Hi Reader,

Happy World Cup! It's under way at last! And welcome to this week's newsletter which of course has some thoughts on the opening of the tournament but is also packed with all the news from across the soccer business in North America.

While the excitement continues, we will be sure to also keep our eye on our core interest - the soccer industry in this region. So if you have any news, suggestions for future stories or podcast guests, or are interested in discussing partnership opportunities, don't hesitate to get in touch with me at simon@thesoccerbusiness.com.

Cheers

Simon Evans

The Soccer Business.

The World Cup is finally underway and the endless, relentless focus on the organizational and political aspects is already being replaced by the daily talking points provided by actual soccer being played on the field and fans in stadiums and fan-fests. Here's a few early observations from a soccer business point of view after Day One and a bit:

The Azteca is still the crown jewel of North American soccer stadiums. Newly renovated and with a naming-rights deal making it Estadio Banorte (but with FIFA rules temporarily making it Mexico City Stadium), the good news is that the Azteca is still the Azteca. The unique atmosphere remains, the facilities are improved but haven't sanitized the venue and judging by the Mexico v South Africa opener, it looks fantastic on television.

But BMO Stadium stepped up too - The first MLS venue to host a World Cup game - after expansion and upgrade work - and it felt big time. Also looked fantastic on television and all reports indicate the atmosphere inside the stadium was fantastic. Judging by the fans, Canada is 'up for the Cup'.

Fox's line-up makes promising start. Thierry Henry as smooth as ever, Chicharito exploding with energy, the reassuring familiarity of Rebecca Lowe on loan from NBC's EPL coverage, there is a different feel to Fox's coverage so far. No doubt there will be a more traditional star-spangled vibe to tonight's USA opener v Paraguay however. Zlatan is a good addition but is still easing into the pundit role and might want to drop the 'I am Zlatan' schtick or at least leave it for the commercials. But he has the audience wondering what he might say at any time - and that is golden. People love to bash Fox every four years but so far, its been enjoyable coverage. Those commercials during the 'hydration breaks' have divided opinion though - more on those soon.

Brand Beckham is everywhere. The guy stopped playing 13 years ago but he has more endorsement deals than most of the game's current stars. Lays, Adidas, Verizon etc etc etc. The back story? In 2022: he sold 55 % of his DRJB Holdings, the company that manages his image rights and partnerships, to Authentic Brands Group in a deal worth around £200 million. Through Authentic, Beckham unlocked global reach, new capital and the expertise of a licensing giant, while still keeping creative influence with his 45 % stake. It appears to have paid off. Helped of course by his popularity in the US market. The decision to end his career in the USA has turned out to be a genius move. Messi paid attention.

'Freddy' captures the mood - after weeks of negative media coverage, criticism and endless anti- American jibes from international accounts on social media, even the most self-critical of Americans were getting a little tired of the mud-slinging. And then along came a German fan on X @FreddyLA7 simply enjoying a road trip through the southern states. His wide-eyed accounts of visiting Buc-ees and Bass Pro Shops, has seen him pick up nearly half a million followers and the best wishes of those just wanting the World Cup to be a lot of fun for everyone.

Now he is getting trips around sports facilities and DM's from country stars.....

Soccerbiz bytes

Fifa is expecting to generate US$2.8 billion in sponsorship income from the 2026 World Cup, up from US$1.8 billion for Qatar 2022. (SportsPro) Here's the evolution of revenue:

The Soccer Business Podcast: The Sponsors' Cup

How does the multi-million dollar world of top tier World Cup sponsorship really work?
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There are few who know more than Ricardo Fort, who headed up Coca Cola and Visa's sports sponsorship approaches, and who is now a leading consultant in the space, took some time out of his busy schedule to reveal to TSB listeners the inner workings of that competitive space.
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Ricardo explained how contracts are now shorter but the work on activations is longer - beginning as soon as the previous World Cup ends.
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He had surprising insight on what happens in the costly scenario where a player with an endorsement deal gets injured or doen't get selected for the tournament itself (The Cole Palmer scenario).
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How is sponsorship ROI measured? (It's complicated) and how effective/disruptive is so-called 'ambush marketing' (he has a strong view on Tom Brady's involvement in an unofficial campaign).
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And where is it all going? Don't be surprised if next time around the likes of OpenAI, Anthropic (Claude), Google and others are the ones investing heavily in association with soccer's biggest event.
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Many thanks to Ricardo for his time and his insights and to Darren Weber who joined me to go over the key takeaways and make some strong points himself. Its out on all platforms. Click the image above for the video or below for audio:

​Apple Podcasts:

And Spotify:

Inside The Billions Spent on... Jun 12 · The Soccer Business Podc... 40:01   ​

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This week's wrap-up of news in the North American soccer industry:

BUFFALO USL ENTRY DELAYED AGAIN AMIDST STADIUM ISSUES Buffalo Pro Soccer — the working name for the planned USL Championship expansion club — has delayed its launch for the second time, now pushing back its debut beyond 2027. Founder and president Peter Marlette Jr. said the club will not begin play in the 2027 season, describing the decision as right for the long-term success of professional soccer in the city. The coming months will focus on finalising a home stadium with construction plans and finding a principal owner.

The project has been plagued by stadium issues throughout — an earlier site at the former Medaille University sports complex fell through, forcing the club to reopen its stadium search, which had already pushed the original 2026 launch back to 2027.

MODESTO KILLS USL SOCCER STADIUM PROJECT AMID DISPUTE OVER DEAL TERMS Unfortunately some more frustrating news from USL....The City of Modesto, California has voted to scrap plans for a professional soccer stadium that would have supported a new USL expansion club, citing significant changes to the terms of USL's proposal since negotiations first began in September 2024. The decision is a blow to USL's expansion ambitions in California's Central Valley, though the Modesto Bee reports the question of whether the decision is final remains open.

​KCRA3 reports: An independent report, commissioned by the city, identified a $43 million funding gap in the proposal. The report warned that the shortfall could result in generational debt for the city. "Not incurring that generational debt is important to me," Modesto City Councilmember Chris Ricci said. "I got kids here, I don't want them to pay for something that's a bad deal. It doesn't make sense." Six city council members voted against renewing the agreement with the United Soccer League, while one member abstained.

U.S GROUP ACQUIRES REGGINA 1914 IN LATEST MULTI-CLUB PUSH: Connecticut based Underdog Global Partners has completed the acquisition of Italian club Reggina 1914, marking the latest move by the multi-club ownership group as it expands its European portfolio. The deal adds Reggina — historically one of Calabria's most prominent clubs — to a growing stable of clubs being assembled under the Underdog umbrella, which has positioned itself as an emerging player in the MCO space.

NYCFC SIGNS FLIXBUS AS FAN TRAVEL PARTNER FOR WORLD CUP SUMMER New York City FC has partnered with FlixBus, North America's fastest-growing intercity bus operator, to support fan travel during the World Cup. FlixBus's network connects more than 1,800 destinations across the United States, Canada and Mexico, including all major host cities and surrounding communities. As part of the tie-up, FlixBus will create a high-energy fan experience at the NYNJ World Cup 26 Fan Zone Queens at the USTA Billie Jean King National Tennis Center.

The deal slots into a broader World Cup activation for NYCFC, which is launching 'City Corner' — a dedicated fan experience at the NYNJ World Cup 26 Queens Group Stage HQ from June 11 to 27, located directly across the street from Etihad Park, NYCFC's future home opening in 2027. newyorkcityfc.com​

MBAPPE WEIGHS ENDING NIKE DEAL TO PURSUE JORDAN-STYLE INDEPENDENT BRAND: Kylian Mbappe is reported by French media to be considering ending his long-standing sponsorship with Nike in order to build an independent footwear and apparel brand along the lines of Michael Jordan's Air Jordan venture. The move would represent a significant commercial pivot for one of football's biggest commercial properties, separating his off-pitch earnings from the traditional club-plus-brand model that has defined elite player sponsorships for decades.

WWE AND JUVENTUS ANNOUNCE COMMERCIAL PARTNERSHIP AHEAD OF WORLD CUP SUMMER WWE and Juventus have announced a novel commercial partnership linking two of sport and entertainment's most globally recognised brands. The deal brings together WWE's North American entertainment infrastructure and Juventus's European football reach at a moment when both properties are seeking to grow audiences in each other's core markets.

TORONTO BET ON WORLD CUP TICKETS WITH PUBLIC FUNDS — AND IT'S PAYING OFF The City of Toronto's decision to purchase FIFA World Cup 2026 tickets as a municipal investment is set to pay off, with only a small fraction of its allocation remaining unsold a week before the tournament begins. The move attracted political controversy — Ontario law restricts ticket resale above face value, prompting criticism from opponents of Mayor Olivia Chow — but the city appears to have largely managed its inventory, with 52 tickets set aside for a public sweepstakes rather than sale.

REAL MADRID LOCK IN EMIRATES AND ADIDAS IN LANDMARK DOUBLE RENEWAL WORTH HUNDREDS OF MILLIONS Real Madrid have announced two major commercial renewals within days of each other, confirming a shirt sponsorship extension with Emirates worth close to €100 million per year through 2031 and a kit deal extension with adidas through 2034. The Emirates agreement — described as the largest shirt sponsorship in La Liga history — extends a partnership in place since 2013 and also covers the club's basketball team. The adidas renewal, meanwhile, continues what the club describes as the longest-running and most successful kit partnership in world football.

CRUX FOOTBALL BUILDS PLAYER-INVESTOR COLLECTIVE WITH ABBY WAMBACH AT THE HELM Multi-club ownership group Crux Football has launched a formal player-investor collective, adding USWNT legend Abby Wambach and a group of former professional players as equity participants in the organisation. Reported by the New York Times/The Athletic, the move is framed as a deliberate effort to bring historically excluded voices — particularly former women's players — into the ownership and governance structures of football clubs as investment in the women's game accelerates. Julie Foudy and Leslie Osborne are also part of the collective The Athletic / NYT​

LIGA MX SIGNS WITH POLYMARKET IN FIRST MAJOR SOCCER DEAL: Liga MX has announced a sponsorship agreement with prediction market platform Polymarket covering the US territory, brokered via Genius Sports. The deal marks one of the first formal partnerships between a major soccer property and the fast-growing prediction markets sector, which allows users to trade on event outcomes as regulated financial contracts rather than traditional sports bets.

The agreement follows Sportradar's multi-year data deal with Kalshi — another regulated prediction market operator — announced earlier this week, and signals that the sector is moving quickly to establish formal commercial relationships with sport's rights holders and data infrastructure before the category scales further. For Liga MX, which draws the largest Spanish-language soccer audience in the United States, the Polymarket deal offers both commercial revenue and exposure to a younger, financially engaged US fanbase.

UBS AND PGIM SIGNAL FOOTBALL HAS BECOME A STANDALONE ALTERNATIVE ASSET CLASS Two of the world's largest institutional investment managers have independently framed football as a mature alternative asset class this week. UBS, speaking to CNBC in a segment timed to the World Cup opening, described football as having established its own category within alternative investment portfolios — distinct from broader sports or entertainment exposure. Separately, PGIM's investment director told Alternative Credit Investor that institutional private credit lenders have become a 'significant part' of the football finance landscape, with the asset manager pointing to a sustained and growing pipeline of club financing activity across Europe.

The near-simultaneous positioning from two institutions of this scale reflects a broader shift that has been building across the past decade: football clubs, media rights packages, and related infrastructure are increasingly benchmarked against private equity, real estate and infrastructure in institutional portfolios rather than treated as niche or speculative allocations. With the 2026 World Cup amplifying global attention on the sport's commercial scale, further institutional capital formation around football assets seems likely in the near term. CNBC / UBS | Alternative Credit Investor / PGIM​

UBS's full report: 'The Evolution of Football From Game to Global Industry'​