August 9, 2022

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It looks like one of the greatest athletes in history is calling it a career. In a Vogue cover story [[link removed]], Serena Williams said she’ll begin the next phase of her “evolution” after the upcoming U.S. Open. The 40-year-old tennis icon will concentrate on her family and business interests, which include investments in over 60 startups — 16 of which are worth over $1 billion each.

Allbirds Flies Past $1B in Lifetime Revenue [[link removed]]

Allbirds

Allbirds reported $78.2 million in second-quarter revenue — a 15% increase from the same period last year and a 55% increase from 2020.

The jump was primarily attributed [[link removed]] to an increase in the number of orders and average order value. Allbirds surpassed $1 billion in lifetime revenue during the quarter.

In the three months ending June 30, 2022, Allbirds launched its third performance running shoe, the Tree Flyer. The company says performance footwear sales now make up 24% of net revenue.

The sustainable lifestyle brand’s gross profit fell 26.1% year-over-year to $28.2 million, partially due to higher distribution center and logistic costs, a lower mix of international sales, and “unfavorable foreign exchange rates.”

While international revenue was flat at $18.9 million, Allbirds reported significant growth in the U.S., including the opening of five new stores during the quarter.

Net revenue in the U.S. jumped 21% year-over-year to $59.3 million.U.S. physical retail channel sales ballooned nearly 120% year-over-year.

Allbirds also introduced SwiftFoam, a new material platform featuring an estimated 20% lower carbon footprint than petroleum-based synthetic alternatives.

Allbirds in Flight

The company expects full-year revenue to reach between $305 million and $315 million, representing growth between 10% to 14%.

On Aug. 2, Allbirds announced [[link removed]] it would lay off 23 of its employees after its stock dropped 70%. As of December 2021, it employed 710 people.

CBS, NBC ‘Front-Runners’ for Big Ten Rights [[link removed]]

Mike Carter-USA TODAY Sports

The Big Ten is reportedly nearing broadcasting deals with CBS and NBC, and an agreement could be reached by the end of the week.

The networks would reportedly [[link removed]] split the conference’s “B” package, with each expected [[link removed]] to pay around $350 million per year.

CBS would take games during the 3:30 p.m. ET window.NBC would broadcast primetime games, streaming some games on Peacock.

Amazon reportedly bid on the package, but Sports Business Journal claims that NBC and CBS are “clear front-runners.” Apple has reportedly shown [[link removed]] interest.

Fox Sports reportedly entered a deal for the conference’s “A” package a few months ago, which includes a football game at noon ET, as well as football games on its FS1 and Big Ten Network.

Sources told [[link removed]] Front Office Sports earlier this month that the Big Ten hopes to bring in $1.5 billion annually from the deals, making it the richest rights deal package in all of college sports.

ESPN’s Exit

The news comes as ESPN declined [[link removed]] the conference’s final offer for a seven-year deal worth $380 million annually — the ABC-owned network won’t air the Power 5 conference’s games for the first time in 40 years.

Industry sources told [[link removed]] Front Office Sports that ESPN is now eyeing the upcoming negotiations for renewing NCAA championship rights — it currently pays roughly $34 million annually for 29 Division I championships.

In 2020, the network also signed [[link removed]] an exclusive 10-year deal for SEC football and basketball rights worth $3 billion annually, which starts in 2024.

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Overtime Raises $100M, Plans New Leagues [[link removed]]

Overtime

Overtime is looking to launch new leagues — and now it has an extra $100 million to make it happen.

The company raised [[link removed]] nine digits in a Series D round led by Formula 1 and Atlanta Braves parent company Liberty Media and Morgan Stanley’s Counterpoint Global team.

Overtime created the basketball league Overtime Elite and the football league OT7. The company generates revenue through sponsorships, licensing, e-commerce, and media rights.

Existing investors including Jeff Bezos, Sapphire Sport, and Blackstone upped their stakes.Overtime has raised $250 million to date and claims over 6% of active NBA players have invested, including Kevin Durant, Carmelo Anthony, and Trae Young.Other investors include Winslow Capital, Spark Capital, Black Capital, Alexis Ohanian, Drake, Quavo, and Micromanagement Ventures, co-founded by late former NBA commissioner David Stern.

“This significant investment co-led by Liberty Media, who has fostered the explosive growth of Formula 1, is a real validation of the disruptive sports IP that we have created over the past year,” said Overtime CEO and co-founder Dan Porter.

Leagues of Their Own

Overtime said it will use the new capital to grow its two existing leagues and launch new ones. It will devote resources to e-commerce and Web3 while continuing to invest in content around football, basketball, soccer, gaming, and sneakers.

The company boasts 65 million social followers and 2 billion monthly video views.

Conversation Starters In The Leadoff, Life Time leans on pickleball, the video game industry takes a step back to start the fiscal year, Jake Paul raises $50 million for a sports micro-betting startup, and the original copy of Bobby Bonilla’s New York Mets contract sells for $180,000. Click here to listen [[link removed]]. Paul Brown Stadium — the home field of the Cincinnati Bengals since 2000 — will be renamed [[link removed]] Paycor Stadium for the upcoming season. College basketball player Doug Edert, the former Saint Peter’s star, has cashed in on his March Madness fame but is still drawing interest [[link removed]] for NIL deals from brands.

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Market Movers

U.S. stocks experienced declines across all three major indexes on Tuesday. Here’s a look at how sports-related stocks performed:

WWE [[link removed]]

World Wrestling Entertainment, Inc.

[[link removed]]

$72.12

[[link removed]]

+0.74%

[[link removed]] ARMK [[link removed]]

Aramark

[[link removed]]

$36.14

[[link removed]]

+4.30%

[[link removed]] CWH [[link removed]]

Camping World Holdings Inc

[[link removed]]

$29.43

[[link removed]]

-0.61%

[[link removed]] DKS [[link removed]]

Dicks Sporting Goods, Inc.

[[link removed]]

$98.11

[[link removed]]

-1.56%

[[link removed]] UA [[link removed]]

Under Armour Inc

[[link removed]]

$8.37

[[link removed]]

-2.90%

[[link removed]] PLNT [[link removed]]

Planet Fitness Inc

[[link removed]]

$76.47

[[link removed]]

-5.88%

[[link removed]] (Note: All as of market close on 8/9/22) What to Watch

The Atlanta Braves (64-46) face the Boston Red Sox (54-56) on Tuesday night at Fenway Park.

How to Watch: 7:10 p.m. ET on TBS

Betting Odds: Braves -1.5 || ML -155 || O/U 9.5

Pick: Expect the Braves to get back on track. Take Atlanta on the moneyline.

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Written by Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]] Edited by Matthew Tabeek [[link removed]], Brian Krikorian [[link removed]]

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