August 5, 2024

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The world’s fastest man is making Adidas’ investment in him look wise. … Nike needs its Olympic athletes to reignite enthusiasm for the brand. … And Surfing will continue to face funding issues despite success at the Paris Games.

— Colin Salao [[link removed]] and Margaret Fleming [[link removed]]

Noah Lyles Wins Gold, Now He Wants a Signature Shoe [[link removed]]

Kirby Lee-USA TODAY Sports

Noah Lyles is the world’s fastest man.

The 27-year-old American won a gold medal in the 100-meter sprint [[link removed]] Sunday after eking out a win over Jamaica’s Kishane Thompson by just five-thousandths of a second.

Lyles, who is sponsored by Adidas, was already gaining popularity—and notoriety—prior to Paris not only for his success on the track but also for his brash [[link removed].] personality. The win cements him as one of the greatest sprinters of all-time. His gold medal comes with a $50,000 prize [[link removed]], and he had reportedly signed the richest endorsement deal for any runner since Usain Bolt.

This win, however, should also catapult him into one of sports’ most marketable athletes, and lead to even bigger paydays. One way to get there: A signature sneaker, which he has now told Adidas he wants. [[link removed]]

Lyles returns to the track Monday for Round 1 of the 200-meter race, and he has a chance to become the first Olympian since Usain Bolt in 2016 to win both the 100-meter and 200-meter events, known as the “double.” He achieved his first “double” at the 2023 World Athletics Championships.

Nike Is Betting Big on Olympic Glory to Revive Brand During Turbulence [[link removed]]

Kirby Lee-USA TODAY Sports

Nike grew into a household name during the 1980s in large part because its partnership with Michael Jordan became one of the most successful brand-athlete connections in history.

Four decades later, Nike is in the middle [[link removed]] of one of its most tumultuous periods, and it’s once again leaning on its athletes—this time to right the ship.

Nike cofounder Phil Knight sent a letter to its contingent of athletes in the Paris Olympics, stressing the importance of winning, according to Bloomberg [[link removed]].

“We need you. The world needs you. Now more than ever,” Knight wrote.

The company may, in fact, need its Olympic athletes—which include the likes of LeBron James and Sha’Carri Richardson (above)—to put its Swoosh alongside some gold medals as its stock has dropped by 30% this year, including around 20% in a single day in late June after it announced [[link removed]] a fiscal-year decline.

This followed an announcement in February it would cut about 2% of its workforce, though a report by The Oregonian [[link removed]] indicated the company has actually seen a reduction of about 5% of its staff in the fiscal year ending on May 31, 2024.

Rising Competition

One of Nike’s issues stems from the rise of other brands.

Smaller brands have taken advantage of holes in Nike’s strategy, such as On, the Swiss start-up that focuses on tennis and running to earn market share. The brand sponsors athletes like tennis legend Roger Federer and women’s world No. 1 Iga Świątek—who finished with a bronze medal in Paris—and world-champion runner Hellen Obiri.

Nike started as a running brand when it was founded by Knight in the 1960s, but it’s losing [[link removed]] its grip on the space as brands like On, Asics, New Balance, Hoka, and even Adidas—who sponsors 100-meter and 200-meter world champion sprinter Noah Lyles—have put extra focus on the sport.

Winning Strategy

It’s no surprise Nike is putting the onus on its players. The company’s recovery plan is focused on regaining its brand equity.

CEO John Donahoe said in June that the brand is “reinvesting $1 billion in consumer-facing activities,” even though it already spends about $4 billion annually on marketing efforts.

“This Olympics … it will be our largest media spend,” Nike president of consumer, product, and brand Heidi O’Neill told Reuters [[link removed]] in April. “This will be the most investment and the biggest moment for Nike in years.”

Some of Nike’s prominent athletes have won gold in Paris, including Scottie Scheffler in men’s golf and Zheng Qinwen in women’s tennis. However, a couple of notable names have had to settle for silver, including Richardson in the 100-meter sprint and Carlos Alcaraz in men’s tennis.

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Surfing Thrills in 2024 Olympics, but Faces Funding Hurdles Until 2028 [[link removed]]

Manea Fabisch / Tahiti Tourisme

Surfing in Tahiti [[link removed]] has proved to be one of the most captivating parts of the 2024 Olympics, from Colin Jost’s ongoing medical crises [[link removed]] to a viral shot [[link removed]] of a surfer suspended in midair.

But for all the buzz it’s creating, surfing still doesn’t get a full share of media-rights revenue, and it won’t until the 2028 Los Angeles Games.

The international federations of the different Olympic sports, known as the ASOIF, or Association of Summer Olympic International Federations, all receive a cut of revenue from broadcast rights at the Games. The total pot was $540 million in Rio and Tokyo, and the ASOIF asked the International Olympic Committee for at least $596 million [[link removed].] in Paris. It’s a fair ask, because the IOC made $3.1 billion [[link removed]] in TV rights from the Tokyo Games. More popular sports like swimming, track, and gymnastics get a bigger cut (World Athletics got $39 million [[link removed]] after Tokyo), and revenue is divvied up by tiers down to the least popular sports (rugby, golf, and modern pentathlon got $12.98 million [[link removed]] apiece from Tokyo).

None of the new sports in Tokyo received any of the broadcast revenue because they were added through a new, expedited process, according to surfing magazine The Inertia [[link removed]]. But the International Surfing Association got only $2.7 million from the IOC to carry it over from Tokyo to Paris, The Inertia reported. That’s at least a step up from the “hundreds of thousands” of dollars the federation made before its Olympic debut, its president Fernando Aguerre told Bloomberg [[link removed]].

Ahead of Paris, the ASOIF amended its rules [[link removed]] in 2022 so that full members (those who receive broadcast revenue) need to have competed in the three more recent Summer Games. That set back surfing’s share of the rights to 2028.

The sport will now enter another multiyear stretch when it’s technically an Olympic sport but doesn’t get the same resources. Compare that to FIFA, which on top of its ASOIF cash injection from the Olympics, will get broadcast revenue from the men’s and women’s World Cups and Club World Cups. Surfing’s deals with NBCUniversal and Globo aren’t quite as lucrative.

“We will continue to do the best we can with the modest resources at our disposal to self-fund the organization, but at least we have the certainty that at the LA28 Olympics we will be part of the revenue distribution, which is important,” Aguerre told The Inertia in the fall.

At Home in Cali

The next Games should also be the first time surfers get a traditional Olympic experience. Team USA surfer John John Florence told Front Office Sports [[link removed]] his team didn’t stay in the Olympic Village in Tokyo due to distance, and Tahiti is nearly 10,000 miles from Paris, with surfers shacked up in local residents’ homes [[link removed]] or aboard a cruise ship.

Given Southern California’s multitude of surfing options, including World Surf League favorite Lower Trestles in San Clemente, Calif., it’s likely surfers will finally join the festivities in 2028.

FRONT OFFICE SPORTS TODAY Ice Cube’s Olympic Call-Out

The IOC debuted 3-on-3 basketball in this year’s Olympic games, and the United States saw disappointing performances from both the men’s and women’s teams. Ice Cube, founder of the Big3 basketball league, discusses why he thinks he can form a better 3-on-3 squad than Team USA.

Plus, Adam Kelly, IMG media president, spoke with Owen Poindexter about the rapid evolution of media-rights deals, and how IMG continues to position itself ahead of that curve.

🎧 Watch, listen, and subscribe on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].

FRONT OFFICE SPORTS AWARDS

Celebrate Industry Changemakers

Front Office Sports has partnered with Sports Innovation Lab to honor organizations making a significant impact in the business of sports.

The Most Impactful Award [[link removed]] celebrates organizations that leverage their power and platform to create positive change beyond generating revenue and expanding their business. These companies understand the importance of investing in people, communities, and causes to reach their full potential.

Consideration for this award is inclusive of:

DEI initiatives Youth sports programs Education programs Voter registration and voter access programs Community outreach Foundation work and charitable fundraising Messaging and communications

Submissions are open through Oct. 6 at 11:59 p.m. ET. Learn more [[link removed]] about the award or submit your organization today.

Conversation Starters Novak Djokovic has won the most grand slams of any men’s tennis player, but the Olympic gold he won on Sunday was a new addition to his long list [[link removed]] of accomplishments. Saint Lucia’s Julien Alfred won the gold in the women’s 100-meter sprint, sparking massive celebration in the country that had never won an Olympic medal. Take a look [[link removed]]. Adidas posted a tribute to Noah Lyles soon after he won the 100-meter sprint. Check it out [[link removed]]. Editors’ Picks Track Has a Money Problem. Will Historic New Olympic Payouts Help? [[link removed]]by Andrew Greif [[link removed]]Top runners react to the new historic prize-money shift. Five Reasons the Olympics Are Must-See TV Again [[link removed]]by Michael McCarthy [[link removed]]NBC’s savvy advance planning and execution have been key. Scott Hanson, Andrew Siciliano teaming up for Olympics ‘Gold Zone’ [[link removed]]by Michael McCarthy [[link removed]]The longtime NFL rivals will work together for the first time. Question of the Day

Is Ice Cube right in saying any Big3 team would beat the Olympic 3x3 gold-medalists?

Yes [[link removed]] No [[link removed]]

Friday’s result: Only 22% of respondents said they watched the Pro Football Hall of Fame Game on Thursday.

Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Sports Careers [[link removed]] Written by Colin Salao [[link removed]], Margaret Fleming [[link removed]] Edited by Or Moyal [[link removed]], Matthew Tabeek [[link removed]], Catherine Chen [[link removed]]

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