Goldman Sachs exceeded analyst expectations with its latest earnings report on Friday.

The financial services firm generated $13.61 billion in revenue in Q3 2021, surpassing Wall Street estimates of $11.68 billion. Goldman Sachs has generated $46.7 billion in revenue through three quarters, which makes 2021 the best year in its history after only nine months.

Third-quarter results were driven by Goldman’s investment banking division, which generated $3.7 billion in revenue, an 88% increase year-over-year. The firm has made a number of recent moves in sports.

• The firm is helping FC Barcelona sell $609 million worth of private placements to partly refinance debt.
• It raised $1.17 billion to fund CVC Capital Partners‘ equity deal with La Liga. 

Goldman is also helping the NFL find investment partners for its major media assets, including the NFL Network, RedZone, and NFL.com.

After hiring Goldman, NFL Commissioner Roger Goodell reportedly told league staff in a memo that the league plans to leverage live games, events like the NFL Draft, and opportunities around sports betting. In April, Goldman Sachs estimated that the sports betting market could reach $39 billion by 2033.

The firm foresees up to 50 million sports bettors in the U.S. when the industry reaches maturity.

Bowing to pressure from players, fans, and at least one minority owner, Washington Spirit controlling owner Steve Baldwin said Thursday he would sell his stake in the NWSL team.

The announcement follows calls from the team’s players to sell the team to minority owner Y. Michele Kang.

Last week, Spirit coach Richie Burke was removed and prohibited from working in the NWSL following a harassment investigation. Spirit leadership was barred from participating in league governance for failing to address that situation.

Baldwin resigned as CEO, a move Spirit players saw as insufficient.

“The person we trust is Michele,” the players wrote, adding “you have always said you intended to hand the team over to female ownership. That moment is now. Please sell to Michele at a reasonable price.”

Kang bought a 35% stake in the team last December.

• In July, the Wilf family, owners of the Minnesota Vikings, bought the Orlando Pride and Orlando City SC for up to $450 million.
• The previous month, Ted Segal, founder of real estate and financing company EJS Group, bought the Houston Dynamo and Dash for a reported $400 million.

Baldwin said a sale of his stake should be wrapped up by the end of the year.

Signa Sports United is reportedly nearing an investment worth more than $370 million from a group that includes Saudi Arabia’s sovereign wealth fund — the Public Investment Fund.

The German bike and tennis equipment retailer went public earlier this year via a SPAC merger with Yucaipa Acquisition Corporation, a company led by Pittsburgh Penguins co-owner Ronald Burkle. The merger, which is expected to close by the end of the year, values Signa at $3.2 billion.

The funding would go toward expanding Signa’s presence in the U.S., which the retailer estimates will account for 9% of its $1.6 billion in net revenue for the fiscal year ended Sept. 30.

• That number assumes Signa completes its acquisition of cycling store Wiggle — a deal that was announced alongside its SPAC merger — and Tennis Express, an online retailer. Wiggle has annual sales of roughly $500 million.
• Signa already operates tennis retailer Midwest Sports in the U.S.

In the past year alone, the PIF has purchased England’s Newcastle United soccer team for $409 million, taken part in a $758 million investment round in The McLaren Group, and acquired $3.3 billion worth of video game stock in Activision Blizzard, Electronic Arts, and Take-Two.

By 2030, the wealth fund estimates it will be managing $2 trillion in financial assets.