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Victory+ CEO Gruninger Ousted After Another Partner Bolts
Victory+ Streaming Platform Shakes Up Leadership: What You Need to Know
The Big News in Simple Terms
Imagine a streaming service for sports—like Netflix but for live games. That’s Victory+. Recently, they hit a rough patch: three major sports teams left because Victory+ couldn’t pay them. Because of this money trouble, the company’s founders decided to bring in a financial expert as the new CEO while the original founder moves to a role that fits his strengths better.
Important Point
Victory+ isn’t shutting down. They’re downsizing, refocusing, and trying to build a sustainable business with the teams that stayed.
Why Did This Happen? The Backstory
1. The Original Plan: "Free Sports for Everyone"
- Founder Neil Gruninger co-created Victory+ 15 years ago (originally called A Parent Media Co.)
- Business Model: Pay teams a guaranteed fee → stream games for free → make money by sharing ad revenue with teams
- Star Success: The NHL’s Dallas Stars loved this model. They’re the flagship partner and even own a piece of Victory+
2. The Ambitious Expansion (6 Months Ago)
- After a competitor collapsed, Gruninger pitched to 20 NBA/NHL teams at once
- Conditional deals with Orlando Magic, Minnesota Timberwolves, Charlotte Hornets
- Problem: All deals needed big upfront cash that Victory+ didn’t have yet
3. The Money Never Came
- Investors were worried: "What if these teams leave in one year when the NBA launches its own centralized TV hub in 2027-28?"
- Financing kept getting delayed: February → April → June → Never arrived
4. The Domino Effect: Teams Left
Without money to pay guaranteed fees, three partners terminated contracts in just 15 days:
| Team | League | Why the Deal Was Problematic |
|---|---|---|
| Anaheim Ducks | NHL | Free games on local TV = $0 extra revenue for Victory+ |
| Texas Rangers | MLB | Games behind a paywall + on linear TV = split audience |
| NWSL | Soccer | Multiple games same night + league had other partners = non-exclusive |
Key Insight
Victory+’s model only works with exclusive deals where all fans watch in one place—so ad revenue grows. Non-exclusive deals = less ad money = can’t afford big rights fees.
The Leadership Shake-Up
Out as CEO: Neil Gruninger
- Strengths: Product vision, entrepreneurship, long-term strategy, partner relationships
- Struggle: Became CEO unexpectedly in 2023 after co-founder Mike Lowe passed away
- New Role: Focus on technology, innovation, business development, strategic relationships
In as CEO: Jon Spencer
- Background: Board member from TriWest Capital Partners (investment firm)
- Financial Credentials:
- Chair of Monarch Industries
- Board member: Supreme International, Lithion Power Group, Prostar Energy Services
- Former RBC Capital Markets: public equity offerings, mergers & acquisitions
- Mission: Steady the ship, fix finances, right-size the budget
Perfect Fit
People who know Gruninger say this puts him back in his "correct lane"—building product and vision—while Spencer handles the balance sheet.
What Stays the Same? (The Survivors)
Dallas Stars (NHL) – Exclusive deal, rights fee + ad share, equity stake → Not in jeopardy
Minnesota Lynx (WNBA) – Free streaming, ad rev share only (no rights fee)
Atlanta Dream (WNBA) – Same model as Lynx
League One Volleyball (LOVB) – Contract intact
Texas Prep Football – With UIL & THSCA, contract intact
Important Point
The Stars are the linchpin. Sources say: If the Stars stay for 2026-27, Victory+ survives. If they leave, "difficult reboot."
The New Strategy: Smaller, Smarter, Sustainable
Victory+ Playbook Going Forward:
- Downsize operations → lower burn rate
- Stop chasing big rights fees → no more guaranteed minimums they can’t afford
- Double down on the WNBA model: Free streams + ad revenue share
- Pursue more exclusive deals where Victory+ is the only place to watch
- Stay current on remaining payments → rebuild trust
Summary: The TL;DR
- Victory+ ran out of money trying to expand too fast with expensive team deals
- Three teams left (Ducks, Rangers, NWSL) over missed payments
- Founder Neil Gruninger steps down as CEO → moves to product/vision role
- Finance pro Jon Spencer takes over as CEO to fix the budget
- Core partners (Stars, Lynx, Dream, LOVB, Texas football) staying put
- New strategy: Smaller, exclusive, ad-supported deals—starting with more WNBA teams
- Survival hinges on the Dallas Stars renewing for 2026-27
FAQ: Your Questions Answered
Is Victory+ going out of business?
No. They’re downsizing and restructuring. All remaining contracts are reportedly safe, and the new CEO’s job is to stabilize finances.
Why did the Ducks, Rangers, and NWSL leave?
Victory+ missed rights fee payments (guaranteed money owed to teams). The teams asked to renegotiate; Victory+ couldn’t pay; teams walked.
What’s different about the Stars deal vs. the ones that failed?
Exclusivity + alignment. Stars games are only on Victory+ → all fans in one place → ad revenue grows → model works. The other deals had games on other channels too, splitting the audience and ad money.
Why is Neil Gruninger staying if he failed as CEO?
He didn’t "fail"—he was in the wrong role. His superpower is product and vision, not spreadsheets. The board realized this and moved him back to where he adds most value.
Will I still be able to watch Stars games on Victory+ next season?
Almost certainly yes. The Stars own equity in Victory+ and have an exclusive deal. But the real test is whether they renew for 2026-27—that decision will determine Victory+’s long-term future.
Article based on reporting from Sports Business Journal (July 2026).
