PE-backed platforms are shedding non-core assets. Strategic buyers are picking up the pieces.
PlayMetrics sold Student Sports to Elysian Park Ventures on December 12th, marking the company's second divestiture since merging with Stack Sports in June 2025. The deal moves Elite 11 and Area Code Baseball, two of the most recognized athlete identification platforms in the country, under the umbrella of the LA Dodgers-backed investment firm. Terms weren't disclosed.
The transaction says a lot about where capital is heading in youth sports and how investors are starting to sort assets into cleaner categories.
Why This Made Sense for Both Sides
For PlayMetrics
This is about focus. PlayMetrics previously sold Steva (a video analysis tool) to Cardinal Sports Capital in October. Now Student Sports is out the door too. What's left is a company trying to be one thing: the operations management layer for youth sports organizations.
CEO Mike Doernberg has been clear about the strategy. PlayMetrics wants to be "the essential platform that youth sports organizations rely on to run their operations every day." That's a bet on recurring SaaS revenue from clubs, leagues, and governing bodies, not event-driven businesses with different margin structures and operational demands.
For Elysian Park
The firm already holds positions in LeagueApps, LOVB, and other youth sports infrastructure companies. Student Sports adds something different: direct access to elite high school talent pipelines with decades of brand equity behind it.
Elite 11 and Area Code Baseball sit at the intersection of athlete identification, content, and brand marketing. These are relationship-heavy businesses with strong positioning in the funnel that feeds college and pro sports. The Dodgers connection makes the baseball angle obvious. The more interesting play might be Elite 11. Quarterback is the most visible position in American sports, and the showcase already has real potential as a media property.
What This Tells Us About Youth Sports M&A
The 2024 to 2025 wave of youth sports deals produced a lot of roll-ups that combined software, events, and content under single ownership. PlayMetrics/Stack Sports was one of them.
Now we're watching the rationalization phase. Buyers are picking apart those combinations and redistributing assets to owners with clearer strategic alignment. That creates opportunity for investors who can catch the spin-offs. Student Sports likely commanded a better valuation from Elysian Park than it would have as a line item buried in a software company's portfolio.
It also highlights sports ownership groups as a distinct buyer category. Elysian Park brings more than capital. It brings distribution relationships, brand credibility, and strategic resources that a traditional financial sponsor might not offer. For founders thinking about exit paths, these buyers are worth paying attention to.
Takeaways for Investors and Dealmakers
Roll-up portfolios may keep breaking apart
The PlayMetrics/Stack Sports merger absorbed businesses with very different operating models. Two have already been divested. Other assets in similar situations across the industry may follow.
Athlete identification still attracts capital
Student Sports found a buyer quickly despite being shed by a software-focused platform. The talent pipeline business, connecting young athletes to college programs and pro organizations, continues to draw interest, especially from strategics with downstream stakes.
Youth sports software is narrowing its focus
PlayMetrics is betting the winning position is "operating system for youth sports organizations," not a sprawling platform play. Other software providers will face pressure to articulate similarly clear value propositions.
Sports ownership groups are active buyers
Elysian Park joins a growing list of ownership-affiliated investors putting capital into youth sports infrastructure. They bring differentiated resources and may pay premiums for assets that fit their broader strategies.
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