Founder and Chief Executive, Kynisca Sports International
Michele Kang was a little-known name in sports industry circles at the turn of the decade, but in just five years she has become arguably the single most powerful investor in women’s soccer.
A South Korea-born American businesswoman who made her millions in health technology, Kang exudes the pioneering, collaborative and entrepreneurial spirit that many believe is required for women’s sport to become a self-sustaining, revenue-generating enterprise.
After acquiring National Women’s Soccer League (NWSL) franchise the Washington Spirit in 2022, she brought the multi-club model to the women’s game when she purchased a controlling stake in Olympique Lyonnais Feminin, one of the most successful club sides in Europe. Those two teams now sit alongside English second-tier outfit London City Lionesses under Kynisca Sports International, an umbrella company established last year to oversee Kang’s investments in women’s sport.
Kang, though, recognises that her investments at the top mean little if there isn’t a flourishing ecosystem around them. That’s why she has committed US$50 million towards the Kynisca Innovation Hub, which is seeking to raise US$100 million to fund research into the health of elite female athletes. In the past year, the 65-year-old has also made multimillion-dollar donations to the US national governing bodies for soccer and rugby to ensure that money is also being spent on developing the women’s side of those sports from the ground up.
Still, Kang can’t do it all on her own – even if it feels like she would if she could. The ripple effect of her continued support of women’s sport could determine whether others start to view the sector – and women’s soccer in particular – as a viable investment opportunity.
Chief Executive, The Walt Disney Company
Bob Iger’s final full year in charge of Disney will not only be one of the most important in the storied media giant’s recent history, but it will also have huge significance for the entire US broadcasting industry. After multiple contract extensions and one failed succession, Iger will finally depart as chief executive in early 2026, but not before he launches the full direct-to-consumer (DTC) version of ESPN.
Known internally as ‘flagship’, the new service will offer a combination of ESPN’s linear channels, the existing ESPN+ streaming product, and a suite of interactive and personalisation features which Disney hopes will become indispensable for American sports fans. The long-term vision is that the proposition will eventually be just as lucrative as the huge carriage fees that Disney can extract from cable distributors by being part of the bundle.
ESPN has been one of the main beneficiaries of the bundle, but it knows the writing is on the wall and there is a need to adapt. However, with live sport – and ESPN in particular – arguably the only thing keeping the bundle together, plenty of others will feel the impact of this shift. Other media groups could see their income fall as more consumers ‘cut the cord’ now that they don’t need cable to get ESPN.
Before he heads into the sunset and hands over the reins to a successor, Iger will help answer many of the questions facing US broadcasting as it adapts to a ‘post-bundle’ world, potentially offering a path for others to follow.
Professional athlete
2024 was, without doubt, Caitlin Clark’s year.
From standout college sensation to Time’s Athlete of the Year, the American basketball star set multiple statistical records as she took the Women’s National Basketball Association (WNBA) by storm, capping an unprecedented rookie year with numerous individual accolades to affirm her status as one of the hottest young talents in all of sport.
But if 2024 was the year in which Clark’s impact was felt far and wide, then 2025 will be the year her influence transcends further still.
In today’s increasingly splintered attention economy, few athletes possess Clark’s gravitational pull. Prior to her arrival among the professional ranks, one WNBA executive likened her impact to that of an emergent Tiger Woods; since then, league attendances, viewership, merchandise sales, social media mentions, investor attention and brand interest have all spiked as the so-called ‘Clark effect’ has taken hold.
At the age of just 22, Clark is now the face of a global movement that shows no sign of abating. Backed by the Nike marketing machine and a lengthening list of blue-chip sponsors, she embodies the continued rise of women’s sport and, within it, the emergence of the WNBA as a cultural and commercial force. Indeed, it is little wonder WNBA players recently opted out of the league’s collective bargaining agreement (CBA) in a bid to ensure their salaries reflect surging growth and interest.
Make no mistake, Clark and her peers are intent on writing a new chapter for female athletes. Having been guaranteed more airtime under the WNBA’s new domestic media rights deals, which take effect in 2025, they are set to enjoy even greater prominence in the coming year. Their platform will only grow, giving Clark more opportunities to develop her brand beyond the realms of sport.
President, World Athletics
Sebastian Coe is one of seven candidates vying to become the next president of the International Olympic Committee (IOC). Even if the 68-year-old doesn’t succeed Thomas Bach, his presence is likely to be felt by whoever does win the election in March.
President of World Athletics since 2015, Coe is adamant he won’t be a “vanilla” candidate and believes the IOC needs an overhaul. If elected, he will consider introducing prize money across all sports at the Olympic Games, has promised a clearcut policy to protect female sport and wants to make IOC members more involved in the governing body’s decision-making.
Coe certainly boasts a lengthy CV. He has been in pretty much every stakeholder role within the Olympic movement at some point, be it as an athlete, national committee boss, international federation president or bid team leader.
Yet Coe’s desire to position himself as a reformer could prove divisive, especially given Bach’s likely influence in the selection of his successor. If IOC members want a continuity candidate, that could open the door for the likes of Kirsty Coventry – who is reportedly viewed as the current president’s preferred choice – and Juan Antonio Samaranch Jr.
Even so, the bookmakers have Coe as the favourite to be the IOC’s tenth president and his manifesto suggests he won’t be shy of making bold decisions. He has proved that during his tenure overseeing the sport in which he once competed, which has included a strict stance on doping and the introduction of several initiatives over the last 12 months that could help fend off the threat posed by new breakaway competitions in athletics.
Whether it be Coe or one of his rivals, whoever does secure arguably the most powerful position in sport can’t afford to be indecisive in a rapidly evolving world.
Chief Executive and Co-Founder, Two Circles
Few companies better represent the era of agency consolidation than Two Circles.
Established in 2011 as a humble ‘data-driven’ sports marketing consultancy with just three employees, Two Circles has morphed into a globally relevant player whose valuation has doubled in the last 12 months alone to US$650 million.
A central figure in that growth is its current chief executive and co-founder Gareth Balch, a disciple of data-driven decision-making in sport who has wasted no time in making a series of strategic acquisitions since Charterhouse Capital Partners purchased a majority stake in Two Circles at the start of 2024 for UK£250 million. Indeed, last year saw the company buy Spring Media Group, Kore and Let It Fly Media, meaning its offering now spans production and direct-to-consumer capabilities, as well as sponsorship, licensing, ticketing, hospitality and broadcast rights sales.
Perhaps the greatest endorsement of Two Circles’ growing reputation is that it has been entrusted to drive the commercial growth of the Uefa Women’s Champions League. Media rights tenders were recently launched in Europe and the Americas for new broadcast deals to be struck this year, while the agency has also overhauled the sponsorship strategy for Uefa’s women’s soccer properties as it seeks to bring more revenue into the game.
With nine international offices across three continents and a client base of more than 90 rights holders, including World Rugby, Wimbledon and the Ryder Cup, Balch has quietly positioned Two Circles and its services as indispensable to the business of sport. Under his leadership, the agency now appears to be building towards something bigger, and this could be the year when the industry finds out exactly what that is.
Chief Content Officer, Netflix
For years, Netflix maintained it had no interest in live sports rights. It said they were too expensive, too fragmented and lacked a long enough shelf life to justify the investment. Few observers were ever truly convinced and there was little surprise when the streaming giant finally made its first rights acquisitions in 2024.
An initial US$5 billion investment in WWE Raw was followed up by a partnership with the National Football League (NFL) for Christmas Day games and a landmark US-only deal for the 2027 and 2031 Fifa Women’s World Cups. The company has also put money behind a slew of influencer and exhibition events, such as the Jake Paul v Mike Tyson boxing bout, which tapped into the crossover of sport and celebrity culture.
As chief content officer, Bela Bajaria has been credited by Netflix itself for leading its push into live sports. She will now play a major role in helping the organisation use its unique global platform and cultural status to maximise the value of these rights, while there will be pressure to ensure the company’s live infrastructure can cope with demand. Viewer expectations will be high and the NFL, alongside others, will be unimpressed should the platform deliver anything less than a flawless experience.
Having started out as an aggregator of television shows and movies before investing billions in original content, the streamer that changed everything is preparing for a new era where live sport is at the centre. That’s hugely significant for the industry and puts both traditional broadcasters and streamers on notice.
After joining Netflix from Universal Television in 2016 before assuming her current post in 2023, Bajaria’s experience in the legacy television business and her role in adapting and creating hits for Netflix around the world will be crucial if the company is going to disrupt the industry once again.
President and Chief Executive, Nike
A Nike lifer, Elliott Hill has spent 32 years at the world’s leading sportswear brand, rising through the executive ranks having joined as a sales intern in the late 1980s before retiring in 2020. Now installed as president and chief executive, a role he assumed in October, Nike’s top dog has a job on his hands to bring the good times back to a stuttering giant.
Hill’s predecessor, John Donahoe, was criticised for straying too far from Nike’s roots as a product innovator. Notably, the former eBay boss prioritised technology and ecommerce capabilities as part of a digital-first, direct-to-consumer strategy that inadvertently enabled upstart competitors to steal some of Nike’s market share. Indeed, sluggish online sales and a move away from wholesale retailers hurt the company’s earnings and revenue projections, contributing to a significant decline in its share price.
With the company in the midst of a major restructuring plan that includes sweeping cost-cutting measures and staff layoffs, Hill has already indicated he intends to return Nike to its core business and put the consumer first. With a renewed focus on product innovation and aspirational storytelling centered around athletes, his revival plan includes a push to galvanise internal culture and rebuild relationships with retailers.
Thankfully for Nike advocates, including many on the inside who were glad to see the back of Donahoe, Hill professes an “irrational love” for the Swoosh. He is a widely respected leader with a deep knowledge of the company but just as importantly, he appreciates the scale of the task at hand. “I thrive in challenging times,” he has said. “When we’re not winning, it’s how we react that truly defines us.”
How Nike reacts – and how successful Hill can be in enacting his vision – will be popcorn viewing within sports business circles this year.
Managing Director, 2025 Women’s Rugby World Cup
When England’s Lionesses won Uefa Women’s Euro 2022 on home soil, they transformed the way the country viewed women’s soccer, initiating unprecedented mainstream media coverage that has driven spectator, broadcast and commercial interest in the domestic game.
The Rugby Football Union (RFU) will hope the 2025 Rugby World Cup in England will have a similar impact, while World Rugby believes the tournament will be a milestone in the global commercialisation of women’s rugby union.
Sarah Massey, the tournament’s managing director, has promised the event will showcase an increase in standards both on and off the pitch in recent years, aided by more competitive domestic competitions, better media coverage, and the inclusion of rugby sevens in the Olympic Games. With England as hosts, World Rugby will have access to developed rugby infrastructure, a passionate fanbase, and one of the sport’s most mature commercial markets to continue this growth.
Having previously served as chief executive of the 2022 World Athletics Championships in Oregon, Massey will be hoping to deliver similar results to an event which broke several broadcast, digital and fan experience records. For the Rugby World Cup, she has been keen to provide the best possible environment for players, ensure as many full houses as possible, and to maximise the impact of the tournament on the wider public.
When England last hosted the event in 2010, the final was held at Harlequins’ 14,800-capacity Twickenham Stoop. This time, it will be played at Twickenham, the world’s largest rugby stadium, while a more distributed geographic spread of venues will ensure 95 per cent of the UK population will be within a two-hour journey of a game.
Rugby hopes to join soccer and basketball in leading a wider revolution in women’s sport. And with the men’s game facing numerous sporting and financial challenges, women’s rugby has a better chance than most of narrowing the commercial gap to its male counterpart.
President and Chief Operating Officer, Endeavor and TKO
There are few corners of the sports industry that haven’t been touched by the empire of media and entertainment giant Endeavor, whose president and chief operating officer Mark Shapiro has a penchant for deal-making.
After all, it was Shapiro who helped bring together the Ultimate Fighting Championship (UFC) and WWE, merging the two combat sport properties under the TKO umbrella in 2023. The former ESPN head of programming might also feel like the sports industry owes him after he played a key role in convincing Netflix to make WWE Raw its first live sports rights acquisition. Shapiro has also regularly talked up the streaming giant’s potential interest in the UFC, whose next broadcast deal is expected to be sealed this year.
However, that could be a mere footnote in Shapiro’s eventual recap of 2025, when Silver Lake is expected to finalise its deal to take Endeavor private. That will leave TKO to continue as a publicly traded company, one which also now houses Professional Bull Riders (PBR) alongside Endeavor’s other sports-adjacent businesses On Location and IMG.
With Endeavor set to return to its roots by focusing on its core representation business, more asset sales could follow, particularly from within IMG’s events division, while the future of EuroLeague Basketball – the only sports league left in Endeavor’s properties segment – remains unclear. TKO will not be the destination for any of those assets, according to Shapiro, who has said that the new company could look to add further sports leagues either through organic growth or acquisitions.
For now, though, Shapiro’s most pressing task is to oversee a smooth transition to ensure that shareholders have faith in the new direction of a company that has a hand in virtually everything sport produces.
Chairman, General Entertainment Authority
After decades of division, boxing has never seemed more unified. The person responsible for that is Turki Alalshikh.
The chairman of Saudi Arabia’s General Entertainment Authority (GEA) is the middleman between promoters, using the Gulf state’s vast resources to stage blockbuster bouts and cool hostilities between boxing’s powerbrokers. There is arguably no other person over the last 12 months that has been as influential in transforming a sport.
As well as money, Alalshikh has an overarching vision. He views the business of boxing as broken and his solution is “to get everything back together”.
So far, squabbling promoters have been convinced to co-promote events, multiple unification clashes have taken place and Alalshikh has even acquired the hallowed The Ring magazine, with a promise to “raise the prestige” of the publication’s championship belts. Perhaps he could even be the man to help establish a global governing body for professional boxing.
Boxing fans have had plenty to enjoy recently and look set for even more this year. Indeed, the Saudi-backed rematch between Artur Beterbiev and Dmitry Bivol in February, which is taking place in Riyadh, features one of the most stacked cards ever assembled.
Saudi Arabia’s lavish spending in sports has brought it varying degrees of influence. If Alalshikh wanted to use 2024 to position himself as the saviour of boxing, then 2025 will be about strengthening the country’s control of the sweet science.
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