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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
Sports
Drummond anointed to sit on AFL throne
Business executive and former stockbroker Craig Drummond is expected to be appointed the Chair of the Australian Football League (AFL) Commission, one of the most prestigious positions in Australian sports administration. The AFL said Drummond had been unanimously endorsed to join the Commission with his appointment as Chair a formal decision for the commissioners. The Chair oversees the strategy, finances and major decisions of the AFL, the biggest professional sporting competition in Australia by attendance, TV ratings, and cultural impact. Drummond, the Chair of Transurban Group (ASX: TCL), Australian Foundation Investment Company (ASX: AFI) and The Ian Potter Foundation and a Director of Ramsay Health Care (ASX: RHC), was CEO of Medibank Private Limited (ASX: MPL) from 2016 until 2021. He joined Medibank after a 30-year career in finance, including with National Australia Bank (ASX: NAB), JB Were, Bank of America Merrill Lynch, and Goldman Sachs. The Commission said the appointment of the former Geelong Cats Football Club President followed a rigorous selection process by club presidents and Commission directors supported by a global recruitment firm. He will replace Woodside Energy (ASX: WDS) and Qantas (ASX
Sports
NY Giants touch down with NFL-record $10b valuation
A new record has been established for the valuation of a National Football League (NFL) franchise, with the American football body reportedly approving the sale of 10% of the New York Giants to billionaire Julia Koch and her family. Although the value of the transaction was not disclosed, CNBC reported it as being $10.3 billion (A$15.8 billion), citing people close to the deal who were not authorised to speak publicly. This would surpass the $8.9 billion valuation of the Chicago Bears implied by the sale of a 2.35% stake in September and the $6.05 billion that a group paid to buy the Washington Commanders in 2023. Giants CEO John Mara said it was clear that Koch, the widow of industrialist David Koch, and her family understood the importance of this franchise to the Mara and Tisch families and their relationship with fans and community. "Our discussions were productive, and we are pleased to have them as a part of the New York Giants," Mara was quoted in an Associated Press article as saying. The Giants are controlled by the Mara family, who have been shareholders since the team was founded in 1925, and the Tisch families. NFL Commissioner Roger Goodell confirmed the deal after it was approved at a meeting of NFL
Sports
Bucking Broncos turn a nice buck
How much is sporting success worth? The question can be answered when the team is also part of a publicly-listed company. The answer is almost $70 million, judging by the share price of Australia’s only listed sporting club, the Brisbane Broncos. Broncos shares (ASX : BBL) soared to a record high on Monday, a day after the Brisbane club won the National Rugby League (NRL) Grand Finals for men and women. At the time of writing the shares were trading at $2.01, which represented a 69 cent (52.3%) increase on the closing price last Friday and capitalised the company at $197.06 million. This increase represents $67.4 million. The Broncos beat the Melbourne Storm 26-22 in the NRL decider and the Sydney Roosters 17-16 in the NRL Women’s final, both played in Sunday. The shares opened at $1.40 and traded as high as $2.01. The company, incorporated in 1987 and listed on the Australian Securities Exchange (ASX) in 1989, is 69% owned by News Corp (ASX: NWS) unit News Limited, which moved to control after a takeover bid in 2002, having previously held a smaller stake.

Sports
Nike shares strengthen despite drop in Q1 earnings
Nike has reported a 31% fall in net income for the first quarter of the 2026 financial year (Q1 FY26), but its share price rose because revenue increased unexpectedly. The global sportswear company said net income fell to US$727 million (A$1.098 billion) in the three months ended 31 August 2025 from $1.051 billion a year earlier on revenue, which increased 1% to $11.7 billion. Analysts had expected revenue to drop by 5.1% to $11 billion, according to Reuters, which quoted data compiled by LSEG. Diluted earnings per share (EPS) fell 30% to 49 cents. Nike (NYSE: NKE) shares closed 16 cents (0.23%) higher at $69.73 on Tuesday (Wednesday), capitalising the company at US$102.98 billion, before rising 2.45% to $72.18 in after-hours trading. The company said its gross margin fell 320 basis points to 42.2% in Q1, mainly because of a lower average selling price, which reflected higher discounts and the channel mix, along with higher tariffs in North America, but selling and administrative expenses dropped 1%. Nike expected tariffs to cost it about $1.5 billion, compared with the $1 billion expected earlier, according to a Reuters story. Direct revenues fell 4% to $4.5 billion, wholesale revenues rose 7% to $6.8 billion
Sports
Share sale values Bears at NFL record US$8.9bn
A new high-water mark has been set for the value of National Football League (NFL) teams, with the Chicago Bears reportedly worth US$8.9 billion (A$13.5 billion) based on a transaction approved by the NFL. The NFL finance committee approved the sale of 2.35% of the team by the estate of Andrew McKenna to the two other shareholders, according to CNBC. The McCaskey family will lift its ownership to 77% by acquiring two-thirds of the stake and the Ryan family will move to 23% with the balance, CNBC wrote in this story, citing people familiar with the deal who asked not to be identified. This beats the $8.6 billion record based on the sale of a minority shareholding set for the San Francisco 49ers in May, when a 6.2% stake changed hands, and the Bears’ last valuation of $6.4 billion a year ago. Investors typically pay a premium for control of any company, although CNBC reported smaller stakes below 10% can, in fact, sell at a higher premium than control shareholdings because of the smaller outlay and rarity in gaining access. The last control sale of an NFL team was Josh Harris’ purchase of the Washington Commanders for $6.05 billion in 2023.
Sports
AFL clubs kick membership records
Membership of Australian Football League (AFL) clubs increased 3.26% to a record 1,363,437 in 2025. The AFL said more than 240,000 people joined clubs this year, with 14 of the 18 clubs in the national competition, which spans five states, setting membership records. Collingwood, Carlton and the West Coast Eagles surpassed 100,000 members, with Carlton doing it for the second year, Collingwood the third and West Coast the sixth consecutive year. Collingwood hit an all-time VFL/AFL Club Member record with an individual club membership tally of 112,491. The AFLW (Australian Football League Women) also set a record with membership rising 15% to 79,309 year-on-year, with memberships on sale until the end of the 2025 season. “One in 20 Australians are a member of an AFL Club. The 18 clubs do an amazing job of driving the passion and commitment of all our fans, reflected with 14 clubs breaking their all-time membership record,” CEO Andrew Dillon said in statement. “From the AFL and the clubs, I thank all club members and the seven million plus fans who attended a game this season – the loyalty shown makes our game great.” Reigning Premiers, the Brisbane Lions recorded an 18.7% increase in membership, with Port Adela
Sports
Lions tour helps Rugby Australia tackle debt
The British & Irish Lions series this year has allowed Rugby Australia (RA) to become debt-free and focus on making the game sustainable in the long term. RA, the peak body for rugby union in Australia, said an A$80 million (US$52.3 million) loan from private equity firm Pacific Equity Partners (PEP), which was taken out in 2023 to cover a deficit, had been paid off earlier than expected. “Repaying the credit facility ahead of schedule is a significant milestone for the game and reflects the commercial success of the British & Irish Lions series, cost discipline and the efficacy of Rugby Australia’s organisational reset,” Managing Director and Chief Executive Officer Paul Waugh said in a statement. The sporting body’s losses widened to $36.8 million in 2024 from $9.1 million in 2023 despite a 1.5% lift in revenue to $126.3 million as costs, particularly player payments and staff costs, increased, leaving it with a negative equity of $49.8 million. Costs included taking ownership of the Waratahs and ACT Brumbies Super Rugby teams and funding the Melbourne Rebels team in the same competition. But RA believed the deficit was manageable because of the credit facility and strong cash flow expected from the Lions Tour and