Qatar’s lack of accommodations is benefiting neighboring countries.

Many fans are staying in Dubai, which is 70 minutes away from World Cup site Doha via a direct flight.

• Daily scheduled flights from Dubai to Doha have risen from fewer than 10 pre-tournament to more than 40.
• Saudi Arabia’s Riyadh and Jeddah, Kuwait City, and Muscat, Oman, have also all added flights to Doha during the World Cup.
• The arrangement has led to some awkward scheduling, with some fans flying out of Doha following matches that end near midnight local time.

While alcoholic beverages are not sold at World Cup games, near stadiums, and are generally difficult to come by outside of designated fan zones, the more liberal Dubai allows people to purchase alcohol and drink in certain areas.

Dubai is hosting an official FIFA Fan Festival, as are Mexico City, São Paulo, Rio de Janeiro, London, and Seoul.

Accommodation Crunch

With over 1 million tourists coming to a country of around 3 million people, the lack of accommodations has affected much of Qatar.

Some fans are staying in tents, trailer park homes, and shipping containers made into basic rooms.

Tenants in Doha have been booted from their homes, sometimes with just a few days notice, so that landlords can cash in on the saturated market.

A top European soccer club could take on a new owner.

An unnamed American investment fund is reportedly interested in acquiring a 10%-15% stake in the Ligue 1 giants Paris Saint-Germain, which Forbes last valued at $3.2 billion — making a potential deal worth more than $300 million. 

Talks are in early stages, and no deal is imminent. Qatar Sports Investment took a controlling stake in the club in 2011.

PSG president Nasser Al-Khelaifi confirmed a potential minority stake sale: “We received an offer of more than €4 billion ($4.1 billion), but we are not going to sell, of course, just a percentage of the club, we’ll think about it.”

• “We took the club at 70 million euros ($72 million), and today it’s over 4 billion euros ($4.1 billion),” Al-Khelaifi added.
• “People think we just have money and spent money, that’s not true. From where we bought the club, I think we should be proud.”

The club has won eight league titles in 11 seasons.

Ongoing Investments

A sale would be the latest move in Qatar Sports Investment’s portfolio. 

The firm entered an agreement to purchase a nearly 22% stake in Portugal’s SC Braga last month for roughly $18.4 million, reportedly implying a valuation of $88 million. 

QSI, which also backs the Premier Padel tour, discussed taking a minority stake in Leeds United in 2019.

Dick’s Sporting Goods surged to a record third quarter with $2.96 billion in net sales, outpacing analysts’ estimates of $2.7 billion. 

Despite a 7.7% year-over-year increase in sales, the largest U.S.-based sporting goods retailer posted a profit of $228 million — down from $317 million in Q3 FY 2021 but still better than expected.

• Comparable store sales increased 6.5%, adding to the 12.8% increase it had during the same period last year and the 23.2% increase it recorded in 2020. 
• The retailer’s inventory levels increased 35% to $3.4 billion ahead of the holiday season.

During the quarter, Dick’s Sporting Goods announced an agreement with Peloton in the latter’s first brick-and-mortar deal, with the former carrying Peloton’s Bike ($1,445), Bike+ ($2,495), Tread ($3,495), and Guide ($295), plus bike shoes and exercise mats.

The company, which has more than 850 Dick’s Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Warehouse Sales, and Going Going Gone! stores, also raised its full-year outlook, which still reportedly includes “an appropriate level of caution” due to the economic environment.

DSG Ventures

Earlier this month, Dick’s Sporting Goods announced the launch of DSG Ventures, a $50 million in-house fund that will invest in companies holding the “belief that sports make people better.” 

DSG Ventures has already invested in several companies including Moolah Kicks, SidelineSwap, and Courtside Ventures.

A government agency is looking to block Meta’s acquisition of a virtual fitness company.  

In October 2021, the tech giant agreed to acquire virtual realty company Within, the developer of Supernatural — a VR fitness app made exclusively for Meta’s Oculus headsets. 

The Federal Trade Commission believes the deal will decrease competition in the VR fitness market and doesn’t adhere to antitrust laws. Meta has claimed it never authorized the allocation of funds to develop its own app, which would’ve required executive approval. 

• The FTC is asking a U.S. District Judge in California to block the acquisition. 
• Meta posted $27.7 billion in revenue in Q3 2022, a 4% decline year-over-year.
• Net income reached $4.3 billion during the quarter, down 52% compared to Q3 2021. 

Meta may have been holding back on the emerging virtual fitness industry after its Reality Labs segment — which includes its VR and AR efforts — generated $285 million in revenue in Q3 2022, down from $558 million in revenue for the same period last year. 

Staying the Course

In August, Apple filed trademark applications for its rumored VR and AR headsets, which could have health-related functions, per Bloomberg. The trademarks — filed under a shell company called Immersive Health Solutions — are for names including “Reality One” and “Reality Pro.”

Apple has allocated roughly $2.59 trillion toward fitness, focusing on its Apple Watch series.