Connecticut Senator Chris Murphy is co-sponsoring a bill called the “Let Kids Play Act,” which seeks to limit private equity firms from investing in youth sports. He says it intends to lower the costs of participation in for-profit youth leagues.
This act would automatically designate private equity firms as “vulture investors” if they try to invest in a youth sports league, until proven otherwise. A vulture investor is defined as an investor who acquires a distressed asset in an attempt to make it more profitable, and then re-sell for a profit.
“As a hockey dad, I’ve seen how viciously these private equity companies rip families off,” said Murphy in a joint press release published by New York Democrat Senator Cory Booker about their bill. “Sports are one of the increasingly few places kids can find real community and learn core values, like teamwork and discipline, that last a lifetime.”
Murphy said his son plays in a league owned by Black Bear Sports Group, which is the youth sports division of the Blackstreet Capital Holdings private equity firm. Black Bear owns 47 ice rinks across the country, including five in Connecticut.
Murphy didn’t say which league his son played in, but Black Bear Sports leagues between ages 8 to 18 charge up to $4,100 per season in registration fees alone, with there being additional costs for equipment and travel.
“It is shameful to deny that opportunity to millions of kids just so some greedy Wall Street executives can boost their bottom line. We are getting these profit-obsessed corporations out of kids’ sports for good,” Murphy said in the press release.
There is a flipside to Murphy’s argument, however: nonprofit sports leagues often can’t break even, which is why so many end up being bought by private equity firms.
Many of Connecticut’s largest youth hockey organizations are nonprofits. For example, at the Darien Youth Hockey Association, registration for a 12-year-old during the 2026-2027 season would cost $1,155. At that rate, the league is operating at a significant loss. In 2025, Darien’s league reported a loss of $116,890.
On its website, Black Bear Sports Group says its mission is to “protect, strengthen, and expand access to hockey and ice sports. By preserving rinks, supporting player development, and fostering strong skating communities, we ensure that hockey, figure skating, and other ice sports remain accessible, competitive, and thriving for generations to come.”
Other youth leagues for sports that are significantly less expensive than hockey are still increasing their price to participate at a dramatic rate, while operating at a loss. One example is Meriden’s Little League, where the Jack Barry Little League Fall season registration costs jumped from $65 in 2019 to $150 in 2026; a 130% increase.
There have been many changes to kids’ baseball leagues in Meriden since 2019. For starters, there used to be two leagues in the town: the Jack Barry and Ed Walsh Little Leagues. They merged to form Meriden Little League Inc. six years ago. That same year, Meriden Baseball Little League Inc. reported a net income of negative $10,510.
Meriden Baseball Little League’s Form 990s show that the amount of money collected through registrations decreased from $3,849 in the 2019 fiscal year to $1,135 in the 2024 fiscal year. As this was happening, the number of kids enrolling in Little Leagues across the state declined—a trend that started around 20 years ago.
But despite the declining numbers, the revenue and expenses of Meriden Little League Baseball were around the same in 2024 as they were in 2019, and the total assets increased slightly.
After merging in 2019, Meriden Little League saw an immediate increase in its net assets. In 2020, it had a net income of $5,289, and since then, the net income has dropped again. It crossed into the negatives in 2022, and in 2024, it was negative $5,616.
The “Let Kids Play Act” wouldn’t ban all private equity firms from buying youth fees. If a company can prove that they never engaged in “vulture investment” practices, they can purchase or invest in a league.
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