Sports - Azzet - Business news, investments companies & executives

Sign inJoin Now

Sports

Sports
Tennis investor sees possible 2nd fund as deals flow in
AO Ventures, the venture capital arm of Tennis Australia and the Australian Open, expects to lift investments beyond US$40 million (A$57.2 million) by creating a second fund, according to General Partner Machar Reid. Reid said AO Ventures was assessing about 20 potential deals per week for its first fund, which has invested in four early-stage businesses that use innovative technologies, since its establishment in early 2025. It aims to make seed and series-A stage investments in 20 businesses in the sports, entertainment, media and health-related sectors over five years with the first fund. “We are seeing around 20 (deals) a week in various guises. That’s a mix of inbound and us reaching out to the market to understand what’s happening,” Reid told Azzet in an interview. “Most of the opportunities that we’re looking at tend to be international in nature, which ties in with the way the (AO) is positioned. It’s not just an event that captures Australia’s attention but (also) the imagination of the world. “In terms of what the future holds, we’re on the constant lookout for ways to grow and diversify our revenue. There’s no shortage of deal flow coming our way. “All going to plan we would expect to have another fund
Sports
Tennis fund springs into life with padel investment
The organisation that runs one of the world’s four largest tennis tournaments has invested in padel, a sport combining tennis and squash. AO Ventures, the investment arm of Tennis Australia and the Australian Open, is investing in Padel Haus, which it described as “the leading premium padel platform in the United States”. AO Ventures, which focuses on strategic early-stage investments in start-up companies transforming sports, entertainment, media and health, did not disclose the value of the latest investment by the A$40 million fund but described it as “significant”. AO Ventures General Partner Dr Machar Reid said AO Ventures was bullish on the global growth of padel and actively investing in it through a range of partnerships inside and outside Australia. “As a business, we have observed the explosion of the sport internationally and there are now strong foundations for growth in Australia, with courts, clubs and competitions continuing to be established,” Reid said in a media release. “We have closely followed Padel Haus for the past few years and been impressed with Santiago’s ability to repeatably execute on building premium venues and experiences for Padel players with attractive returns." Padel Haus Found
Sports
Counting the costs and benefits of Winter Olympic Games
Cities across the world bid for the prestige of hosting the Olympic Games but what are the economic impacts? The Milano Cortina Winter Olympics Games will be held from 6 February to 22 February 2026, featuring classic events including alpine skiing, snowboarding, bobsleigh, and figure skating.Cost of the gamesFor the 2026 Winter Olympic Games, Italy is set to host what is planned to be the most environmentally and economically conscious Olympics to date. According to research from the University of Oxford, every Olympics since 1960 has run over budget by an average of 172% in real terms. The 2014 Sochi Winter Olympics were exorbitant, costing an estimated $50 billion.2014 Sochi Winter Olympics closing ceremony. Credit: kremlin.ru / WikimediaCommonsFollowing these Winter Olympics, costs have significantly decreased with the 2018 PyeongChang Winter Olympic Games coming in at US$3.4 billion and the 2022 Beijing Winter Olympic Games at US$8.7 billion. Despite the drop in spending, the Beijing Games still managed to go 149% over budget. Organisers of the Milano Cortina Games have a budget of around 1.7 billion euros (US$1.9 billion), a 100 million euro increase from the previous stated amount, according to ESPN sports.
Sports
Australian Open serves up record $11.5m prize pool
The Australian Open will be the second most lucrative of the world’s four major tennis tournaments by lifting prizemoney for the 128 men’s and women’s players to a record A$111.5 million (US$74.7 million) in 2026. Tennis Australia, the governing body for the sport in Australia, said this was a 16% increase on the $96.5 million paid in 2025, which was the 120th year it was played. “This investment reflects Tennis Australia’s commitment to supporting tennis careers at every level – from rising stars to Grand Slam champions – and ensuring the sport remains sustainable for all competitors,” the governing body said in a media release. The prize money uplift is part of Tennis Australia’s $135 million investment across the ‘Summer of Tennis’, reinforcing the commitment to support hundreds of professional athletes’ careers. CEO Craig Tiley said the prizemoney increase for the tournament from 12 January to 1 February demonstrated Tennis Australia’s commitment to supporting tennis careers at every level. “From boosting qualifying prize money by 55% since 2023 to enhancing player benefits, we’re ensuring professional tennis is sustainable for all competitors,” Tiley said. “This investment strengthens tennis’s foundation, en
Sports
Cricket Australia bowled over by short test losses
The governing body for cricket in Australia has admitted it has lost A$15 million (US$10.1 million) from two of the Ashes series tests finishing in just two days. Cricket Australia (CA) Chief Executive Todd Greenberg said the financial shortfall from the fourth test between Australia and England at the Melbourne Cricket Ground (MCG) ending early was $10 million, according to an article on CA’s website cricket.com.au. He said the governing body lost about half that amount when the Perth test in November ended in two days, well inside the maximum of five days allowed for test match cricket. “A simple phrase I’d use is – short tests are bad for business. I can’t be much more blunt than that,” Greenberg was quoted in a Guardian Australian article as saying on telling SEN Radio. Whether the state of the MCG wicket contributed to the early end was a talking point, with curator Matt Page admitting he left more grass on the drop-in surface on the expectation of hot weather during what is the biggest cricket test of 2025. “Historically, we have taken a hands-off approach in all of our wicket preparation … but it’s hard not to get more involved when you see the impact on the sport, particularly commercially,” Greenberg said.

Sports
NBA moves forward with plans for a European league
The National Basketball Association (NBA) and International Basketball Federation (FIBA) announced that in January, they will commence their joint exploration of a new professional men’s European basketball league. The NBA said it will start engaging with prospective teams and ownership groups at the start of 2026. While details haven’t yet been made public, a person familiar with the matter told CNBC franchise values could be upward of US$1 billion. NBA Commissioner Adam Silver said JPMorgan and Raine Group have been actively meeting with interested parties in Europe and reported that there is a lot of “positive interest” moving forward. Sources told CNBC the banks have met with 70 potential investors and that discussions began a year and a half ago. The league first explored the idea of a men's basketball league in Europe last March. “Our conversations with various stakeholders in Europe have reinforced our belief that an enormous opportunity exists around the creation of a new league on the continent,” Silver said in a release. In the release, the NBA said it would provide financial support and resources for European basketball, including investments in domestic leagues and across FIBA’s existing programs to c
Sports
Nike beats expectations; shares tank 9% after-hours
Sportswear brand Nike has surpassed analysts' expectations for Q2 as North America sales offset a plunge in China. However, the company’s shares fell more than 9% in after-hours trading as investors weighed weaker demand in China and the ongoing impact of higher tariffs on Nike’s business. Revenues for the quarter were up 1% to US$12.4 billion, beating expectations US$12.22 billion. This was offset by revenue in Greater China falling by 17% to US$1.42 billion. Sales in North America rose 9% to US$5.63 billion and helped boost wholesale revenues to US$7.5 billion. This marks an 8% increase in wholesale revenues from the previous quarter. However, direct sales, which were a key focus for Nike before the current CEO took over, fell 8% to US$4.6 billion. Revenues for sneaker brand Converse also saw a drop of 30% to US$300 million. This continues a downward trend as its revenues dropped 27% in the previous quarter. Despite this, revenue in its Greater China market fell by 17% to US$1.42 billion. While earnings per share fell 32% to 53 cents, this still topped analysts' expectations of 38 cents. Net income also fell 32% to US$0.8 billion. Nike President and CEO Elliot Hill said the company is still in the “
Sports
AFL hails approval of stadium for new Tasmanian team
The Australian Football League (AFL) has recommitted its support for a new team in Tasmania following approval of an A$1.13 billion (US$747 million) stadium that was a condition of its entry into the league. Hailing it as an historic day, the AFL said the Tasmanian Devils had made great progress since it was announced as the 19th team on 3 May 3 2023. AFL CEO Andrew Dillon said it was pleasing that the Tasmanian people had spoken through parliament, with the 23,000-seat roof-roofed stadium in the island state capital of Hobart approved by the state's upper house on Thursday. He said creating a new club for the AFL and AFL Women’s competitions was no small task, and much remained to be done to be ready for its debut in 2028. “However, given the progress to date we could not be more confident that the Devils will make an immediate impact on the AFL/AFLW in 2028,” Dillon said in a statement. “On behalf of the AFL and the 18 clubs we will continue to do all we can to support the establishment of the Devils and our newest club in the proud footy state of Tasmania.” The future of the team was in doubt earlier this year due to opposition in parliament when a no-confidence motion was tabled against the minority governmen
Sports
Cricket Australia trims deficit, sees profitable future
Cricket Australia (CA) increased its operating surplus and reduced its net deficit in the 2025 financial year (FY25). Australia’s governing body for professional and amateur cricket boosted its surplus from continuing operations by 24% to A$109.605 million (US$71.8 million) in the year ended 30 June 2025 on revenue, which rose 12% to $455.552 million, according to the annual report. CA said the improved financial performance was anticipated and largely driven by the delivery of a successful season, including the five-test series against India, which Australia won 3-1 in front of a record two million fans. But the organisation was left with a deficit of $11.334 million after providing funding to members, a 64% reduction in the shortfall from the previous corresponding period. Funding to members, which are state and territory associations, was barely changed at $117.144 million in FY25. “Looking ahead FY26 presents both the Ashes and high value India white ball content that will generate strong profit, while CA remains focussed on managing costs and driving revenue opportunities,” Chair Mike Baird and Chief Executive Officer Todd Greenberg said in a joint message. Media, broadcasting and marketing was the largest r