Formula 1 is on the cusp of racing in a third U.S. city.

An announcement that the global racing series is coming to Las Vegas is reportedly imminent, with one source saying it will come on March 30. 

“For us, it’s less about the number of races, and more about where they are — are they going to complement the championship?” Ian Holmes, F1’s director of media rights, told Front Office Sports. 

“We want to race in cool places. We’re super-happy with how Austin has developed and grown, and Miami is going to be massive.”

• The 2022 race schedule is set, but Las Vegas could join in 2023, with one source saying it will happen in November of that year. 
• The contest could become F1’s flagship race in the U.S.

As currently conceived, the race would take place on the streets of Las Vegas, including parts of the Strip. F1 would be responsible for preparations such as sealing sewer manholes and adding concrete barriers. 

The city’s pedestrian bridges would be used as viewing areas.

Miami Revving Its Engines

F1’s second U.S. race will kick off on May 8 in Miami. Hard Rock Stadium, home to the Miami Dolphins, will be outfitted for the race. The race will be the first of 10 in a deal between F1 and the city.

Austin, Texas, is the only U.S. location with a track built specifically for F1.

On reported fourth-quarter net sales of roughly $204.5 million, a 53.7% year-over-year increase. Full-year net sales increased 70.4% to around $775.3 million, while its net loss moved from roughly $29.5 million to $182.4 million.

For the quarter, the Swiss brand’s shoes segment recorded a net sales increase of 49% to around $192.2 million, and apparel jumped 216% to roughly $10.7 million.

On’s stock was up as much as 33% over the last week.

The sustainable footwear and activewear company saw positive results globally.

• In Q4, net sales in North America jumped 100.1% to roughly $142.7 million, and 96.8% to around $438 million for the full year.
• Net sales in Asia-Pacific jumped 35% to roughly $11.3 million during the quarter, while full-year net sales for the region grew 85.8% to nearly $45.7 million.
• Europe’s full-year net sales grew 38.8% to around $278.7 million.

On went public via an IPO in September. The brand, which is backed by tennis great Roger Federer, had a market cap of $8.8 billion as of February.

Looking Onward

With a presence in more than 60 countries, On says it’s planning to open its first flagship stores in Europe and Asia outside of China, as well as increase its presence in China and North America. The company also recently began production on a new facility in Indonesia. 

With its production capacity back at 100% of its pre-lockdown commitments, On expects net sales in 2022 to grow at least 37% year-over-year to around $1 billion.

FanCraze, an online platform for trading officially-licensed digital cricket collectibles, is raising roughly $100 million in new funding with investors that include soccer star Cristiano Ronaldo, according to Bloomberg. 

Led by VC firms Insight Partners and B Capital Group, the Series A round is expected to be completed in the coming weeks and could see its size change as deliberations continue. 

Previously known as Faze Technologies, the platform has also attracted Mirae Asset Financial Group, a South Korea-based financial services company, as a potential investor. 

FanCraze is in its early stages but has solidified its footprint in the $44 billion NFT market. 

• The platform launched its marketplace in January along with its first pack of NFTs.
• It partnered with the International Cricket Council, the sport’s official governing body.
• The platform creates its exclusive NFTs on the Flow blockchain. 

FanCraze’s latest fundraise follows a $17.4 million seed round in 2021 led by Tiger Global Management. The round included Coatue, Sequoia Capital India, and Dapper Labs.

Lucrative Market 

FanCraze adds to a growing list of NFT-related platforms raising capital. In January, Autograph —  an NFT startup co-founded by Tom Brady — raised $170 million in Series B funding.

A month later, Alchemy, the company that created software tools used to build NBA Top Shot, raised $200 million, valuing the startup at $10.2 billion — nearly triple its previous valuation.