The last year in the global sports industry has thrown up its fair share of deal-making milestones.
Netflix put itself in the live sports big leagues as other broadcasters sealed record-breaking media rights extensions. Billions of dollars of external capital were pumped into sports organisations, with a significant chunk coming from private equity as more leagues tweaked their rules to permit institutional investment.
Mega mergers involving media titans also arrived in 2024 and women’s sports franchises changed hands for unprecedented sums. Elsewhere, the sponsorship sector threw up its fair share of noteworthy deals, from surprise kit contracts to a further flurry of Saudi-funded partnerships, while there was also continued M&A activity in the agency space.
With even more set to come in 2025, SportsPro looks back on the past year’s biggest deals one month at a time.
Netflix set its stall out as a major player in the sports broadcasting space by striking a ten-year deal with World Wrestling Entertainment (WWE) to become the exclusive global broadcaster of Monday Night Raw, including in the US, from 2025. The agreement marked the streaming giant’s biggest investment in live sport, with the contract to replace NBCUniversal reportedly worth US$500 million per year.
Another massive media rights move saw ESPN pen a US$920 million eight-year deal with the National Collegiate Athletic Association (NCAA) for the US broadcast rights to more than 40 college sports championships, including the women’s March Madness basketball tournament.
On the sponsorship front, Anheuser-Busch InBev (AB InBev) became the International Olympic Committee’s (IOC) first beer sponsor at the TOP Partner level in a deal that will run through to the Los Angeles 2028 Games. Visa, already a member of the TOP programme, also inked its first new global sports sponsorship in more than 15 years by becoming the title partner of the AlphaTauri Formula One outfit, which was renamed to Visa Cash App RB FT Team.
Meanwhile, men’s golf’s ongoing civil war took its latest turn as the PGA Tour bagged an investment deal with Strategic Sports Group (SSG), which will see players benefit from equity of more than US$1.5 billion and saw the creation of the for-profit PGA Tour Enterprises.
Disney and Reliance confirmed plans to merge their Indian television and streaming operations in a US$8.5 billion deal. The combined entity will control more than 120 television channels and two streaming platforms, as well as have a monopoly in the country on top-tier cricket rights, including the Indian Premier League (IPL). The merger was subsequently approved in August.
Another joint venture (JV) announced in February was ESPN, Fox and Warner Bros Discovery’s (WBD) combined sports streaming service in the US. Later branded as Venu Sports, the service was due to roll out in the autumn, only for the launch to be blocked in August after a US federal judge issued a preliminary injunction in response to a lawsuit brought by Fubo.
The month also saw Saudi Arabia continue its sports spending spree, with the kingdom’s Public Investment Fund (PIF) striking a multi-year pact with tennis’ ATP Tour and state-owned oil giant Aramco partnering with soccer confederation Concacaf. Saudi also agreed to stage its first ranking snooker event as part of a ten-year hosting deal with the World Snooker Tour (WST) and hold a World Table Tennis (WTT) Grand Smash tournament.
Saudi Arabia’s PIF made major inroads into tennis by sponsoring the ATP and WTA (Image credit: Getty Images)
One of the longest-running kit supplier partnerships in professional sport came to an abrupt end when the German Football Association (DFB) agreed to swap Adidas for Nike in a deal from 2027 to 2034 that is reportedly worth as much as €100 million (US$105 million) per year.
ESPN continued to bolster its portfolio ahead of a full direct-to-consumer (DTC) launch next year with a renewal for exclusive global broadcast rights to the College Football Playoff (CFP) until the end of the 2031/32 season. The six-year deal is worth US$7.8 billion, according to reports.
In the US major leagues, the sale of Major League Baseball’s (MLB) Baltimore Orioles to a group led by David Rubenstein for US$1.725 billion was finalised. The acquisition was the third most expensive takeover of a baseball franchise, with the record held by Steve Cohen’s US$2.4 billion purchase of the New York Mets in 2020.
Nike ousted Adidas as the kit supplier of Germany’s national soccer teams (Image credit: Getty Images)
Liberty Media agreed to purchase global motorcycling series MotoGP in a deal worth an enterprise value of €4.2 billion (US$4.5 billion). The acquisition will see the US media company buy approximately 86 per cent of Dorna Sports, the commercial rights holder of MotoGP, as it looks to replicate the commercial success it has brought to Formula One since buying the series in 2016.
From the racetrack to the ice rink, where the National Hockey League’s (NHL) board of governors approved the US$1.2 billion sale and relocation of the Arizona Coyotes, which paved the way for the new Utah Hockey Club to begin play in the 2024/25 season.
In the world of private equity, Silver Lake decided to take Endeavor private at an equity value of US$13 billion. Having bought an initial 31 per cent minority stake in the sports and entertainment giant back in 2012 for US$250 million, Silver Lake will acquire 100 per cent of the outstanding shares in Endeavor it does not already own. The transaction is expected to close by the end of the first quarter next year.
Having built Endeavor into a sports and entertainment giant, Ari Emanuel is now selling off several of the company’s businesses as it prepares to go private (Image credit: Getty Images)
Elsewhere, Fifa deepened its ties with Saudi Arabia by confirming Aramco as a sponsor of both the 2026 men’s World Cup and 2027 Women’s World Cup. The Times had reported the deal could be worth up to US$100 million a year, making it the global soccer federation’s biggest-paying sponsor.
Netflix made its latest live sports play by bagging a three-year deal for the global broadcast rights to at least one live National Football League (NFL) game on Christmas Day, with two matchups exclusive to the streaming platform in 2024. Netflix said the package represented a unique opportunity to acquire rights that were not only capable of attracting a huge audience in the US but also available on a global basis.
Jumping from American football to rugby union, French broadcaster Canal+ retained the domestic rights to the country’s Top 14 competition and the second-tier Pro D2 in a record deal worth €696.8 million (US$730.9 million) over five seasons.
Asset management firm Oaktree Capital Management took control of Inter Milan after Suning Holdings Group, the owner of the Italian soccer champions, missed a loan repayment of €395 million (US$416 million). Inter became the seventh Serie A club to fall under US ownership, joining the likes of Atalanta, Roma, Parma and city rivals AC Milan.
Inter Milan became the latest Italian soccer club to have an American owner (Image credit: Getty Images)
There were more noteworthy sponsorships for Saudi Arabia in the month as well. PIF penned a multi-year pact with the Women’s Tennis Association (WTA), which included the sovereign wealth fund becoming the first-ever naming partner of the tour’s rankings. The International Cricket Council (ICC) also extended its global partnership with Aramco for the next four years, covering all ICC men’s and women’s senior and under 19s events scheduled until the end of 2027.
Guinness toasted its first-ever global partnership in soccer, replacing Budweiser to become the official beer of the Premier League. The four-year deal is reportedly worth around UK£52 million (US$66.2 million).
English top-flight soccer clubs also continued to cash in with betting companies over the summer. Among those to do so were Crystal Palace, who secured Net88 as their main sponsor, but the brand had to quickly deny reports linking it with overseas websites and claims it offered bets on cockfighting. All told, 11 Premier League teams have front-of-shirt deals with a gambling brand for the 2024/25 campaign, compared to eight last season.
Across the pond, the NFL’s Carolina Panthers confirmed they were staying in Charlotte until at least 2045 after an US$800 million renovation for Bank of America Stadium was approved. The city will pay US$650 million toward the renovation of stadium, with Panthers owner David Tepper putting up the remaining US$150 million.
Staying in the US, IndyCar opted to depart NBC after 16 years in favour of a new broadcast agreement with Fox Sports from 2025. The multi-year deal means all races next season will air on the main Fox channel, boosting visibility for the open-wheel series.
The French Open tennis Grand Slam also traded in NBC for a decade-long rights arrangement in the US with WBD that kicks in next year and is reportedly worth US$650 million, representing a more than five-fold increase.
The National Basketball Association (NBA) finally confirmed its domestic media partners from 2025. Amazon, ESPN and NBC will share the rights in 11-year deals reportedly worth a combined US$76 billion, which represents a threefold increase on the league’s existing arrangements with Disney and WBD.
While Disney closed its deal with the NBA, the media giant’s chief executive Bob Iger and his wife Willow Bay were busy working on the acquisition of the National Women’s Soccer League’s (NWSL) Angel City. The pair became controlling owners in a deal that valued the franchise at US$250 million, making it the world’s most valuable women’s professional sports team.
After months of talks, CBS Sports’ parent company Paramount Global agreed to merge with Skydance Media in a deal worth US$8.4 billion. Skydance, which is the smaller of the two companies, will acquire Paramount’s own parent National Amusements before buying out certain shareholders and then merging the two entities together upon completion. The complex transaction is expected to close in the first half of 2025.
Over in Africa, the continent is gearing up to welcome the Professional Fighters League (PFL) next year after the mixed martial arts (MMA) promotion revealed it was launching a new regional competition with backing from Helios Sports & Entertainment Group (HSEG).
Two major stadium naming rights partnerships were struck on both sides of the Atlantic. The NFL’s Washington Commanders brought in Northwest Federal Credit Union (NWFCU) for their home venue on a multi-year contract worth around US$8 million annually. Meanwhile, insurance giant Allianz bought the naming rights to Twickenham Stadium for over UK£100 million (US$127 million), prompting Rugby Football Union (RFU) chief executive Bill Sweeney to reject accusations that the national governing body had “sold out”.
French soccer’s Ligue 1 ended the protracted saga over its domestic broadcast rights by signing five-year deals with DAZN and BeIN Sports. The Professional Football League (LFP) was hoping to generate €800 million (US$840 million) but reportedly had to settle for a combined fee of €500 million (US$525 million) per season after an anticipated bidding war never materialised.
Another mega media extension saw ESPN agree a 12-year deal for the exclusive US broadcast rights to the US Open tennis Grand Slam. The contract runs from 2026 to 2037 and, according to The Athletic, is worth US$170 million per year and US$2.04 billion in total.
Elsewhere, immersive technology specialist Cosm raised more than US$250 million to fuel growth of its ‘shared reality’ venues. Fresh backing came from Marc Lasry’s Avenue Sports, Dan Gilbert’s Rock, Baillie Gifford, and David Blitzer’s Bolt Ventures, giving Cosm a valuation of more than US$1 billion.
RFU chief executive Bill Sweeney defended Allianz’s naming rights deal for Twickenham Stadium, saying the money was needed to invest back into English rugby (Image credit: Getty Images)
September began with Dorna Sports extending its agreement to handle MotoGP’s commercial matters until 2060. The Spanish agency has promoted the motorcycling series since 1992 and the new extension with the International Motorcycling Federation (FIM) will take the partnership beyond 60 years.
In sponsorship, Uefa announced a six-year deal with Qatar Airways that saw the national flag carrier become the official airline of the Champions League. The contract until 2030 is reportedly worth €500 million (US$530 million) and sees Qatar Airways join the Champions League’s global partner tier.
Sticking with soccer, the Women’s Super League (WSL) extended its title sponsorship agreement with Barclays. The three-year deal, which also covers the second-tier Women’s Championship, is reportedly worth UK£45 million (US$57.6 million) and sees the bank double its financial commitment.
The month came to an end with the announcement that English county cricket club Hampshire had agreed a phased acquisition with GMR Global, the Indian conglomerate which co-owns Indian Premier League (IPL) franchise Delhi Capitals. It means Hampshire become the first county to be owned by an overseas franchise and a full takeover by GMR is expected to be completed within two years.
The WSL followed up its title sponsorship extension with Barclays by signing a five-year domestic broadcast rights contract with Sky Sports and the BBC (Image credit: Getty Images)
The NFL finally approved Tom Brady’s minority investment in the Las Vegas Raiders. The legendary quarterback had initially agreed to become a limited partner in May 2023, but the deal had been delayed due to concerns he was benefiting from a discounted price tag.
October also saw Formula One unveil a ten-year global partnership with French luxury goods firm LVMH, which is reportedly worth US$150 million per year.
A post shared by LVMH (@lvmh)
The biggest deal was struck when TKO Group Holdings, the entity operating the Ultimate Fighting Championship (UFC) and WWE, agreed to buy three major businesses from its parent company Endeavor. TKO will purchase agency giant IMG, hospitality and travel specialist On Location and Professional Bull Riders (PBR) for a combined US$3.25 billion.
The month also saw several acquisitions from Two Circles, which snapped up Spring Media Group and data intelligence platform Kore. The deals arrived after the sports marketing agency was sold by Bruin Capital to Charterhouse Capital Partners (CCP) at the start of the year for a reported fee of UK£250 million (US$319 million), before receiving fresh investment from Otro Capital and Bolt Ventures in September to bolster a push into North America.
Elsewhere, Fifa finally secured its first sponsors for next year’s expanded Club World Cup, with Hisense and AB InBev coming on board after both sponsored the 2022 World Cup in Qatar.
Warner Bros Discovery (WBD) settled its breach of contract lawsuit with the NBA, which saw the pair sign multi-year agreements that included WBD getting select international media rights to the league and also keeps TNT Sports’ iconic ‘Inside the NBA’ show on air through a licensing pact with ESPN.
Another busy year of sponsorship deals for the UFC included a tie-up with IBM to become the promotion’s first official global artificial intelligence (AI) partner. IBM will work with the UFC to bring real-time data insights to fans both at home and within the arena.
From mixed martial arts (MMA) to soccer, Spanish titans Barcelona agreed a bumper renewal to their long-running kit supplier partnership with Nike. The latest extension reportedly runs for 14 years until 2038 and is worth more than €1.7 billion (US$1.8 billion) in total.
The month was rounded off with the news that US automotive powerhouse General Motors (GM) had reached an agreement in principle to join Formula One from 2026 under its Cadillac brand. The company and its partner TWG Global will reportedly pay an anti-dilution fee of US$450 million to join the grid.
There was no slowdown in deals over December, with the German Football League (DFL) confirming its new domestic broadcast contracts for the Bundesliga with Sky and DAZN. The new agreement is worth €1.12 billion (US$1.18 billion) per season, which is a two per cent increase in the league’s rights value, and mark the second-biggest domestic rights deal in soccer behind the Premier League.
DAZN also made a splash by acquiring the exclusive global broadcast rights to the Fifa Club World Cup. The deal, worth a reported US$1 billion, will see the sports streaming service show every game for free as part of a wider tie-up with soccer’s governing body. A week later, Fifa confirmed Saudi Arabia as host of the 2034 World Cup.
Meanwhile, the Sauber Formula One team received a minority investment from the Qatar Investment Authority (QIA) ahead of its transition to the Audi factory team in 2026.
To cap off a busy year, the NFL ratified the first private equity investment deals in its history. The Buffalo Bills sold a minority stake to Arctos Partners, while Ares Management made an investment in the Miami Dolphins. The league also signed off on a new long-term apparel partnership extension with Nike that will run through 2038.
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