Sports investing has evolved as franchise values have risen, live sports have retained a powerful hold on audiences, and ownership has become an increasingly sophisticated business. Yet sports teams remain unusual assets, combining economics with competition, community identity and deeply emotional fan relationships. Host Oscar Pulido speaks with David Rubenstein, co-founder and co-chairman of The Carlyle Group and control partner of the Baltimore Orioles ownership group, about his move from private equity into sports investing. They discuss his decision to invest in his hometown team, the role franchises can play in their cities, and how leadership differs when success is measured by more than financial returns. The conversation also explores the forces influencing sports investing, from rising franchise values and broader ownership participation to live media demand, AI-powered analytics and longer-term developments across capital markets. Key moments: 00:00 Introduction to David...