Norway has built one of the broadest sports investment portfolios in the world.
It sits inside the Government Pension Fund Global, or GPFG, Norway’s sovereign wealth fund that invests the country’s oil and gas wealth across global markets.
As of 30 June 2026, GPFG was worth NOK 22.683 trillion and owned stakes in 7,077 listed companies. 365247 Sports reviewed the entire equity portfolio and identified 94 companies with direct and meaningful exposure to the sports economy, worth a combined $6.442 billion, or NOK 63.75 billion. Even under a stricter definition covering only 58 companies where sport is the core business, the portfolio is still worth $4.641 billion.
Norway’s sports exposure is mostly indirect, through minority stakes in companies such as Liberty Media, TKO and Madison Square Garden Sports, which own Formula 1, UFC, WWE and the New York Knicks. Across the portfolio, GPFG owns an average 1.43% of each company, close to its 1.5% average across global listed equities.
That is what makes the portfolio so interesting. Norway has built significant exposure to the sports industry without following the usual sports investment playbook of buying teams, leagues or controlling stakes.
The portfolio spans the wider sports economy, from products and apparel to media, betting, fitness and technology. More than half of Norway’s measurable sports exposure is tied to the products people buy and use.
365247 breaks down Norway’s complete sports investment portfolio.
Norway’s Sports Portfolio in Numbers
