Top 5 — Salt Lake City's Sports Surge
Plus India's traveling sports fans, NYC's first soccer stadium, and more
Whatsup Squad,
Let’s get into the top stories of the week:
Salt Lake City’s Sports Surge
It’s been a big week for sports in Salt Lake City.
Utah Jazz owner Ryan Smith is nearing a landmark $1 billion deal to relocate the NHL’s Arizona Coyotes to Salt Lake City, marking a significant expansion of the city's sports landscape.
That alone would be major news, but that’s not all.
The first-ever home facility for a professional pickleball team is also coming to the Salt Lake Valley.
The $25 million, state-of-the art facility will be the home of the Utah Black Diamonds of Major League Pickleball.
The center will also reportedly serve as a high-end club for pickleball players of all levels.
And last but not least, the Olympic committee announced Salt Lake City as the preferred host for the 2034 Winter Olympics.
Reminders of the 2002 Winter Games are nestled throughout the city, and Olympic officials praised the city for preserving facilities and public enthusiasm.
Despite the time, money, and effort involved in hosting the Olympics, Salt Lake City remains one of the few places where Olympic fever still burns strong.
Bottom Line - These developments signify Salt Lake City's dynamic growth in the sports sector, enhancing its profile as a key player in hosting diverse sporting events and boosting the local economy through increased tourism and global attention.
Dude Perfect Raises More Than $100 Million
Dude Perfect, the five-member comedy and sports YouTube creator group, raised more than $100 million from private investment firm Highmount Capital.
The money will help drive Dude Perfect's expansion into a larger media company, building out more opportunities beyond YouTube.
One of Dude Perfect’s biggest projects is its forthcoming “theme park” in Frisco, Texas.
The group describes it as a combination production facility and “family-friendly” entertainment destination, comprising a retail store and new spaces for podcasts and gaming.
Since positing their first video in 2009, their channel has generated more than 17 billion views and garnered more than 60 million subscribers.
Along the way, they have built trust amongst families, brands, and consumers of all ages and backgrounds.
The former college roommates premiered their first TV show on Country Music Television in 2016, and later began airing the series on Nickelodeon.
Bottom Line - The deal is part of a bigger trend of private investment firms investing in YouTube-grown talent to take their massive online audiences to more established platforms and grow other revenue streams.
NYC Approves First Soccer Stadium
New York City officials approved a plan Thursday to build a 25,000-seat stadium for Major League Soccer's New York City FC.
The new stadium will be New York City's first venue dedicated to professional soccer.
Expected to open in 2027, the $780 million soccer stadium will anchor a 23-acre redevelopment project near Citi Field (home of the NY Mets) that will also include housing, a new public school, retail stores and a hotel.
Bottom Line - The new purpose-built stadium promises to offer optimal playing conditions, a superior experience for soccer fans, and more revenue opportunities for NYCFC (e.g. naming rights, concessions, and parking).
Sports Tourism on the Rise in India
India is a cricket-crazed country, so it’s no surprise that bookings are off the charts for the upcoming T20 World Cup.
But that’s just the tip of the iceberg. Rising disposable income has Indian sports fans traveling the world to watch their favorite sporting events.
There has also been a surge in bookings for Wimbledon in London, as well as Formula One races in Abu Dhabi, Singapore, and Bahrain.
Football (soccer), Formula One, and the 2024 Paris Olympic rank highest among the sports events that Indians plan to attend this year.
Bottom Line - According to the 2024 Global Travel Trends report from American Express, 29% of Indians, exceeding the global average of 14%, intend to increase their travel frequency for sporting events in 2024.
WNBA Draft Marks Critical Moment
The WNBA plans to capitalize on the exploding interest in women’s basketball as it prepares to market one of its most anticipated draft classes, headlined by Caitlin Clark and Angel Reese.
Michael Jordan did it for the NBA. Serena and Venus Williams did it for women’s tennis.
Now, #1 overall pick Clark and #7 pick Reese have a chance to do the same for the WNBA.
The challenge is in turning their followers into WNBA fans.
If interest in this year’s WNBA draft is any indication, the league is off to a great start.
Fans returned to the draft in person for the first time since 2016, and tickets sold out in 15 minutes.
Bottom Line - This is a pivotal time for the WNBA, as it prepares to negotiate a new TV media rights deal at the end of 2025.
The current deal pays the league $60 million annually, and WNBA commissioner commissioner Engelbert wants to see it “at least double”.
In last week's exclusive feature, I highlighted how Augusta leveraged the Masters to become an elite sports tourism destination, providing a blueprint for other cities to boost their global appeal and economic landscape.
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Until next time ✌🏾