re: private equity × youth sports PE is a good thing. It's made business more competitive and efficient, enriching the economy and Americans. That said, profit-maximization isn't the right objective in every sector. Think health care delivery. Higher-ed. And youth sports. Youth sports clubs, tournament organizers, and local venues used to be mission driven. Most were founded and run by enterprising parents who wanted what was best for their kids, the club, and the broader ecosystem. Sustainability via breakeven or a slight profit was the goal. Over time, the successful of these stumbled into market power and brand value. They started to have pricing power. They didn't need to raise prices for sustainability and many didn't, even though they could. Private equity saw an opportunity to acquire assets that were still largely being run for community benefit. As a result, the clubs, tournaments, and venues switched from being mission-driven to profit-maximizing. The transfer of ownership from a parent to a fund changes the optimization function. Maximizing profits meant squeezing more money out of fewer participants, often counter to the original goals of the founder. Not everything in American life should be optimized around profits. The downside is that fewer kids participate, especially those from lower-income or single-parent families. For those who remain, the escalating cost and time commitment creates a worse experience for many. But once your kid is on the competitive treadmill, it’s hard to get off. Private equity understands that dynamic. It’s why they invested.