Top 5 – Toronto Raptors Commit to Caribbean Hoops
Plus Portland lands WNBA team, Puerto Rico's 10x return on sports tourism, and more
Whatsup Squad,
I hope you had a relaxing Labor Day Weekend!
Let’s get into the top stories of the week:
⭐️ FEATURE STORY
Toronto Raptors Invest in Caribbean Basketball
In a pivotal move for the development of basketball in Guyana, President Dr. Irfaan Ali met with Masai Ujiri, President of the Toronto Raptors.
Their discussions focused on key areas such as the development of sports facilities and the promotion of grassroots basketball initiatives in the country.
As part of this collaboration, Ujiri is expected to lead a delegation to Guyana later this year.
Beyond their discussions on Guyana, the leaders also explored a broader Caribbean initiative aimed at boosting basketball across the region.
Not only did Ujiri lead the Raptors to the 2019 NBA Championship, but he is also a pivotal figure in the development of basketball in Africa.
Basketball talent on the continent is widespread, but access to opportunity is not. Drawing on his own experience, he founded Giants of Africa in 2003.
Since launching, the non-profit has impacted over 40,000 African youth across 17 countries through access to over 30 basketball courts and 80 basketball camps or clinics.
Bottom Line - If Ujiri’s track record is any indication, his new commitment to Caribbean basketball signals a bright future for the region.
Read more here
The Business Behind New York’s Biggest Sports Event
The US Open has become one of the must-attend events of the American sports calendar.
Fans don’t just come to watch tennis matches; they come for the full fan experience. And since 1978, it’s always been in Queens.
The tournament generates an impressive $750 million in direct economic impact for New York City and provides employment for over 7,000 people.
From hotels and local restaurants to small retail shops, the two-week event brings a surge in customers and profits.
It also continues to play an instrumental role in the transformation of the surrounding neighborhoods.
Bottom Line - With construction just beginning on a new soccer stadium for MLS’s New York City FC and plans for an entertainment district around the New York Mets’ Shea Stadium, Queens is poised to become the city’s premier sports hub.
Read more here
Puerto Rico Sees 10x Return on Sports Tourism
The number of sporting events in Puerto Rico increased from 76 between 2021 and 2022 to 103 between 2023 and 2024.
Of those 103 events, the Puerto Rico Tourism Company (PRTC) invested $9.6 million and received back $92.1 million, or a 9.6x return on investment!
This is an increase from the $4.1 million invested between 2021 and 2022, which generated $24.1 million.
In a study of 1,500 adults on sports tourism activities in the past two years, 43% had attended a men's national senior basketball game, 25% a professional baseball game, and 19% a marathon or race.
Bottom Line - 35% of the people surveyed mentioned that when attending a sporting event, they took the opportunity to do local tourism in that area, which aligns closely with the goal of the PRTC to develop domestic tourism along with sports tourism.
Read more here
Portland To Get WNBA Expansion Franchise
After more than 20 years, the WNBA is bringing a franchise back to Portland.
The Portland Fire, along with the Miami Sol, were expansion teams in 2000. However, both franchises lasted just three seasons before folding.
The new Portland team will join the WNBA in the 2026 season, and it's still unknown whether it will revive the old Fire nickname.
An official announcement from the WNBA is expected next week, confirming the Bhathal family as the owners.
The imminent addition of a Portland team comes as part of an ambitious expansion plan for the WNBA to expand from 12 to 16 teams by 2028.
Bottom Line - When the Portland team is officially announced, they will become the 15th WNBA franchise. Philadelphia, Denver, Nashville and Miami are among the cities in the running for the last spot in this phase of expansion.
Read more here
NFL Opens its Doors to Sovereign Wealth Funds
After league owners approved the new policy, the NFL became the last of the major sports leagues in the United States to allow private equity funding.
That said, the NFL is instituting heavier guardrails:
Teams can only sell stakes to a list of pre-approved firms.
Up to 10% of a team can be owned by private equity funds.
Investors must hold their positions for at least six years.
While sovereign wealth funds can’t invest in teams directly, they will be allowed to own up to 7.5% of an entity that owns up to 10% of an NFL team.
Bottom Line - This is a meaningful change in NFL ownership rules, but it will not change the way franchises are run. Instead, it allows existing owners to sell minority stakes in their teams, generating a cash infusion they can then use for stadium projects and facility upgrades.
Read more here
Until next time ✌🏾
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