Victory+ removed founder Neil Gruninger as CEO on Thursday after the platform lost three rightsholders in 15 days, a fast contraction that forced the company to replace its top executive and rethink the business around NWSL+ and other remaining deals.
Jon Spencer, a board member at TriWest Capital Partners, will take over the role. Gruninger will stay with the company and shift toward technology and innovation, while also focusing more closely on strategic relationships, business development and long-term vision.
Three exits in 15 days
The Ducks, the Rangers and the NWSL all terminated their contracts with Victory+ over the past 15 days after missed rights fee payments. Victory+ asked those teams to renegotiate, but the contracts carried rights fees the platform could not sustain.
That sequence matters because it broke the company’s original playbook. Under Gruninger, Victory+ built around an undisclosed minimum guarantee, free streaming and a collaborative advertising rev share with teams, a model that only works when the revenue side can keep pace with the rights bill.
Spencer takes over at Victory+
Jon Spencer inherits a platform that still has live rights on the board, including the sole broadcast home of the NHL’s Stars and streaming deals for League One Volleyball, Texas prep football, the University Interscholastic League and the Texas High School Coaches Association. The WNBA’s Lynx and Dream are also part of the mix, but their deals are advertising rev shares and do not carry rights fee payments.
Sources said none of Victory+’s remaining deals appear to be in jeopardy. That gives Spencer a narrower but cleaner base to work from, with fewer fee-heavy contracts and more emphasis on properties that can support ad-driven economics.
Financing and the next cut
Victory+ said the change followed not just the partner exodus but also an inability to secure crucial financing and the need to reimagine its future. Gruninger’s own statement pointed to that reset: “I’m incredibly proud of what we’ve built and our unwavering commitment to our mission through every industry shift. As we look ahead, I’m excited to sharpen my focus on driving our long-term vision and deepening key partner relationships.”
The practical read is blunt: Victory+ is moving away from a broad, fee-heavy rollout and toward a smaller set of exclusive team and league deals. For partners and viewers, the immediate signal is that the platform intends to protect the contracts that fit its ad-share model and trim the rest before the cash pressure gets any worse.
