Season’s greetings from Leaders
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THE SPORTS INDUSTRY NEWSLETTER FROM LEADERS

 

Welcome to Worth Knowing, the definitive sports industry newsletter from Leaders - David Cushnan and James Emmett with you for one last bash at the keyboard in 2025.

Thanks to everyone who read, listened, clicked, got in touch, suggested an idea, offered some thoughtful feedback, attended any of our (many) events around the world, partnered with us, joined us as a guest, appeared on stage, or pulled the strings behind the scenes to make it happen in 2025. Far too many to mention, but you know who you are, a cast of thousands from all corners of this wacky old business we call sport.

We’ll return - sharp, focused, energised and appropriately fired up - for a big new year the week of 5th January. Sign your friends and family up here.

For everyone celebrating - be it Christmas, or simply a break from the emails - have a super time.

 
 
 
 
 
 

🧠 4 QUESTIONS SOME OF YOU ARE ASKING YOURSELVES THIS WEEK  

 
 

1) Are fans part of the product or merely observing the product?

A longstanding question, but either way they’re paying for it. Fifa’s full men’s World Cup ticket rate card has been published and, in many corners of the planet, criticised heavily over the past few days, prompting a revised plan for select cheaper tickets on Tuesday. In the initial announcement, a ticket for June’s final in New York will cost roughly seven times what a final ticket at Qatar 2022 cost – and prices have swelled across the expanded 48-team, 104-game tournament, prompting various fan groups in various parts of the world to encourage national association to protest directly to Fifa. That won’t happen (not least given those same associations will ultimately be the beneficiaries of what Fifa is projecting will be increased revenues) and indeed Fifa has already trumpeted five million ticket requests (not sales) from over 200 countries. It’s an impressive figure but a crude estimate suggests 7.7 million tickets will need to be sold to ensure every single game is a sellout. That feels a bit of a stretch, particularly given the vast NFL stadiums in use, the vast geographic spread of the tournament if fans want to follow their team around, and a bloated group stage of 72 games, all to whittle 48 teams down to 32. The final result will not be as stark as the swathes of empty seats that marked the Club World Cup in the summer, but broadcasting World Cup games played in front of less-than-sold-out stadiums is certainly not what Fifa’s roster of media partners have bought into – and the ticket pricing strategy probably doesn’t help.

 

2) Have Disney just created the AI licensing model sports leagues should follow?

It’s the worst kept secret in sport that many, if not all, of sport’s major rights holders are in discussions with the major AI players about how their data and archive material can be ingested to feed the machine, and how the financial arrangements for that should work. It’s all a bit cloak and dagger for some reason, but Disney’s announcement last week that it has gone into business with Sora, OpenAI’s text-to-video tool, might turn out to be the new – and very visible - model to follow. Disney is licensing over 200 of its characters, across Disney, Marvel, Pixar and Star Wars, to Sora, allowing users to generate short social videos featuring them. In relaxing some of its IP guidelines, albeit with some carefully constructed protections built in, Disney is making a bet on AI-flavoured user-generated content – it is also investing $1 billion into OpenAI and will give Sora exclusivity on its characters for a year, in what may come to be seen as the ultimate AI test and learn process.

 

3) What do cabbages, bendy phone cases and letter writing have in common?

They've all been identified by the annual (and always interesting) Pinterest Predicts report as trends to watch out for in 2026. Also in: emotional comfort and belonging; curating not copying; and - whisper it - grounded optimism.

 

4) What happens when you email a bunch of CEOs to ask them what they’ve learnt about being in the hotseat this year?

 

Dave Hopkinson, CEO, Newcastle United

“I’ve learned that the job is not about you. As CEO, you’re a temporary custodian of something that belongs to a community—act accordingly.”

 

Mary Bekhait, CEO, YMU Group

“The pace of change is extraordinary - my job as CEO is about holding the horizon steady while everything else shifts.”

 

Ross Hutchins, CEO, International Tennis Federation

“Clarity of the vision with a simple and understandable roadmap to success for all to be on board with continues to prevail.”

 

Scott O’Neil, CEO, LIV Golf

“Actions matter more than words, but words still matter; a mission pure of intent with a talented team and with the right culture, there is no mountain too big to climb together…and, an ounce of humility goes a very long way.”

 

Kerstin Lutz, CEO, BJK Cup

“There is always a silver lining!”

 

Sophie Goldschmidt, CEO, US Ski & Snowboard

“I further learnt to not be surprised by the daily challenges that come up. They’re not going away and actually the better an organisation is doing, the bigger and more high profile the issues can become, along with bigger opportunities and positives. Keep the balance… don’t to get too ‘high’... or too ‘low’, as the rate of change and the unexpected is only increasing.”

 

Paul Barber, CEO, Brighton & Hove Albion

“More a reminder that listening remains an underrated skill and an even bigger asset.”

 

Corey Pellatt, CEO, Versus

“This year I learned how much weight the CEO role carries in the eyes of our team. As we’ve grown, the business has needed more structure and hierarchy – something that doesn’t come naturally when you’ve built a company of highly autonomous, do-everything people who care more about the work than titles. I’ve had to embrace the fact that my time, attention and support land differently now, simply because of the role I hold. Owning that responsibility has been a real moment of growth for me as a leader.”

 

Mark Bullingham, CEO, The FA

“This year just confirmed my view that hiring and then supporting brilliant people is so critical to success.  I don’t believe we would have won the women’s euros with any other coach than Sarina [Weigman].”

 

Marina Storti, CEO, WTA Ventures

“Being a CEO is fundamentally about people, belief, and clarity. This year reinforced that success isn’t just about individual talent, but about building a team with shared belief, trust, and alignment behind a clear vision. It highlighted the importance of setting direction, empowering others, and being intentional about quality and standards—particularly in building a premium brand. Leadership at this level requires resilience, decisiveness, and the ability to bring others with you while staying anchored to the long-term strategy.”

 

Dave Nugent, CEO, Next League
"Every year I am a CEO I learn a little more about the same dynamic; running a company is a study in human behavior.  Every person, regardless of seniority,  comes to work with their own set of expectations, strengths and anxieties.  Being an active listener and paying attention to the signals your team sends out is important.  I think this year I learned that when to transition from manager to leader, and back again.  These are very different skills and knowing when you need to inspire the team with vision vs. when you need to tactically manage a team to results can be tricky.  Many may say you need to do both simultaneously, and in a perfect world it would unfold that way, but that is not my experience."  

 
 

5 other things Worth Knowing you need to know this week

 

1) Production firm Momentum Broadcast and Carr-Hughes Productions (M-CHP) and Two Circles are among the top creditors, following Grand Slam Track's filing for Chapter 11 bankruptcy.

 

2) Chris Marinak is leaving his Chief Operations and Strategy Officer role at Major League Baseball.

 

3) Portugal will make a surprise return to the F1 calendar in 2027 and 2028, after the country’s government struck a deal for a race in Portimao.

 

4) The Agnelli family have turned down a €1.1 billion offer from crypto firm Tether to take over Serie A giants Juventus.

 

5) The first stop of Lionel Messi’s Indian stadium tour was marred by violence in Kolkata on Saturday, leading to the arrest of promoter Satadru Dutta.

 

🔗 WORTH KNOWING - THE LINKS

 
 

'Anger and disappointment' as fans priced out of World Cup (2 mins)

Five million ticket requests for World Cup tickets (1 min)

Disney signs landmark agreement with OpenAI (2 mins)

Pinterest Predicts report (30 mins)

Chris Marinak leaving Major League Baseball (2 mins)

Portugal to make surprise return to F1 calendar (1 min)

Tether’s bid to buy Juventus turned down (2 mins)

Messi tour stop in Kolkata marred by violence (1 min)

Dream Sports divided into eight business units (2 mins)

Utah makes NCAA history with private equity investment (2 mins)

Wizz Air signs first sports sponsorship (1 min)

Zak Brown sells stake in Aussie V8 team (1 min)

Oakwell to help fundraising for new European wrestling series (2 mins)

 

 

🎉 WHAT'S NEW?

 
 

Dream state: Fantasy sports giant Dream Sports, parent of Dream11, has been divided into eight business units, including Dream Cricket and Dream Sports AI, as it looks to internationalise.

 

First mover: The University of Utah has become the first NCAA athletic department to accept private equity money, through a $500 million injection from Otro Capital and the formation of a new Utah Brands & Entertainment offshoot.

 

Wizz bang: Low-cost airline Wizz Air has embarked on its first sports sponsorship, becoming a main partner of AS Roma.

 

Stake out: McLaren CEO Zak Brown has sold his stake in Australian V8 Supercars team Walkinshaw Andretti United to TWG Motorsport.

 

Fight club: Former WWE wrestler Ben Webb (Trent Seven) has hired Oakwell to help raise £5 million to launch Project Flight, a European wrestling series.

 

Hump day: AS Monaco player Paul Pogba has invested in Al Haboob, which describes itself as the world’s first professional camel racing team.

 

🤝 GOOD PEOPLE, GOOD PLACES

 
 

Hiring:

 

• Harris Blitzer Sports & Entertainment are on the hunt for a new Director, Corporate Partnerships.

 

• The Rugby Football League are recruiting a new

 

• Multi-club women’s football investment platform Crux are hiring a London-based Director of Commercial Partnerships.

 

• Brooklyn Sports & Entertainment are hiring a Director of Ticket Sales and Revenue Strategy specially for its non-sport properties.

 

• The Vegas Golden Knights are in the market for a Manager of Global Partnership Activation.

 

• In Oregon, Nike are hiring a Principal, Strategic Partnerships.

 

• The LA Lakers are hiring a Director of Partner Activation.

 

• SailGP are looking for a Head of Communications, EMEA, based in London.

 

• The ECB are hiring a Communications Manager for England’s women’s team.

 

• PR firm Prosek Partners are searching for a Senior Vice President, Sports Business, offering a salary of between $175k and $200k a year.

 

Hired:

 

• FIA President Mohamed Ben Sulayem has won a second four-year term after an uncontested election.

 

• Elena Valls Menal has left FC Barcelona to become Vice President of International Partnerships at Live Nation Entertainment.

 

• James Allen, former F1 commentator, is leaving Motorsport Network to take on a newly-created role as President, F1 at the Right Formula motorsport agency.

 

 
 
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