Alan Waxman’s Sixth Street Partners has a deep conviction in sports. Over the past five years, Alan and his firm have taken a minority stake in teams in most major professional leagues, including: the Boston Celtics, the San Antonio Spurs, the San Francisco Giants and FC Barcelona. In 2024, Sixth Street became the first investment fund to take a controlling interest in an American pro team with the NWSL’s Bay FC. And as of September 2025, Sixth Street owns a 3% stake in one of the biggest names in sports- the New England Patriots.

In this episode of The Deal, Alex and Jason sit down with Alan live at Bloomberg Invest. Alan tells the story of getting the call from Robert Kraft and why Sixth Street is one of only a handful of PE firms approved to invest in the NFL. He also shares his view on international growth opportunities in the NBA, why a historic NWSL expansion fee paid off and how far away we are from institutional capital taking a controlling stake in an NFL or NBA team. Finally, Alex and Alan give their takes on how to “fix” professional baseball.

You can also watch this interview on YouTube.