In a rare, surprising corporate move, Adidas CEO Bjørn Gulden said he doesn’t think Ye, formerly known as Kanye West, “meant” the antisemitic comments that led the brand to cut ties with the rapper.

On the “In Good Company” podcast, Gulden stood behind Ye, describing the collaboration to create the Yeezy line of sneakers as one of the industry’s most successful unions of street culture and athletic footwear. That union previously accounted for about 10% of Adidas’ annual revenue — and severing ties initially cost the brand $440 million in first-quarter 2023 sales.

“[It’s] very unfortunate, because I don’t think he meant what he said, and I don’t think he’s a bad person,” Gulden said. “It just came across that way, and that meant we lost that business.”

Adidas cut ties with Ye in October 2022 in the wake of antisemitic comments made on social media, calling the remarks “unacceptable, hateful, and dangerous.” Nearly a year later, the tone has notably changed, though Gulden took the company’s leadership reins after the Ye split. 

“I think Kanye West is one of the most creative people in the world, both in music and what I’d call street culture,” Gulden said.

Adidas later issued a statement in response to Gulden’s comments, saying, “our position has not changed. Ending the [Ye] partnership was appropriate.”

Big Sales

Last month, the brand reported a $437 million second-quarter revenue lift from discontinued Yeezy inventory, advancing a prior plan to sell that stock instead of destroying it and following reports of $565 million in sales from the initial drop of closeouts.

Adidas plans to donate at least $120 million of the proceeds from the Yeezy shoes — and perhaps more — to anti-hate advocacy groups.

Premier League giant Chelsea has reportedly secured new investment in its hopes to regain past dominance on and off the pitch under second-year owner Todd Boehly.

Ares Management has invested $500 million in Chelsea, according to the Financial Times. The new capital will be used to facilitate upgrades at the 40,000-seat Stamford Bridge stadium and help acquire more soccer clubs across the globe.

Since leading a group that purchased Chelsea for more than $5 billion in May 2022, Boehly — who is also a co-owner of the Los Angeles Dodgers — has taken an aggressive approach to revitalize the English soccer club formerly owned by Russian oligarch Roman Abramovich.

In June, Boehly took the first step in building a multiclub portfolio — akin to the City Football group, which owns EPL rivals Manchester City and 10 other clubs worldwide — by acquiring Ligue 1 side Racing Club de Strasbourg for $82 million. Both the French club and Chelsea fall under Boehly’s BlueCo consortium.

In July, Chelsea agreed to purchase land next to Stamford Bridge that will be key in its ambitious goals of expanding the venue to 60,000 seats, among other major upgrades, at a cost that could reach more than $2 billion. 

Chelsea finished 12th in the EPL last year and sits 14th of 20 teams after five matches played this season.

The steady growth of cricket in the U.S. is about to receive another major boost. 

The International Cricket Council has named New York, Dallas, and Miami as venues for the upcoming ICC Men’s T20 World Cup 2024.

Along with the West Indies, the U.S. was selected nearly two years ago by the International Cricket Council as a co-host for the global cricket tournament. But the placement of games in the Nos. 1, 5, and 18 U.S. media markets suggest the ICC has big plans for the tournament.

“The USA is a strategically important market, and these venues give us an excellent opportunity to make a statement in the world’s biggest sport market,” said Geoff Allardice, ICC CEO.

The New York games will be played at a newly developed, 34,000-seat modular stadium in Nassau County’s Eisenhower Park. The decision to build the venue there marks a political defeat for the City of New York and mayor Eric Adams, who sought to construct the temporary facility in the Bronx.

The Dallas-area games will be at Grand Prairie Stadium, while the Miami-area ones will be at Central Broward Park. Both venues also use modular technology to accommodate what is expected to be record-level attendance for the event.

The 20-team T20 World Cup 2024 will be the ICC’s biggest yet, expanding from a prior 16-team format.

Los Angeles Games In Mind

Set for June 4-30, the 2024 ICC Men’s T20 World Cup will be held amid cricket leaders’ push for the sport’s inclusion in the 2028 Los Angeles Olympics, with a decision soon expected. The ICC’s initial selection of the U.S. as the Men’s T20 World Cup 2024 co-host was made specifically with that Olympic inclusion in mind.

The U.S.-based Major League Cricket also held its inaugural competition this year, fielding a six-team competition a year after securing $120 million in funding. Its investor group includes Microsoft executive chairman and CEO Satya Nadella.