The Merger and How to Think About Scale

The IPG combination closed as an all-stock transaction in the first quarter of 2026 at a reference price of $3.23 per share. I want to be candid about how small we are relative to the market we are entering.

Measured against the Indian Premier League, we are a fraction of one percent of the sport's largest property. Reports in 2026 place the IPL's overall business value at roughly $18 billion, with marquee franchises like Royal Challengers Bengaluru and Rajasthan Royals changing hands in the $1.6--$1.8 billion range. We will not pretend otherwise. Shareholders are not served by comparisons that flatter us against the biggest asset in the sport.

The honest comparison is the rest of the field. Outside the IPL, franchise T20 leagues are dramatically smaller and far more fragmented. On publicly available 2025--2026 third-party estimates, league-level metrics for the Pakistan Super League, Australia's Big Bash League, the Caribbean Premier League, and the Bangladesh Premier League sit far below the IPL -- and the LPL has historically been valued toward the lower end of that group. Against that peer set, a vertically integrated platform built on the LPL plus planned expansion leagues is a credible place to build from.

Our internal modeling assumes EBITDA margins improving from a low double-digit base toward a more mature range over five years. Now that LPL Season 6 is scheduled to commence later in Q2, the anticipated revenues in 2026, if realized, are expected to be spread over the three remaining quarters of 2026. These are planning assumptions, not promises.

In Closing

I will not characterize this as anything other than what it is: a high-conviction, high-effort attempt to rebuild value by entering a market we believe is large, growing, and underserved by integrated sports and media competitors. We have assembled assets, relationships, and a team we believe give us a credible path, and we have restored the public-company foundation needed to pursue it. The work of execution is now in front of us, and we intend to report to you on it with the same candor reflected in this letter. Further, in the weeks ahead, the Company expects to pursue a corporate name and trading symbol change, subject to applicable corporate, regulatory, and Nasdaq approvals, intended to better align the Company's public identity with its sports and media operating strategy.***