Youth hockey's biggest landlord says it's in it for the long haul

The 1980 "Miracle on Ice" inspired a generation of kids to head to the local rink.

More than 40 years later, many of those rinks are neglected and disappearing. Cities like Kettering, Ohio, are considering closing their indoor ice rinks rather than paying a ~$15m repair bill.

There’s money to be made. Youth sports is a $40B+ industry, and ice hockey costs anywhere from $2k to ~$25k (depending on how seriously you commit to your 8-year-old’s dream… or your dream).

Private equity is buying up youth sports. But other privately held companies are shooting their shot, too.

The major player, Black Bear Sports Group (BBSG), distinguishes itself from private equity and says it's committed to accessible youth hockey.

“Our priority is not a current return on investment,” Andrew Goldman, BBSG co-president of hockey, told The Hustle. “We have built BBSG because we care about the game of hockey.”

Still, there are some unhappy fans.

The offense:

Since 2015, BBSG’s goal has been simple: buy distressed or closed rinks, fix them, and fill them.

According to the company, BBSG:

• Owns or operates 49 rinks (under 3% of US rinks)
• Pays $300k to $400k in utilities per rink annually
• Fills the ice year-round with its own clubs, leagues, camps, and lessons
• Put ~$20m into ice plants, roofs, and locker rooms over three years
• Lost money in FY2024 and FY2025
• Is expanding its free beginner program to 44 rinks
• Grew travel-team players 9% last season vs. 1.6% nationally

“Our clubs and leagues exist because that is what keeps the lights on in buildings that were losing money or closed before we got there,” Goldman said.

The defense:

But critics cite rising fees, a USA Today investigation, and Sen. Chris Murphy's call to ban private equity in youth sports. Goldman says BBSG's rinks remain accessible and built to last.

• USA Today found $100 to $400 hikes on 142 of 209 teams. BBSG says taxes and utilities are up 10%+ and nearly one-third of teams held steady
• Its foundation has given $250k+ in grants since 2020
• Parents can't livestream games; watching costs $215.99 a year on Black Bear TV. BBSG cites safety and consent
• BBSG says it has no fund, no exit date, and no promised returns

“We know our model works because of the rinks we’ve saved from closing,” Goldman said.