USA Sports Bets Big on the Franchise Future of Thoroughbred Racing

STAMFORD, Conn. – November 10, 2026 – In a move designed to jolt one of the world’s oldest sports into the modern entertainment era, USA Sports has secured an exclusive broadcast partnership with the newly formed Horse Racing League (HRL). Launching in the spring of 2027, the upstart organization promises a radical departure from traditional thoroughbred racing, introducing a franchise model, a player draft, and a season-long championship format. All three of the inaugural race days will air live on USA Network, marking a significant media play to capture a younger, digitally native demographic.

The 2027 schedule targets the sport’s most iconic venues: Gulfstream Park in Miami on March 13, Keeneland in Lexington on April 18, and Santa Anita Park in Los Angeles on May 15. With an annual prize pool exceeding $10 million and ten celebrity- and brand-led teams, the venture represents a high-stakes experiment in sports business architecture.

“We’re excited to partner with HRL to present its inaugural season to viewers nationwide live on USA Network,” said Celia Kohl, SVP of Strategy and Business Development for Versant and USA Sports. “HRL’s innovative new format, including action from some of horse racing’s most iconic tracks, will offer a fresh and invigorating way for fans to experience thoroughbred racing.”

Reinventing the Sport of Kings

At the core of this disruption is a fundamental restructuring of how thoroughbreds are owned and campaigned. For centuries, the "Sport of Kings" has relied on a fragmented model of sole proprietors, partnerships, and syndicates purchasing horses at auction. The new league upends this tradition entirely.

Instead of individual owners fielding their own stables, the league itself is acquiring 80 horses. In a live draft event scheduled for later this month, the ten franchises will each select eight horses to form their rosters. Once drafted, these horses become the property of the respective teams.

This centralized procurement and draft system is engineered to manufacture competitive parity and generate offseason media buzz—a playbook lifted directly from the NFL and NBA. However, integrating this model into the deeply entrenched thoroughbred ecosystem presents unique operational challenges. Jockeys, traditionally independent contractors who earn a mount fee and a percentage of the winning purse, will likely need to be integrated into team payrolls or structured bonus systems. Similarly, trainers who typically operate their own public stables will need to adapt to a franchise-directed hierarchy.

While traditionalist organizations like the Thoroughbred Owners and Breeders Association have historically focused on standard ownership structures, the arrival of franchise-owned stables could force a broader industry reckoning. One racing industry analyst noted that while the draft mechanics are compelling for television, convincing heritage breeders to sell premium bloodstock into a league-owned pool will be the ultimate test of the concept’s viability.

The Economics of a $10 Million Gambit

Behind the glossy television deals and celebrity team principals lies a rigorous commercial strategy. Co-founded by Greg Maffei, CEO of BANN Ventures, and Danny Epstien, CEO of Skylark, the organization is reportedly seeking to raise $30 million ahead of its launch, with individual franchise valuations set at $6 million.

Maffei’s involvement is particularly notable. Having played a pivotal role in Formula 1’s explosive growth under Liberty Media, he is applying a similar blueprint to equestrian sports: prioritize season-long storytelling, elevate the personalities behind the helmets, and centralize commercial rights.

To build this commercial engine, the league recently appointed Elevate, a global sports and entertainment agency, as its exclusive partner for ticketing, hospitality, and sponsorship sales. Alongside new executive hires including Chief Business Officer Renee Wilm, Chief Marketing Officer J-T Ladt, and Chief Brand Officer Clifford Lidell, the leadership team is tasked with proving that alternative sports league models can yield sustainable returns in racing.

Early indications suggest a hybrid approach to ownership that bridges the gap between old and new money. Confirmed team owners already include established racing powerhouses like Godolphin and WinStar, operating alongside figures from traditional stick-and-ball sports, such as Florida Panthers owner Vinnie Viola.

Navigating Regulatory Hurdles and Modern Wagering

Before the starting gates open at Gulfstream Park, the organization must navigate a labyrinth of state-specific regulations. The Florida Gaming Control Commission, the Kentucky Horse Racing Commission, and the California Horse Racing Board all maintain strict oversight over licensing, horse welfare, and wagering integrity.

A team-based format introduces novel regulatory considerations. State commissions are accustomed to scrutinizing individual owners for conflicts of interest; regulating a league where franchises compete for a shared championship purse requires a modernized oversight framework.

Furthermore, the wagering component is critical to the league's financial health. Traditional horse racing relies on pari-mutuel wagering, where bettors pool their money and play against one another. While the new races will likely integrate into existing pari-mutuel systems, the team-based scoring opens the door for fixed-odds sports wagering—a rapidly growing sector in the United States.

Maffei has been vocal about leveraging high-stakes betting to drive engagement. If the league can successfully integrate fixed-odds proposition bets—such as wagering on a specific team’s season-long performance or head-to-head franchise matchups—it could unlock a lucrative revenue stream that traditional racing has struggled to capture.

USA Sports’ Play for the Next Generation

For USA Sports and its parent company, Versant, the acquisition of these broadcast rights fits into a broader defensive and offensive strategy in the media landscape. As cord-cutting continues to erode traditional cable subscriber bases, live sports remain the most resilient programming category.

By adding this new venture to a portfolio that already includes the Premier League, WWE, and the WNBA, USA Sports is doubling down on live events. More importantly, it is experimenting with niche, upstart leagues—such as League One Volleyball (LOVB)—that have the potential for high digital engagement and cross-platform storytelling.

“USA Sports understands the value of our content and the need to leverage that in unique and different ways,” said Epstien. “We are thrilled to have them as our partner as we launch HRL.”

The broadcast strategy is explicitly digital-first. While the live races will anchor the USA Network broadcasts, the true battle for younger audiences will be fought on social media and streaming platforms. By focusing on the behind-the-scenes drama, the personalities of the jockeys, and the equine athletes themselves, the partners hope to replicate the documentary-style storytelling effect that revitalized Formula 1.

“USA Sports is the ideal partner for HRL as we focus on broadening fan interest in our league and attracting new and younger demographic to horse racing,” Maffei stated. “Our vision of bringing more storytelling, deeper connections with teams, personalities and our equine athletes that run these races is going to become a reality based in part on USA Network’s ability to reach people not just on television but on other social media platforms.”

Whether this ambitious blend of franchise economics, live drafts, and centralized media rights can truly modernize a sport steeped in centuries of tradition remains to be seen, but the sheer scale of the investment guarantees the industry will be watching closely when the first horses break from the gate next spring.