New Episode of TSA:
Making MLS Major League
The Sports Advisors podcast is a biweekly roundtable discussion for decision-makers, hosted by their peers, on the stories that matter and their second-order effects. It is actionable intelligence from senior operators who have built, bought, sold, programmed, monetized, and scaled sports businesses.
In the latest episode, The Sports Advisors offer up some free, unsolicited advice for new MLS Commissioner Larry Berg.
The cast for the eighth episode in a row includes:
Former Carolina Panthers CEO, former Verizon VP of Sponsorship, and current Encore Sports & Entertainment CEO Nick Kelly.
Former Washington Commanders Chief Strategy Officer, former Shop Your Way Chief Digital Officer, and current Next League Chief AI & Innovation Officer Shripal Shah.
Former Learfield CRO, former WWE Global Head of Sales & Partnerships and Head of International, and current DIRIGO Advisory, LLC Founder John Brody.
Former Fox Sports SVP of Programming, Research and Content Strategy, and current Crakes Media President Patrick Crakes.
As always, you can connect with a member of the JohnWallStreet Advisory team by sending a note to info@JohnWallStreet.com. In fact, we encourage it!
Key insights and takeaways from the 50-minute conversation:
Domestic Soccer Fans Back Players, Performance
MLS has historically prioritized fiscal discipline. But for the league to command greater relevance in the U.S. market, it must raise its on-field standard.
“If you want to play with the big boys [in the U.S. market], you need to have better talent, and better quality of play,” Brody said.
Of course, that will require clubs to spend more on players, which means raising the salary cap, increasing the number of Designated Players each can sign, or both.
“We can get excited about World Cup, which [is a] transformational global event, but it doesn't change the [MLS] product if you keep [existing] governors on it so [clubs] cannot spend to get the top talent in [to] the best market… People are fans of players and performance. They're not necessarily fans of jerseys and jersey patches.”
Berg Must Bridge MLS’s Ownership Divide, Eliminate GAM/TAM
Berg’s history with LAFC offers reason to believe he would support loosening existing fiscal restrictions. The club has consistently spent to attract high-profile international talent, like Carlos Vela and Son Heung-min, and he saw firsthand the commercial and competitive benefits that come with acquiring global stars still capable of performing at a high level. But he’ll have to bridge a philosophical divide that exists within the league’s ownership ranks to make it happen.
“There [are] two factions within the MLS. There are the owners that have been there since the beginning who are very conservative, and [believe] this is the league [envisioned; one built around] fair play and fiscal responsibility. And then you have Miami, LA and some other markets that want to be far more aggressive. [Larry has] to, at the very least, get [the former] to the middle,” Kelly said.
Once Berg accomplishes that, he must turn his attention to simplifying the league’s convoluted salary and roster rules.
“They [also need] to change [the roster building] system because as a fan it's hard to follow. What do you mean this player got traded for GAM or TAM? Non- [MLS ultras] don’t get it… [The mechanics have to] be clean and easy to follow [to attract the general market].”
Transfer Fee Revenue Should Be Converted into Domestic Building Blocks
MLS must also determine how to retain more of the young talent its academies produce or find ways to ensure the proceeds from those who leave are reinvested in ways that fuel the domestic league’s growth. That could mean keeping emerging stars in MLS longer, recruiting marketable replacements or funding the broader player-development pipeline.
“Every young American who leaves takes [their] marketing identity with them and the league gets a transfer fee, not a star, [in return]. The question is: How [does MLS] use that transfer fee and reinvest [those dollars] as a player-retention tool or to attract other stars? If, early in the cycle, Americans [must] continue to develop abroad, how [does the league] leverage those transfer fees, pool [them together] and use [the capital] to create building blocks in parallel? [Larry has] to take advantage of this. [MLS club] academies are fostering stars who are now getting opportunities. Thirty years ago, no one wanted Americans on European teams.”
Think Hemispheric, Distribute via Tri-Cast
Improving the on-field product is only part of the solution. To fully capitalize on the WC26, MLS must redefine its place in the market.
“They really have to position themselves aggressively as a viable hemispheric watch option,” Crakes said. League leadership has “always concerned themselves with the TV rights in Europe and other things, [like being] internationally under monetized. [When they really need to] be much more aggressive about developing the brand in South America and all of Latin America. The biggest, easiest lift for them is to be hemispheric, from a player development, a monetization, and a marketing perspective.”
Of course, MLS also needs a new domestic media distribution strategy.
“The platform they embraced as a futuristic technology company with all these devices, billions [around] the world, didn't really help [its] reach at all. Matter of fact, if you do the math, they're down from where they were,” Crakes said. “So there needs to be a conversation about what the [right] mix is [to increase reach without losing revenue]. And you see it with the other leagues. They're spreading things out. They're growing their rights fees by adding partners across different distribution platforms. It's the tri-cast strategy.”
📺 Watch the full episode on JohnWallStreet’s YouTube page.
🎧 Listen on Apple Podcasts or Spotify.
Catch previous episodes of The Sports Advisors on JohnWallStreet’s YouTube channel, including discussions on the Saudi Public Investment Fund’s decision to stop funding LIV Golf after the 2026 season, speculation around Vancouver Whitecaps FC potentially relocating to Las Vegas, the 2026 World Cup serving as a stress test for the modern sports business model, a much needed sports betting reality check, challenger leagues as investments, premium sponsorship inventory, local sports media, and more.
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The next episode will be released on Wednesday, August 26.
On the latest episode of JaneWallStreet Presents: At The Table, JaneWallStreet Executive Chair Deirdre Lester sits down with Jomboy Media CEO Courtney Hirsch for a discussion on building big, not broad, trust traveling off-platform, creating new on-ramps to fandom, and much more.
📺 Watch the full video on JohnWallStreet’s YouTube page.
🎧 Listen on Apple Podcasts or Spotify.
We’ll be back with the next episode of JaneWallStreet Presents: At The Table on August 27.
Catch previous episodes of At The Table, including our sit-down with LOVB Chief Growth Officer Stephanie Alger, former Amazon Web Services’ (AWS) Global Head of Sports Julie Souza, Head of Fubo Sports Network & Fubo Studios Pamela Duckworth, former Barstool Sports CEO & Mule Media Co-Founder Erika Badan, ATHLOS Acting President Kayla Green, former CEO of CBS News Wendy McMahon, A-Rod Corp Chief Business Officer & Minnesota Timberwolves Chief Strategy Officer Kelly Laferriere, Rasenberger Media Founder & President Cathy Rasenberger, and AUSL Commissioner Kim Ng on JohnWallStreet’s YouTube channel.
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