The Sports Edge Show 🎙️
Our podcast dropped this week on Spotify and YouTube. Follow the links below to listen to our host Jasmine Titmuss speak with England cricket’s all-round entertainer Graeme Swann.
Episode 1. The Sports Edge Show with Graeme Swann: His Career, The Ashes & ABBA
This Weeks Snapshots
Mercedes F1’s $6 billion valuation and CrowdStrike CEO George Kurtz’s $300 million investment signal new US tech leadership and record franchise growth.
Callaway Golf exits Topgolf for $1.1 billion, as Leonard Green & Partners take over; Callaway refocuses on golf equipment and apparel amid shifting asset values.
LA28 Olympics makes history with a $200 million Intuit Dome naming rights deal, spotlighting stadium investment and new commercial strategies in global sport.
Cagliari and O2 renew key partnerships: the Serie A club secures US backing for stadium development, while O2 commits £37.5 million over five years to England Rugby sponsorship and grassroots growth.
This Weeks Key Market Movers
Celtic PLC $CLTFF ( 0.0% )
$2.40 | +7.35% YTD | +10.6% LTM
Profit after tax almost doubled to $33.9 million
Sphere Entertainment Co. $SPHR ( ▲ 0.88% )
$77.94 | +91.4% YTD | +85% LTM
Sphere Corp wins 18.6 billion won order
Motorsport Games Inc $MSGM ( ▲ 1.11% )
$2.74 | +104.48 YTD | +130% LTM
Le Mans Ultimate has been a genuine hit, driving a roughly 70%+ year‑on‑year jump in quarterly revenue, record user engagement, and very high gross margins around 80%.
Cloudfare Inc $NET ( ▲ 4.88% )
$193.99 | +69.42% YTD | +13.8% LTM
Cloudflare's shares rose 3.5% during a market rally fueled by excitement for AI, especially after Alphabet unveiled its enhanced Gemini 3 AI model.
Xiaomi Corp. $XIACF ( ▼ 1.08% )
$5.19 | +10.69% YTD | +37% LTM
Xiaomi's shares experienced a significant surge, marking the largest increase in nearly seven months, after founder and chairman Lei Jun made a purchase of shares in the open market.
Sports-focused names were mixed but with a clear tilt toward high-beta winners. Celtic PLC has quietly ground higher, with profit after tax more than doubling to about $33.9 million and the shares up mid‑single digits YTD and double‑digits over the last year. At the entertainment end, Sphere Entertainment has rallied hard on the back of strong Sphere Las Vegas momentum, incremental contracts and buyback-supported sentiment, leaving the stock up around 90% YTD and mid‑80s LTM. Motorsport Games continues to trade like a turnaround flier, with Le Mans Ultimate driving a sharp revenue and profitability inflection and pushing triple‑digit gains over the past year. In tech, Cloudflare remains a key AI infrastructure proxy, catching a fresh bid alongside big-cap AI newsflow such as Alphabet’s latest Gemini update. Xiaomi has bounced as founder Lei Jun’s roughly HK$100m open-market share purchase signalled confidence and helped extend a solid LTM recovery off the lows.
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Story of the Week
Mercedes F1’s $6 Billion New Era:

Mercedes-AMG Petronas Formula One Team has smashed league records, announcing a landmark $6 billion valuation as cybersecurity mogul George Kurtz, CEO of CrowdStrike, finalises a $300 million investment for 15% of Toto Wolff’s personal stake in the team.
This translates to an estimated 5% direct ownership and grants Kurtz a co-owner seat and the key role of technology advisor, joining Mercedes chief Ola Källenius, INEOS founder Sir Jim Ratcliffe, and Wolff on the strategic steering committee.
Mercedes’ financial might is unprecedented in Formula 1, with annual revenues soaring from £146.9 million in 2014 to £636 million in 2024, alongside £120 million in profits. Eight consecutive constructors’ titles between 2014 and 2021, a robust tech-driven business, and a global roster of major sponsors, led by Petronas, CrowdStrike, and Meta, have fueled this ascent.
The team’s commercial program stands out for innovation: CrowdStrike’s AI-powered cybersecurity solutions secure racing and operations, while Meta and Petronas amplify both digital engagement and industrial power. Kurtz’s arrival underscores Mercedes’ strategic US pivot as Formula 1’s popularity soars in America, driven by Netflix’s “Drive to Survive,” new Las Vegas and Miami Grands Prix, and rising US sponsors.
Tech investment is now critical to competitive edge, with Kurtz aiming to accelerate Mercedes’ adoption of data analytics, simulation, and cybersecurity while leveraging connections in Silicon Valley and American enterprise. Kurtz sees “tremendous opportunity” for expansion, younger fan engagement, and new tech-sector partnerships as F1’s global franchise values outpace most NBA and Premier League clubs.
The deal does not dilute Toto Wolff’s operational power; he remains principal and CEO. Instead, Mercedes’ ownership structure is reinforced: three equal blocks (Wolff, Mercedes-Benz, INEOS), now extended to include a dynamic US entrepreneur, and aligned corporate strategy. Industry analysts see this as a bellwether for elite international franchises, blending sports, technology, and private investment, with next-generation sponsors and business models reshaping value.
As F1 expects further U.S. media deals, disruptive sponsorships, and regulatory technology innovation for the 2026 engine formula, Mercedes is ideally positioned to shape the next phase of motorsport’s global evolution. This transaction marks an inflection point, with American capital, technology, and marketing now central to the future competitive and commercial narrative of Formula 1.
This Weeks Global Sport, Business of Sport and Sports Investment News
Sports Investment & M&A
Callaway Sells Topgolf for $1.1 Billion:

Callaway has sold its 60% majority stake in Topgolf to private equity firm Leonard Green & Partners for $1.1 billion, netting Callaway an estimated $770 million and returning focus to its core golf brands. The deal marks a strategic reset after a 73% drop in Callaway’s share price since its 2021 merger peak and reflects Topgolf’s changing fortunes in the competitive social sports market. Topgolf’s valuation represents a 45% decline from its $2 billion merger price, underscoring inflationary pressures and new leisure trends post-pandemic. With the sale set to close in early 2026, Callaway will rebrand and concentrate on equipment and apparel, while Leonard Green plans venue growth and sport-tech investments in Topgolf’s business model. The move highlights private equity’s growing role in reshaping sports entertainment assets.
Real Madrid Protecting Tradition Through New Investment:
Real Madrid, in an unprecedented move, will form a dedicated subsidiary to allow external minority investment for the first time in the club’s storied history. Investors will be able to purchase up to a 10% stake but will have no voting rights, protecting member control (socio system) and the club’s assets. The club aims to generate fresh capital while safeguarding its unique member-led identity and positioning itself to enhance its financial competitiveness vis-a-vis global rivals. This maneuver also underlines Madrid’s enduring commitment to the Super League project as it aims for greater autonomy and access to new resources. The creation of this structure reflects a growing trend among elite European clubs to seek outside capital to fund stadium upgrades, digital projects, and squad investment, while balancing legacy governance expectations.
Cagliari Embraces US Capital For Stadium Ambitions:

Serie A side Cagliari welcomes a new chapter, as an American investor consortium led by Praxis Capital’s Maurizio Fiori takes a minority interest, part of a wave of U.S. investment reshaping Italian football. Existing president Tommaso Giulini remains in full control, but the capital injection will catalyse construction of a next-generation stadium in Sardinia and augment the club’s structural development. The deal fits a trend: over the past six years, Inter, Roma, Milan, Atalanta, and Hellas Verona have attracted U.S.-backed ownership or minority stakes. For Cagliari, the U.S. partnership brings new networks and expertise as well as vital funding for its infrastructure vision and long-term growth. In the broader landscape, Serie A continues to evolve toward more international and professionally managed investment vehicles, aiming for both sporting and commercial rejuvenation.
Sponsorship
Celsius Departs Ferrari for Aston Martin:

Fitness and energy drink brand Celsius will end its partnership with Ferrari after just two seasons, announcing a multi-year sponsorship deal with Aston Martin F1 Team from 2026. The new agreement will see Celsius branding featured on Aston Martin’s cars and race suits, expanding the team’s commercial category. This move follows Ferrari’s drop in competitive performance during the latest season and reflects Celsius’ ambition to deepen its motorsport presence while investing in broader sports partnerships across MLS, PFL, and athlete endorsements. The switch is understood to open new fan activation opportunities for Aston Martin as it grows its international profile, while Celsius pivots marketing strategy to align with emerging teams in the Formula 1 paddock.
Arsenal Partners with Fintech Zilch for Payment Innovation:

Arsenal Football Club has unveiled a multi-year partnership with Zilch, a London-based fintech, naming it the “Official Way to Pay” for fans and merchandise purchases. The agreement will see Zilch roll out interest-free “buy now, pay later” payment options across Arsenal’s physical and digital retail channels, as well as power loyalty and fan engagement programs globally. Both parties aim to leverage the partnership to broaden Arsenal’s commercial footprint, modernize stadium payment systems, and offer supporters increased flexibility and rewards. This innovation marks another step in the digitisation of the matchday and ecommerce experience for Premier League clubs, making Arsenal a key case study in sport-tech convergence this season.
Lego Drives F1 Academy Diversity Push:
Lego will launch a major, multi-year partnership with F1 Academy in 2026, investing in the next wave of female racing talent by backing rising star Esmee Kosterman and creating an F1 Academy-themed Lego set. The deal foregrounds F1’s push to expand female participation and representation, using Lego’s global family brand to champion equality and open new demographic audiences. As sponsors seek authentic engagement and long-term cultural relevance, such initiatives signal the growing power of women’s motorsport as both a social movement and a commercial property.
Shinhans Bank’s Landmark KBO Sponsorship Deal:

Shinhan Bank has set a new benchmark in Korean sports marketing by renewing its title sponsorship of the KBO League, with a 10-year extension worth KRW 115 billion (US $77.7 million) the largest sports sponsorship in Korean sports history. The deal reflects the surging commercial appeal of baseball in South Korea, with Shinhans’ multi-year extension expected to deliver enhanced branding opportunities, fan engagement innovations, and increased investment in league infrastructure and digital platforms. As sponsorship values soar, the KBO continues its push to grow both local and global audience bases, showcasing Korean baseball’s resilience and dynamic media landscape. This agreement follows a broader Asian trend toward multi-tiered, tech-savvy partnerships between financial institutions and sports properties.
O2 Renews Historic England Rugby Partnership:

Telecom giant O2 has extended its long-standing sponsorship of England Rugby (RFU) for another five years, reinforcing one of the most successful partnerships in UK sports marketing. The new agreement, valued as one of the largest in the sport, will see O2 continue as principal shirt sponsor for the men’s and women’s teams, supporting not only elite competitions but also grassroots development and digital fan initiatives. The renewal reflects both parties’ commitment to long-term brand-building, fan loyalty programs, and elevating major events at Twickenham. It also sets a benchmark for integrated sponsorship strategies across British sport, highlighting sustained corporate confidence in rugby’s cultural and commercial resonance.
Teams & Franchises
Premier League’s Next-Gen Financial Fair Play:

The Premier League has voted in a sweeping overhaul of its financial regulations, to take effect from the 2026-27 season. The Squad Cost Ratio (SCR) framework will strictly cap spending on salaries, transfers, and agent commissions at 85% of each club’s revenue. A multiyear rolling allowance lets clubs exceed this by up to 30% for planned investment or sporting setbacks, but only within a controlled period. The leadership has also banned asset sales to affiliated parties to prevent artificial profit inflation, closing loopholes used by some clubs. Crucially, sustainability guidelines are now directly modeled on UEFA’s 70% European benchmark, making English top-flight compliance fully aligned with continental standards. However, a proposed ‘anchoring’ rule, which would have tied spending limits to the league’s lowest earners to aid parity, was rejected. This decision is already generating debate around the future competitive balance and star player movement in the Premier League.
WNBA Labor Talks: Uncapped Hopes, Hard Realities:

The WNBA’s player-union negotiations center on a new “uncapped” CBA, with the league advertising potential player pay above $1 million. However, these headline figures include base salaries, plus bonuses and revenue share, thresholds that have never been triggered in practice. Base ‘supermax’ salaries in the new proposal will range from $800,000 to $850,000 for elite players. Although overall league revenues are up, from an estimated $710 million in 2024 to a projected $1 billion+ in 2025, salary increases are limited to 3% annual bumps, so actual player share of league revenue dropped to about 9% in 2022. Players are pushing for NBA and NFL style guaranteed revenue splits, while the league contends that more flexible, performance-based models will motivate player-driven growth. The labor dynamic is shaped by the imminent CBA expiration, past pandemic pressures, and structural change as the WNBA eyes its most ambitious expansion chapter in history.
McLaren Racing’s $4.4 Billion Growth Story:

Under CEO Zak Brown’s leadership, McLaren Racing has multiplied its value more than sevenfold, from $620 million in 2019 to $4.7 billion in 2025. McLaren’s resurgence combines historic racing success with contemporary business savvy: Brown’s emphasis on diversified revenue streams, innovative sponsorships (including Mastercard’s landmark $100 million annual naming deal), and operational discipline under F1’s cost cap have fueled both sporting results and commercial windfalls. With increased investment around their IndyCar and extreme E entries, plus a vibrant digital media strategy, McLaren now rivals the most valuable franchises in motorsport.
Women’s Football: Racing Ahead, Still Distinct:
Elite women’s football is experiencing explosive commercial growth, projected to deliver $555 million of women’s sport’s $1.28 billion in global revenue this year. As the sport professionalises, drawing sponsorship from consumer brands like cosmetics and fashion, its stars enjoy unique crossover appeal, leveraging authenticity and relatability to drive personal and team brand value. Yet, deep salary disparities persist: while top pros earn significant sums, the global average remains just $10,900. This growth brings new scrutiny and new pressures, as clubs, players, and agents weigh reputation, privacy, and commercial stakes in an increasingly high-stakes, culturally influential industry.
Sports Broadcasting & Media
Netflix Bets Big on MLB’s Streaming Future:

Streaming giant Netflix has signed a milestone multi-year deal with Major League Baseball to broadcast select marquee events from 2026 through 2028, marking its most aggressive move yet into live sports. The partnership is designed to boost advertising revenues and subscriber engagement, sidestepping traditional sports networks and leveraging Netflix’s vast global reach and data-driven platform. As rights fragmentation grows and digital platforms vie for top-tier content, this agreement could set a template for how tech giants and sporting leagues balance maximum audience access and premium monetisation.
Paramount’s Billion-Pound Champions League Move:
US-based media group Paramount will pay over £1 billion to secure exclusive UK rights to the UEFA Champions League for the 2027-2031 cycle, their first major UK sports investment. The new deal marks a game-changing turn in football media, accelerating the shift toward digital-first viewing (including Paramount+) and fueling an increasingly fragmented European football rights market. As broadcasters and streaming services duel over blue-chip sports content, fans must now navigate multiple subscriptions to access different competitions, sparking debate about consumer value and the long-term broadcasting landscape.
Disney+: NBA in the Philippines and More Global Sports Power:

Disney+ continues its international sports expansion, clinching streaming rights for live NBA games in the Philippines, bolstering its wider push following exclusive UEFA coverage in Europe. These moves advance Disney+’s “super-app” strategy, aiming to consolidate premium global sports on a single platform and tap the growing international fan base of the NBA and football. The aggressive acquisition strategy also highlights rising competition between global streamers to lock down high-value live sports and grow their next generation audience and mobile subscribers.
Stadiums & Infrastructure
LA28 Olympics Breaks Ground with Multi-Million Dollar Naming Rights:

The LA28 Olympic and Paralympic Games have made history by becoming the first Olympics to grant naming rights for an official Games venue. Intuit, the California-based financial technology company, secured naming rights to the new downtown Los Angeles basketball arena, now officially branded as the “Intuit Dome,” in a partnership reportedly valued at around US$200 million. Intuit will also become a founding partner, supporting not just the Games but Team USA athletes, youth sports programs, and local small businesses through a series of financial literacy and entrepreneurial initiatives running through the Games cycle. This innovative sponsorship is part of LA28’s effort to reach a US$2.5 billion commercial revenue target and may serve as a template for future host cities navigating funding pressures and elevated event costs. The precedent set here is expected to drive expanded corporate involvement and steer global sponsorship strategy across the Olympic movement.
Crunch Time
Premiership Rugby Clubs Face Mounting Debt and Operating Losses
The financial health of English Premiership Rugby clubs is under renewed scrutiny, as a new report shows that every single top-flight club ran at a loss for the 2023/24 season. Cumulative debt has ballooned across the league, now totaling UK£176.9 million over the last decade, a stark reflection of the commercial pressures facing British rugby. Club executives have blamed rising player wages, competition from global leagues, and sluggish broadcast revenues for the prolonged red ink.
Sports Direct Hit by Massive Tax Bill and Retail Turmoil
In a week of negative headlines, Sports Direct and its parent company Frasers Group have been rocked by a surprise €674 million Belgian tax bill, adding to mounting retail challenges. The company also announced that its acquisition of House of Fraser, once billed as a key growth play, has saddled the business with “terminal problems,” precipitating further store closures and driving down profits to record lows. Sports Direct’s struggles not only highlight the risks and volatility of the global sports retail industry but also underscore wider market anxieties as discretionary spending shrinks and regulatory pressures mount across Europe. Investors and analysts are watching closely as the firm navigates asset sales, legal disputes, and a sharply diminished share price.
PTPA vs. Tennis Powers: Legal Battle Nears Partial Settlement
The Professional Tennis Players’ Association (PTPA) and Tennis Australia are close to settling an antitrust lawsuit centered on claims of monopolistic practices by governing bodies such as the ATP, WTA, and Grand Slam organisers. The lawsuit, which also spotlights capped prize money and arduous scheduling, remains active against other tennis authorities as players challenge tour structures and demand greater representation.
ABC Sport Drops McGrath Over Betting Link
ABC Sport has ended its association with legendary fast bowler Glenn McGrath due to his sponsorship agreement with betting firm bet365, reaffirming the broadcaster’s strict compliance with policies governing gambling tie-ins. McGrath, a key figure in cricket broadcasting and marketing, remains employed by the BBC and continues as a brand ambassador for various companies, reflecting ongoing differences in global sports media’s approach to gambling-linked sponsors.
Sports to Watch This Week
🏏 The Ashes – 2nd Test | The Gabba, Brisbane, Australia
December 4–8
Australia faces England under lights for the series’ first day-night Test in Queensland. Historic rivalry, pink ball, Ashes drama in one of cricket’s most storied venues.
🏎️ Formula 1 Qatar Grand Prix
November 28–30
Formula 1’s penultimate race under the floodlights, with championship battles intensifying as drivers tackle a fast desert circuit.
🤾♀️ Women’s World Handball Championship | Germany & Netherlands
November 26–December 14
Elite national teams open group play across both host countries, competing for a place in the knockout rounds.
⚽ UEFA Champions League Matchday 5 | Across Europe
November 25–27
Europe’s elite football clubs face critical group fixtures in major stadiums as they fight for knockout qualification.
🏈 NFL Thanksgiving Day Games | Detroit, Dallas & Baltimore, USA
November 27
Classic tripleheader: Packers vs Lions (Ford Field), Chiefs vs Cowboys (AT&T Stadium), Bengals vs Ravens (M&T Bank Stadium).
🏌️♂️ Australian Open Golf | Sydney
November 27–30
International and local golf stars compete for one of the region’s oldest titles at two top Sydney courses.


