One last dance
From The GIST Sports Biz (hi@thegistsports.com)
Hey there!
As we continue to work through last night’s U.S. election results, scroll on to see how women’s sports shape the world we live in.
WTA
🎾 An optimal match?
The GIST: The WTA Finals are well underway in Riyadh as Saudi Arabia serves as a first-time host. The tournament competition is heating up, but so is the controversy around holding it in the country, leaving questions about whether the move was truly worth it for the WTA and its partners.
The background: Following a logistically disastrous WTA Finals in Mexico last year, the WTA finalized its rumored multiyear deal to host the tournament in Saudi Arabia in April. Thanks to Saudi backing, the Finals are offering a record $15.25M tournament prize this year, up from $9M in 2023.
- The decision came with a financial windfall the WTA needed to level up its tourney offerings, but has also seen poor attendance and significant backlash — a talking point that world No. 3 Coco Gauff and WTA CEO Portia Archer have been pressed to address this week.
The context: Recent women’s sports investments have rapidly uplifted soccer and wrestling in Saudi Arabia, but money hasn’t opened every door. Soccer governing body FIFA planned to make Visit Saudi a major sponsor of its 2023 Women’s World Cup before public resistance nixed the partnership, though it did push through a Saudi Aramco sponsorship last month amid dissent.
- Political issues in places like Russia and China have been enough to affect WTA deals in the past. In 2018, the WTA signed a ten-year contract worth nearly $1B to host the WTA Finals in Shenzhen, China, but only got through one iteration before suspending all tournaments in the country in 2021.
The balancing act: As Shenzhen proved, partnering with a scrutinized host nation can have business consequences if the deal falls apart. Saudi Arabia’s sports investment doesn’t seem to be going anywhere and WTA executives and brand partners seem to be holding steady, but history has proven enough controversy can prompt an early exit from a Finals deal. Watch this space.
Together With The GIST
🤯 Did you know?
Did you know that the most distinctive shift in sports in the last 50 years has been the rapid rise in the importance, influence, and value of female fans?*
Did you know that 80% of all consumer spending is controlled by women?**
Did you know that The GIST reaches one million newsletter subscribers, 85% of whom identify as women or nonbinary?
Did you know that you could grow brand love and affinity by aligning with a women-founded business that’s challenging the male-dominated sports industry?
If this sounds intriguing to you or your company, let’s talk.
* Data from Nielsen** Data from CNBC💰 Investors look toward the $1B valuation threshold
Alexis Ohanian believes at least one women’s sports franchise will be worth $1B by 2030 and the frontrunner seems to be his NWSL squad, Angel City FC, whose valuation rose 39% to $250M in just one year. In the WNBA, the Las Vegas Aces currently lead the pack, but NY Liberty owner Clara Wu Tsai thinks her team will reach the milestone first. It’s anyone’s game.
🏛️ Disputed Minnesota Lynx, Timberwolves sale heads to arbitration
The ownership dispute for the WNBA’s Minnesota Lynx and the NBA’s Minnesota Timberwolves is now heading to confidential arbitration. Alex Rodriguez and Marc Lore claim they closed a deal to own the teams, but current Timberwolves owner Glen Taylor says the group didn’t meet required payment timelines, meaning he has the controlling stake. Drama.
🏎️ Ferrari enjoys Q3 boost following first year in F1 Academy
Ferrari saw a 7% revenue increase YoY in its Q3 financials, primarily driven by car sales. However, its F1 division did bring in $190M this quarter fueled by its extensive multiyear title partnership with technology giant HP. And that wasn’t the only deal Ferrari made — it was also the luxury brand’s first year on the F1 Academy track as the sport continues to develop young women drivers.
👀 WNBA legend Diana Taurasi teased a possible 21st WNBA season in a new marketing campaign for Instagram’s “Notes” feature. One (last) dance.
📺 Fox has sold all its Super Bowl LIX ad inventory, with 30-second spots reportedly going for over $7M.
⛳ Nelly Korda clinched LPGA Player of The Year after earning more than $3.6M through six wins, while also making bank from deals with affluent brands like Goldman Sachs and Tumi.
🇫🇷 Insurance brand Aflac (presenting sponsor of The GIST of It!) tipped off its second annual Oui-Play tournament, which features top NCAA women’s basketball squads facing off in Paris. Leading the ouais.
🎤 At Sportico’s Invest In Sports NYC event, women’s soccer mogul Y. Michele Kang shed light on her decision to establish Kynisca Sports and buy the NWSL’s Washington Spirit.
Together With Boardroom
At just 19 and coming off an incredible season, JuJu Watkins is already regarded as a stand-out talent in women's basketball and is poised to be the next big thing to emerge from the University of Southern California.
- For their October Cover Story, the young phenom sat down with Boardroom to discuss everything from the endless accolades of her freshman season to how she puts on for her city every time she suits up in garnet and gold.
Here’s what has GIST HQ buzzing:
⚽ How to dress
Like a soccer mom. Grammy-winning songstress Rihanna just redefined soccer-mom style at her Fenty x Puma event by rocking a sweater dress and sneakers with major ’90s vibes. Turns out, you don’t need a minivan to slay.
🎨 Who to follow
Artist Jocelyn Hu, who designs handmade wearable sports fashion pieces like Chicago Sky rookie Angel Reese’s custom WNBA Finals ’fit.
📚 What to read
The Snap by Elizabeth Staple. This month’s pick for The GIST Book Club is a feminist sports whodunnit that you just won’t be able to put down. Read with us on Fable today.
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