Earlier this year, the Washington Capitals and Wizards became the first teams from the top four U.S. sports leagues to accept investment from a sovereign wealth fund by way of the Qatar Investment Authority’s $200 million purchase of a 5% stake in parent company Monumental Sports & Entertainment.

Now, the teams’ owner is predicting it won’t be the only one of its kind. 

“I believe other teams and other leagues will all be embracing pension funds, college endowments, university endowments, and sovereign wealth funds as investors, as a part of the tapestry of their investment base,” Monumental CEO Ted Leonsis told the Washington Post.

Since news of the transaction in June, no other team investments from sovereign wealth funds have been announced, but NBA commissioner Adam Silver has made it clear that the league is open to similar transactions. NFL commissioner Roger Goodell admitted that the league will be forced to discuss investment from sovereign wealth funds at some point, but said team owners haven’t done so yet.

Leonsis views the QIA more as investors than a traditional limited partner, which he says “expects to get their money back and return in a five-to-seven-year period. A sovereign wealth fund invests directly — they have no time horizon. They want to invest and keep it over a long, long period of time.”

In MLS, NYCFC is owned by City Football Group, which is majority-controlled by an Abu Dhabi Royal Family member. And of course, looming larger by the day is Saudi Arabia’s Public Investment Fund, which is already making waves in the U.S. through its backing of LIV Golf. The PIF-controlled SRJ Sports Investments also has a stake in the U.S.-based Professional Fighters League.

A major, multibillion dollar deal has just been completed that will impact the host of Super Bowl LVIII in Las Vegas — and hundreds of other sports venues around the world.

Legends has just acquired ASM Global in a deal valued at more than $2.4 billion, according to Venues Now. ASM Global is a stadium and arena operator that oversees the management of more than 350 sports and entertainment venues. 

ASM’s portfolio is highlighted by the Las Vegas Raiders’ Allegiant Stadium — host of February’s upcoming Super Bowl — and also includes other premier venues like Caesars Superdome in New Orleans, Fiserv Forum in Milwaukee, OVO Arena Wembley in the U.K., State Farm Stadium in Phoenix, and U.S. Bank Stadium in Minnesota.

Legends is a multifaceted sports and entertainment company majority-owned by Sixth Street Partners, with minority investment from Dallas Cowboys owner Jerry Jones and the New York Yankees. 

Beyond its Cowboys and Yankees connections, Legends already works with other top sports venues such as SoFi Stadium and Real Madrid’s Santiago Bernabéu Stadium. It also works with leagues like the NFL and MLB to manage hospitality, merchandise, and more. The ASM acquisition will significantly bolster its footprint in sports venue operations.

As part of the deal, private equity company Onex and events company AEG will sell their investments in ASM.

The Paris Olympics are still eight months away, but France is already thinking about its next big move: bringing a Winter Games to the country.

France has officially unveiled its bid to host the 2030 Olympics, telling the International Olympic Committee it would hold events in the French Alps and on the French Riviera. Organizers believe a French Winter Olympics could stay under the $1.61 billion projected budget of the 2026 Milano-Cortina Games.

Switzerland recently laid out its vision for a Winter Olympics — potentially in 2030 — which the Swiss Olympic Committee projects could bring in $1.6 billion in revenue. Switzerland would host the Winter Games across multiple cities.

Sweden has also shown interest in hosting the 2030 Games and has even been seen as a frontrunner at times. Salt Lake City has shifted its focus to trying to host the 2034 Winter Olympics, but officials say the city could be available for 2030, if necessary. 

The IOC is planning to announce the hosts of both the 2030 and 2034 Olympics at its next major meeting in 2024.

Other bids that have since been withdrawn or shelved for the time being include those from Vancouver and Sapporo.

Logan Paul’s development as a pro boxer remains a work in progress — his recent fight against Dillon Danis ended in the latter’s disqualification in what was described as a “complete farce of a boxing match.” 

But Paul’s success in the beverage world is much more evident.

Prime, the hydration and energy drink created by Paul and fellow social media personality Olajide “KSI” Olatunji, is projected to surpass $1.2 billion in annual sales, reports Bloomberg, in what is described as the fastest ascent for any beverage ever. 

Paul and KSI also announced on Wednesday that they have hit 1 billion bottles sold since Prime debuted early last year.

In addition to the substantial online followings of Paul and KSI, Prime has been boosted by a series of sponsorship deals with UFC, the Los Angeles Dodgers, and Arsenal, as well as consumers’ embrace of nontraditional flavors for sports drinks such as “ice pop” and “Meta Moon,” which combines blue raspberry, bubblegum, and cotton candy.

Rapid Rise

The 2023 sales figure more than quadruples the $250 million for Prime’s first year, and with distribution in major retailers such as Walmart and Target, the brand is challenging category leaders such as PepsiCo.’s Gatorade and Coca-Cola’s Powerade.

“We’d love to have our footprint in every country,” Paul told Bloomberg.

The next step will be 48-hour pop-up stores in New York and London this month that will include limited-edition merchandise and contests for $500,000 gold Prime bottles. 

Such is the user affinity around Prime that a vibrant aftermarket has developed for empty bottles, and some schools have banned the beverage as a student distraction.