This Week's Top 5 Stories
Welcome to the BACKCOURT!
Let’s get into this week's top stories:
?? FEATURE STORY
Neymar Enters the Beverage Market
World famous soccer star Neymar joined forces with Fun Brands, a Miami-based beverage company, to enter the cocktails and mocktails business with his own brand.
“I want to share the flavors of Brazil that I love the most with my soccer fans at home and around the world in a different and irreverent way. The idea of also offering non-alcoholic beverages greatly attracted me to the venture.”
- Neymar
According to NielsenIQ, in 2023, nonalcoholic beer, wine and spirits sales increased by 35 percent year-over-year, earning around $565 million.
Research also suggests that many people are not abstaining altogether, but rather alternating between alcoholic and non-alcoholic drinks to limit overall intake.
And Neymar isn’t the only one cashing on the trend driven by Gen Z and millennials.
Denver's Ball Arena features non-alcoholic drinks from Grüvi, a local company that specializes in alcohol-free beer and wine.
Fans eager to watch the Denver Nuggets or Colorado Avalanche begin their playoff runs can enjoy a selection of alcohol-free beverages that also includes Budweiser Zero and Coors Edge.
Bottom Line - Mocktails and alcohol alternatives are more than a passing fad. As consumers become increasingly health-conscious, the shift towards a booze-free lifestyle is gaining momentum. Expect to see more athletes, teams, leagues, and arenas embrace this growing trend.
?? SPORTS TOURISM
Kai Tak Sports Park Nears Opening
The largest sports-development and entertainment district in the world nears its long awaited opening in Hong Kong.
The $4 billion, decade-long project is scheduled for an early 2025 opening.
The centerpiece of the 70-acre district is Kai Tak Stadium, a 50,000-seat venue with a retractable roof and flexible playing surface.
The project combines high-quality sports venues with retail, wellness, recreational and community spaces.
Bottom Line - Kai Tak Sports Park will improve Hong Kong’s capacity for hosting major international sports events while alleviating the existing shortage of public sports facilities and open space.
?? CARIBBEAN
Jamaican Football’s Marketing Push
Last week, the Jamaica Football Federation (JFF) announced a partnership with digital outlet 876 Stream .
领英推荐
Often described as the heartbeat of Jamaican sports, 876 Stream will promote and market the federation’s programs, with emphasis on the 2026 World Cup qualifying campaign.
The goal is to recreate the buzz around the “The Reggae Boyz” that developed during the 1998 World Cup, when their nickname became known around the world.
The Reggae Boyz begin their qualifying campaign against the Dominican Republic on June 6 at the National Stadium in Kingston, Jamaica.
Bottom Line - 876 Stream and the Jamaica Football Federation aim to rekindle pride and passion in Jamaican football, tapping into evolving consumption trends to engage digitally-native audiences.
?? INVESTING IN SPORTS
The First Rotating Jersey Patch Deal
The Phoenix Mercury have inked a new multiyear jersey patch deal with venture capital firm Cleveland Avenue.
The Mercury will receive about $3 million per year, making it the most lucrative jersey patch deal ever in the WNBA.
The unique partnership will also be the first rotating patch in the league’s history as Cleveland Avenue will present a new portfolio company each year.
Partake Foods, a natural food company, will be the first portfolio company to take up real estate on the jersey.
As one of the principal owners of arena naming rights partner Footprint, Cleveland Avenue continues to deepen its ties to the Phoenix Mercury.
Bottom Line - Phoenix was the first WNBA franchise to secure a branded-jersey deal in 2009. Now, with Partake Foods, the team becomes the first to partner with a Black-owned company.
FedEx Pledges $25 Million in NIL Funds
FedEx announced last week it will send the University of Memphis $5 million per year for the next five years in a first-of-its-kind corporate NIL deal.
The money will specifically go to football, men’s and women’s basketball, and other women’s sports.
FedEx has a long-standing relationship with the university. Not only is it based out of Memphis, but it is also the state of Tennessee’s largest employer.
Even further, founder Fred Smith pledged $50 million toward a $220 million renovation of the university’s football stadium.
Few major athletic departments have Fortune 100 companies in their backyard, but for those who do, the FedEx-Memphis deal could be instructive.?
Bottom line - Nike is intertwined with Oregon's athletic department and Under Armour with Maryland, but neither has used its position to fund NIL opportunities for athletes. Most NIL operations have been dominated by small donors and volume contributions to collectives. FedEx's big swing shows a different way.
Until next time ???
P.S. This weekly newsletter is a special extension of BACKCOURT. Looking for more sports business insights? Subscribe here!
Director of Sales & Operations | Driving Growth and Excellence at TRAVIS Engineering | Multidisciplinary Solutions for Complex Challenges
11 个月Sounds like a refreshing change!
Former Head of School - Senior Associate of Partner Development at Building Solutions for Real Estate - Educational Thought Partner - Providing Coaching & Guidance for Leaders & Organizations
11 个月Let’s go Reggae Boyz !!