Is the hyper-commercial World Cup here to stay?

{"text":[[{"start":8.3,"text":"This article is an online version of our Scoreboard newsletter. Premium subscribers can sign up here to get the newsletter delivered every Saturday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters"}],[{"start":22.85,"text":"Good morning from New York, where the World Cup final kicks off in just under 36 hours. The city — and indeed much of North America — has been blanketed with smoke for the past few days due to wildfires way off in Canada and the upper Midwest. "}],[{"start":39.150000000000006,"text":"Those arriving from JFK airport have been greeted by warning signs encouraging people to limit outdoor activity, while the Big Apple ranked fifth in the world among major cities for poor air quality. Not ideal conditions for the most watched sporting event on the planet, especially in an open-air venue. "}],[{"start":57.150000000000006,"text":"The final might have taken place in Dallas, under a roof and in climate-controlled temperatures. But the allure of New York (or rather New Jersey) proved too strong, as did the one-hour time difference. "}],[{"start":68.60000000000001,"text":"On the ground the World Cup is in its final throes. Across the US, Fifa’s official T-shirts, water bottles and baseball caps that have filled shelves in every drugstore, clothes shop and supermarket (in host cities at least) are already available with heavy discounts of up to 85 per cent. Everything must go. "}],[{"start":87.4,"text":"But Fifa is taking a rather different approach to the retail sales in the home straight, as we outline below. Plus, away from the World Cup money has been sloshing around football’s transfer market at a record pace. Do read on — Josh Noble, sports editor"}],[{"start":null,"text":""}],[{"start":104.55000000000001,"text":"Send us tips and feedback at scoreboard@ft.com. Not already receiving the email newsletter? Sign up here. For everyone else, let’s go."}],[{"start":114.9,"text":"Fifa’s final cash grab"}],[{"start":117.10000000000001,"text":"In search of every last US dollar, Fifa is leaving no stone unturned. Ahead of Sunday’s final, football’s governing body is somehow still finding new ways to reach into fans’ wallets. "}],[{"start":128.20000000000002,"text":"Those who simply cannot get enough of the World Cup final have been offered the chance to attend the prematch press conference in New York. The privilege that has until been reserved for, well, members of the press, is now open to attendees of Fanatics Fest — a four-day jamboree organised by Michael Rubin’s sports merchandise and memorabilia company. A one-day pass will set you back $80. "}],[{"start":151.8,"text":"But it doesn’t stop there. Diehards can buy one of the 1,996 “championship rings” available after the game (price still tba) — a none-too-subtle nod to the great American tradition for winners of the Super Bowl or the World Series. The team that actually wins the match will be given theirs at a later date, which will help keep Fifa’s digital content engine humming after the final whistle blows. "}],[{"start":178.55,"text":"And fans can grab themselves a slice of the hallowed turf on which Sunday’s game is played. Fifa listed chunks of the pitch — encased in an acrylic block — on its store a few days ago, priced at $450. But those “cheap” options appear to have gone. "}],[{"start":195.55,"text":"Instead there is now the “Stadium Edition”, priced at $900, which comes with a gold-etched metal souvenir ticket. Or for the real obsessives, $3,000 will bag you the “Hero Edition”, which features more blades of grass, a tiny gold football and a crystal replica of the World Cup trophy. It sounds like something that would look at home in Trump Tower. "}],[{"start":216.8,"text":"Throughout the tournament, Fifa’s commercial team has worked flat out to maximise revenue and fully embrace the American way, whether that’s through sponsored hydration breaks or sky-high ticket prices. "}],[{"start":229.4,"text":"Fifa has justified it all — along with Sunday’s half-time show of still uncertain length — by arguing that this is what an American audience wants, knows and is willing to pay for. It’s a one-off opportunity to generate more cash from the world’s biggest economy, and not a single penny should be left on the table. "}],[{"start":247.15,"text":"But is there any going back? Are hydration breaks here to stay? Will the length of a World Cup final half-time now always be dependent on how many big music acts have agreed to take part? Will a growing American audience dictate the pace of change?"}],[{"start":261.4,"text":"Some things are likely to stick. As we outlined last week, World Cup media rights in the US have been relatively cheap until now. If they go up sharply then American broadcasters will become the most powerful commercial voice in the room — just as they long have been at the Olympics. That has significant implications for things like hydration breaks, but also potentially kick-off times. And if US audiences do tune in, that’s bullish for sponsorship. "}],[{"start":288.9,"text":"Fifa’s own budget projections for the 2030 World Cup cycle show an increase of about $2bn globally from TV and sponsorship alone, so the expectation is that the money will keep flowing. "}],[{"start":301.7,"text":"But some aspects of this World Cup are less likely to endure, especially once the tournament lands inside the legal borders of the EU. "}],[{"start":309.2,"text":"Take Fifa’s dynamic pricing model for tickets, and its resale platform, which charges 15 per cent commission from both buyer and seller. EU regulations — either current or future — are set to make that approach impossible in 2030. "}],[{"start":324.2,"text":"US stadiums have vast hospitality facilities to entertain, wine and dine celebrities and wealthy fans (or their clients). Even the latest European stadiums would struggle to deliver anything like what we’ve seen stateside. Indeed, ticket and hospitality revenue is expected to drop considerably in 2030. "}],[{"start":345.3,"text":"Merchandise works very differently if you’re pitching to a customer base that already knows and loves football, and probably already has the right shirt, scarf or hat to prove it. Cheaply produced nylon shirts that just say ENGLAND or SENEGAL on them are not going to have much of an audience. "}],[{"start":360.90000000000003,"text":"As we’ve seen over the past five weeks, America is gradually remaking football in its image, and Fifa is only too willing to oblige. But the World Cup circus is moving on now, and some parts of the show will not be making the journey. "}],[{"start":375.55,"text":"Football’s transfer market: the unstoppable force"}],[{"start":null,"text":"

"}],[{"start":379,"text":"Not even the World Cup can stop the football transfer market."}],[{"start":383.6,"text":"Tottenham Hotspur are tired of fighting relegation. The Lewis family has injected cash. Spurs have spent €267mn on players so far this window, higher than any other club, according to data tracker Transfermarkt."}],[{"start":397.70000000000005,"text":"Manchester City haven’t won the league for two seasons straight. That won’t do for Khaldoon Al Mubarak, who chairs the club and leads UAE sovereign investor Mubadala."}],[{"start":408.20000000000005,"text":"City has a new manager, Enzo Maresca, who joined after a messy exit from Chelsea. The club has spent €175.20mn, including the signing of England midfielder Elliot Anderson from Nottingham Forest for £116mn (€136mn)."}],[{"start":426.05000000000007,"text":"Spurs have recouped almost €70mn from selling players, City around €23mn, but neither has sold quite like Newcastle and Chelsea, who have moved on €188mn and €132mn of players respectively. "}],[{"start":440.8500000000001,"text":"Having missed out on the Champions League, private equity-owned Chelsea is under pressure to return to Europe’s elite competition. It must also sell players if it is to buy because no CL means revenues are down."}],[{"start":452.25000000000006,"text":"Newcastle benefited from Spurs’ purchase of midfielder Sandro Tonali and England winger Anthony Gordon leaving for Barcelona."}],[{"start":460.45000000000005,"text":"Premier League clubs have bought €1.35bn of players so far, more than double any other league. Italy’s Serie A is a distant second with €556mn of purchases. "}],[{"start":473.55000000000007,"text":"The net spend — which accounts for players sold — has the Premier League with a €455mn deficit, still the highest in the game but not as wide a gap from Serie A’s roughly €164mn."}],[{"start":487.3500000000001,"text":"The Premier League’s financial dominance continues in the hunt for talent. But consultants at Deloitte have wider concerns about how much clubs spend on players."}],[{"start":497.3500000000001,"text":"In its annual football finance review, Deloitte said it expects the 20 clubs to post collective revenues of more than £7.4bn for the recently completed 2025-26 season."}],[{"start":509.80000000000007,"text":"“With further growth in transfer expenditure seen in 2025/26, it is expected that player-related costs will also have increased to ultimately culminate in similar or even larger losses among Premier League clubs,” Deloitte wrote."}],[{"start":523.1500000000001,"text":"A reminder: aggregate pre-tax losses totalled £948mn in 2024-25, when revenues totalled £6.8bn."}],[{"start":533.0000000000001,"text":"Last summer, Premier League clubs spent €3.61bn in the transfer market and recouped €2.09bn in sales, according to Transfermarkt, ending with a €1.52bn deficit."}],[{"start":546.3500000000001,"text":"And this summer’s spending spree is still playing out."}],[{"start":549.4000000000001,"text":"Can MLS capitalise on America’s football fever?"}],[{"start":null,"text":""}],[{"start":553.3000000000001,"text":"As Messi magic propels Argentina to a second consecutive World Cup final, Major League Soccer is seizing the moment to remind Americans that football’s GOAT plays right in their backyard. MLS this week launched its largest-ever marketing campaign called “Thanks World, We’ll Take It From Here”, featuring the Inter Miami star front and centre."}],[{"start":576.1,"text":"The league is trying to capitalise on America’s football fever. Several World Cup matches have reached television viewership levels rivalling major NFL games, suggesting the sport is finally entering the US mainstream."}],[{"start":589.35,"text":"MLS has proven a commercial success, boasting 18 of the world’s 50 most valuable football clubs, according to Sportico — more than any other league. On the pitch, however, MLS still lags behind Europe’s top leagues, which are now more accessible than ever on US television and streaming platforms. "}],[{"start":608.8000000000001,"text":"Winning over America’s newfound football fans will be an uphill battle, but MLS Commissioner Don Garber said he was “pumped up” about the opportunity. "}],[{"start":619.0000000000001,"text":"In an interview with Scoreboard, he discussed MLS’s plans to build on the World Cup momentum, including its “seismic” schedule change to align with the international football calendar. He also addressed the barriers facing US player development and how MLS can continue growing after Messi eventually leaves the field."}],[{"start":639.8000000000001,"text":"Highlights"}],[{"start":null,"text":""}],[{"start":640.8000000000001,"text":"Apollo is in talks to provide $3bn of financing to the New York Yankees, as institutional investors continue to pour money into sports franchises. The baseball team is among the biggest brands in sport."}],[{"start":653.85,"text":"Vinod Khosla, co-founder of Sun Microsystems, and his family agreed to buy the Seattle Seahawks for $9.6bn. They bought the NFL franchise from the estate of the late Paul Allen, who had acquired the Seahawks for $200mn in 1997."}],[{"start":670.0500000000001,"text":"Conor McGregor’s return to the octagon ended in just 69 seconds because of the controversial Irishman’s injured right knee. Paramount+, which paid $7.7bn for the US rights to Ultimate Fighting Championship, said it was the most-streamed exclusive live event in the platform’s history."}],[{"start":687.8000000000001,"text":"Transfer Market"}],[{"start":689.5500000000001,"text":"Bay Collective, the women’s football multi-club ownership group backed by private equity firm Sixth Street, has hired Joe Sullivan as global director of data and technology. Like Bay Collective chief executive Kay Cossington, who played a key role in the success of the England women’s team, Sullivan previously worked for the English Football Association."}],[{"start":710.5000000000001,"text":"Final Whistle"}],[{"start":712.7000000000002,"text":"Lamine Yamal is a prodigy but a younger member of the family stole the show. Meet the Spain maestro’s brother."}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":719.7500000000001,"text":"Scoreboard is written by Josh Noble and Samuel Agini in London, with contributions from the team that produce the Due Diligence newsletter, the FT’s global network of correspondents and the data visualisation team. It is edited by Benjamin Wilhelm in New York and Lee Campbell-Guthrie in London."}],[{"start":null,"text":""}],[{"start":738.0000000000001,"text":"The Lex Newsletter — Lex, our investment column, breaks down the week’s key themes, with analysis by award-winning writers. Sign up here"}],[{"start":746.9500000000002,"text":"Unhedged — Robert Armstrong dissects the most important market trends and discusses how Wall Street’s best minds respond to them. Sign up here"}],[{"start":762.0000000000001,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784379444_8001.mp3"}