Those other sports also generate significant broadcast reveues that go to the team either directly (baseball) or through sharing (football)I don't know the specifics, but they've invested in sports before, so I'd think they have their own playbook of ideas and what's worked for other sports. Fenway also did a partnership with LPGA last year so there's some directly relevant experience here (though not sure how successful the partnership has been). Agree, giving players equity doesn't directly translate to increased viewership, but with players being the core piece that drives everything, they have to put some pieces in place to try and make sure they stay.
It does feel like a completely different/massive risk for the investors relative to something like owning a team. In that scenario, you're doing all the same things (growing media $, ticket sales, licensing, etc.), but without a huge threat of a competing league that has already poached a lot of talent.