Loyd & Co. Invests in Project B — A New Chapter for Professional Basketball
Loyd & Co. Team · October 2026 · Investment News
A new professional basketball league is being built for a new generation of players and fans. We invested because the architecture of the league — and its timing — fit the thesis we hold on sports as an asset class.
A New League, a New Window
Every generation or two, professional sport opens a window in which a new league can be built. The incumbents are priced to perfection, media economics have shifted, and a cohort of players and fans is ready for something designed around them. That window is open now, and Project B is one of the ventures moving through it.
Project B is a new professional basketball league built for the modern game — modern formats, modern audiences, and a structure that gives its athletes a genuine stake in what they build. We invested because the opportunity is structural rather than fashionable: franchise positions in a league that is still being written are priced for the sport's past, while the enterprise value is being written by its future.
Why Early League Capital
Forming-stage league ownership is a different discipline from buying established franchises. You are underwriting the structure — governance, expansion discipline, media strategy, and the unit economics of the first seasons — before the market has repriced it. That is where mispricing lives, and where patient capital earns its return.
The history of American sport is unambiguous on this point: the owners who entered young leagues a generation ago bought what became generational assets. We hold that same expectation for the league class being built today, and Project B sits squarely within it.
"The leagues being built today are priced for what sport was. The ones who own them will collect what sport becomes."
Athletes as Principals
The defining feature of the ventures we back is that the athletes are principals rather than hires. When the people generating value on the court share in the enterprise value that value creates, every decision — scheduling, marketing, expansion — is made with an owner's discipline.
That is the same architecture we saw in Unrivaled, and the same thesis our firm was founded on: the most durable value in sport accrues to those who hold ownership. Project B extends that position across the professional basketball landscape.
The Long View
We underwrite a league the way we underwrite a company: ownership structure, competitive moat, fan demand, and the discipline of management. Our holding period is measured in generations, not seasons.
We are proud to be investors in Project B, and we intend to hold this position long after the story of its founding is no longer about being early.
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