October 12, 2022

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After eight years at JPMorgan, Eric Min was ready to start his own business. He did just that, sold it, and then embarked on his next mission: Zwift. Nearly a decade after its launch, the online fitness platform has captivated millions of cyclists across the globe.

We spoke to co-founder and CEO Min about growing the company, the billionaires who use Zwift, how ’80s music keeps him creative, and much more on the latest episode of My Other Passion.

Check it out now on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].

PepsiCo’s Energy Drinks Fuel $22B Q3 [[link removed]]

Jeff Hanisch-USA TODAY Sports

PepsiCo reported a 9% year-over-year increase in third-quarter revenue to $21.97 billion, beating analysts’ estimates of $20.84 billion.

The company, which owns Gatorade, Mountain Dew beverages, and Frito-Lay, posted [[link removed]] $2.7 billion in net income, up from $2.22 billion during the same period last year. Organic revenue increased 16% year-over-year.

During the quarter ending Sept. 3, the company expanded its energy and sports drink portfolio.

In August, PepsiCo acquired [[link removed]] a $550 million stake in Celsius Holdings, which offers fitness-focused energy drinks.In September, it launched [[link removed]] caffeinated energy drink Gatorade FastTwitch with the NFL. The drink will hit stores in February 2023, but it’s available on NFL sidelines this season. [[link removed]] Commerce [[link removed]] | by Abigail Gentrup [[link removed]] PepsiCo Invests $550M In Exercise-Focused Celsius [[link removed]] PepsiCo has made a $550 million investment in Celsius Holdings. August 1, 2022

The company also acquired Rockstar for $3.85 billion in 2020.

PepsiCo will keep its energy drink portfolio due to the highly segmented market, according to CFO Hugh Johnston.

The company expects organic revenue growth of 12% for 2022.

Musk Truck

Elon Musk tweeted last week that Tesla’s Semi electric commercial trucks will make its first deliveries to PepsiCo on Dec. 1. PepsiCo reserved 100 of the trucks in 2017, which are expected to cost $180,000 each. The truck would reportedly [[link removed]] qualify for a tax break of up to $40,000.

MLB Experiments with CBD Deal [[link removed]]

Reese Strickland-USA TODAY Sports

Major League Baseball will be the first major U.S. sports league with an official cannabis product partner.

The league struck a deal with CBD brand Charlotte’s Web, which gained national attention as an epilepsy treatment through Sanjay Gupta’s documentary, “Weed.”

“We applaud MLB for being the first mover in professional sports CBD and are thrilled to welcome their league as a respected strategic partner,” said Charlotte’s Web CEO Jacques Tortoroli.

Charlotte’s Web is leveraging the heightened attention of the MLB playoffs by promoting its “NSF-Certified for Sport®” product line during the Division Series, which began Tuesday.The brand will have a presence at major MLB events next season, including All-Star Week, the postseason, and World Series.MLB and Charlotte’s Web estimate that the agreement will provide exposure for the CBD brand to more than 180 million Americans, helping it grow its presence in the country’s $4.7 billion CBD market. Changing Times

The arrangement is the latest sign that the sports world is softening its stance on cannabis and related products.

In February, the NFL awarded $1 million to two research teams to study [[link removed]] the effects of cannabis and CBD on pain management.

The NBA ceased testing for cannabis in 2020 when the league shut down due to the pandemic and extended that suspension through last season. The NHL tests for cannabis but has no penalty for using it, instead treating players who have abnormally high levels of THC as a mental health case, similar to alcohol abuse.

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Watch this message [[link removed]] from KG and be sure to check out The Betting Academy, where they make learning to bet fun and simple, so every fan can get in on the action responsibly.

World Cup Security Enlists Outside Military Forces [[link removed]]

Jessica Alcheh-USA TODAY Sports

The Turkish government will reportedly send an unlimited number of military troops to Qatar — who will serve alongside Pakistani army personnel — to protect the 2022 FIFA World Cup from threats.

The World Cup — which begins Nov. 20 and ends Dec. 18. — is expected to host roughly 1.2 million international visitors for the world’s largest single sporting tournament.

In September, the Qatari government announced that it is requiring [[link removed]] “hundreds of civilians” to work checkpoints at stadiums to complement military security.

[[link removed]] Global Sport [[link removed]] | by Amanda Christovich [[link removed]] Qatar Scurries for Security Help As World Cup Nears [[link removed]] The government is tapping into its military services to beef up security. September 27, 2022 A source told [[link removed]] Reuters the Qatari government told civilians it is their “patriotic duty.”In August, Pakistan’s federal cabinet approved Qatar’s request to send their troops.On Oct. 5, the Turkish parliament approved [[link removed]] a motion to send its military services.

Turkish and Pakistani troops won’t be the only foreign militaries working to secure the 2022 World Cup. France, the U.K., Italy, and the U.S. will also have a military presence in Qatar.

The French Air and Space Force will send [[link removed]] an E-3 Sentry aircraft capable of tracking hundreds of targets.

Race to the Finish

The 2022 World Cup is less than two months away, but Qatar is racing to accommodate its anticipated influx of international soccer fans.

MSC Cruises plans to provide [[link removed]] a third ship between Nov. 19 and Dec. 19. to operate as a hotel for the tournament. In June, only 90,000 hotel rooms were available throughout host city Doha.

Conversation Starters In The Leadoff, Fanatics’ CEO says the company’s sports betting push will start in January, Qatar is still adding accommodations ahead of the 2022 FIFA World Cup, gambling companies are pulling back on their California bet, and Puttshack completes a $150 million growth capital round. Click here to listen [[link removed]]. Las Vegas Raiders wide receiver Davante Adams was cited [[link removed]] for misdemeanor assault for shoving a media member after Monday night’s 30-29 loss to the Kansas City Chiefs. EA Sports announced [[link removed]] that 10.3 million players played “FIFA 23” within the first week of its release on Sept. 27 — marking the largest launch period in franchise history.

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Market Movers

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

DKNG [[link removed]]

DraftKings Inc.

[[link removed]]

$13.62

[[link removed]]

+0.11%

[[link removed]] BATRK [[link removed]]

Liberty Media Corp.

[[link removed]]

$28.37

[[link removed]]

+0.21%

[[link removed]] VFC [[link removed]]

VF Corp.

[[link removed]]

$29.10

[[link removed]]

+0.48%

[[link removed]] WWE [[link removed]]

World Wrestling Entertainment, Inc.

[[link removed]]

$74.81

[[link removed]]

-0.82%

[[link removed]] EA [[link removed]]

Electronic Arts, Inc.

[[link removed]]

$119.11

[[link removed]]

-1.98%

[[link removed]] PTON [[link removed]]

Peloton Interactive Inc

[[link removed]]

$8.56

[[link removed]]

-2.34%

[[link removed]] (Note: All as of market close on 10/12/22) What to Watch

Real Madrid faces FC Barcelona at Santiago Bernabéu Stadium on Sunday for El Clásico.

Barcelona will enter the match following a UEFA Champions League matchup against Inter Milan on Wednesday night, while Real Madrid is coming off a 1-1 draw against Shakhtar Donetsk on Tuesday.

How to Watch: 10:15 a.m. ET on ESPN+ / Stream El Clásico on ESPN+ [[link removed]]*

Match availability differs by market, check your local listing.*

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

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The Leadoff [[link removed]] - Daily business of sports podcast

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