Profluence Sports by Andrew Petcash
The Petcash Pod 🌐
Weekly Roundup: Business of Athletes, Sports, & NIL (June 1-11)
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Weekly Roundup: Business of Athletes, Sports, & NIL (June 1-11)

Wild week with important developments, from athletes investing to college sports & unique sports tech partnerships.

Audio Timeline:

(00:30) - Business of Athletes

  • Soccer star Harry Kane has joined Dak Prescott, Wayne Gretzky, Dustin Johnson, and Thaddeus Young as investors in the fitness startup OxeFit.

  • Karim Benzema is leaving Real Madrid after 14 years to join the Saudi Arabian pro league on a 2-year, $400M contract (and he won't pay taxes on that either).

  • Four-time NBA champion Andre Iguodala has joined the National Women’s Soccer League (NWSL) Bay FC investor group.

  • Giannis Antetokounmpo and his brothers are launching their family’s holding company, Ante Inc.

  • Lionel Messi has accepted a unique deal to join Inter Miami next season including a revenue share of Apple TV MLS subscriptions.

  • Serena Williams, Venus Williams, and Alexis Ohanian have purchased the first TGL team, Los Angeles Golf Club (LAGC).

  • MLB Hall of Famer Derek Jeter has invested in Meati Foods, a producer of animal-free meat made from mushroom root.

(5:30) - College Sports/NIL

  • United Wholesale Mortgage is ending its NIL deal with Michigan State athletes.

  • BYU Football players have called out Built Bar and other companies for not living up to their NIL promises.

  • College Football players look like they’ll boycott the EA Sports video game due to low payouts.

  • NCAA President Charlie Baker says sports betting and media rights deals are massive opportunities.

(10:15) - Sports Business

  • LIV Golf and the PGA Tour are merging.

  • Hype Sports Innovation and CBS Sports have entered into a partnership to explore AI, AR, and VR technologies.

  • The NFLPA reportedly has been unable to collect $41.8 million in revenue from OneTeam Partners costing players ~$20,000 each.

  • MILLIONS(.co) launched the first ChatGPT sports marketing campaign builder.

  • Australia’s sports technology sector is now worth US$2.78 billion, making it equal in value to the country’s financial technology sector, according to ATSN.


Interesting Stat

NBA contracts are some of the largest in the world…

Here’s the average player salary through 2022:

NBA salaries analysis (1991-2022) | RunRepeat

With the new NBA media rights deal on the horizon, expect significant growth for years to come.


Short Passage of The Week

The best way to prove your value is to:

  • work

  • learn

  • absorb 

  • and be a sponge

You always want to outwork your potential! 
As hard as you believe you can work, you can work harder than that. 

Source: Kobe Bryant, The Mamba Mentality


Media

If you haven't listened to the podcast with Thaddeus Young yet…I highly recommend it.

So many great insights for founders, investors, athletes, parents, and anyone who likes sports.

Grade the Trades: 3 Raptors targets for Thad Young's contract

Listen Here


Interesting Stat #2

Useful graph in my opinion as we all strive to be top earners.

This is the state tax rate for the top income bracket:

To note: the “gray states” have zero income tax.


Business Jargon

I enjoy this section as it’s pretty flexible — and also a great way to refresh myself (and hopefully you) on some important financial topics.

1. Accounts Payable (AP)

Accounts payable include all of the expenses that a business has incurred but has not yet paid. This account is recorded as a liability on the Balance Sheet as it is a debt owed by the company.

2. Accounts Receivable (AR)

Accounts Receivable include all of the revenue (sales) that a company has provided but has not yet collected payment on. This account is on the Balance Sheet, recorded as an asset that will likely convert to cash in the short term.

In graph form:

Difference Between Accounts Payable and Accounts Receivable | Compare the  Difference Between Similar Terms

Quote

“The secret of success is redefining what success means to you. It can’t be your parent’s definition, the media’s definition, or your neighbor’s definition. Otherwise, success will never satisfy you.” – RuPaul

Thanks for tuning in today!

Peace,

-AP

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