As the world continues to grapple with the impact of the COVID-19 pandemic, the sports industry is not immune to the effects. From canceled events to empty arenas, the industry is facing unprecedented challenges. But in the midst of all this, there is still a lot of movement happening in the sports business world, with deals, sponsorships, and more being announced almost every day. In this article, we’ll take a closer look at some of the latest news from the sports business world and what it means for the industry.
Deals
One of the biggest stories in sports business news recently was the multi-year deal that sports apparel giant Nike signed with the National Football League (NFL). The deal, which is said to be worth more than $1 billion USD over 10 years, will see Nike continue as the official apparel supplier for the NFL. This deal is significant not only because of the huge amount of money involved, but also because it extends Nike’s partnership with the NFL, which began in 2012.
Another major deal recently announced was the acquisition of Formula One by Liberty Media. Formula One is the world’s most popular motorsport and this acquisition is a major coup for Liberty Media, which is owned by billionaire John Malone. It’s not yet clear what the terms of the deal are, but it’s expected to be worth around $8 billion USD.
Sponsorships
In sponsorship news, one of the biggest deals announced recently was the partnership between Paris Saint-Germain (PSG) and Accor. The deal will see Accor become the official hotel partner of PSG, with its logo featuring on the team’s jerseys from the 2021-22 season. This deal is significant not only because of the high-profile nature of PSG, but also because of Accor’s growing interest in sports sponsorship. The company has already signed deals with the French Football Federation and the International Olympic Committee, and this latest deal shows that it’s committed to continuing its involvement in sports.
Another interesting sponsorship development was the partnership between the NBA and Louis Vuitton. The luxury fashion brand has become the first official Trophy Travel Case provider for the NBA, designing a bespoke travel case for the Larry O’Brien Championship Trophy. This partnership is significant because it marks a move into sports for Louis Vuitton, which has traditionally focused on high fashion.
What Does It All Mean?
So, what do all these deals, sponsorships, and other sports business news stories mean for the industry? Well, one thing is clear: despite the challenges posed by the COVID-19 pandemic, the sports business world is still active and growing. Deals such as the Nike-NFL partnership and the Liberty Media acquisition of Formula One show that there is still a lot of money to be made in sports, while the PSG-Accor and NBA-Louis Vuitton partnerships illustrate the increasing interest in sports sponsorship from companies in other industries.
Of course, there are still challenges ahead for the sports industry, particularly as the pandemic continues to impact events and fan attendance. But with the world slowly getting back to normal, it’s likely that we’ll continue to see more deals, sponsorships, and other exciting developments in the sports business world.
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