Corrects average peer valuation multiple in third paragraph to "over 6.2", not 6.7. The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

By Liam Proud and Streisand Neto

LONDON, May 11 (Reuters Breakingviews) - In the trailer for a recent documentary, boxing promoter Barry Hearn boasts about turning his firm Matchroom from a “hundred-pound company” in the 1980s to one that’s worth over 1 billion pounds now. That’s undoubtedly an achievement, not least because Hearn and his son Eddie, who chairs the privately held UK group, seem to have crystallised that price tag through a minority stake sale announced on Monday. Still, it looks like a middleweight valuation, when measured against the company's revenue. A discount to top-tier sports properties is arguably justified by the tough slog ahead.

Essex-based Matchroom owns, promotes and broadcasts sporting events including boxing, snooker, darts, pool and fishing. It’s arguably best-known for representing former heavyweight champion Anthony Joshua. The Hearns on Monday said that they had agreed to sell a minority stake to sports investment firm Bruin Capital. The Financial Times reported that Bruin will acquire a 15% stake in Matchroom in a deal that values the sports promotions business at over 1 billion pounds, while the father-son duo will retain control.

The price looks fairly downbeat in the grand scheme of things. Matchroom’s holding company reported 225 million pounds of revenue for the financial year that ended in June 2025. So, a 1 billion enterprise value would imply a trailing sales multiple of 4.4. That’s a third below the average multiple of over 6.2 for listed sports properties including UFC owner TKO TKO.N, Liberty Media’s Formula One, New York Knicks owner Madison Square Garden Sports MSGE.N and soccer club Manchester United MANU.N, based on Breakingviews calculations using Visible Alpha data.

Yet there may be good reasons for a discount. For a company that seeks “global domination”, as the younger Hearn puts it in the documentary trailer, Matchroom’s top line is rather UK-focused. Its home country accounted for 46% of revenue on average across the last two financial years, Companies House filings show. Matchroom's growth, therefore, will hinge on its ability to export traditional snooker and darts around the world.

The Hearns may be optimistic that Bruin can help in this regard. The investment firm’s CEO George Pyne is a former executive of Nascar and agency IMG, making him a consummate U.S. sports-media insider. It’s notable, however, that there are no Americans in the world rankings of Matchroom’s Professional Darts Corporation. The world’s largest economy is hardly short of sports to follow. An old British pub game isn’t the most obvious choice.

Follow Liam Proud on Bluesky and LinkedIn and Streisand Neto LinkedIn and X.

CONTEXT NEWS

Matchroom Holdings, with interests in snooker, darts and boxing, on May 11 said that it had agreed to a minority stake deal with sports investment firm Bruin Capital.

The deal gives Bruin a 15% stake in Matchroom and values the company over 1 billion pounds, according to the Financial Times.

Matchroom is owned by the Hearn family: Eddie Hearn is the chairman, and Barry Hearn is the founder and president. Matchroom Sport, a subsidiary of the group, has multiple subsidiaries including Matchroom Boxing, where it represents boxer Antony Joshua.