As the tech gets better, though, it’s also gotten smaller, and more compact screen-less options are all […]

The smartwatch has become the default for fitness tracking for many runners and athletes. The screens on our wrists allow us to leave our phones behind and focus in, while still having up-to-date workout tracking at our fingertips. As the tech gets better, though, it’s also gotten smaller, and more compact screen-less options are all the rage now. There is the smart ring, led by Oura, but lately Whoop has been leading the charge with a new screen-free form factor, the fitness band.
With so many similarities between the two leading devices, I figured most interested parties would need to choose one or the other. So, for the past month, I’ve been trying out both simultaneously to find which one is the more accurate fitness tracker—and more importantly which one I preferred using at the end of a month of workouts.
After four weeks of two to three days a week of mixed cardio and strength training, I’ve discovered that the tech behind both is great, but when it comes to exercise and fitness, I prefer the Whoop experience. Here’s why.
Working out with Oura Ring 4
I love wearing my Oura Ring. It fits great, only needs to be charged once a week or so, and is the most innocuous wearable I own. Even when I’m sweating on the elliptical, it doesn’t slip off. It’s perfectly comfortable for working out in. The rest of the experience is not as perfect.
To start, if you want any info while you’re exercising you need to get out your phone. The Oura app is primarily focused on sleep, lacking more advanced workout tracking, but it does have basic functionality for recording heart rate during activity.
If you’re taking a more passive approach to recording, Oura does have automatic detection and any activity you do will get recorded, with all the same info as if you’d done it manually. If all else fails, you can add workouts manually, which I found myself having to do on occasion of a shorter weightlifting session. Since this didn’t lead to enough sustained heart rate activity, no workout was detected. In general, I found the detection much better for running and cardio workouts.
Working out with Whoop MG
If you’re used to a watch, the Whoop band can have a bit of an adjustment period. I can’t tell you how many times I have checked for the time, only to remember there’s not even a small clock screen. But once I honed in on the band as a pure training assistant, I started to really fall in love with it.
Like with my Oura Ring, in lieu of a watch face, I found myself working out with my phone out. But compared to Oura, the Whoop app is way more tailored to fitness tracking. It’s not just sleep, but your daily stress and strain are always there up top, easily readable each time you open the app. When it comes to recording workouts, the Whoop app boasts an impressively long an in-depth list of activities, ranging from badminton to bartending. Once you start, you get all your vital metrics in real time, including your overall workout stress level which measures the ongoing intensity of your activity.
As you can see, the Whoop screen on the left gives you a lot more information. It’s vital stuff too, like heart rate and calories burned. If you let it, you can even see your heart rate, heart rate zone, and activity duration on your lock screen for quick mid-workout checks.
I also found, especially when I was sleeping in it, the battery life to last about a week, a bit less than promised. If you’re only using it for workouts the Whoop MG may last the advertised 14 days.
It’s worth noting that my main goal for workouts is weight loss, and I as an ex-runner I tend to do a lot of cardio. This is a great fit for fitness trackers, like Whoop and Oura, that mainly rely on heart rate monitoring. Which is mostly to say if you’re going to the gym to lift, there’s not much you’ll get out of it, but it’ll be perfect for tracking cardio.
Whoop also comes with a more confusing subscription model. When you purchase your band you choose the named subscription with it. If you want the Whoop 5.0 band, you can chose the starter One for $200 a year or Peak for $239. The latter includes more features and a nifty wireless charging pack. The Life subscription comes with all these features unlocked and a Whoop MG (which stands for medical grade and includes an ECG and blood pressure insights) for a total of $359 a year. Since it’s all wrapped up in one, the initial cost will be less than an Oura Ring… until that one year mark comes around and you realize you don’t really own your device.
A Quick Note on Sleep
This is a comparison focused on exercise and fitness features, but considering that A) sleep is a key part of your holistic health and B) these devices encourage you where them to sleep, I felt it important to briefly touch on.
At the start of the testing period, I set myself the goal of sleeping in both of the devices every night. It took less than a week for me to realize I was not a fan of sleeping with my Whoop band on, similar to how I hate sleeping with smartwatches. It’s uncomfortable and feels weirdly restraining.
In terms of sleep tracking data and sleep/readiness scores, my readouts from the devices were extremely consistent with one another. Oura and Whoop use the same metrics to determine these scores. This means it really just came down to comfort—and if that’s the deciding factor then Oura is the one I much prefer for sleep tracking.
Oura Ring 4 vs Whoop MG, Who Wins?
In general, I found there to be pros and cons to each of the screen-less wearables. With both the Oura Ring and Whoop, I felt pretty reliant on my phone if I wanted minute-to-minute vitals. Since a majority of this data is taken from heart rate, they also both prioritize cardio. For me, that lines up with my priorities, but for the plenty of people laser focused on their gains, there are mixed results here. Still, after a month of training with both I found it easy to make a decision.
Winner: Whoop
The Whoop band and its app feel more purposefully designed for fitness. While I definitely prefer the Oura Ring as a sleep tracker, the Whoop app and user experience is deeper and more versatile, casting a wide net for all types of athletes and performers.
Technology
An Israeli startup says its new technology will save the planet. Scientists have doubts
An Israeli startup says its new technology will save the planet. Scientists have doubts – myMotherLode.com Link 1

Technology
Aureal One Leads Web3 Gaming Revolution with DLUME Token
Aureal One, a pioneering platform in the Web3 gaming sector, has emerged as a standout investment opportunity in the rapidly evolving cryptocurrency market. By integrating blockchain technology with esports, Aureal One has created a skill-driven economy where players can earn crypto rewards based on their gaming prowess. The platform utilizes its proprietary blockchain, Aureal Chain, […]

Aureal One, a pioneering platform in the Web3 gaming sector, has emerged as a standout investment opportunity in the rapidly evolving cryptocurrency market. By integrating blockchain technology with esports, Aureal One has created a skill-driven economy where players can earn crypto rewards based on their gaming prowess. The platform utilizes its proprietary blockchain, Aureal Chain, and the DLUME token to ensure a transparent, fair, and rewarding gaming environment. Players’ performances are recorded on the blockchain, and they receive unique tokens for their progress, fostering digital ownership and a vibrant market.
Aureal One offers a variety of gaming experiences, including 1v1 duels and large-scale tournaments. The platform’s anti-cheat infrastructure and decentralized governance structure, planned for the last quarter of 2025, further enhance its appeal. With the current price of the DLUME token at $0.0013 and a growing number of live games, Aureal One is poised to attract more players and investors alike.
DexBoss, another notable project, focuses on providing powerful trading tools for Solana traders. Its wallet tracker and trade alert engine analyze on-chain data to identify the best trading opportunities. The platform’s innovative features, such as the “100 Wallet Groups” framework, allow users to track influential buyers and gain insights into Solana’s wallet behaviors. The DEBO token, priced at $0.01 with a total supply of 1 billion, grants access to premium features, making DexBoss an attractive proposition for traders seeking advanced tools.
While Aureal One and DexBoss represent the future of gaming and trading technologies, established cryptocurrencies like Bitcoin, Tron, and XRP continue to dominate the market. Bitcoin, with a market cap of around $2.17 trillion, remains a backbone asset for conservative investors. Tron, valued at $26.90 billion, is gaining users in the content sharing and entertainment sector. XRP, priced at $2.28 with a market cap of over $134 billion, has gained momentum post-litigation, making it a strong contender in the digital asset market.
As the crypto market continues to develop, investment opportunities arise from various sectors, with Aureal One leading the charge in Web3 gaming. The platform’s innovative approach to integrating blockchain technology with esports makes it a compelling choice for investors looking to capitalize on the growing intersection of gaming and digital assets. Meanwhile, DexBoss offers advanced trading tools for Solana users, further diversifying the investment landscape. Established cryptocurrencies like Bitcoin, Tron, and XRP remain strong players, providing stability and growth potential for investors.
Technology
TD Coliseum to augur Hamilton growth-vibrancy
Image: Oak View Group Hamilton’s (Ontario, Canada) redeveloped arena and entertainment venue is now officially called the TD Coliseum. ‘CBC’ stated that the TD Bank Group announced its multiyear naming rights sponsorship agreement recently which is going to augur well for the City of Hamilton. The TD Coliseum (formerly the FirstOntario Centre) is a sports […]

Image: Oak View Group
Hamilton’s (Ontario, Canada) redeveloped arena and entertainment venue is now officially called the TD Coliseum.
‘CBC’ stated that the TD Bank Group announced its multiyear naming rights sponsorship agreement recently which is going to augur well for the City of Hamilton.
The TD Coliseum (formerly the FirstOntario Centre) is a sports and entertainment arena at the corner of Bay Street North and York Boulevard in Hamilton, Ontario, Canada. Opened in 1985 as the Copps Coliseum it has a capacity to pack in 19,000 spectators. It has primarily operated as a hockey arena having hosted various professional and junior teams throughout its history.
Toronto (Canada)-based the Toronto-Dominion Bank and its subsidiaries are collectively known as the TD Bank Group (TD). TD is the sixth-largest bank in North America by assets and serves approximately 28 million customers in a number of locations in key financial centers around the globe.
Remarked Raymond Chun, TD Bank head honcho, “We are proud to take part in the revitalization of this iconic landmark. By securing the naming rights to the TD Coliseum we are not just investing in bricks and mortar – we are investing in the heart of the Hamilton community.”
The TD Coliseum is scheduled to open later this year after extensive renovations by the Oak View Group (OVG).
Greenwood Village (US)-based the Oak View Group (OVG), LLC is an American professional sports and commercial real estate company. It manages several sports venues including the 18,300-capacity Climate Pledge Arena in Seattle, Washington, which was constructed under the company’s supervision.
Asserted Tim Leiweke, Chairman and Chief Executive Officer (CEO), Oak View Group (OVG), “This milestone represents more than a financial investment – it’s a powerful affirmation of Hamilton’s growth, vibrancy and bright future.”
‘CBC’ further stated that the 19,000-seat venue in downtown Hamilton was first opened as the Copps Coliseum in 1985 in honor of the former Mayor of Hamilton Victor K. Copps and then named the FirstOntario Centre in 2014. Since the Oak View Group (OVG) began renovations in 2024 it’s been called the Hamilton Arena.
The project included a new façade, seating and artiste lounges as well as enhanced acoustics and sight lines.
In May, the Oak View Group announced that the Canadian culinary star Matty Matheson will be opening The Iron Cow Public House restaurant in the arena.
The Italian tenor Andrea Bocelli is scheduled to perform at the TD Coliseum on December 9th and the American country music singer Brad Paisley on December 12th. The Juno Awards will take place in the venue in 2026.
The Juno Awards (stylized as JUNOS) or simply known as the Junos are awards presented by the Canadian Academy of Recording Arts and Sciences to recognize outstanding achievements in Canada’s music industry.
In 2023, the Oak View Group signed a deal with the City of Hamilton and the Hamilton Urban Precinct Entertainment Group (HUPEG – a private sector consortium that manages and operates the TD Coliseum) to begin a $280 million renovation of the TD Coliseum.
A joint news release from the Oak View Group, HUPEG and the City in November of 2023 said the arena will have the “ability to accommodate larger shows alongside Toronto’s 19,800-capacity Scotiabank Arena”.
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