Ipswich Town FC represents one of the most compelling entry points in global sports ownership. The English Premier League is the most-watched, highest-revenue football league on the planet, yet EPL clubs typically trade at a 2.5x EV-to-revenue multiple—a fraction of North American leagues like the NBA (11.9x) or NFL (9.3x). That valuation gap is closing as global media rights expand and institutional capital floods into the asset class, and we believe Ipswich sits at the front of that wave: a historic club with European pedigree, a proven management team, and a clear path back to the top flight. Our conviction is grounded in management execution. Mark Ashton’s team delivered back-to-back promotions from League One to the Premier League in three years—a feat that speaks directly to operational capability. The base case underwriting conservatively assumed relegation in the first EPL season with a return by 2025/26, and that scenario is tracking to plan with the Club currently sitting third in the Championship. Ipswich is the only professional sports organization in Suffolk county, has sold out season tickets for over 2.5 years running, and draws the highest average attendance in the EFL. The fanbase isn’t just loyal—it’s a geographic monopoly. Within Champion Fund’s broader portfolio, Ipswich provides something essential: direct ownership in a scarce, appreciating sports asset that anchors the fund’s exposure to the global sports economy. A professional football club generates durable revenue through media rights, matchday income, and commercial partnerships—cash flows that complement the higher-growth technology and venture positions elsewhere in the portfolio. Ipswich also opens doors for potential cross-portfolio collaboration, whether through fan engagement technology, ticketing partnerships, or stadium and training ground development that connects to the fund’s real estate and hospitality thesis. The opportunity, we believe, is to own a piece of one of the world’s most valuable sporting ecosystems at a moment when the rest of the market hasn’t fully priced it in.