Donovan McNabb and the State of Football
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.
