Regarding MLS, it is a good buy; but rapid expansion has risks as we have seen before.
While the fee for a franchise is not too high like the NFL or NBA, a key investment is a soccer specific stadium with a capacity between 20K and 30K, which believe it or not, is the average size of a soccer stadium globally outside of a handful of heavyweights. Except for Seattle, hosting games at a 60K to 70K NFL stadium outside of special events when average attendance runs around 17K is absurd. It’s one reason that I am very nervous about the proposed expansion team in Atlanta as they are scheduled to play in the new Falcons stadium with a capacity of 65K. Seems to me that the owner wants to host more events at his new, publically financed stadium versus owning and supporting a MLS team. Plus Atlanta does not have the best reputation when it comes to supporting sport teams. The new New York FC team also needs a permanent home as its temporary home will be Yankee Stadium. I believe Miami and Orlando will be building soccer stadiums. In addition, two of MLS’s biggest thorns have been getting soccer specific stadiums for two of its founding franchises, DC United and the Revs. Both currently rank in the bottom 5 of MLS attendance with a third team in the bottom 5, San Jose, will be getting its stadium soon (the other is Chivas, which is just badly run, regardless where they play). Lastly, these stadiums need to have access to public transit as the city/millennial generation is less addicted to cars that prior generations (it will be interesting to see how US transportation projects are funded once they work their way into elected offices, the highways versus rail funding pattern may get flipped). It is no surprise that Columbus, Colorado, Dallas, and Chicago (who the heck had that stadium built 2 miles from the end of the subway line?) do not have direct public transit access and all rank in the bottom 10 of MLS attendance.
There are also challenges with keeping the cost of attendance low since MLS relies on ticket sales more than any other sport because of its current lack of TV time. The pending influx of European talent may help, though.