Top 12 sports business highlights of 2022 so far
The new year has started with a bang for the sports business world. With a bunch of developments taking place nearly every day, most people can be forgiven for having missed the finer details.
Ever find yourself wondering how much the Tata Group is paying for the IPL title sponsorship? Or how Novak Djokovic's deportation from Australia is going down with his sponsors? In this article, we round up the top 12 noteworthy sports business headlines so far into 2022.
1. Netflix to serve up documentary series for tennis fans
SMASHING NEWS: Netflix is serving up a new documentary series following the top men’s and women’s pro tennis players on the ATP and WTA tours, as well as in the majors. 🎾
Tennis buffs have reason to rejoice as Netflix has announced a documentary series in partnership with the ATP and WTA Tours, the four Grand Slams, and ATP Media. The behind-the-scenes series will follow the world’s best players as they travel around the globe in their quest for glory.
With this series, Netflix is aggressively expanding its sports programming. “This series will be packed with rare access and rich personal stories that are sure to draw in longtime fans and new audiences alike," said Brandon Riegg, Netflix Vice President of Unscripted and Documentary Series
The documentary will be produced by Box To Box Films of Formula 1: Drive to Survive fame, and filming is currently underway at the Australian Open.
2. Djokovic faces heat from Lacoste after deportation
Novak Djokovic may be facing heat from Lacoste, one of his major sponsors, following his much-publicised deportation from Australia.
The company said in a statement on Monday:
“As soon as possible, we will be in touch with Novak Djokovic to review the events that have accompanied his presence in Australia.”
Lacoste had initially signed a multi-year deal with Djokovic in 2017, and in 2021, the company extended the partnership until 2025, as per Forbes.
However, other sponsors like Raiffeisen Bank International and Hublot have stood by the world No. 1.
In a statement to Forbes, Raiffeisen Bank International said:
“This [sponsorship] decision by RBI was made long before the current reporting on Novak Djokovic and his COVID-19 vaccination status, or his participation in the Australian Open.”
Meanwhile, Hublot issued a statement saying:
“Novak Djokovic is his own person. We cannot comment on any of his personal decisions. Hublot will continue its partnership with the world number one tennis player.”
Djokovic's other sponsors include Peugeot, Asics, Head, Lemero, Netjets, and Ultimate Software Group, who are yet to release any public statement on the matter.
Djokovic earns $30m a year from endorsements, according to Forbes.
3. ICC partners with FanCraze to unveil Crictos
The International Cricket Council (ICC) and FanCraze have unveiled Crictos, the official and exclusive range of digital collectibles capturing memorable moments from ICC archives.
The blockchain-based collectibles will let fans own their favorite piece of cricketing history, with initial packs featuring video clips from the ICC Men’s Cricket World Cup 2015 and the ICC Men’s Cricket World Cup 2019.
Fans can buy a pack comprising several Crictos, or they can purchase individual Crictos on FanCraze’s peer-to-peer marketplace.
The first Crictos pack drop is set to take place later this month for pre-registered fans, with a full launch by FanCraze later in the year.
4. New York launches legalised mobile sports betting
New York became the largest U.S. state to launch legalised mobile sports betting on January 8, with four sportsbooks - Caesars, DraftKings, FanDuel, and BetRivers (Rush Street Interactive) getting approval to start taking wagers from the day of launch.
Between them, these four sportsbooks took in $150 million in wagers from 650,000 player accounts as of Tuesday, as per Bloomberg.
While the launch led to New Yorkers flocking to place wagers, the shadow of New York’s heavy 51% tax on gambling revenue — far exceeding New Jersey’s 13% rate — loomed heavily over it. This has led to shares of operators such as DraftKings and PointsBet shedding close to 60% over the past year.
5. Beijing 2022 scraps ticket sales to general public due to COVID-19 fears
Tickets for the Beijing 2022 Winter Olympics and Paralympics will not be sold to the general public, the organizing committee has announced.
Instead, they are opting to invite “targeted” groups of people who must observe strict COVID-19 prevention measures before, during, and after attending the events.
The decision has been made in light of the current situation surrounding the COVID-19 pandemic and to ensure the safety of all participants and spectators.
The Winter Olympics take place from February 4-20 while the Winter Paralympics will be held from March 4-13.
Earlier in September, the organizers had announced that there would be no international fans at the event, and it is unclear as to how many will be invited under current circumstances.
6. Tennis players shine in Forbes' top 10 highest-earning female athletes list, Sindhu comes in 7th
Female tennis players ruled the Forbes roster of the highest paid female athletes of 2021.
Naomi Osaka came out on top, netting a cool $57.3 million, with Serena Williams and Venus Williams rounding out the top three.
While tennis players were dominant in the top 10 list, with Garbine Muguruza and Ashleigh Barty featuring as well, India’s own PV Sindhu came in seventh by edging out Barty, earning a total of $7.2 million in 2021.
7. Fanatics buys Topps for reported $500 million
E-commerce and sports licensing giant Fanatics is buying rival Topps for a reported $500 million. The deal will include Topps’ name and its sports and entertainment division, without including its candy and gift card line.
The acquisition aligns with Fanatics’ plans to build on its NFT collectibles sector through its Candy Digital company, which has exclusive rights to produce MLB digital art work.
The deal also gives the company the right to design, manufacture and distribute baseball cards starting immediately, given that their deal with Major League Baseball and the players’ union allowed for a 2026 start.
Fanatics’ trading card entity is valued at $10 billion after a $350 million round of funding last September. Topps was owned by former Disney CEO and chairman Michael Eisner via private investment firm Tornante.
8. Apple in advanced talks for procuring MLB weekday package rights
Apple is reportedly in advanced talks with Major League Baseball (MLB) to acquire media rights to showcase weekday MLB games. While these would boost the content repository for the Apple TV+ service, these rights are non-exclusive, as the games can still be aired on the regional sports networks (RSNs) for the teams involved.
If the deal goes through, Apple would get a good entry point into live sports and help it challenge the likes of Amazon, Disney, and Netflix in the hotly-contested streaming wars.
9. My11Circle joins Team Lucknow as title sponsor for IPL 2022
Unke pehle kadam par unka saath dena humare liye garv ki baat hai. We are extremely pleased to announce our partnership with the @TeamLucknowIPL! 🤝
#TeamLucknow #My11Circle https://t.co/kqBnTSLLRF
One of the two newest teams on the IPL circuit, Team Lucknow has inked a three-year deal with Games24x7’s fantasy gaming brand My11Circle as their official title sponsor.
The partnership will see My11Circle’s logo showcased on the as-of-yet unnamed Team Lucknow jersey. The financial terms of the deal were not disclosed.
10. US college sports complete first six months of NIL era
In the first 6 months of NIL, these sports are leading NIL compensation. https://t.co/po3gv97xsD
Ever since NCAA athletes in the US finally got the rights to their names, images, and likeness on July 1, 2021, there has been a flurry of activity and a rush from brands to sign up popular student-athletes.
American football athletes reigned supreme with 47% of NIL deal earnings. In a heartening note for women’s sports, women’s basketball edged out their male counterparts by scoring 27.3% of NIL earnings versus 15.6% for men’s basketball, as per Opendorse.
11. Eurosport India & Jio TV to showcase AFC Asian Women's Cup 2022
! Watch all the exciting action as the best from the continent battle it out! 
The AFC Women's Asian Cup begins later this month in India 🇮🇳! Watch all the exciting action as the best from the continent battle it out!
Catch all the matches only on Eurosport!
#Eurosport #EurosportIndia #WAC2022 #AFCWomensAsianCup2022 #Football #IndianFootball https://t.co/Bh4KvohTfu
Discovery Network’s Eurosport India, in addition to Jio TV, acquired the media rights for the AFC Women’s Asian Cup 2022 from Football Sports Development Limited (FSDL), which also owns the media rights for all AFC competitions in the Indian subcontinent until 2024.
Fans will be able to catch the matches that are set to take place in India from January 20 - February 6 on Eurosport India, while Jio TV will stream the matches on its online platform and across its network.
12. Tata Group replaces Vivo as IPL title sponsor
TATA to replace VIVO as IPL title sponsor next year: IPL Chairman Brijesh Patel to ANI https://t.co/n0NVLTqjjG
In a deal reportedly worth INR 670 crore as per Business Standard, the Tata Group has replaced Vivo as IPL title sponsor for the 2022 and 2023 seasons.
Furthermore, the BCCI is set to receive a further windfall of INR 454 crore from Vivo for termination of their contract.
Vivo’s IPL deal had earlier been suspended for a period of one year in 2020 due to Indo-China border tensions, which led to Dream11 scooping up the rights for that year, with Vivo returning as title sponsor in 2021.