Former Liberty Media CEO Greg Maffei and Skylark Founder and CEO Danny Epstein are currently raising $30 million to introduce a team-based competition format aimed at revitalizing thoroughbred horse racing. They believe this historic sport, which still attracts huge crowds for major events but struggles to maintain fan interest in between, can benefit greatly by adopting strategies from Maffei’s experience with Formula 1, deepening loyalty among current fans while drawing new audiences from broader sports and live entertainment sectors.
Though others have attempted to refresh horse racing through league formats before, Maffei and Epstein bring greater credibility and have developed a more compelling approach. Their Horse Racing League (HRL) plans to blend legendary racetracks with compelling storytelling, celebrity-backed teams, simplified betting options, and alliances with key thoroughbred organizations. Maffei emphasized that their team’s expertise in live events sets them apart from previous unsuccessful attempts.
Attendees can expect quicker transitions between races along with a more interactive experience. Unlike the Triple Crown, which is loosely connected since its races operate independently, HRL aims to create a cohesive, season-long series offering consistency and engagement. Maffei noted the lack of a central organizing authority for traditional marquee events leads to scheduling conflicts and declining participation by top horses after the Derby.
The core idea driving HRL is that horse racing doesn’t lack fans—in fact, 24 million people watched the Kentucky Derby on TV, which is about 40% more than the Masters golf tournament. Similar to golf, horse racing appeals to a wealthy audience, but engagement sharply drops outside the big races. HRL intends to provide multiple reasons for fans to stay invested by supporting horses, teams, jockeys, and trainers they regularly follow, not just for a few days but across seasons. This includes promoting team dynasties with mechanisms like bringing forward horses year after year and conducting smaller drafts.
HRL’s first season, set for March, April, and May 2027, will feature 12 races over three days with both turf and dirt contests. The league is purposefully avoiding clashes with major sports like the NFL and college football, with aspirations to grow to six race days within a few years. Beyond races, HRL plans to boost fan engagement through innovative non-race content leveraging social media storytelling, simplified betting formats such as daily fantasy contests, and hosting events at top U.S. racetracks like Santa Anita Park, Gulfstream Park, and Keeneland. Exclusive deals allow HRL to introduce its own sponsors and premium hospitality while sharing betting revenue with venues.
Celebrity and prominent industry figures are being recruited as team owners to add legitimacy and excitement. Notable owners include WinStar, Vinnie Viola (who owns an NHL team and a Kentucky Derby winner), and Gary Barber. Some teams are even attracting NBA players as limited partners, who appreciate the opportunity to engage in betting around the sport—something prohibited in the NBA itself. The league aims to make early profits more attainable for team owners compared to other emerging sports leagues and plans to charge franchise fees in the mid-seven-figure range for teams, with more teams expected to be sold soon.
In HRL’s debut season, 10 teams will compete for $10 million in prize money, with an additional $5 million or 25% of league profits to be distributed among the teams once the league becomes profitable. Clubs can also generate income through silks sponsorships and merchandise sales. The primary focus initially will be on expanding distribution, audience growth, partnerships, and betting activity to boost revenue, with media rights expected to follow as the fan base grows.
While some lessons from Formula 1 won’t transfer—such as international expansion challenges due to the difficulty of transporting horses compared to cars—the overall strategy should help HRL build a more engaged, consistent fan base for horse racing. According to HRL’s research, the Kentucky Derby’s viewership significantly surpasses that of the Masters, underscoring the sport’s untapped potential.
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Fan Take: This initiative could be a game-changer for horse racing fans by turning a traditionally episodic sport into a season-long spectacle that keeps followers engaged beyond the major events. By combining the excitement of team ownership with modern storytelling and interactive fan experiences, HRL has the potential to breathe new life into horse racing and attract a broader, more loyal audience.
Source: finance.yahoo.com
