The Super Bowl Halftime Show will no longer have the word “Pepsi” in front of it. 

Pepsi’s deal with the NFL expired after the 2022 season. The company renewed its sponsorship deal with the league this week, but per the new deal’s terms, it will no longer serve as the presenting partner for the iconic halftime show. 

Financial terms of the new deal were not disclosed. Adweek reported that Pepsi is looking to transition more of its media spend toward digital audiences as traditional broadcast audiences continue to narrow.

• This year’s performance featuring Dr. Dre, Snoop Dogg, Mary J. Blige, Kendrick Lamar, and Eminem brought in 103.4 million viewers.
• Katy Perry’s 2015 performance had the show’s peak audience at 120.7 million.
• The lowest audience was 96.7 million for The Weeknd’s 2021 performance.

Halftime’s Hefty Tag

With Pepsi out, the rights could reportedly sell for $40 million to $50 million. Pepsi’s previous deal, which included more than the halftime show, was worth $2.3 billion over 10 years. Before that, Bridgestone paid up to $10 million annually.

The price makes sense. Pepsi earned $9.4 million in media value for 2021’s halftime broadcast. It also received the most buzz on Twitter for three years in a row compared with other Super Bowl advertisers. Thirty-second commercial spots sold for $6.5 million this year.

Chelsea FC is set to begin a new chapter in its history with the imminent closing of its sale to the group led by Todd Boehly.

The $5.3 billion transaction could be finalized by Wednesday. The British government received assurances that former owner Roman Abramovich will not receive any money from the sale. 

The Premier League approved the deal on Tuesday.

The U.K. sanctioned Abramovich for his connections to Vladimir Putin following Russia’s invasion of Ukraine.

• The money will be held in a frozen bank account controlled by the British government. 
• Portuguese officials will need to approve the sale, because Abramovich holds a Portuguese passport.
• There is some urgency to complete the sale, as a special license allowing the club to operate expires on May 31. The club has been unable to make player transactions or negotiate contracts under its current license.

Clearlake’s Role

While Boehly will be the controlling owner of the club and Swiss billionaire Hansjörg Wyss will be a part-owner, neither will have a majority stake in the club. 

That distinction belongs to private equity firm Clearlake Capital, which is putting up 60% of the funds for the $3.1 billion purchase of the team itself and $2.2 billion in commitments to the team and renovations to its Stamford Bridge stadium. 

The Santa Monica-based firm’s co-founders attempted to buy 40% of the Washington Commanders in 2020, but were blocked by team owner Dan Snyder.

The NFL agreed to pay $790 million in November to end a legal dispute over the Rams’ relocation from St. Louis to Los Angeles back in 2016. 

The amount is the most the NFL has ever paid to settle litigation, and details about where the money came from are now starting to emerge.

Filed in 2017 by St. Louis, St. Louis County, and the St. Louis Regional Convention and Sports Complex Authority, the lawsuit alleged the league broke its own relocation rules when the Rams moved. 

Rams owner Stan Kroenke agreed to indemnify the league before other NFL owners approved the team’s move in 2016, but wavered on his promises shortly before the trial started on Jan. 10, 2022. Kroenke previously attempted to settle the suit for $100 million.

Instead, the NFL settled and Kroenke’s counterparts paid a portion of it. The league has reportedly taken $7.5 million from the other 31 teams — totaling $232.5 million — a “surprise” to the owners, who are left with questions about their budgets. The Athletic reported that the rest likely came from the NFL’s financial reserves.

• The owners reportedly still don’t know if the money will be returned from the league.
• Kroenke continues to resist pressure to pay the sum, arguing that legal costs and settlement payments are different.

Owners Divided

New York Giants owner John Mara said last year that if Kroenke hadn’t agreed to indemnify it, owners wouldn’t have voted in favor of the move. Other owners, including the Dallas Cowboys’ Jerry Jones, advocated for the Rams’ move.