Scoring with Intangibles: An interview with Mr. Drew Dorweiler

In celebration of World Intellectual Property Day (April 26, 2026): IP and Sports: Ready, Set, Innovate, FORPIQ is pleased to publish this interview with Drew Dorweiler, an accomplished business and IP valuator who I have had the pleasure of knowing and collaborating with since our first presentation at FASB 141, 142 in 2001 and later before the House of Commons  Standing Committee on Finance in the context of its Statutory Review of the Proceeds of Crime and Terrorist Financing Act in 2018. Below is an extract of our interview:

David Durand (President of FORPIQ): Drew, it’s a pleasure. We’ve spent years discussing IP in tech, crypto and pharma, but the 2026 World IP Day theme—"IP and Sports: Ready, Set, Innovate"—brings us to the main stage, or should I say stadium and/or arena. For those who don’t know you as long as I have, could you please introduce yourself.

Drew Dorweiler 卓维 FRICS FCBV MBA CPA ABV ASA CVA CBA BVIUK CFE: Thanks David for this great opportunity to speak about a topic I hold near and dear to my heart. For the past 40 years of my career (check out my biography on LinkedIn), I have had the honour of working with some of the largest franchises in the world ranging from the NHL, MLB, NBA, NFL, CFL, English Premier League, European and semi-professional sports teams, arenas, broadcasting and naming rights, and related intangible assets.  

David Durand: From a valuation perspective, why is sports the ultimate "IP playground"?

Drew Dorweiler: Thanks, David. It’s simple: in sports, the "product" is almost entirely intangible. When I value sports teams, the physical arena (or stadium) is often a rounding error. The real value—roughly 90% of the total enterprise value—is a bundle of IP rights: broadcasting, trademarks, and fan data.

David Durand: Let’s get into the "how." Most fans see a headline saying the Dallas Cowboys are worth $10 billion (see: The World's 50 Most Valuable Sports Teams 2025 List, Forbes). As a valuator, are you just looking at a simple revenue multiple, or is there a more surgical approach?

Drew Dorweiler: Revenue multiples are the "fan-facing" metric. In 2026, we’re seeing NBA teams trade at 10x to 12x revenue. But for a formal valuation, we look at Enterprise Value (EV). I use a "three-pillar" approach:

1. The Market Approach: Comparing recent sales (like the recent expansion teams) and applying those multiples.

2. The Income Approach: A Discounted Cash Flow (DCF) analysis. We project the "contractual" income—the guaranteed money from national TV deals and long-term sponsorships—and discount it back.

3. The Asset-Based Approach: This is where we value the "IP Buckets" individually.

David Durand: That "Bucket" approach sounds like where the IP lawyers and valuators really meet. How do you split that 90% intangible value?

Drew Dorweiler: We break it down into "Identifiable Intangible Assets." We value the National Broadcast Rights separately from the Local Trademarks, the Naming Rights, and even the Season Ticketholder Relationships. Each has its own risk profile and "useful life." For instance, a 10-year naming rights deal is a very stable, low-risk asset compared to the "Merchandise Brand," which can fluctuate based on the team's performance.

Valuing "Off-Balance Sheet" Innovation

David Durand: We often see companies struggle because their best assets—internally developed tech—don't show up on a balance sheet. Does this "hidden IP" happen in sports?

Drew Dorweiler: All the time. Under GAAP and IFRS (accounting rules), if a team develops a proprietary AI for scouting or player recovery, it’s not an "asset" on the books—it’s an expense. But in a sale, that Trade Secret or Patent is a massive value-driver.

Drew’s Pro Tip: "When I value a team, I’m looking for the 'Synergy Value.' If a tech giant buys a team, they aren't just buying ticket sales; they’re buying a 'living laboratory' for their software. That’s why you see tech billionaires like Steve Ballmer paying a premium—they value the IP at a higher 'Delta' than a traditional real estate mogul would."

David Durand: So, you’re saying that in 2026, a team’s Data IP (fan biometrics, purchasing habits, global digital reach) might be worth more than their actual stadium lease?

Drew Dorweiler: Absolutely. We use the "Relief-from-Royalty" method for the brand. We ask: "If this team didn't own its logo, what would it have to pay to lease it?" For a global brand like Real Madrid or the Golden State Warriors, that hypothetical royalty is astronomical.

Risk, Betting, and the 2026 Horizon

David Durand: What about the risks? We’ve seen the "Regional Sports Network" (RSN) model crumble in the early 2020s. How does that affect the Discount Rate you apply to sports IP now?

Drew Dorweiler: It’s made us more cautious. We used to see discount rates around 10% to 12% for sports franchises because they were seen as "trophy assets" that only go up. Now, with the shift to direct-to-consumer streaming, we’ve had to adjust.

However, the "Betting IP" has offset that. Teams now own the data that fuels sportsbooks. That Real-Time Data Feed is a new class of intellectual property. It’s high-margin, low-overhead revenue. When I see a team with a solid "Data-Rights Agreement," I lower the risk profile, which boosts the valuation.

David Durand: It sounds like the "Ready, Set, Innovate" theme is less about the athletes and more about the back-office IP strategists.

Drew Dorweiler: Exactly. If you’re not innovating your IP strategy, you’re losing value. In 2026, a sports team is basically a media company with a physical events department.

David Durand: Drew, this has been a masterclass. It’s clear that whether it’s a patent for a new sneaker or the broadcasting rights to the World Cup, IP is the engine of the sports economy.

Drew Dorweiler: Cheers, David. Let’s keep protecting the "invisible" assets that make the visible games so valuable.

Key Takeaways for World IP Day 2026

• The 90% Rule: Most of a team's value is intangible (Broadcasting, Trademarks, Data).

• Methodology Matters: Valuation isn't just revenue multiples; it's about discounting contractual IP flows.

• Innovation is the MVP: Proprietary tech and data rights are the new frontiers of sports wealth.

Selected readings. For those that want more information on sports valuations, check out these following resources:

• Kimura, Masaaki & Walsh, Zen & Inoue, Takuo & Takahashi, Toshiya & Koizumi, Hideki. (2024). Valuation methods for professional sports clubs: A historical review, a model development, and the application to Japanese football clubs. 10.48550/arXiv.2406.16773.

• Davis, J., Bransen, L., Devos, L. et al. Methodology and evaluation in sports analytics: challenges, approaches, and lessons learned. Mach Learn 113, 6977–7010 (2024). https://doi.org/10.1007/s10994-024-06585-0

• CBV Insights Valuation of Sports Teams and Franchises