ATHL TREASURY CORP (CONFIDENTIAL)

LINKS & MATERIALS

Background

ATHL Treasury Corp. presents one of the most powerful asymmetric vehicles in global sports markets today, with balance-sheet stability, capital-scaling architecture, and crypto-levered convexity giving it momentum that few other vehicles can match.

Treasury companies (TCOs) in 2025 emerged as a new category of public entity at the intersection of traditional finance and digital assets, and have already become a modern crossover play for institutional investors seeking alternative allocations. The TCO model enables access to previously prohibitive classes while representing a significant expansion of liquidity with new capital pools.

While the first wave of TCOs focused solely on accumulating digital assets, a new class of hybrid strategies have become possible and are a logical new direction for investors seeking private-equity type approaches having the benefit of the public markets.

THE FIRST SPORTS OWNERSHIP VEHICLE

Investors have limited access and exposure to professional sports ownership. ATHL Treasury Corp is launching as the first publicly traded treasury company focused on major sports team ownership (NFL, NBA, MLB, NHL) with a target of tens of billions in net asset value (NAV) within 3-years.

Leveraging our relationships with owners of top-tier teams, a global network of premier athletes, and proprietary data on media value from the ATHL.live platform, we are positioned to deliver strong returns for public market investors seeking unique access to sports.

Competitive Advantage ENABLED BY TCO MODEL

TCOs provide a unique capital formation opportunity, enabling lower costs of capital and the scalability that only the public markets can provide. Compared to private equity, which represents our key competition in sports ownership, ATHL Treasury Corp offers:

  • Access to capital at scale with an estimated 3-5% lower cost-of-capital than private equity;

  • Greater ability to quickly meet capital requirements from rising valuations and the higher prices that the premium teams now command;

  • Persistent presence as a permanent capital secondary buyer with no size limitations, and ability to follow-on invest at any time without limitation, unlike private equity;

  • Financeable vehicle (debt and equity), representing a diversified basket of real world premium assets;

  • An inherently evergreen and ever-liquid structure that never needs to sell assets, and avoids forced liquidations tied to fund timelines unlike private equity.

These advantages position ATHL Treasury Corp as a prominent, persistent, and preferred buyer for non-control minority stakes. With its public listing, the company aims to become one of the largest diversified sports team owners globally.

HYBRID APPROACH DRIVES HIGHER POTENTIAL M-NAV

ATHL Treasury Corp’s hybrid approach is a technological differentiator, generating proprietary data on the social media value of athletes. While sports team valuations currently reflect linear media, merchandising, ticketing, and operations, the next phase of growth and valuation expansion will come from digital, brand value and social engagement. Our strategy includes:

  1. Acquiring a diverse portfolio of passive, minority stakes in major sports teams (NBA, NFL, MLB, NHL, etc.) through secondary transactions sourced via proprietary owner relationships.

  2. Acquiring up to 25% of NAV in cryptocurrencies including ATHL, the native token of the ATHL.live platform, generating the first of its kind data on the social media values of athletes and more around the sports ecosystem.

Data from ATHL.live is a singular advantage, invaluable for pricing and not available anywhere else. The hyper-growth of the ATHL.live platform adds significant alpha that can generate a higher multiple of NAV (mNAV) for ATHL Treasury Corp than pure team equity ownership.

FIRST OPPORTUNITY FOR SPORTS ALLOCATION

Our management team and board, with ownership in NFL, NBA, and NHL teams, bring a proven track record and unparalleled access to a restricted market. Combining lower costs-of-capital, higher NAV multiples from crypto, and core sports team assets creates an attractive capital markets opportunity.

ATHL Treasury Corp, aligned with ATHL, plans to list on NASDAQ via a reverse merger with a concurrent PIPE financing and be traded under the symbol ‘ATHL.’ The principals, including Paul Misir, Chris Kelly, Mikey Spanos, Demetri Argyropoulos, and others, comprises experienced team owners and proven investment professionals from private equity secondary markets.

Our hybrid approach exemplifies the intersection of digital and traditional assets to create leverage and pursue a novel strategy in publicly traded sports team ownership. Diversified real-world asset holdings, including premier team names, ensure long-term growth while mitigating single-asset volatility and crypto-centric risk.

RESHAPING THE CONCEPT OF VALUE CREATION

The intersection of sports and digital innovation reshapes concepts of value creation in the sector. Treasury companies are pioneering this shift, blending traditional finance with cutting-edge digital assets. Investors have sought increasing access to professional sports ownership—an exclusive asset class historically reserved for a handful of owners. ATHL Treasury Corp becomes the first publicly traded holding company targeting minority stakes in iconic sports teams, and combines this with proprietary data from our ATHL.live platform. We’re poised to dominate the next wave of financial growth, delivering extraordinary returns for investors.

Strong Sports Business Fundamentals

Sports team ownership remains a compelling yet hard-to-access investment, characterized by large recurring revenues, growing global fan bases, low leverage due to league restrictions, and increasingly sophisticated engagement.

Chart source: Arctos Partners