Highlight Reel: Amid Industry Shifts, Everton’s Castore Partnership is a Perfect Fit 👕
Plus, HYROX expands into Africa and can Taylor Swift really drive £1bn to the UK economy?
Welcome to Sports Pundit, the sports business newsletter delivering insights from across the industry.
In today’s email;
Castore Retain their Premier League Presence 👕
HYROX is ready to Rumble in Africa 🌍
Can Taylor Swift really drive £1bn to the UK economy? 🎤
Thanks to Joe for coming on the Podcast - and thanks to everyone who has listened and shared feedback!
Happy Friday!
Andy 😊 🙏
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Other honourable mentions go to Tom, Robert, and Cherry.
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OFFICIAL PARTNER
Amid Industry Shifts, Everton’s Castore Partnership is a Perfect Fit 👕
Premier League side Everton has announced a landmark kit deal with UK sportswear brand Castore, marking a club-record partnership reportedly valued at over £20 million ($25.3 million) per season, according to The Telegraph.
Starting in the 2024-25 season, Castore will supply match kits for Everton's men's, women's, and academy teams under a multi-year agreement as the official technical partner. Additionally, Castore has become the first founding partner of Everton's new stadium at Bramley-Moore Dock in Liverpool, set to open ahead of the 2025-26 season.
This partnership emerges amid broader discussions on whether clubs should consider bringing kit manufacturing in-house to cut out intermediaries, a topic explored in Unofficial Partner's recent interview with Castore co-founder, Tom Beahon.
Beahon argues that for most clubs outside the top six, outsourcing retail remains the financially prudent choice:
What he says:
“I would say that almost all clubs would be better served financially from outsourcing retail, almost all clubs outside of the top six…and again, I use the term broadly because some people will take offence to that. And the reason for that is very simple, it's economic.
If you're one of the top teams in the world and I'll use round numbers for ease, but if you can generate a hundred million sterling revenue from merchandise, which the top teams are kind of not far off that number, the upside from doing it yourself makes the investment worthwhile. Cause it costs a lot of money to invest in warehousing and customer service staff, running an e-commerce platform, dealing with different currencies and languages, dealing with import and export tax duties.
All of these things are expensive and there's a significant upfront investment required before you realise the benefit of that investment. For those top teams, that investment is worthwhile. They will get enough back to make that investment pay for itself. And then they keep all of that upside. For teams that don't do that level of revenue, the cost involved in maximising it versus the upside they can probably generate.”
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HIGHLIGHTS
Athlete-led VC firm, The Players Fund, joins existing partners LeBron James, Nike and Fenway Sports Group in investing in Naomi Osaka’s Hana Kuma 🎬
According to new Deloitte data from the 2022-23 season (following England’s 2022 Euros win), the aggregate revenue of Women’s Super League (WSL) clubs rose 50% to $50.8 million ⚽️
American track legend Michael Johnson has launched a lucrative new athletics league called Grand Slam Track - aiming to bring together the world's elite runners, offering $100,000 (£78,683) as a top prize 🏃
X (formerly Twitter) is in discussions with sports leagues about behind-the-scenes docuseries having put sport at the heart of its future strategy to drive growth and advertising revenues 🎥
Multiple Premier League academy graduates have been offered scholarships through UCFB to progress their education and career paths within the sports industry ⚽️
The International Cricket Council (ICC) has launched a groundbreaking new app to bring the atmosphere of the ongoing Men’s T20 World Cup 2024 to fans through Apple Vision Pro 🏏
READY TO RUMBLE
HYROX Flexes its Global Appeal with African Debut in Sight 💪
Rumble Ventures, a trailblazing sports venture capital firm in Africa, has secured the rights to HYROX Africa, marking the continent's debut in the "World Series of Fitness Racing."
The inaugural HYROX South Africa event is scheduled for September 21st at the Cape Town Convention Centre, inviting athletes and fitness enthusiasts. Plans are underway to expand HYROX events to Durban within two years, with further growth across Africa to follow.
In 2024, HYROX will host competitions in Canada, Mexico, South Africa, Taiwan, and Korea, and establish affiliate gyms in China, South Korea, Japan, and Taiwan.
Speaking to this growth, Sandrine Nzeukou, a leading voice on the business of sports in Africa, attributes much of it to HYROX’s consistent format as well as inclusive community atmosphere:
What she said:
“For a seven-year-old company, it has grown quite a bit, and this is mainly due to its inclusive approach.
Whether a seasoned athlete or a beginner, HYROX provides a platform for everyone to participate and challenge themselves, fostering community among participants and brand partners.[Furthermore, the] race format remains consistent worldwide, enabling global leaderboards and a cumulative World Championships at the end of each race season.”
FURTHER READING
Can Taylor Swift Really Drive £1 Billion to the UK Economy? By Kirsten Sibbit-Johnston, The Sports Consultancy 🎤
Corporate Venture Capital: And Its Rise Across Sports By Andrew Petcash, Profluence 💸
Tenniscore - The Role of Fashion in Tennis' Resurgence... By Subomi Odanye, Bigger Than Sports 🎾
Matt Higgins: From NFL to Football, What Makes Sport Special By Charlie and Harry Stebbings, Business of Sport 🏈
Why Professional Women’s Basketball is One of the Most Stable and Attractive Growth Investment Opportunities By George Pyne 🏀
Conversational AI Can Change Sports Teams’ Fan Engagement Strategies By JohnWallStreet 🤖
PODCAST
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