The Kentucky Derby is known as the “most exciting two minutes in sports,” and it’s also one of the most expensive.

Wagers on the race were down to $79.4 million last year — less than half of the $165.5 million bet in 2019 — but the event remains a cultural statement for high-net-worth individuals.

• The most exclusive hotels go for more than $20,000 a weekend.
• The Mansion, an invite-only club that opened in 2014, features a Chanel makeup artist in the women’s bathroom and a $1,000 mint julep cocktail.
• Millionaires Row has been an exclusive, interior dining room since 1966, starting at $36,000 per table.

For fans indulging in the event’s more luxurious elements, there’s a good chance of running into the world’s wealthiest. Horse owners include William Strauss, co-founder of ProFlowers, which sold to Formula One and Atlanta Braves owner Liberty Media for $477 million in 2005.

Sheikh Mohammed, vice president and prime minister of the United Arab Emirates, also owns a horse racing in the Derby, but complaints have been filed to pull his horse from the race after reports surfaced of his involvement in human rights abuses, including the disappearance of his own daughter.

Though millions are spent on attendance, drinks, and gambling, valet workers — essential to the event’s logistics — get paid $16 an hour. They protested earlier this week in demand of a fair union contract.

The gaming craze and at-home fitness come together in Ergatta’s rowing machine.

The connected rowing company gamifies workouts, with its machine effectively acting as a controller, allowing people to race and compete on a screen as they work out.

Just a month after its first birthday, the startup raised $30 million at a $200 million valuation in a Series A round led by Advance Venture Partners. The company will use the funds to create new games, develop live competitions, and grow its membership base and supply chain.

Other connected rowing machines have attracted investor attention as well, though Ergatta’s competitors generally follow Peloton in offering live classes with instructors.

• LIT Method, whose machines cost $1,750 plus a $25/month subscription fee, announced an investment this week from Jay-Z’s Marcy Venture Partners.
• Last June, connected rowing startup Hydrow raised $25 million in a round led by L Catteron, a private equity firm backed by LVMH. Hydrow’s machines cost $2,199. 

An Ergatta machine also costs $2,199, and subscriptions run $29 per month.

PepsiCo will donate $1 million to youth soccer programs in underserved communities over the next three years as an extension of its partnership with UEFA Champions League.

Last year, the company pledged $570 million over five years to racial justice causes. In March, it committed $40 million to support 4,000 Black and Hispanic students in community college programs.

The youth soccer initiative, “Team of Champions,” is intended to “help create transformational change for Hispanic and Black communities.” MLS player Javier “Chicarito” Hernández of the L.A. Galaxy lent his support to the program in his first move as a PepsiCo athlete.

Around a quarter of MLS players are Black, largely because the league attracts players from all over the globe. U.S.-born Black players account for around 9% of the league.

PepsiCo joins the numerous brands that made over $35 billion in racial justice commitments in 2020, though only a fraction of those were sports-focused.

• Jordan committed $100 million to racial justice initiatives, and Nike added another $40 million.
• Nike, Target, Chipotle, and Chevrolet are among the many companies that contribute to youth sports initiatives. 
• Bud Light directed its “Thursday Night Football” ad spend to highlight Black-owned businesses.

PepsiCo has expanded its soccer sponsorships in recent years, and now partners with both the men’s and women’s UEFA Championship Leagues and several MLS teams, including New York City FC, the Orlando Pride, and FC Dallas.

Allbirds, an eco-conscious shoe company popular with celebs and techies, is interviewing banks as it seeks an IPO, according to the New York Times.

Leonardo DiCaprio was an early investor. The famous Oscar winner and environmentalist supports the company’s mission to protect the planet.

The San Francisco-based company launched in 2016 and has products available in 35 countries, with 23 brick-and-mortar stores throughout Europe, Asia, New Zealand, and the U.S. 

Co-founded by New Zealand soccer star Tim Brown, Allbirds uses 60% less energy than standard synthetic shoes. Footwear giants are taking notice.

• Adidas and Allbirds designed a shoe with footwear’s lowest-ever carbon footprint. 
• The shoe is expected to hit the market by the end of 2021. 

Back in September, Allbirds raised $100 million in a Series E funding round led by Franklin Templeton, giving the company a valuation of around $1.7 billion.

Prior to that round, it had already raised more than $200 million since 2016.