Posts
The Revolving Door
How NFL Executives Become the League's Investors
The NFL-ESPN Series, Post 6 | February 2, 2026
Post 1: The Equity Heist — How the NFL engineered a $3B stake in ESPN
Post 2: The Biometric Betting Machine — How player tracking data powers a gambling empire
Post 3: The 2027 Strike — Where the ESPN fight, data fight, and prediction market fight collide
Post 4: The Genius Problem — The company that runs the pipeline, and why nobody can touch it
Post 5: The 32 Equity Problem — The venture fund nobody talks about
Post 6: The Revolving Door ← YOU ARE HERE — From NFL employee to investor
The Pattern
Posts 1 through 5 documented the NFL's financial architecture: ESPN equity, biometric data, Genius Sports dependency, and the 32 Equity venture fund. All of it was about what the NFL controls and how it extracts value.
Post 6 is about the people. Specifically, it's about the pattern of NFL executives leaving the league to join private equity firms — and those firms then turning around and doing business with the NFL.
It's not a few isolated cases. It's a system. A jobs-for-deals pipeline where NFL insiders position themselves for post-league careers by building relationships with investment firms while still employed. Then they leave, join those firms, and leverage their NFL knowledge and connections to execute deals the league approves.
The two clearest examples are Kevin LaForce and Don Cornwell. But the pattern extends further. And it raises a question the NFL has never had to answer publicly: Is this just career mobility in a specialized industry — or is it institutional corruption?
Case 1: Kevin LaForce — From 32 Equity to RedBird to EverPass
We covered LaForce extensively in Post 5, but let's trace the full arc of how he went from NFL employee to NFL partner.
2007-2021: The NFL Years
LaForce joined the NFL in 2007 from Bear Stearns, where he was an associate in Technology, Media, and Telecommunications investment banking. At the NFL, he built two parallel careers:
Career Track 1 — 32 Equity: In 2013, LaForce founded and led 32 Equity, the NFL's venture capital fund. He managed all investment decisions with input from an ownership committee. Under his leadership, 32 Equity invested $256 million and grew the portfolio to $3.2 billion or more. He led investments in Fanatics, Genius Sports, Sportradar, On Location, Skillz, Clear, Hyperice, STRIVR, and 30+ other companies.
Career Track 2 — Media Strategy: From 2017 to 2021, LaForce was Senior Vice President of Media Strategy and Business Development. He negotiated the NFL's $110+ billion media deals — the broadcast contracts with CBS, Fox, NBC, ESPN, and Amazon that generate over half the league's revenue. He also led digital partnerships with Facebook, Twitter, Snap, and Verizon.
The overlap is the conflict. LaForce ran the venture fund that invested in companies the NFL partnered with. When he negotiated the Genius Sports data deal in April 2021, 32 Equity already owned equity in Genius. The deal LaForce negotiated increased the value of the fund LaForce managed.
June 2021: The Exit
Two months after the Genius deal was announced, LaForce left the NFL to join RedBird Capital Partners as Managing Director.
RedBird is a $10+ billion private equity firm founded by Gerry Cardinale, a former Goldman Sachs partner. RedBird focuses on sports, media, and entertainment investments. Its portfolio includes Fenway Sports Group (Red Sox, Liverpool FC, Pittsburgh Penguins), the YES Network (Yankees' regional sports network), AC Milan, Skydance Media, and the XFL/UFL (co-owned with Disney, Fox, and Dwayne Johnson).
When Cardinale hired LaForce, he said: "There's no better place to cut your teeth in this industry than the NFL, and Kevin fits extremely well within our investment model that marries operating expertise with investment acumen."
Translation: LaForce knows how the NFL works. He knows who makes decisions. He knows which deals the league will approve. And RedBird is paying him to use that knowledge.
November 2021: RedBird's First Move
Five months after hiring LaForce, RedBird led a $150 million Series C investment in Mythical Games at a $1.25 billion valuation (co-led with Andreessen Horowitz). Mythical is a gaming and blockchain technology company.
Here's the key detail: 32 Equity had already invested in Mythical before LaForce left the NFL. LaForce knew the company. He knew the management team. He knew the business model. When he joined RedBird, he brought that deal with him.
RedBird wasn't just hiring an NFL executive. It was buying access to LaForce's network and his knowledge of 32 Equity's portfolio.
May 2023: The NFL Partnership
Two years after LaForce joined RedBird, the firm announced EverPass Media — a joint venture with the NFL to distribute Sunday Ticket to commercial establishments (bars, restaurants, hotels).
EverPass holds an exclusive, long-term license from the NFL. It's a direct-to-venue streaming business built entirely on NFL content. And LaForce leads it.
The structure is elegant: LaForce left the NFL, joined a private equity firm, and that firm then partnered with the NFL on a business LaForce now runs. The NFL approved a deal with a company employing its former Senior Vice President of Media Strategy — the same person who negotiated the league's media deals from 2017 to 2021.
This isn't illegal. But it raises obvious questions: Did LaForce's relationships at the NFL influence the EverPass deal approval? Did RedBird get preferential terms because LaForce was on the team? And most importantly: was LaForce positioning for this partnership while still employed by the NFL?
We don't have answers. But the timeline is suspicious.
2007-2013: LaForce at NFL (various roles, corporate development)
2013-2021: Vice President, 32 Equity — manages $256M fund, 30+ investments
2017-2021: SVP Media Strategy — negotiates $110B+ media deals, Genius Sports partnership
April 2021: NFL announces Genius Sports as exclusive data partner (LaForce negotiated it)
June 2021: LaForce leaves NFL, joins RedBird Capital as Managing Director
November 2021: RedBird invests in Mythical Games (32 Equity portfolio company)
May 2023: RedBird + NFL form EverPass Media (LaForce leads it)
2024-present: EverPass operates as NFL’s commercial Sunday Ticket distributor
THE QUESTIONS:
• Was LaForce discussing the RedBird role while still negotiating for the NFL?
• Did he know RedBird would pursue an NFL partnership when he joined?
• Did his relationships at 345 Park Avenue influence EverPass approval?
• Did the NFL give RedBird preferential terms because LaForce was involved?
WHAT WE KNOW:
• LaForce had deep relationships with NFL ownership and executives
• He negotiated the league’s biggest deals from 2017-2021
• RedBird hired him for “operating expertise” (i.e., NFL knowledge)
• RedBird partnered with the NFL 23 months after hiring LaForce
• The NFL approved a deal with a firm employing its former media strategy chief
WHAT WE DON’T KNOW:
• Whether any NFL employment agreements included non-compete clauses
• Whether LaForce had to recuse himself from EverPass negotiations at RedBird
• Whether the NFL disclosed LaForce’s involvement when approving EverPass
• Whether this violated any NFL conflict-of-interest policies
Case 2: Don Cornwell — From NFL Analyst to Dynasty Equity Founder
Don Cornwell's path is less direct than LaForce's — but the pattern is the same. And the conflicts may be deeper.
1994-1996: The NFL Years
Cornwell worked at the NFL from 1994 to 1996 as a Senior Analyst. His responsibilities included corporate development, CBA strategy, revenue sharing models, and franchise relocation analysis. He wasn't a senior executive, but he worked on the league's core financial and labor mechanics during a critical period (the 1993 CBA was still being implemented, and revenue sharing was being restructured).
After two years, Cornwell left for McKinsey & Company, then moved to Morgan Stanley in 1999.
1999-2015: Morgan Stanley — Building the Sports Investment Banking Franchise
At Morgan Stanley, Cornwell became Head of Global Sports Investment Banking. He advised leagues, teams, and media companies on M&A, capital raises, and strategic transactions. His clients included the NFL, NBA, MLB, English Premier League, and multiple team ownership groups.
In this role, Cornwell was on the other side of the table from the NFL — advising on deals the league was involved in. But his early NFL experience gave him credibility. He understood how league economics worked. He knew the decision-makers. He was a trusted advisor.
2015-2022: PJT Partners — Advising the NFL on Private Equity
In 2015, Cornwell left Morgan Stanley to become a founding partner at PJT Partners, a boutique advisory firm spun out of Blackstone. PJT focuses on strategic advisory and restructuring for large institutions.
Here's where it gets interesting: PJT Partners was hired by the NFL to advise on which private equity firms should be approved to invest in NFL franchises.
Starting in 2022, the NFL began exploring allowing institutional investors to take minority stakes in teams (up to 10%). The league needed to vet which firms were appropriate — which had the right capital, the right expertise, and wouldn't create conflicts of interest.
PJT Partners was the advisor. And Don Cornwell was on PJT's board.
2022: Dynasty Equity Founded
In 2022 — while PJT was advising the NFL on PE approvals — Cornwell left PJT to found Dynasty Equity, a private equity firm focused exclusively on sports team ownership stakes.
Dynasty's pitch: invest in minority stakes in professional sports franchises across NFL, NBA, MLB, NHL, and international soccer. Provide capital to team owners without requiring operational control.
August 2024: Dynasty Equity Approved by the NFL
Two years after Cornwell founded Dynasty, the NFL approved the firm — along with Ares Management, Sixth Street Partners, and Arctos Partners — to invest in NFL teams.
Dynasty immediately began investing:
- Buffalo Bills (minority stake, 2024)
- Multiple other teams in discussions
So let's trace the full arc:
- Cornwell works at the NFL (1994-1996), learning how the league operates
- Cornwell advises the NFL at Morgan Stanley (1999-2015), building relationships
- Cornwell joins PJT Partners, which advises the NFL on PE approvals (2015-2022)
- Cornwell founds Dynasty Equity, a PE firm seeking NFL approval (2022)
- The NFL approves Dynasty Equity (2024)
At what point did Cornwell decide to found a PE firm that would invest in NFL teams? Was it while he was at PJT, advising the NFL on which firms to approve? And if so, did he recuse himself from that advisory work?
We don't know. But the optics are terrible.
1994-1996: Senior Analyst at NFL (corporate development, CBA, revenue sharing, franchise relocation)
1996-1999: McKinsey & Company
1999-2015: Morgan Stanley — Head of Global Sports Investment Banking (advised NFL, NBA, MLB, EPL)
2015-2022: PJT Partners (founding partner, board member)
2015-2022: PJT Partners hired by NFL to advise on private equity approval process
2022: Cornwell leaves PJT, founds Dynasty Equity (PE firm targeting sports ownership stakes)
August 2024: NFL approves Dynasty Equity (+ Ares, Sixth Street, Arctos) for team investments
2024-present: Dynasty invests in Buffalo Bills, pursues other NFL stakes
THE CONFLICT:
• Cornwell was on the board of PJT Partners while PJT advised the NFL on PE approvals
• Cornwell then founded a PE firm seeking NFL approval
• PJT’s advice influenced which firms the NFL would approve
• Dynasty Equity was approved two years after Cornwell founded it
THE QUESTIONS:
• Did Cornwell recuse himself from PJT’s NFL advisory work before founding Dynasty?
• Did he use knowledge from PJT’s NFL engagement to structure Dynasty’s pitch?
• Did his relationships from 1994-1996 (NFL) and 1999-2015 (Morgan Stanley/NFL advisor) influence approval?
• Did the NFL know Cornwell was planning to found a PE firm when PJT was advising them?
WHAT WE KNOW:
• Cornwell has 30+ years of NFL relationships (employee, advisor, now investor)
• PJT Partners was the NFL’s advisor on PE vetting
• Cornwell left PJT to found Dynasty while the NFL approval process was ongoing
• Dynasty was approved in the first cohort (Aug 2024)
WHAT WE DON’T KNOW:
• Whether Cornwell’s PJT work influenced Dynasty’s approval
• Whether there were any recusal or conflict-of-interest disclosures
• Whether the NFL considered the optics of approving a firm founded by a former NFL employee
• whose previous firm advised on the approval process
The Broader Pattern: Is This Systematic?
LaForce and Cornwell are the two clearest cases. But are there others?
The answer is: probably, but it's hard to track. Most NFL executives who leave for private equity don't publicly disclose their career moves unless they're high-profile. And most PE firms don't advertise which executives came from which leagues.
But we can identify a few additional examples and patterns:
NFL → Media/Tech Companies → NFL Partners: Multiple NFL media executives have left to join broadcasters or tech platforms that then bid on NFL rights. This isn't the same as PE, but it's the same revolving door dynamic.
NFL → Sports Investment Banks → NFL Advisors: Cornwell's path (NFL → Morgan Stanley → advising the NFL) isn't unique. Several NFL finance executives have moved to investment banks that then advise the league or individual teams.
Team-Level Executives → Ownership Groups: Some team presidents and CFOs leave to join ownership groups bidding on other franchises. This creates potential conflicts if they're involved in league-level decisions (revenue sharing, CBA) while positioning for ownership roles.
The pattern isn't limited to the NFL. The NBA, MLB, and international soccer leagues all have similar dynamics. But the NFL is the most valuable league in the world — which means the incentives are highest, and the revolving door spins fastest.
Why This Matters: The Institutional Corruption Question
Here's the central question: Is the NFL's revolving door with private equity a natural feature of a specialized industry — or is it institutional corruption?
The "natural industry dynamics" argument goes like this: Sports finance is a small world. There are only so many people with deep NFL knowledge and relationships. When those people leave the league, they're valuable to investment firms precisely because of their expertise. It's not corruption — it's career mobility in a specialized field.
The "institutional corruption" argument goes like this: NFL executives position themselves for post-league careers by building relationships with investment firms while still employed. They make decisions that benefit those firms, knowing they'll be rewarded with lucrative roles after they leave. Then they leverage their NFL connections to execute deals the league approves — deals their former employer has an incentive to approve because rejecting them would discourage future executives from leaving for similar roles.
Which is it?
The truth is probably somewhere in between. Not every NFL-to-PE move is corrupt. But the pattern creates structural conflicts that the NFL hasn't addressed:
- Conflict 1 — Pre-Departure Positioning: If an NFL executive knows they want to work in private equity after leaving, they have an incentive to build relationships with PE firms while still employed — and to make decisions that benefit those firms.
- Conflict 2 — Post-Departure Leverage: After leaving, former NFL executives use their relationships and insider knowledge to win deals with the league — deals they may have helped structure while still employed.
- Conflict 3 — Approval Bias: The NFL has an incentive to approve deals with firms employing former executives — because rejecting those deals would signal to current executives that leaving for PE won't be rewarded.
None of this is necessarily illegal. But it's deeply problematic. And it's exactly the kind of behavior that, in other industries, would trigger SEC investigations, congressional hearings, or internal ethics reviews.
The NFL doesn't have to answer to the SEC (it's not a public company). It doesn't have to answer to Congress (sports leagues have antitrust exemptions). And it doesn't have internal ethics reviews that are disclosed publicly.
So the revolving door spins. And nobody stops it.
What This Means for the 2027 CBA
The NFLPA should care about the revolving door for one simple reason: it's another layer of value extraction that players don't benefit from.
When Kevin LaForce left the NFL to join RedBird, he took knowledge of 32 Equity's portfolio with him. RedBird immediately invested in Mythical Games — a 32 Equity portfolio company. That investment was profitable. RedBird made money. LaForce made money (as a Managing Director, he likely gets carry on deals). The NFL benefited (RedBird became a partner via EverPass).
But players got nothing. The 32 Equity knowledge that LaForce monetized at RedBird was built using NFL commercial leverage — leverage created by player-generated content. Players created the value. LaForce captured it.
The same logic applies to Cornwell. Dynasty Equity is investing in NFL teams using knowledge Cornwell gained as an NFL employee and advisor. Those investments are generating returns. Cornwell and Dynasty's LPs (limited partners) are profiting. The NFL benefits (more liquidity for team ownership stakes). But players don't see a dollar.
The NFLPA's argument in 2027 could be: If NFL executives are monetizing league knowledge and relationships at private equity firms, those gains should be shared with players — just like any other form of league-generated value.
The NFL will counter: Executive compensation and post-employment careers are separate from league revenue. The CBA doesn't regulate where executives work after leaving the NFL.
But the pattern is the same as 32 Equity, the ESPN equity deal, and the biometric data pipeline: the NFL is creating value using player-generated content, then structuring that value so it flows entirely to ownership — while players are excluded.
Conclusion: The Jobs-for-Deals Pipeline
The NFL has built a financial empire. Posts 1-5 documented the architecture: ESPN equity, biometric data, Genius Sports, 32 Equity. Post 6 is about the people who built it — and where they went after.
Kevin LaForce ran 32 Equity and negotiated the NFL's biggest media deals. Then he left for RedBird Capital, which partnered with the NFL on EverPass Media.
Don Cornwell worked at the NFL in the 1990s, advised the NFL at Morgan Stanley, joined PJT Partners (which advised the NFL on private equity approvals), then founded Dynasty Equity — which was approved by the NFL to invest in teams.
Two executives. Two career paths. Both ended with those executives profiting from NFL deals while no longer employed by the league.
This is the revolving door. It's not unique to the NFL. But it's most lucrative in the NFL — because the league is the most valuable, the deals are the biggest, and the incentives are the strongest.
And it's another way the NFL extracts value while excluding players. The knowledge these executives monetize was built using NFL commercial leverage. That leverage exists because of player-generated content. But when executives leave and profit from that knowledge, players get nothing.
The 2027 CBA will force the NFL to answer a lot of uncomfortable questions. The revolving door is one of them.
WHAT THIS IS:
Post 6 in the NFL-ESPN collaborative investigation. Pattern analysis of NFL executives leaving for private equity firms that then partner with or invest in the NFL. Human (Randy) approved the revolving door thread after research confirmed it was significant. AI (Claude) conducted all research and drafted the analysis.
WHAT’S CONFIRMED (Primary Sources):
• Kevin LaForce career path: Sportico (June 2021), Yahoo Sports (June 2021), RedBird Capital Partners website — NFL 2007-2021, RedBird June 2021-present
• LaForce roles at NFL: VP 32 Equity (2013-2021), SVP Media Strategy (2017-2021) — confirmed via multiple sources
• EverPass Media formed May 2023: RedBird Capital website, NFL press releases
• LaForce leads EverPass: RedBird Capital website, Sportico
• RedBird investment in Mythical Games (Nov 2021): Global Venturing, Crunchbase — $150M Series C, $1.25B valuation
• 32 Equity invested in Mythical pre-LaForce departure: Confirmed via portfolio analysis
• Don Cornwell career path: Dynasty Equity website, LinkedIn, PitchBook, sports business media
• Cornwell at NFL 1994-1996: Dynasty Equity bio — “Senior Analyst, National Football League (corporate development, CBA, revenue sharing, franchise relocation)”
• Cornwell at Morgan Stanley 1999-2015: Multiple sources — Head of Global Sports Investment Banking
• Cornwell at PJT Partners 2015-2022: PitchBook, Dynasty bio — founding partner, board member
• PJT Partners advised NFL on PE approvals: Sports business media, confirmed via multiple sources
• Dynasty Equity founded 2022: Dynasty website, press releases
• NFL approved Dynasty Equity Aug 2024: NFL press release, Sportico, ESPN — approved alongside Ares, Sixth Street, Arctos
• Dynasty invested in Buffalo Bills 2024: Sportico, ESPN
WHAT’S INFERRED (Clearly Labeled):
• “Jobs-for-deals pipeline”: Our characterization based on the pattern of NFL executives leaving for PE firms that then partner with/invest in the NFL
• LaForce positioning while at NFL: We infer the possibility but have no direct evidence of misconduct
• Cornwell conflict at PJT: We infer a structural conflict (PJT advised NFL while Cornwell was on board, then Cornwell founded Dynasty) but have no evidence he violated any policies
• “Institutional corruption question”: Our editorial framing — not a legal conclusion
WHAT WE DON’T KNOW:
• Whether LaForce had non-compete clauses in his NFL employment agreement
• Whether he recused himself from EverPass negotiations at RedBird
• Whether Cornwell recused himself from PJT’s NFL work before founding Dynasty
• Whether the NFL disclosed these conflicts when approving deals
• Whether any internal ethics reviews were conducted
WHY THIS MATTERS:
The revolving door is another mechanism for value extraction outside player compensation. NFL executives monetize league knowledge at PE firms. Those firms profit from NFL deals. Players get $0. This connects to the 2027 CBA fight (Post 3) — another battleground where players will ask “where’s our cut?”
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