Welcome back to The Varsity, my twice-weekly private email on the heroes and villains of the sports business. I’m John Ourand, still coming to you from Puck’s beautiful Costa Rican bureau. After spending several days in the rainforest, this email hails from the coastal town of Puntarenas, which is near the better known Manuel Antonio Beach. I’m sorry to report, dear reader, that I have not been able to uncover any fútbol rights battles down here…

Tonight, I’ve got an in-depth interview with billionaire Ted Leonsis on the transformation of sports ownership economics. After generations of mushrooming media deals, change is afoot. After all, Mark Cuban sold a majority of his stake in the Dallas Mavericks to the Adelson family because the next wave of revenue generation will coalesce around real estate and entertainment. I was eager to get Leonsis’ perspective on that, considering his background in tech.

Also: One final reminder to stop forwarding this email or else I’ll send you Marchand’s Fifty Shades of Grey fan fiction.

Let’s get to it…