Jesse Cole's success with the Savannah Bananas is an example of winning on "hard mode." He took a neglected asset—a minor league baseball team—and bootstrapped it into a global entertainment phenomenon with a 3-million-person waitlist and a valuation over $100 million by focusing relentlessly on the fan experience.
Founder Jesse Cole's creative engine is a simple rule: identify the standard way of doing things and then do the opposite. This ensures every idea is inherently remarkable and share-worthy, as people don't get excited about normalcy. It’s a core principle for breaking out of industry conventions.
Before becoming a viral sensation, founder Jesse Cole spent 8 years running a small, unknown team. This period of "toiling in obscurity" was crucial for testing hundreds of wild ideas without public scrutiny, building the playbook that enabled the Bananas' explosive growth.
Sixth Street's sports strategy views iconic teams like FC Barcelona or the New York Yankees as global consumer brands, not just local franchises. This "local to global, enabled by technology" lens opens up investment opportunities based on brand value and consumer reach, moving beyond traditional sports team valuation metrics.
Businesses with passionate but niche audiences, like the UFC or F1, can break into the mainstream by producing "on-ramp" content. A human-interest show (like F1's "Drive to Survive") provides an accessible entry point for new fans, demystifying the niche and driving massive growth by solving the discovery problem.
Founder Jesse Cole largely ignores financial meetings, focusing instead on metrics that directly impact fan experience. He obsessively tracks merchandise line wait times, game speed, and trick plays, believing that optimizing these customer-facing KPIs is the true driver of long-term financial success.
The controversial "Bananas" name initially caused a local uproar, with the team getting booed in public. However, this intense attention, even if negative, was a powerful asset. It made people aware of them, setting the stage for them to win over skeptics with their unique fan experience.
The Savannah Bananas create deep fan loyalty by "world building," not just branding. They've developed an internal mythology with its own rules and language (e.g., the significance of the number 11). This makes fans feel like they're part of an exclusive, immersive universe, similar to Disney or Marvel.
The sports disruptors test 10-15 new promotions at every single game. While most teams repeat a few proven successes, the Bananas embrace constant, small-scale failure as a deliberate strategy. This allows them to out-learn their competition and innovate entertainment experiences for fans at a much faster rate.
Certain "trophy assets," like major league sports teams, defy traditional valuation metrics. Their true worth is determined not by their cash flow, which can be modest, but by their extreme scarcity and the price a private acquirer is willing to pay for the prestige of ownership, as seen in private market transactions.
The Savannah Bananas' co-founder states the first step to building a fan base is identifying and removing every pain point a customer experiences. Before entertaining or experimenting, they tackled the core complaints of baseball: it's too long, slow, boring, and expensive. Eliminating friction is the prerequisite for innovation.