Highlight Reel: Nike Step into Fortnite, Reaching 240M Users 👟
This week's top stories feature Nike, Fortnite, the Indian Cricket Team, Qatari Investment Authority, Washington Wizards, Chelsea FC, Paramount Plus, OKX, and LIV Golf's Majesticks GC.
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This week's lineup includes…
Nike Create Virtual Experience to Reach 240M Fortnite Users 👟
Qatar Makes Monumental Investment into NBA 🏀
Premier League Prevent Proposed Paramount Plus Partnership ⚽️
LIV Golf Announces First Global Team Sponsorship with OKX ⛳️
BCCI in Search of Partner to Join Them at the Crease 🏏
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Nike Step into Fortnite, Reaching 240M Users 👟
As the worlds of fashion, gaming, and technology converge, Nike has joined forces with Fortnite.
The collaboration introduces the immersive ‘Airphoria’ virtual experience, enabling the game’s staggering user base of 240 million to engage with Air Max sneakers in new, captivating ways.
Through the partnership, .SWOOSH members can connect their Epic Games and Nike accounts to unlock a coveted ‘Linking Achievement NFT’. This exclusive digital asset grants them early access to the forthcoming SWOOSH Air Max Virtual Collection.
Nike has also unveiled a limited Airphoria-inspired physical product line. The collection features items influenced by the experience, once again enabling the brand to capture the essence of ‘virtual-meets-physical’ collaboration.
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Qatar Makes Monumental Investment into NBA 🏀
The Qatar Investment Authority (QIA) appears to be finalising the purchase of a 5% passive stake in Monumental Sports & Entertainment – the proud parent to the NBA's Washington Wizards, as well as the WNBA's Washington Mystics and the NHL's Washington Capitals.
Significantly, the deal - which is estimated to value the group at an impressive $4.05 billion - marks the first instance of a sovereign fund investing in major US team sports.
The presence of sovereign wealth funds in such investments is expected to become more common as valuations in this sector continue to rise.
In fact, the NBA made the decision in December to expand the range of potential investors eligible to hold stakes in its franchises, thus allowing sovereign wealth funds to enter the playing field.
However, it is worth noting that no fund is permitted to own more than 20% of a franchise, and institutional investors are limited to acquiring passive stakes.
Premier League Prevent Proposed Paramount Plus Partnership ⚽️
The Premier League has reportedly denied Chelsea FC’s request to sign a shirt sponsorship deal with Paramount Plus, citing concerns over potential conflicts with the league's existing broadcast partners.
The proposed deal was deemed to be in violation of the Deed of License, which governs the contractual obligations between clubs and the Premier League, including broadcasting and commercial arrangements.
While Paramount Plus is a streaming service that does not show football matches in the UK, it does broadcast various competitions such as the Champions League, Serie A, and the National Women's Soccer League in the United States.
This perhaps helps to explain why Inter Milan faced no such obstacles as they proudly displayed Paramount Plus’ branding on their shirts for both their final game of the Serie A season and during the Champions League final - despite DAZN being the domestic broadcaster.
LIV Golf Announces First Global Team Sponsorship with OKX ⛳️
LIV Golf team Majesticks GC are set become the latest sporting property to agree a sponsorship deal with OKX, joining the likes of Formula One’s McLaren Racing and Premier League giants Manchester City.
Majesticks, who are co-captained by Henrik Stenson, Lee Westwood and Ian Poulter, will first wear the crypto exchange’s brand on their kit when in action at the end of the month in Spain.
Whilst at loggerheads with the PGA Tour, LIV Golf had struggled to attract sponsorship and broadcast partners, who had largely sided with the incumbent.
Though there is a lot to still be resolved following the merger announcement, this deal is the first indication of possible traction towards LIV Golf’s longer-term mission to attract outside investment into their team-based golf concept.
BCCI in Search of Partner to Join Them at the Crease 🏏
The Board of Control for Cricket in India (BCCI) has established a base price of approximately $47 million (₹350 crore) for the title sponsorship of the Team India jersey.
This move comes as the BCCI seeks to secure a new sponsor for the prestigious position which was previously held by ed-tech giant, BYJU.
The sponsorship of the jersey holds immense value, given the popularity and reach of Indian cricket. Research conducted in 2018 by the International Cricket Council (ICC) found that the Indian sub-continent alone constitutes more than 90 percent of sport’s one billion fans globally.
While industries such as gambling (excluding fantasy sports), alcohol, and tobacco are off the cards, the bidding process is expected to attract considerable interest – especially as India are set to host the 2023 ODI Cricket World Cup later this year.
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