Youth Sports: Real Estate's Next Billion-Dollar Boom

0:00 OK, so when you think about big money in sports, your mind probably jumps straight to the huge stadiums, right? NFLNBA. Maybe even the Olympics. Yeah, absolutely. The professional leagues, the massive TV deals, the luxury suites. That's the image. That's the image we're picturing billions, you know, flowing through these pro leagues. But what if I told you that the commercial real estate game and honestly, local economies all over the country are being completely reshaped by something, well, smaller in scale but somehow even bigger financially.

0:33 Smaller but bigger. Yeah, something involving kids and cleats and endless carpools and just an unbelievable amount of parental dedication. OK, it's an interesting paradox, isn't it? Because what's really fascinating there is how these, you know, seemingly grassroots activities, the stuff kids do after school or on weekends. Right, just playing sports. Exactly how that has scaled up to a level where it's not just like influencing land use or urban planning, but actively dictating it in totally new ways.

1:01 Dictating it. That's a strong word, but it feels right. It's a huge shift from what we used to think of as just, you know, community sports fields. Exactly. You're talking about the exploding multi billion dollar youth sports industry. And forget just building a few extra local ball fields. No, no, this is about sprawling custom built complexes, real destination spots totally dedicated to kids playing sports. So our mission in this deep dive is really to unpack how this this this once kind of niche industry became such a massive economic powerhouse.

1:37 We'll look at the sheer scale of the money involved, the the crazy new types of developments popping up, the financial models making it happen. And you know what it all means for families, for communities like yours. It's a really crucial lens, I think, for looking at economic development right now, especially when you think about how public money and private money are being allocated for infrastructure. It makes you rethink what we consider, you know, valuable community assets here in the 21st century.

2:03 Totally. And when we say economic powerhouse, believe me, we are not using that term lightly. Let's just start with the scale. The sheer kind of mind boggling scale of youth sports spending. You might actually want to grab a seat for this. OK, I'm ready. The big picture Families across the US are collectively spending, wait for it, a staggering $40 billion annually on Youth Sports 40. Billion. Wow, just let that sink. In $40 billion. And, you know, to put that $40 billion into some kind of context, what's really astonishing is that figure.

2:39 It's twice the amount of money flowing through the entire National Football League. Get out of here twice the NFL. Twice the NFL think about the NF LS global brand right, the massive TV contracts, a multi billion dollar stadiums they build. It's just it's cultural dominance. It's everywhere. It's everywhere and get this spending on kids sports dwarfs it. It really Harris home the unbelievable financial commitment families are making. This isn't, you know, mass entertainment. It's personal investment in a child's development or perceived development twice the NFL that that genuinely blows my mind.

3:11 And it's not just some abstract number, right. It hits individual family budgets hard. Let's break that down. What are families actually spending? Right, the micro level. Yeah, in 2024, the average US family spent on average 1016 dollars just on one child's primary sport. One child, one sport over $1000. Over 1000 bucks. Now get this bit. Nearly half of that, $414.00 to be exact, was spent just on travel and lodging. Wow, so not even equipment or fees, just getting there and staying there. Exactly.

3:44 Think about all those weekend tournaments, right? The flights, maybe the hotel rooms booked solid, the gas money for the minivan driving hours an hour. It's way beyond just buying cleats in a jersey anymore. It's a whole lifestyle. And the speed of this increase is also pretty remarkable that spending it represents a huge 46% increase over just the last five years. 46% jump. Five years, yeah. That kind of rapid acceleration isn't just a growing trend. It suggests something deeper, a really entrenched intensifying financial commitment from parents.

4:13 It's like they believe this investment is absolutely essential, maybe even non negotiable for their kids future success. And non negotiable, yeah, I can see that. And remember that $1016.00 is just the primary sport. If families factor in spending on other sports their kids play. Second sports. Third Sports. Which many kids do. Right. That average figure climbs even higher, to about $1500 per child per year. And that's not pocket change. You know that's a major household expense. It often rivals or even beat other big spending categories like the family vacation budget or even home improvements.

4:50 OK, so here's where it gets really interesting when we think about where this is all headed. The youth sports industry right now is valued at what? An impressive $52 billion? 52 billion already massive. Already massive, but industry experts, they're looking ahead and their predictions, they see that figure soaring, hitting an even more impressive $77 billion in just the next couple of years. 77 billion. That's a staggering growth projected. Staggering growth. We're talking about a trajectory that could, you know, rival the economies of entire countries, all centered around kids playing sports.

5:22 So what's actually driving this, this kind of sustained rapid expansion? Well, it really begs that important question, doesn't it? What happens when parental dedication, combined with that level of financial commitment becomes such a powerful economic force that it fundamentally reshapes our physical infrastructure? Right. The buildings, the land. Exactly. We're seeing this transformation, you know, from just meeting local recreational needs to becoming a major industry, an industry driving commercial real estate development, urban planning.

5:53 It influences everything from like transportation planning to the hospitality sector. Yeah. It's a direct result of this huge growing financial outpouring from families. And it's fueled by this belief, right or wrong, that it's a pathway maybe to college scholarships, maybe pro careers or maybe just, you know, character building. The demand is just so immense. The market is responding with these increasingly elaborate and expensive facilities. Absolutely. And that transformation, that response brings us right to this fascinating shift, the mega complex evolution.

6:28 We're going way beyond the humble ball field now. You probably remember youth sports facilities, you know, maybe from when you were a kid. Just a collection of fields, right? Maybe some rickety bleachers? A dusty parking lot? Yeah, maybe a concession stand with lukewarm hot dogs if you were lucky. Exactly. Lukewarm hot dogs and flat soda. Those are the days, weren't they, that. That was definitely the traditional view. Functional, sure. Often publicly funded, mostly focused on just providing a basic place to play.

6:55 Basic is the keyword. Yeah, there were amenities built to serve the local community's needs for recreation. The focus was participation, access, not really about maximizing revenue or drawing visitors from, you know, 3 states away. They were built out of necessity, convenience. Exactly. But now with the explosion of travel leagues, these intense multi day tournaments, that traditional view, it's been completely blown up, revolutionized. Totally different landscape now. These aren't just fields anymore.

7:29 Developers are calling them vast multi use districts. Think about that phrase. Multi use districts, not just sports barks. Right. We're talking developments that include like vacation level entertainment options, high end restaurants, even like sophisticated bars and restaurants specifically for the parents because the parents are often spending entire weekends, sometimes even a full week stuck at these places. Captive audience. Totally. It's a complete, self-contained ecosystem designed to capture every single aspect of a family's time.

7:58 And more importantly, they're spending while they're there. And that shift really signals A fundamental rethinking of the revenue model, doesn't it? How so? Well, it's not just about charging for field time anymore, or team registration fees. That's small potatoes now. It's about capturing a family's entire discretionary spend for that multi day trip. Okay, everything. Everything Hotels, food, merchandise, entertainment. This integrated approach maximizes the economic output per visitor. It turns a simple sports event into this comprehensive leisure experience.

8:30 So the sports are almost like the excuse to get them there. In some ways, yeah, The developers understand if they can keep families on site happy and occupied, they can capture revenue from all those other streams. The sports might even be, you know, a bit of a loss leader to drive the really profitable activity in hospitality and retail. OK, let's make this concrete. Let's dive into a real world case study that just perfectly illustrates this evolution. It's called the Dynasty in Ocoee, FL. You like the dynasty?

8:59 This isn't just a complex, it's a colossal $1 billion development set to break ground soon on 159 acres, meticulously designed as an all in one mixed-use development. A billion dollars for uke sports facilities and everything around them. And the developer's vision? It's crystal clear and incredibly ambitious, they said. Their quote Taking all the parts of the ecosystem of travel sports and combining them into one project. All the parts of the ecosystem that's key phrasing. Isn't it? It means thinking way beyond just the game itself.

9:34 It's the whole family experience. That holistic approach is absolutely crucial. It shows a deliberate strategy, right to create this self-contained world that caters to every single need of that traveling sports family, from the athletes training to mom and dad's dinner to entertaining the siblings. Keep them on site. Exactly. They want to remove any reason, any friction point that might make a family leave the property and spend their money somewhere else. And you know, the convenience factor for parents who are juggling crazy schedules.

10:05 Multiple kids, maybe That's a huge selling point. Absolutely. It's efficiency for the family and maximum revenue capture for the developer. It's smart business. And the actual components of the dynasty, they really drive home this integrated vision. We're talking 150,000 square feet of high tech indoor training facilities. Like stuff that would make pro athletes jealous. Then 17 convertible fields. They could switch them up for soccer, football, baseball, lacrosse. Incredible flexibility, right?

10:35 So they can run events year round. Maximizing usage Smart. Then get this two full service hotels right on site. Families check in. They don't have to leave the complex until Sunday afternoon. 0 Leakage of hotel spending. Exactly. And for everything else they could possibly need or want a massive 350,000 square feet dedicated just to restaurants, shops, other entertainment venues, arcades, maybe movie theaters, who knows. It really is conceived as like a Mecca for little leagues, isn't it? But just as importantly, maybe more importantly for the business model, it's designed as a magnet for parents money.

11:10 A magnet for parents money that says it all it. Does and the concept acknowledges that OK families might come for say 2 hours of sports or the actual game time. The reason? They drove six hours. Right. But then they have 22 hours of hospitality they can use and spend money on. That highlights the whole integrated revenue model perfectly. Every single piece, the fancy coffee shop, the sports bar, the souvenir store, the pizza place, it's all strategically designed to keep that spending inside the development.

11:38 It's like a little closed loop economy just for that tournament weekend. Precisely maximize the economic yield from every single visit. And the location of the dynasty, that's another masterstroke in this business model. It's right near major highways, super accessible, and critically, it's just a short drive from Orlando's huge theme parks. The synergy with existing tourism. Exactly. So this isn't just a Sports Complex, it's deliberately positioned as a true vacation destination. That proximity just massively amplifies the revenue potential.

12:10 Families can easily combine, you know, a massive soccer tournament with a classic Orlando theme park vacation. Urging 2 big discretionary spins into one trip. Very clever. Super clever and the studies they've done, they're forecasting up to 8 million annual visitors to this complex. 8 million that's that's theme park level attendance. Right. It shows the absolutely staggering scale of economic activity. They anticipate it could genuinely rival established tourist attractions. So if we connect this back to the bigger picture, it's just a profound shift, isn't it?

12:42 And how we even think about recreational infrastructure, it's gone from being, you know, a basic public amenity. Like a library or a park. Exactly to being an economic engine, an integrated entertainment hub, this model maximizes the ROI by capturing all these diverse revenue streams way beyond just gate fees or team registrations. It's transforming a sports event into a broader tourism and hospitality experience, creating this whole new category of like sport excisions. Sportcations. I like that.

13:13 Yeah, Kettering to the Modern Family's desire for, you know, convenience and these curated experiences. O what does this all really mean on the ground? We're honestly not just talking about ugrading some old fields anymore. We're talking about creating mini cities designed entirely around the sport schedule, yes, but crucially, around the families who show up. Many cities is a good way to put it. And these new complexes, they're built with incredible versatility in mind, right? They need to host a huge variety of sports, keep the lights on, keep the revenue flowing for as much of the year as possible.

13:44 How do they actually achieve that flexibility? Well, it really comes down to thoughtful design and some clever engineering. Many use these convertible surfaces like artificial turf fields that can be marked for multiple sports, soccer for one week, lacrosse the next, where they have modular indoor spaces. Think huge warehouses that can be reconfigured with movable walls, portable basketball courts, netting systems, whatever the event requires. This flexibility is absolutely critical for optimizing their return on investment.

14:14 Because a field build only for baseball sits empty most of the year. Exactly. A fixed use facility is just inefficient from a business perspective, but a versatile complex. It can pivot. It can host a soccer tournament one weekend, a big cheerleading competition in the next. Maybe lease space for a corporate team building event during the week. Keeps the facility humming. And that flexibility, it goes beyond just sports too, doesn't it? I read that many of these are built to host other things. Oh, absolutely.

14:39 Corporate events are huge. Concerts, trade shows, graduations, large community gatherings, anything that needs a lot of space indoors or outdoors. They build them with that potential in mind during the off peak sports times or gaps in the tournament schedule. So it ensures a much more consistent diversified revenue stream, makes them much more attractive investments, I imagine. Precisely. It's just smart utilization of very expensive real estate and infrastructure. And you know, it's not just about the old standbys like basketball, soccer, baseball, though they're still huge drivers.

15:12 Yeah, the big Three. Right. But we've seen other sports really gain traction and Dr. demand for these kinds of facilities, things like flag football is exploding, ice hockey continues to grow, lacrosse, both boys and girls. And you mentioned girls sports earlier. That's a big factor. A huge factor, girls sports participation has shown really substantial growth and expansion across the board. That's driving a lot of this demand for new high quality facilities and interestingly, they often display different spending patterns compared to boys teams.

15:43 OK. That's fascinating. Different spending patterns. How specific does the industry get with tracking that do they really know like how soccer families spend versus volleyball families? Incredibly specific. The level of detailed analysis the industry performs now on participant spending is Oh well, it's impressive they have these precise projections. Hotel room nights needed per tournament type. Average spending per family, broken down by sport, sometimes even by age group within a sport. No way.

16:12 Give me an example. OK. So for instance, the data might show that for boys basketball tournaments, players often share hotel rooms, maybe 4 kids to a room to cut costs that impacts the total hotel revenue per team. Right, fewer rooms booked. But then you look at girls volleyball tournaments, the data often shows a strong preference for one room per player and their family. So more rooms booked per team, higher overall hospitality spend. This kind of granular data, it directly informs the design choices, the types of amenities offered, even the operational models of these complexes.

16:47 It allows them to fine tune everything to maximize profitability from each specific type of event they host. They really know their customer base intimately. It's incredible. The sophistication level is just, it's moved so far beyond just, you know, managing some fields. It's deep into economic modeling now. Absolutely. And this naturally brings us to a crucial element, the money behind the movement, you know, the funding and the partnerships. Because let's face it, building a billion dollar complex like the dynasty doesn't just happen with bake sales.

17:16 How are these massive projects getting funded? Right. The financing is key, and the core model for many, maybe even most, of these big projects is structured as public private partnerships, PPPs. OK, PPPs. What does that actually mean in this context? Well, in this setup, the municipality, the city or county often uses various subsidies, incentives, maybe tax breaks, or helps with infrastructure like roads and utilities to attract a private developer. So the city helps make it financially viable for the private company.

17:45 Exactly. It's a symbiotic relationship. Ideally, the city provides some form of support, maybe upfront cash, maybe bombs, maybe land, and in return the private sector brings the development capital, the construction expertise and often the operational know how. OK, so the city puts in some skin in the game. The developer builds the massive complex and the idea is that the Sports Complex itself acts as like an anchor tenant. Precisely. It's the big draw and it's designed hopefully to attract other commercial projects around it, more retail stores, more restaurants, more hotels, basically to catalyze broader economic development for that whole area.

18:21 It's sort of a classic urban planning strategy, right? Putting them all somewhere to draw their businesses. But now they're using youth sports complexes as that anchor, turning a rec facility into a growth engine. Yeah. And the motivation for the cities and towns, it's multifaceted and it's become increasingly compelling for them. They're recognizing the potentially significant return on investment these facilities can generate. ROI for the city? How? Well, multiple ways. First, they see these complexes aren't just nice extras anymore.

18:52 They're seen as an important component of our infrastructure in terms of quality of life. Families expect these kinds of facilities now. Right, got to keep residents happy. Exactly. But crucially, they're also seen as powerful engines for economic growth. They generate sales tax from all that visitor spending, hotel occupancy taxes. They create local jobs. OK. Direct revenue streams. Direct revenue and municipalities are acutely aware now that if they don't provide these top tier facilities, they're effectively sending their own residents, their kids and dollars somewhere else to the next town over or the next state that does have these shiny new complexes.

19:30 It becomes like an economic arms race between towns. We got to have the best complex to keep people spending locally. It really does feel like that sometimes, a competitive necessity. And we have some really solid examples of these public private partnerships working out places that really show this model in action. Oh yeah, several good ones. Take Overland Park, KS. They built the Advent Health Sports Park at Blue Hawk. It's $125 million facility, huge, 420,000 square feet ice rink, turf fields, quartz, the works.

20:01 $125 million. How is that funded? A significant chunk, $53 million came from state issued sales tax and revenue bonds, Star bonds, they call them. They're essentially the future sales tax generated by the development itself helps pay back the bonds that were issued to build it in the first place. OK. So the project pays for itself over time through the activity it generates. Clever. Very clever. Another great example is New Lenox, IL. They're developing the Crossroads Sports Complex. It's on 100 acres, but strategically, the town leaders designated another 70.

20:31 The acres right next door specifically for retail, restaurants and hotels. Planning the spillover effect right from the start. Exactly. Their explicit goal, they stated it openly, is to capture tax dollars from those adjacent businesses and pay for the facilities development. That kind of foresight, planning the whole commercial ecosystem from Day 1, is really crucial for making the finances work long term. And there's Springfield, IL too, right? With Legacy Point in that huge Dome. Yeah, the Shields Sports Park within Legacy Point.

21:03 That was a decade long vision. Apparently it evolved over time, but now includes this $67 million Shields Sports Park. And yeah, it features the nation's largest air supported Dome. Pretty impressive structure. Wow. And how's that supported? Similar model local sales taxes, hotel taxes are playing a big role. Plus, they secured partnerships with major local players like Scheels, the sporting goods giant, and the Springfield clinic. So a mix of public funds and private partnerships. Right. And the vision there, the developer was quoted saying they wanted to create something where people would come, stay, eat and play.

21:37 The idea being that families might arrive Thursday night for a tournament and potentially never leave that development until they head home Sunday afternoon. Keep them captured in that economic bubble. That's the goal. And the key take away from all these examples is that even the projects that look like they're mainly privately developed as part of some larger commercial zone, they are almost always still utilizing heavy public incentives. OK, so the public sector's role is still critical even if a private developer is building it.

22:04 Absolutely vital cities are providing tax breaks, TIF districts, infrastructure help. They're de risking these massive projects to make them attractive for private investment. They're willing to make those upfront contributions because they believe in the downstream economic benefits, the bigger tax base, the new jobs, the enhanced quality of life. It's a strategic bet. It really does sound like a grand chess game being played out on like municipal maps with families and their kids Sports schedules.

22:33 As the pawns maybe? Or the driving force, anyway. The driving force, definitely. But who else is really calling the shots here behind the scenes, beyond just the cities and the developers we see? Which leads us to another major financial player now heavily involved private equity. Yes, the influx of PE. This has become a huge factor in recent years. Why are they interested? What's the appeal of, you know, kids soccer tournaments to big finance? Well, private equity finds the youth sports landscape incredibly attractive precisely because it's historically been so fragmented.

23:08 Fragmented, meaning lots of small independent operators. Exactly. Think about it. Countless individual leagues, regional tournament organizers, local coaching clinics, small equipment companies, all operating more or less on their own. This fragmentation is like a classic opportunity for private equity. It's ripe for what they call rollups. Rollups. OK. What's a rollup strategy? It's where a private equity firm acquires a whole bunch of these smaller, independent entities in the same sector, say tournament providers in different regions or different sports, and combines them, rolls them up under one larger, more efficient, professionally managed umbrella company.

23:45 Ah. OK, create economies of scale. Precisely. So instead of hundreds of little mom and pop tournament operators, you might get one massive organization like Unrivaled Sports is one example, managing dozens of them. This push for consolidation, for creating these bigger groups running larger scale events, well, it creates a massive undeniable need for more and bigger facilities. Right, because bigger tournaments need bigger venues. Exactly, which in turn fuels this huge cash inflow into building those facilities.

24:17 It becomes this self reinforcing cycle. Consolidation drives demand for infrastructure, which attracts more investment, which enables more consolidation. Wow. And this whole trend has led to something an expert called the Disney World and youth sports Fusion, right? Yeah, that phrase really captures it. The logic from APE perspective is pretty compelling. Sports are expensive, family vacations are expensive. So why not merge the two? Combine the budgets. Combine the budgets. Parents are already spending huge amounts of money and time on youth sports, often traveling long distances anyway.

24:50 So by integrating all this leisure and entertainment into the sports complexes, the developers and their PE backers can tap into the entire family vacation budget. They're leveraging an existing, passionate and frankly already high spending customer base. Maximize the lifetime value of that family as a consumer, basically. That's the language they'd use, yeah. OK. So that converge, you've got intense parental devotion, you've got cities offering incentives and now you've got private equity pouring in capital.

25:21 That's a seriously powerful mix. Extremely powerful. But it does raise some important questions, doesn't it, about the long term implications when private capital is shaping what often feels like it should be public infrastructure. How does that balance work? Where does it work? Is it always a win win? That's the critical question really. It introduces this dynamic where the commercial goals of private investors, maximizing profit, ensuring high returns, might sometimes align with the public good, but might sometimes diverge from it, especially when it comes to things like ensuring accessible, affordable recreational opportunities for all kids in a community, not just the ones who can afford elite travel teams.

26:00 Right. Which leads us perfectly into thinking about the shifting dynamics in the road ahead, because you mentioned that while some huge projects like the Dynasty are fully private, there's actually a trend emerging, maybe pushing back a bit, Ford's municipal ownership of the actual sports complexes themselves. Yes, that's a fascinating counter trend we're starting to see. Why is that happening? After all this excitement about private investment, why would cities want to take on the burden of directly owning these massive, complex facilities again?

26:29 What's the thinking there? Well, this shift back towards municipal control seems to be driven by a couple of key factors. One major one is control over access. Local leaders want to directly control the facilities to make sure that local leagues resident kids maintain access to these really needed recreational spaces. So they don't get priced out or pushed out by the big traveling tournaments all the time. Exactly. There is a concern that if it's purely private, the facility might become exclusively focused on maximizing revenue from those high paying out of town tournaments, potentially shutting out the very local residents whose tax dollars might have helped incentivize the project in the first place.

27:09 OK. That makes sense. Community benefit versus pure profit. Right. And cities also understand they have specific financial tools they can leverage better if they own the asset, things like those tax increment financing districts or Tifs and dedicating hotel tax revenues directly to paying off the development bonds over time. Right. You mentioned TIF districts earlier. Can you just quickly remind us how those work again? Sure. A TIF district is basically a designated geographic zone for redevelopment.

27:37 Once it's set up, any new property tax revenue generated within that zone. The increase or increment that happens because of the new development doesn't just go into the city's general pot. Instead, it's specifically earmarked and funneled back to pay for the project's costs or related infrastructure improvements within that district. So the development essentially helps pay for itself through the new taxes it generates. That's the idea. It captures the value it creates. And similarly, cities collect hotel taxes from visitors anyway.

28:08 If they own the Sports Complex attracting those visitors, they can directly allocate a portion of that hotel tax revenue to pay down the debt on the complex. It ensures tourist dollars directly support the infrastructure that brought them there. OK, so they're definitely reasons for cities to want to maintain control. But look, it's not all, you know, sunshine and perfectly manicured fields in this whole boom, is it? There are real complexities, real risks. We should acknowledge those two. Absolutely, it's crucial.

28:35 For instance, there have been some pretty significant misses and even unfortunately cases of outright tried. You mentioned one earlier. Yeah, the Arizona Athletic Grounds case is a sobering example. A $250 million project looked amazing on paper, but the developers ultimately pleaded guilty to serious charges. Securities fraud, identity theft. Wow 2. $150 million down the drain potentially. It's a really stark reminder of the potential downsides when there's so much money flying around and maybe not enough oversight.

29:06 And it serves as a warning right against making what you called erroneous financial assumptions. Exactly. It's so easy to look at one of these giant complexes on a pack Saturday afternoon in July. You know, thousands of families milling around, kids playing everywhere, concessions buzzing. And just think, wow, this place must be printing money. Yeah, it looks like a gold mine. It looks like it, but the underlying business models, the financing structures, they're incredibly complex. They depend heavily on consistent lookings, year round usage, high hotel occupancy rates, sustained levels of that discretionary spending we talked about.

29:41 If the initial projections are too rosy, or if the market suddenly shifts or competition heats up, these ventures can face really serious financial trouble. The allure of quick profits can lead to mistakes or worse. It can certainly lead to a lack of rigorous due diligence sometimes or in the worst case scenarios, yeah, outright criminal behavior like in Arizona. And there's another, maybe more subtle counter narrative to consider too, beyond just financial risk. You mentioned earlier that youth sports participation rates overall have actually dipped slightly since the pandemic.

30:13 That's right, it's not a massive drop, but it's noticeable. Participation is currently around 54.6% for school aged kids, which is down a bit from the pre pandemic peak of about 56.1%. So fewer kids playing overall even as we build these mega complexes. What's behind that dip? Well, experts point to a couple of things. One is simply more competition for kids. Time, you know, digital entertainment, gaming is huge. A wider range of other extracurriculars maybe weren't as prevalent A decade ago. Screen time versus field time.

30:44 Kind of, but significantly and maybe more concerning in the long run is the impact of those increasing financial burdens. We discussed the sheer cost of participating in these expensive tournaments, the specialized private lessons, the high level travel teams. It's becoming a serious barrier to entry for many families. So the sport itself, especially at the travel level, might be becoming more exclusive. That's a real concern. The soaring costs could be limiting broader access, potentially shrinking the base of participation even as the spending by those who can afford it continues to rise.

31:18 It creates a kind of two tiered system. OK, so given all that, the the financial risks, the potential for fraud, the slight dip in overall participation, the rising cost, it makes you wonder, doesn't it? Is this market actually underbuilt like the developers claim or are we maybe heading towards being overbuilt? Is there a saturation point coming? That's the billion dollar question, isn't it? And despite all those potential headwinds, we just discussed the overwhelming consensus within the industry, among the developers and investors.

31:47 It remains incredibly bullish. They still think there's massive room for growth. They do. Industry experts consistently predict continued robust growth. Their common refrain is that the market is drastically underbuilt, not overbuilt. Drastically underbuilt even with all these new complexes. Even with them, they argue that the demand for truly high quality integrated facilities, especially those top tier destination style complexes we focused on, still far, far outstrips the current supply, particularly in certain regions or for certain fast growing sports.

32:21 So from their perspective, the current building boom, it's not even close to being finished. That's their perspective, yes. They see significant runway left for more development, driven by that persistent demand, that unwavering financial commitment from families who are clearly willing to travel farther and spend more for what they perceive as the best facilities and the best opportunities for their kids. It really paints a picture of massive potential still waiting to be tapped, doesn't it? And a market that, at least internally, feels like it has plenty of room to keep expanding.

32:50 Yeah. The increasing interest, the continued investment flows, coupled with that strong industry outlook, it definitely suggests this building boom is indeed far from over. We're likely to see many more of these mega complexes break ground in the coming years. But as you said, there's that underlying tension. Absolutely. What's truly fascinating, I think as we look ahead is navigating that tension, the tension between these powerful market forces driving ever bigger, more elaborate, more commercialized development, often prioritizing profit and scale, right?

33:23 And the fundamental public need for accessible, affordable recreational facilities for all children in a community, regardless of their ability to pay for elite travel teams or weekend hotel stays. How do we balance those two? Yeah, that's the challenge, how that tension plays out, how municipalities continue to try and strike that balance between leveraging private partnerships for economic growth while also safeguarding the public good. That's what will ultimately define the future trajectory of this entire industry, and it will absolutely reshape our communities, our suburbs, even our cities for decades to come.

33:58 Wow, what a deep dive this has been. It honestly makes you look at every local sports field. Every new strip mall going up near a highway interchange in a completely different light doesn't. It it really does the. Sheer scale of what's happening in youth sports, the money involved and its profound impact on commercial real estate and local economies. It's truly remarkable, something those people probably don't even think about. Indeed. And you know, know, knowledge is really most valuable when it helps us see the world around us with fresh eyes, doesn't it?

34:28 And this topic certainly offers that opportunity. It challenges our basic assumptions about what really drives economic development today, and maybe where the real power centers lie in our evolving communities. Yeah. And you know, as these mega complexes become these new hubs of community life, drawing in as we heard potentially millions of visitors, billions of dollars, That leaves you with a final thought. Maybe what are the subtle, perhaps unexpected shifts we might start seeing in local culture, beyond just the sports themselves?

34:57 Interesting question. How might these huge destination facilities, these mini cities, actually influence things like family dynamics or family vacation habits or even just the core identity of a community in the long run, as they maybe become the Newtown Square, the new gathering place for so many people? It's a fascinating question to ponder about the future of our towns and cities.