slides

1. Co-Creation of a Sports Investment Platform
Discussion document
August 2020
Confidential
+

2. Our Thesis
• Sports franchise values have out-paced the broader markets over the past
25 years and are poised for sustained growth
• COVID-19 has created an unprecedented dislocation in the sports market,
resulting in industry-wide demand for capital
• 220 Sports Capital offers an innovative suite of capital solutions to the
entire sports ecosystem, with the potential for significant IRR
• 220 Sports Capital is uniquely positioned for success with decades of
experience and global, proprietary deal flow

3. 220 Sports Capital Solutions for Teams & Leagues
• Recourse and non-
recourse loans to
teams/leagues against
current and
future revenue from
counter-parties
• Minority equity
investment in teams
under special situations
• Mezzanine Debt &
short-term transitional
loans
• Equity conversion
and other "kickers"
• Minority equity capital
• Senior capital
alongside credit
• DIP Financing
• Debt recapitalization
Specialty Credit Quasi-Debt Debt
Product
Offerings

4. 220 Sports Capital for the Broader Sports Ecosystem
Provide
discount to
existing
multi-year
obligations
Note: Logos are illustrative and not necessarily indicative
of active discussions
Capital solutions for participants across sports eco-system
Broadcasters Sponsors
Concessionaires & Licencees
220
Sports
Capital

5. Pipeline – Global Snapshot
Minor league soccer
expansion
group seeks to
finance expansion
fee
NBA team seeks
to finance OpEx
Investor group seeks to
acquire League One Club
Investor group seeks to
acquire Championship club
Top sports club(s)
Professional
league
Minor league
baseball team
seeks to finance
OpEx
Top sports clubs
Top sports clubs
Top sports clubs
Multi-sport, league & geo
Ligue 1 club
transaction
Investor group seeks to
acquire Premier
League club
NCAA D1 college
sports athletic
departments seek
to finance OpEx

6. Sample Pipeline - Deal Summaries
Project Alpha: Pre-COVID (18/19A):
Rev: $177M
EBITDA 19/20:$57M
Mid-COVID (19/20E):
Rev: $182M
EBITDA: $64M
Post-COVID (20/21E):
Rev: $182M
EBITDA: $30M
Max IRR: 25.4%
Key assumptions:
• no relegation
Min IRR: 20.8%
Key assumptions:
• Relegation
• Prepayment
• MBO
• $19.5M, 5 year term
mezz debt
• 12.5% coupon
• $3.9M pref. equity with
guaranteed buyback at
3.0X after 5 years
• Repayment 25% from
from Year 3
• Equity kicker 5% of total
equity value
Relegation payment
Assume extended COVID
impact on financials (e.g. no
gate revenue for additional 1
year)
High Level Financials Potential Structure IRR Assumptions Risk Mitigation
Note: Deals assume currency exchange rates as of August 7, 2020
Project Bravo: Pre-COVID (18/19A):
Rev: $47M
EBITDA 19/20:$0
Mid-COVID (19/20E):
Rev: $34M
EBITDA: $9M
Post-COVID (20/21E):
Rev: $11M
EBITDA: $-23M
• MBO
• $46M, 7 year convertible
debt facility, deferred
coupon
• Tranched
• 9.75% interest – with no
interest/principal payments
during the term
• Equity kicker
• Revenue share based on
promotion and/or player
transfer
Max IRR: >50% in best case
Key assumptions:
• Promotion
• Conversion into equity
Min IRR: 17%
Key assumptions:
• No promotion; &/or
• Bankruptcy
Dramatically improve upon
under-performing revenue
segments
Low entry valuation
Strong MBO team
Security in the form of total
club assets valued in excess
of debt
Assume extended COVID
impact on financials (e.g. no
gate 2020-2021 season)
Would be great to show this slide
High Level Financials as horizont
revenues and EBITDA
Potential Deal Structure as 6 quad
Amount of debt, type, term, coupo
other incentives
IRR:
Again show as 2 horizontal histogr
conservative case and one for bes
Risk Mitigation: (show thumps up,
thumb for high, low or not applicab
6 categories –
(i) COVID Impact
Priority
High
4-6 weeks
Medium
6-10
weeks

7. Sample Pipeline - Deal Summaries
Project Charlie: >$25.7M of guaranteed
media rights revenue through
2024
Max IRR: 38%
Key assumptions:
• No change in media
contracts
Min IRR: 30%
Key assumptions:
• $16.6M, 4 year non-
recourse credit at 11%
annual interest
• $2.5M, pref. equity with
guranteed buyback after
4 years at 2.5X
• Secured by multi-year
media rights agreement
Transfer of rights and monies
to a controlled account
High Level Financials Potential Structure IRR Assumptions Risk Mitigation
Note: Deals assume currency exchange rates as of August 7, 2020
Project Delta: Pre-COVID (18/19A):
Rev: $106M
Profitable
Mid-COVID (19/20A):
Rev: $125M
Break-even
Post-COVID (20/21E):
Rev: $127M
Profitable
• $47M collateralized loan
for a major shareholder
• Alternative structures
being explored
Max IRR: 41.4%
Key assumptions:
Min IRR: 18%
Key assumptions:
• Relegation
Under discussion
Increase in domestic media
rights revenue
Priority
High
4-6 weeks
High
4-6 weeks

8. Key Milestones
Founders
convene
Key advisors
commit
Interim sources of
capital engage
Potential deal
pipeline exceeds
$200M
Portential
Co-GPs and
LPs engage

9. Selected Ecosystem Players & Differentiation
Potential
co-
investor
Strategy(s) Focus Areas
(Teams, Leagues, Rights
Holders, Owners)
Diversity Across
Sports
Geographies AUM /
transaction size
Platform
220 Sports
Capital
Principal protection; Lead w/
Credit; Quasi-debt; Debt,
minority equity stakes
Startup /
$5M to $75M;
Raising $300M
Data-driven,
algorithmic approach
to underwriting
23 Capital Yes Debt; advisory;
Focused on revenue streams
N/A
$5M to $50M
($3.4B advised &
funded)
500 transactions
(sports/music/ent’t)
Arctos Sports
Partners
Yes Secondary PE; passive minority
stakes; preferred equity or
structured financing for owners
Target $1.5B /
$20M to $300M
Data-driven insights
on industry trends &
valuations
Galatioto Sports
Partners
Yes Advisory; lending; capital raising >$1B in loans
committed from
their own capital
Advisory; Lending;
Securities advisory;
equity capital raising
Kapital Football
Group
Yes Recreate “City Football Group”,
at a fraction of the cost
In formation In formation
RedBall
Acquisition
Yes SPAC to acquire professional
sports teams, media & data
analytics companies
Raising $500M SPAC building off
Toulouse FC
investment

10. How does 220 Sports Capital win?
Differentiation
Strategy Differentiation
Capital
Preservation
• Securitized credit facility to enhance risk/return profiles
• Potential for insurance wrappers to provide principal protection
• Debt syndication
Synthetic
Leverage
• Shorten timeline to recycle capital
• Equity enhancement
Innovative
Structuring
• Returns driven through innovative financial structuring, such as:
• Underwriting debt or equity secured against uncontracted future revenues based on conservative
expectations (i.e. media rights)
• Acquiring future contracted and uncontracted revenue streams
• Securing unexploited rights (such as media rights in int'l markets and leveraging underutilized assets to
boost returns)
Diversification
• Achieved across sports, tiers & geographies
• Target investments <$100M
Arjun 1st ; John 2nd

11. U.S. NCAA Division 1 Financial Planning Survey
Question: What source(s) of additional capital may help you to address your funding gap over the next 24 months, over
and above what is already budgeted?
Survey conducted by a leading policy driven organization for college sports;
52 respondents across NCAA D1 Athletic Departments, July 2020
Reinforces the need for innovative capital solutions beyond professional sports
34.62%
73.08%
38.46%
7.69%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%
Issue new collateralized debt from a bank or lending institution
Loan from university
Non-traditional financing including borrowing against future revenue streams
Issue a new Municipal or other bond

12. Team
Srinath Narayanan John Smelzer Arjun Metre
Founder & Managing Partner,
Edgewater Investments, a multi-family
office; Investment banker at Canaccord
Adams, Banc of America Securities &
Goldman Sachs
Sports industry veteran &
entrepreneur; ‘94 World Cup, NFL,
NBC Olympics, FOX Sports; Co-
founder of ScoreStream & 5to1
(acquired by Yahoo!)
Senior MD & Head of Sports, Media &
Entertainment Investments,
Tennor; Investment Director & Chief of
Staff at Intel Capital; Board member at
NFLPA’s OneTeam Collective; Board
member of Fyber NV & Wild Bunch AG
Co-founders
Notable Advisory Board Members Identified & Already Engaged
Investment
Committee
Members
Joël Ornstein Brett McGonegal
Extensive experience advising world-class managers.
Established Majorn Corp. as a joint venture partner of The Carlyle
Group and France-based Euris-Rallye group; Instrumental in
Carlyle’s early growth, served as an investment advisory committee
member with Carlyle I, II, and III; Led multi-billion-dollar deployment
into emerging asset managers in the US, Europe, Asia.
Founder and CEO of Hong-Kong listed investment bank, The
Reorient Group (376.hk), sold to Alibaba's Jack Ma and associates
in 2015 for $3.4bn; Previously served as Co-Head of Equity Sales
and Trading at Cantor Fitzgerald in Hong Kong and was a Senior
Managing Director at Charles Schwab Capital Markets in the US.

13. 220 Sports Capital + WRG
Platform for credit-driven investment across the global sports landscape
• Expertise in venture debt,
securitization & co-creating
investment platforms
• Domain expertise & portfolio in
sports
• Network of LPs
• Leaning into data/analytics driven
decision making
• Thought Leadership around
Diversity
• Potential to co-create a sports
data tech fund and add further
value to portfolio teams/leagues
and counter-parties
• Senior Team
• Thought leader for alternate
credit-driven investment in
sports
• Decades of experience in
sports, media, technology,
venture & specialty finance
• Global, proprietary deal flow
across sports & geos
• Experience investing across
geographies incl. Europe &
Asia
• Network
• Commitment to long term value
creation over short term gains
220 Sports Capital
Arjun 1st ; John 2nd

14. SSF, LLC
GP/Advisor
California LLC
220 Sports Capital - CoGP, LLC
General Partner
Delaware LLC
220 Sports Capital
Advisory Board Members CoGP, LLC***
Co-General Partner
Delaware LLC
LPs**
>$450K Co-GP Commitment
75% of the Total
Carry*
LP
$2M Co-GP Seed Commitment
($1M Y1; $1M Y2)
25% of the Total Carry*
Fund Infrastructure
220 Sports Capital - CoGP Fund I
Delaware or BVI LP
100% of Management Fee
2% Management Fee
(Annual)
1.5% GP Commitment
(Over 3 Years)
$300M
Deal Sourcing + Sector Expertise
Portfolio Company Portfolio Company
* CoGP initially receives 75% of Total Carry until
their $1M to $2M Commitment is recovered;
then schedule flips and they receive 25% of Total
Carry incl. next Fund
** 220SC-CoGP will be allowed to carry debt on
its balance sheet per LPA
*** TBD: CoGP LP commitment
220SC + WRG: Potential Structure

15. WRG – 220 Sports Capital
WRG Gets / 220 SC Gives
1. % of GP profits for operating expenses support
2. Additional % of GP profits for infrastructure
support
3. Recognizing the value & credit/debt securitization
experience of WRG, intention to have a step-down
ladder approach to share future GP consideration
4. Potential strategic professional & college sports
pipeline for TopGolf & Toca Football opportunities
5. Potential Future Sports Tech fund
WRG Gives / 220 SC Gets
1. Help covering 220 SC operating expenses Years 1 to
3 on declining scale. E.g. 80% Y1, 65% Y2, 50% Y3
2. Allow 220SC to leverage existing
WRG infrastructure for credit underwriting and
insurance risk
3. Collaborate w/ 220SC in attracting further capital
from institutional LPs
4. LP on 1st deals given time sensitivity
Proposal for Co-Creating a Sports Investment Fund

16. WRG – 220 Sports Capital
Further Details
• Seed Capital to 220 Sports Capital ($2M commitment;
$1M in Year 1, $1M in Year 2)
• Fund Carry based on Gross Operating Revenue
Percentage (GORP)
• Fee discount subject to a cap to capital invested by
clients of Seeders
• Preferred return on WRG seed capital
• GORP applies after first $XXM in carry is distributed,
after which WRG ‘catches-up’ at 2x the distributions
• GORP applies after $XXM is raised
Economics for WRG Rights for WRG
• Consent rights over major decisions involving 220SCs
business, related to WRG’s economic interest in the
Fund
• Notice rights relating to various aspects of the 220SC
and the Fund
• MFN protection even in respect of investments by
others that may be larger than the capital initially
committed to 220SC’s Fund by WRG
• Co-investment rights into deals
• Distribution rights
• “First look” at 220SC’s new strategies incl. a
complementary Sports Data Tech Fund

17. Backup

18. Executive Summary
Platform: • Headquartered in California (Silicon Valley + Los Angeles)
• 3 Co-founders with decades of experience across sports, media, tech, venture capital and
specialty finance (Edgewater, Goldman Sachs, Banc of America, Cannacord, FIFA, NFL, NBC, Intel
Capital, NFLPA, Tennor Holding)
• Assembling strong, incentivized advisory board
Key Trends: • Sports franchise values have outpaced broader markets
• Values are poised for future growth via increasing media rights values, legalized wagering,
eSports, etc.
• COVID 19 has created global demand for capital across the sports ecosystem
Products: • 1. Specialty Credit
• 2. Debt & Quasi Debt
• 3. Minority "Odd-lot" Equity
Differentiation: • 1. Investing in sport and its revenue streams as an asset class, not as an owner-operator
• 2. Diversification across sports, leagues, and geos
• 3. Data & algorithmic driven underwriting (planned)
• 4. Portfolio-wide deep sports tech / innovation (planned)
Investment Targets: • $200M to $400M Fund 1
• Prioritization of securitizable transactions to recycle capital back to the Fund
• 20% to 35% Target IRR
• <$100M deal size

19. 220 Sports Capital Also Offers Solutions for the Broader
Sports Ecosystem
Broadcasters
(Multi-year broadcasting rights)
Sponsors
(Multi-year stadium, shirt deals)
Concessionaires
(MGs for catering, pouring rights)
Licensees
(MGs for official licensed product)
Leagues
(Rights fees,
Sponsorships)
Teams
(Share of right fees,
sponsorships)
220SC, LLC
Assign financial
obligations
Provide a
discount to
existing multi-
year obligations
Accelerated
payment(s)
Provide a
discount to
existing multi-
year obligations