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June 29, 2023

Ferrari Races to the Top of the F1 Valuation List

It’s been nearly 16 years since a Ferrari driver last became the world champion of Formula 1 racing, but the vehicle manufacturer’s shortcomings on the track have not affected its overall valuation. According to Sportico, the Italian car company is the most lucrative team in the league. Its 2023 valuations come in at $3.3 billion, with a 2022 revenue of $504 million. Coming in at No. 2 is Mercedes-Benz with a valuation of $2.7 billion in 2023 and an impressive $524 million in earnings, spurred in part by the ever popular Lewis Hamilton. Rounding out the top 3 is reigning champions Red Bull with a $2.42 valuation and 2022 profit of $4 million.

Boardroom’s Shlomo Sprung breaks down the business of all ten teams.

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Victor Wembanyama Set to Make Spurs Debut at NBA Summer League

The next generation of NBA stars is heading to Las Vegas next week. With the tipoff of Summer League, the newest class of rookies will take the court for the first time with some members of their new team. After initial reports indicated that he would skip the games, the San Antonio Spurs confirmed that Victor Wembanyama will suit up. Head coach Gregg Popovich confirmed the news, saying, “He will participate in the summer league. To what degree, we are not exactly sure yet.” Early reports indicate he is expected to play on July 7 as San Antonio takes on the No. 2 pick Brandon Miller and the Charlotte Hornets.

Simone Biles to Return to Competitive Gymnastics

The greatest gymnast of all time is set to make her triumphant return. According to Olympics.com, Simone Biles will compete in the 2023 U.S. Classic on Aug. 5 at Now Arena in the Chicago suburbs. Joined by fellow Olympic medalist Suni Lee, the competition is the final qualifying event for the U.S. Championships. Should Biles, 26, qualify for next year’s Olympic Games in Paris, she would become the oldest woman to make the U.S. gymnastics team in 20 years. Annia Hatch was 26 years old during the Athens tournament in 2004.

Warner Music Group & Polygon Launch Blockchain Music Accelerator

Warner Music Group and Polygon Labs are launching a blockchain technology-focused music accelerator. Via a new initiative, both entities will support developers executing music-related projects and decentralized apps on the Polygon blockchain network. Those whose applications are accepted will receive funding, mentorship, strategic advising, marketing, promotion, and networking opportunities. “WMG is focused on enabling its artists and songwriters to build, activate, engage, and monetize their communities in this next era of music creation and consumption,” Oana Ruxandra, chief digital officer and EVP of business development at WMG, said in a news release.

Boardroom’s Michelai Graham has more info on specific projects WMG and Polygon are looking for. 

Candace Parker & Adidas Unveil First Basketball Shoe Made Specifically for Women

On Wednesday, Adidas Basketball unveiled the Exhibit Select, its first-ever basketball shoe built specifically for women. Constructed with insights and data from female athletes and all-women testing teams, it boasts a number of features in the sneaker tailored to the female foot. Specific design elements include a soft neoprene bootie upper and a bounce cushioning system that sits low to the ground for on-court precision and stability. The Exhibit Select will release globally on August 1st and select retailers from $110-140. Three Stripes also shared in the release that brand ambassador Candace Parker will debut her signature PE “Game Royalty” during All-Star Weekend on July 15 as a part of the upcoming Candace Parker Collection: Part III with Dick’s Sporting Goods.

Fanatics Increases Offer 50% to Finalize PointsBet Deal

Fanatics already has a monopoly in the sports memorabilia market and now the company is looking to take over the sports betting world, too. Last month, they announced plans to acquire PointsBet’s US operations, a deal supposedly worth $150 million in cash. What’s even more interesting is that Fanatics beat out DraftKings in negotiations and upped their offer to $225 million, a boost of 50% over the initial agreement between Fanatics and PointsBet. The final agreement enables Fanatics to enter new markets with a competitive spot, given PointsBet existing marketshare.

Boardroom’s Griffin Adams breaks down the many moving parts of the emerging deal. 

Wilson Signs WNBA Athletes Kahleah Copper and Azura Stevens

On Wednesday, Wilson Sporting Goods Co. announced the additions of Chicago Sky star Kahleah Copper and Azura Stevens of the Los Angeles Sparks to its roster of athletes. As Sky teammates, Copper and Stevens won a WNBA Championship in 2021, coincidentally where Wilson is based. In her role, Copper will help Wilson unlock player feedback and insights by playtesting current and future basketball products. With Stevens, Wilson will use her to also test and wear Wilson pieces to continue helping the brand expand its women’s basketball apparel offerings.