By Muhammad Mian, Kristen Meredith
The global sports licensing market is set to reach $42.2 billion by 2028, up from $32.6 billion in 2023. Yet beneath these headline numbers lies a striking reality: many athletes remain dramatically shut out of opportunities that should be theirs.
Despite ranking third among the world’s sports by fan engagement, professional tennis ranks just 11th in commercial revenue. This gap reflects a deeper problem: approximately 80% of the top 1,000 ranked tennis players don’t earn enough from their sport to cover the expenses of competing at the highest level. Meanwhile, college athletes generate billions in revenue for universities and video game publishers, but historically received nothing when their likenesses appeared in top-selling games. And opportunities that are standard in major sports—trading cards, video games, lucrative sponsorship deals—simply don’t exist in tennis, cricket, and many other global sports.
Enter Winners Alliance, founded in 2022 to unlock value for athletes across global sports through group licensing, global partnerships, and events.
From Proof of Concept to Multi-Sport Platform
In Ahmad Nassar, we immediately recognized someone who had already executed this exact model. As the founding CEO of OneTeam Partners—which manages group player rights across the NFL, MLB, and other sports—and a driving force behind the growth of NFL Players Inc., Ahmad has proven he can navigate the complex ecosystem of athletes, leagues, agents, and commercial partners to build real value. He’s applying a battle-tested playbook to athletes who have never had access to these opportunities before.
Since their initial Series A in 2022, Winners Alliance has demonstrated impressive execution. Their inaugural tennis trading cards launched with Fanatics in Q3 2024 and sold out initial sets. The company has also expanded into global cricket through landmark group licensing deals in gaming, bringing hundreds of international players into a category that has historically lacked scaled, licensed representation. Through their Pathway Sports platform, they’ve signed more than 3,700 college athletes in 2025, giving these players, many of them first-generation college students, access to Name, Image, and Likeness (NIL) opportunities they never had before. In 2025, Winners Alliance grew revenue 47% year-over-year.
What began as a tennis-focused business has evolved into a true multi-sport platform spanning college sports, professional tennis, cricket, and EuroLeague basketball, with significant opportunities on the horizon.
Why This Fits Our Thesis
At Prysm, we partner with founders building category-leading companies in large, growing markets. Winners Alliance checks every box.
The sports licensing market is substantial and expanding. Winners Alliance’s platform model diversifies exposure across sports, geographies, and business models. This holistic approach allows Winners Alliance to work with groups of athletes globally, reaching athletes in greater numbers—and far earlier—than legacy players association licensing models. Perhaps most importantly, Winners Alliance is creating genuine value for athletes who have historically lacked leverage. This includes college athletes balancing academics and athletics, as well as professional tennis players who struggle to afford tournament travel despite ranking in the top 1,000 globally. By giving these athletes unified representation and access to licensing opportunities that previously didn’t exist, Winners Alliance is unlocking new royalty streams and building something both commercially compelling and meaningful.
Looking Ahead
We’re proud to have co-led Winners Alliance’s $40 million Series B extension alongside Bill Ackman’s Pershing Square Foundation. As the sports world continues to globalize, the company is uniquely positioned to become the platform that unlocks commercial opportunities for athletes at every level—creating value for college players, professionals, fans, and partners alike.
We’re proud to support Ahmad and the Winners Alliance team as they build a future where every athlete, regardless of their sport or level, has access to the opportunities they have earned and deserve.
Disclaimer: For informational purposes only. Not an offer of any securities or of the investment advisory services of Prysm Capital, L.P. References in this piece are provided solely for illustrative purposes to highlight aspects of Prysm Capital’s investment approach and do not purport to represent all investments made by Prysm Capital. Past performance is not indicative of future results.