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\t\tThe recent record sale of ths LA Lakers is a sign of the growing global sports market\t<\/p>\n
Growth of the global sports market is forecast to accelerate, making it worth $600bn (\u00a3438bn) by 2030, according to a report published today by consultancy Kearney.<\/p>\n
The market has grown an average of five per cent annually since 2020 but that rate is expected to increase to eight per cent, the report says.<\/p>\n
\u201cSport is no longer a passion project for investors,\u201d said Christophe Firth, a Partner at Kearney.<\/p>\n
\u201cIt holds promise as a high-growth, high-return investment class. New technology, format innovation and revenue diversification has created new opportunities, not least the influx of private capital and strategic investors.\u00a0\u00a0<\/p>\n
\u201cHowever, these new entrants to the market have also raised the bar, driving increased expectations and the need for strategic thinking and professionalised operations.\u00a0<\/p>\n
\u201cClarity of ambition and strength in execution are the watchwords as the sector moves from passion to profit, creating value while also shaping the next era of global sports.\u201d<\/p>\n
Sports market buoyed by betting<\/p>\n
It comes as English cricket chiefs finalise a \u00a3500m injection into the Hundred<\/a> from overseas investors and rugby disruptors draw up plans for the franchise-based R360 competition<\/a>.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tWomen\u2019s football to reach 800m fans by 2030<\/a><\/p>\n Team valuations are at an all-time high, with last month\u2019s $10bn deal for the LA Lakers<\/a> setting a new record in sport and continuing a trend<\/a> of the last few years.\u00a0<\/p>\n The global sports market is currently worth $417bn, of which gaming \u2013 incorporating betting, fantasy sports and video games \u2013 is the largest and fastest-growing sector at $177bn.<\/p>\n Sports betting alone is worth $133bn, fuelled by the liberalisation of gambling regulations in the US and the ease of betting via mobile devices.<\/p>\n Commercialising IP and matchday, which includes media rights, sponsorship and in-venue advertising, and merchandising, is the second biggest sector at $154bn.\u00a0<\/p>\n Broadcasting and streaming, encompassing subscriptions for pay-TV channels and streaming platforms as well as the advertising on those channels, is worth $86bn, says Kearney<\/a>.\u00a0<\/p>\n \t\t\t\t\tRead more<\/p>\n