The second quarter of 2025 was another busy period of deal-making in the sports industry.
TKO began the quarter by teaming up with Saudi Arabia to launch a boxing promotion that aims to shake up the sport, while newly crowned Premier League champions Liverpool sealed a bumper kit contract with Adidas.
On the broadcast front, NBC struck a multibillion-dollar extension for US rights to the Olympic Games, the National Hockey League (NHL) bagged a lucrative deal with Rogers Communications in Canada and Rugby Australia (RA) secured an uplift on its partnership with Nine for the rest of the decade.
Q2 also saw William Chisholm agree to buy the Boston Celtics in a deal valuing the National Basketball Association (NBA) team at US$6.1 billion – a record for any North American sports franchise.
Below, SportsPro provides summaries, analysis and data-led insights into the deals that got the industry talking over the last three months, crowns the ‘Top Dealer’ of the last quarter and presents every sponsorship and media rights deal tracked during that period.
TKO launches new Saudi-backed boxing promotion
Image credit: Sela
Sport: Boxing
Category: Finance & investment
Terms: TKO to serve as managing partner, overseeing day-to-day operations, management and oversight of the promotion
TKO Group Holdings, the parent company of the Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE), has confirmed it will be launching a new boxing promotion in partnership with Saudi Arabia.
SportsPro says…
This multi-year venture sees Endeavor-owned TKO team up with Saudi events company Sela, which is owned by the country’s Public Investment Fund (PIF), and General Entertainment Authority (GEA) chairman Turki Alalshikh.
TKO and UFC chief executive Dana White have been frequently linked with an entry into boxing, which has always looked like a natural fit for the pair given their experience in combat sports.
There is a lot currently unknown about this new promotion, including its roster and event schedule. That said, it seems there will be a heavy emphasis on unearthing the next wave of talent – a welcome prospect given the shrinking pool of boxing stars in the US.
Mark Shapiro, president and chief operating officer of TKO, also said on a TKO earnings call that the company stood to receive a fee of “US$10 million plus” and was “not putting any money” into the project.
Shapiro and White have both bemoaned the fragmented nature of boxing, where splintered governance, an excessive number of championship belts and squabbling promoters have meant elite bouts often fail to materialise.
The arrival of Alalshikh, though, has changed all that. Indeed, scanning the trusted pound-for-pound rankings on The Ring – which Alalshikh bought last year – reveals that most of the sport’s best have all now fought on a Saudi Arabia-backed card.
TKO’s entry into boxing has prompted many questions. Will the new promotion be the sport’s equivalent of LIV Golf? What will this mean for other established promotional companies such as Matchroom, Queensbury and Top Rank? And is TKO looking to create the ‘UFC of boxing’?
There is plenty to be answered in the coming months. But whatever this new venture is aiming to be, the combination of TKO, Alalshikh and Saudi Arabia is a potent mix for disrupting boxing.
Liverpool confirm new Adidas kit deal from 2025/26 season
Image credit: Getty Images
Sport: Soccer
Category: Sponsorship & marketing
Terms: Multi-year deal; reportedly valued at more than UK£60 million per year
English soccer champions Liverpool have unveiled German sportswear giant Adidas as their new kit partner from next season.
SportsPro says…
Reports that Liverpool were set to reunite with Adidas emerged last year. Confirmation of the deal means the pair will partner for a third time, having done so from 1985 to 1996 and then from 2006 to 2012.
The Reds, who won a record-equalling 20th top-flight title this season, have had their kit supplied by Nike for the past five years in a pact that reportedly saw the club pocket a guaranteed UK£30 million (US$40.4 million) per year from the US brand, plus a royalty of around 20 per cent on net sales of club products.
This new contract with Adidas is reportedly an uplift on the Nike tie-up and is set to see Liverpool earn more than UK£60 million (US$80.9 million) per year. That would put the Premier League champions up amongst the rest of the top tier’s ‘big six’ in terms of the competition’s most valuable kit partnerships.
The extra income will also help Liverpool close the revenue gap on Manchester City, Manchester United and Arsenal, who all earned more than the Merseyside outfit in the 2023/24 financial year.
Though Nike has lost Liverpool, the company is due to continue partnerships with Chelsea, Tottenham Hotspur and Brighton & Hove Albion next season.
Adidas, meanwhile, beefs out a Premier League club kit roster for the 2025/26 campaign that currently consists of Arsenal, Aston Villa, Newcastle United, Manchester United, Nottingham Forest and Fulham.
NBC and IOC sign US$3bn Olympic broadcast extension to 2036
Image credit: Getty Images
Sport: Olympics
Category: Broadcast & OTT
Terms: Valued at US$3 billion; runs until 2036
NBCUniversal’s parent company Comcast has agreed a US$3 billion extension with the International Olympic Committee (IOC) to retain the US broadcast rights to the Olympic Games until 2036.
SportsPro says…
This extension felt like a parting gift from outgoing IOC president Thomas Bach, giving the Olympic movement and his successor Kirsty Coventry revenue certainty for more than a decade and funds to help futureproof the Games.
The IOC has spent the past decade wondering how it can maintain the Games’ appeal, particularly among younger audiences, a challenge which has been exacerbated by geopolitical issues and awkward time zones for recent editions of the Olympics, as well as a global pandemic that dominated Tokyo and Beijing and affected viewing figures.
However, Paris 2024 was an unqualified success, not least for NBC, which has made sport a core component of its streaming service Peacock, which showed every minute of last year’s Olympics.
The importance of this deal should not be underestimated given that NBC, whose prior contract with the IOC until 2032 was worth a whopping US$7.65 billion, is ultimately the single biggest benefactor of the worldwide Olympic movement.
Having shown every Summer Olympics since 1998 and every Winter Olympics since 2002, NBC has now made sure to secure another one of its marquee properties for the long-term.
Interestingly, though, the new deal extends beyond a traditional broadcast rights partnership, with Comcast set to provide technological infrastructure, offer access to its cohort of technology startups and collaborate with the IOC on digital advertising opportunities in the US, giving it potentially even greater control over how the Olympic broadcast is delivered.
Boston Celtics sold to William Chisholm in record US$6.1bn deal
Image credit: Getty Images
Sport: Basketball
Category: Finance & investment
Terms: Celtics acquired at a US$6.1 billion valuation
A group led by US businessman William Chisholm has agreed to acquire the NBA’S Boston Celtics in a deal valuing the team at US$6.1 billion.
SportsPro says…
The US$6.1 billion sale marks a significant return for the Grousbecks, who bought the franchise in 2002 for US$360 million. The Boston Globe reports that the sale price could rise further, with the shares sold in 2028 likely to be more valuable given the NBA is expected to further grow its revenues by then.
Either way, the sale is another sign that US franchise valuations continue to soar.
Chisholm and his group will benefit from the league’s new set of domestic media rights deals, which kick in from next season and are worth US$76 billion. However, it remains to be seen how he and Wyc Grousbeck will work together in managing the franchise up to 2028.
Chisholm will face significant challenges upon joining the franchise, which includes inheriting an expensive player payroll that will force him to make luxury tax payments. The Celtics also do not own their arena, which limits their gameday revenues, and they only own a minority stake in their local regional sports network (RSN) partner, meaning they cannot fully profit from their media rights.
Still, the Celtics’ US$6.1 billion sale opens the door for the NBA to consider expansion, with current team owners likely to be more open-minded given the high price tag.
NHL locks in Rogers media rights extension in Canada
Image credit: Getty Images
Sport: Ice hockey
Category: Broadcast & OTT
Terms: Valued at CAN$11 billion; runs from 2026/27 until 2037/38
The NHL has agreed a 12-year extension of its Canadian broadcast partnership with telecommunications company Rogers Communications.
SportsPro says…
The deal represents a major win for the NHL. The league has more than doubled the amount it receives under its current contract with Rogers, which was worth CAN$5.2 billion (US$3.8 billion).
Plus, with the agreement including an option to sublicense some of the rights, as Rogers did to Amazon for the final two years of its existing contract in an effort to recuperate some of its investment, there is still room for the deal to deliver further value for the NHL.
Though among the most popular sports in the US, ice hockey reigns supreme in Canada, meaning the NHL’s media rights are among the most coveted in the market.
One factor that potentially drove Rogers’ desire to retain the NHL is the improving performances of Canadian clubs, which drives interest and viewership. This season’s Stanley Cup playoffs featured five teams from Canada, up from four last year, and the Edmonton Oilers have reached the finals for a second consecutive year.
In fact, game seven of the 2024 Stanley Cup Finals was the most-watched broadcast ever on Sportsnet and viewership has been surging again in Canada during this year’s postseason, illustrating why Rogers was prepared to pay big to keep hold of the rights.
Rugby Australia extends Nine broadcast pact to 2030
Image credit: Getty Images
Sport: Rugby
Category: Broadcast & OTT
Terms: Five-year deal valued at up to AUS$240 million; includes all men’s and women’s international Tests (excluding Rugby World Cup matches), Super Rugby games, Sanzaar Tests and men’s Nations Cup
Rugby Australia (RA) has signed a five-year domestic broadcast extension with commercial network Nine in a deal valued at up to AUS$240 million (US$155.7 million).
SportsPro says…
RA announced a deficit of AUS$9.2 million (US$5.5 million) in 2024 and warned of “another challenging year”, so this broadcast extension will be warmly received by the governing body.
Indeed, RA will view the improved deal as a major win in a market where domestically it lags behind the Australian Football League (AFL) and National Rugby League (NRL), who pocket around AUS$640 million (US$384 million) and AUS$400 million (US$240 million) respectively from their broadcast contracts each year.
Super Rugby potentially being less accessible on free-to-air (FTA) television will spark debate about whether revenue superseding reach is in the best interests of Australian rugby union. RA, though, evidently deemed the exclusively arrangement with Stan Sport necessary in order to ensure an uplift in value of the new pact, while still retaining a significant FTA offering.
RA will be hoping to have landed on a deal that offers viewers the best of both words.
US Ski & Snowboard lands record Stifel sponsorship extension
Image credit: Getty Images
Sport: Winter sports
Category: Sponsorship & marketing
Terms: Reportedly valued at US$100 million; runs from May 2026 until April 2034
US Ski & Snowboard has extended its partnership with financial services firm Stifel in a deal described as the largest sponsorship in the national governing body’s history.
SportsPro says…
Stifel first partnered with US Ski & Snowboard back in 2022 and the latest extension, which Reuters reports is worth US$100 million comes after the company generated record revenues of close to US$5 billion in 2024.
The renewal comes with an expanded package of rights for Stifel, including title sponsorship across the entire US ski team in all disciplines, as well as the designation as the exclusive financial services partner of the governing body.
However, the length of the relationship suggests a big motivation for Stifel to lock in an extension was a desire to be associated with US Ski & Snowboard in the build-up to a home Winter Olympic Games in Salt Lake City, which last year was confirmed as the host of the 2034 edition.
That may also have inspired its decision to introduce a performance bonus programme for athletes and coaches as part of the expanded deal, which will allow Stifel to be seen putting money directly into athlete pockets and enable it to align with the team’s success in the run-up to the Games.
US Ski & Snowboard will be hoping that other brands will be thinking the same way and that it can capitalise on the opportunity of the Winter Olympics returning to the Utah capital for the first time since 2002.
Alexis Ohanian makes latest women’s sport investment with WSL champions Chelsea
Image credit: Getty Images
Sport: Soccer
Category: Finance & investment, women’s sport
Terms: Reportedly valued at UK£20 million
Reddit co-founder Alexis Ohanian has bought a ten per cent stake in Women’s Super League (WSL) champions Chelsea.
SportsPro says…
Ohanian’s investment portfolio has shown he is a major supporter of women’s sport. This investment in Chelsea Women suggests he believes European women’s soccer holds major growth potential, with the continent featuring some of the sport’s biggest names and most storied clubs.
Having previously been key in driving the growth of the National Women’s Soccer League’s (NWSL) Angel City, which is considered the most valuable women’s soccer team in the world, the technology entrepreneur will hope to inspire similar development for the Blues. Since being spun off, Chelsea now have dedicated personnel and are striking bespoke commercial deals for their women’s team, which their owners believe will ensure the club remains one of women’s soccer biggest outfits.
Ohanian’s decision to invest in Chelsea comes as the WSL increases its efforts to grow its commercial revenues. A new broadcast deal with Sky and the BBC that begins next season will be worth UK£65 million (US$86.4 million) over five years, while the recently rebranded Women’s Super League Football (WSL Football) body is now in search of a league-wide sleeve partner deal, following Barclays’ title sponsorship extension for the WSL, worth a reported UK£45 million (US$59.8 million).
Women’s sport revenues to reach US$2.35bn in 2025
Date: March 2025
Published by: Deloitte
Market(s): Global
Category: Finance & investment, women’s sport
- Commercial revenues surpassed US$1 billion for first time in 2024
- Basketball (US$1.03 billion) and soccer (US$820 million) to generate biggest revenues this year
- Significant rise in broadcast (US$590 million) and matchday revenues (US$500 million) also anticipated
Access the full report here.
Global sports industry generated US$170bn revenue in 2024
Date: May 2025
Published by: Two Circles
Market(s): Global
Category: Finance & investment
- 19 of the top 20 sports properties grew revenues in 2024 compared to the previous year
- The National Football League (NFL) topped all sports properties with annual revenues of US$13.9 billion, an eight per cent year-over-year (YoY) increase
- The industry remains on track to achieve annual earnings of US$260 billion by 2033
Access the full report here.
Toyota
Founded: 1937
HQ: Aichi, Japan
Sector: Automotive
Category: Sponsorship & marketing
Key deals signed: England and Wales Cricket Board (ECB), Cheetahs, San Francisco Unicorns, USA Swimming, New Zealand Rugby, Cricket Scotland, Cricket Ireland, Northern Super League
The second quarter was a particularly busy one for Japanese automotive giant Toyota, with SportsPro tracking eight deals across four continents that were signed by the car manufacturer over the past three months.
Two of those, with USA Swimming and the Cheetahs, were extensions. But there also were new deals that saw Toyota snap up premium inventory, including the front of the England cricket team’s playing shirts and the training kit of the All Blacks rugby union side, which became available after petrochemicals company Ineos cut short its deal with New Zealand Rugby (NZR) earlier this year.
Toyota is likely to have had some sponsorship budget become available following the end of its TOP sponsorship deal with the International Olympic Committee (IOC), which was reportedly worth US$835 million when signed in 2015.
With the partnership announcements of the last quarter spanning cricket, rugby and swimming, as well as soccer, Toyota appears to be focusing predominantly on sports that have historically been associated with more affluent audiences.
At the same time, a big focus of Toyota’s sponsorship strategy, particularly in cricket, has been on grassroots engagement. The logic there is likely that making a difference at the community level will build trust among fans of the sport, who might then consider the brand the next time they’re thinking about making a car purchase.
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