Category: Business

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Business Culture Entertainment News Lifestyle Sports & Gaming

When owners win big, fans lose out–the relentless optimization of sports businesses

Much has been celebrated about the analytics evolution and ‘Moneyball’ era of professional sports, yet journalist Bruce Schoenfeld argues the relentless optimization of franchises as businesses run the risk of undermining the special relationship between a team and its supporters.

 

In a compelling essay for The Atlantic, Schoenfeld notes that these new transactional relationships in the spectacle of pro sports have turned fans into unknowing participants (without financial gain) in owners’ franchises disguised as mutual funds.

 

An insightful examination of the world of analytics and sports business found in Moneyball and Soccernomics, GAME OF EDGES: The Analytics Revolution and the Future of Professional Sports by Bruce Schoenfeld delves into the optimization of professional sports, and shows how a new generation of tech-savvy franchise owners is reshaping every aspect of professional sports—in ways both appealing and alarming.

 

Innovation, data analysis, and technology have driven a tectonic shift in the sports business. Franchises that were once expensive hobbies for their owners have now grown into enormous businesses, operating at the creative nexus of entertainment, digital content, real estate, retail, and hospitality.

 

In Game of Edges, Bruce Schoenfeld delivers a high-stakes, character-driven narrative of how the analytics revolution has essentially professionalized business sports—from player selection and in-game strategy to ubiquitous gambling, ever-shifting rule changes, and much more.

 

Drawing on extensive interviews with franchise owners, general managers, executives, and players, Schoenfeld introduces dynamic leaders who are radically reimagining the operations of these decades-old teams—and producing mind-boggling valuations. Yet Schoenfeld also argues that this relentless pursuit of brand value threatens the basic appeal of the games themselves. Game of Edges explores a world where winning the game is only the beginning.

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Art & Life Business Education

Expert offers insight for leaders on the return to office dilemma: remote work: a question of trust

Return-to-office mandates are highlighting a deeper issue with businesses: trust. These mandates could also adversely impact retention and performance, causing long-term damage to organizations.

 

Keryn Gold shared some thoughts about this on LinkedIn, and she has a career history of delivering 50x+ first-year ROI in less than 3 months to her clients, enabling her partners to improve outcomes while reducing costs without layoffs. This effectively innovate, improve engagement, and unleash the potential of their employees, and achieve greater work/life balance while delivering transformational business value.

 

 

Gold is an expert on the following topics:

  • How Return to Office Mandates Can Backfire—The dangers of taking away people’s autonomy
  • Why Remote Work Requires Mutual Trust
  • How Remote Work Requires a Mutual Commitment to Each Other
  • The Importance of Clear Expectations for Remote Work Success
  • It’s Possible to Meaningfully Build Relationships Remotely—Strategies and Tips

 

 

Keryn Gold, Ph.D., is an award-winning business and consulting leader, advisor, and certified business and executive coach who empowers organizations to achieve the seemingly impossible and accelerate achievement of their multi-year plans 3x+ within months.

 

She served as CEO and COO of startups, ran consulting groups, worked in venture capital and private equity, and led Data Science & Product Strategy divisions and Centers of Excellence at multiple Fortune 50 and FAANG companies. She has a career history delivering 50x+ first-year ROI in less than 3 months to her clients, from start-ups to non-profits to the Fortune 10, across industries.

 

Her clients say she’s a “resourceful, perceptive, trusted advisor” who “proactively delivers transformational value with relentless compassion — phenomenally fast.”

 

She has revolutionized divisions, systems, and processes at dozens of companies, and enables partners to improve outcomes while reducing costs without layoffs, more effectively innovate, improve engagement and unleash the potential of their employees, and achieve greater work/life balance while delivering transformational business value.

 

Gold began college at age 14 and graduated summa cum laude at age 17 from a Top 15 university with a BA in Applied Mathematics, and earned a Ph.D. in Biomedical Sciences & Statistical Genetics from Washington University in St. Louis. She is also a member of Sigma Xi: The Scientific Research Honor Society, and volunteers at youth and entrepreneur empowerment organizations.

 

Her cross-functional expertise ranges from the future of work, employee engagement and people empowerment strategies to cost reduction, process optimization, and sustainable growth, to data science and AI, to healthcare, education, and beyond.

 

Her business ecosystems —

 

OTBi Solutions is about uncovering transformational value from data and uncovering hidden profits.

 

FocalPoint Outcomes is about unlocking the potential of employees, and accelerating multi-year plan achievement while improving balance and autonomy for leaders and individual contributors alike.

 

 SNAFU Guide specializes in implementable strategies for scalable transformation. Keryn is writing a book under this business, to be released later this year: The Leadership Playbook, Revisited. In it, she has synthesized over 100,000 hours of research, testing and refinement of tools and actionable strategies she’s designed and implemented successfully over the years at organizations from high-growth startups to Fortune 10 companies into high-value, rapid-impact 1-page “plays” to drive multiple-fold first-year ROI, like what Keryn has achieved for all her clients.

 

Awards—

 

Keryn was recently featured in the Top 100 Innovators & Entrepreneurs Magazine, and a subset of publications who proactively reached out and plan to feature her in their upcoming June-July issues include Top 10 Inspiring Innovators Pushing the Boundaries in Their Industries by LA Weekly, Top 10 Business Pioneers & Leaders Disrupting Their Industries by International Business Times, 10 Most Inspiring Business Women of 2023 by CXO Outlook Magazine, The Most Iconic Women Business Leaders to Watch in 2023 by The Enterprise World Magazine, 30 Most Inspiring Leaders to Watch 2023 by The Silicon Review.

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Business Economics Energy Environment Government Lifestyle

OPT adopts tax benefits preservation plan to protect long-term shareholder value By Preserving Significant Tax Assets

MONROE TOWNSHIP, N.J. — (BUSINESS WIRE) — Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, announced on Friday that its Board of Directors has approved the adoption of a tax benefits preservation plan (or “the plan”) in the form of a Section 382 Rights Agreement.

 

The plan is designed to protect and preserve OPT’s tax assets primarily associated with net operating loss carryforwards or NOLs that could potentially be utilized in certain circumstances to offset OPT’s future taxable income and reduce its federal income tax liability.

 

Section 382 of the Internal Revenue Code imposes limitations on the future use of a company’s NOLs if it undergoes an “ownership change.” OPT’s ability to benefit from its tax assets would be substantially limited by Section 382 if an “ownership change” occurred. A company experiences an “ownership change” for tax purposes if the percentage of stock owned by one or a group of its 5% stockholders (as defined for tax purposes) increases by more than 50 percentage points over a rolling three-year period over the lowest percentage of stock of such corporation owned by such stockholders at any time during that period.

 

OPT’s tax benefits preservation plan is similar to those adopted by numerous other public companies with significant NOLs. In order to protect OPT’s NOLs from being limited or permanently lost under Section 382, the tax benefits preservation plan is intended to reduce the likelihood of an unintended “ownership change” occurring through the buying and selling of OPT’s common stock, $0.001 par value per share (the “common stock”). OPT’s tax benefits preservation plan is intended to deter any person or group from acquiring beneficial ownership of 4.99% or more of OPT’s outstanding common stock without the approval of the Board. OPT’s tax benefits preservation plan does not, however, block anyone from buying or selling OPT’s common stock. Accordingly, there can be no assurance that the tax benefits preservation plan will prevent an “ownership change.”

 

Under the terms of the tax benefits preservation plan, OPT will distribute to its stockholders one preferred stock purchase right for each share of OPT’s common stock held as of the close of business on July 11, 2023. Any shares of common stock issued after the July 11, 2023 record date will be issued together with associated preferred stock purchase rights.

 

Under the tax benefits preservation plan, the rights will initially trade with OPT’s common stock. The rights will generally become exercisable only if a person (or any persons acting as a group) acquires beneficial ownership of 4.99% or more of OPT’s outstanding common stock, without the approval of the Board, after the first public announcement by OPT of the adoption of the tax benefits preservation plan. A person or group who acquires, without the approval of the Board, beneficial ownership of 4.99% or more of OPT’s outstanding common stock could be subject to significant dilution.

 

If the preferred stock purchase rights become exercisable, all holders of rights, other than the person or group triggering the rights, will be entitled to purchase OPT’s common stock at a 50% discount. The Board also has the option to cause the exchange of one share of common stock for each preferred stock purchase right held (other than the rights held by the person or group triggering the rights). Preferred stock purchase rights held by the person or group triggering the rights will become null and void and will not be exercisable, exchangeable, or transferable.

 

Stockholders who beneficially owned 4.99% or more of OPT’s outstanding common stock prior to the first public announcement by OPT of the adoption of the tax benefits preservation plan will not trigger any penalties under the tax benefits preservation plan so long as they do not acquire beneficial ownership of any additional shares of common stock (other than pursuant to a stock split, stock dividend, reclassification, or similar transaction effected by OPT) at a time when they still beneficially own 4.99% or more of such common stock. The Board also has the discretion to exempt any acquisition of OPT’s common stock from the provisions of the tax benefits preservation plan.

 

The preferred stock purchase rights and the tax benefits preservation plan will expire no later than June 29, 2026. The preferred stock purchase rights and the tax benefits preservation plan may also expire on an earlier date upon the occurrence of other events, including a determination by OPT’s Board that the tax benefits preservation plan is no longer necessary for the preservation of OPT’s tax attributes. The preferred stock purchase rights may also be redeemed, exchanged, or terminated prior to their expiration.

 

Additional information with respect to the tax benefits preservation plan will be contained in the related Current Report on Form 8-K and Registration Statement on Form 8-A that OPT will file with the Securities and Exchange Commission. Copies of these documents can be obtained free of charge, when available, at the SEC’s website, www.sec.gov, and at OPT’s website, www.OceanPowerTechnologies.com.

 

About Ocean Power Technologies

OPT is a provider of ocean energy and intelligent data services. OPT provides these services through its innovative low-carbon distributed and autonomous ocean power and data solutions, combined with its offshore engineering and design services. ‘OPT’s PowerBuoy® platforms offer persistent, reliable, and economical power and communications for remote surface and subsea applications for markets such as offshore energy, defense and security, science and research, and communications. OPT is headquartered in Monroe Township, New Jersey. To learn more, visit www.OceanPowerTechnologies.com.

 

Forward-Looking Statements

This press release contains “forward-looking statements” as defined under the U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created by such laws. Forward-looking statements contained in this press release may relate to, but are not limited to, statements regarding our future taxable income, our ability to utilize and realize the value of our net operating loss carryforwards and how they could be limited or eliminated if we experienced an ownership change as defined in Section 382 of the Internal Revenue Code and whether the tax benefits preservation plan will reduce the likelihood of such an unintended ownership change from occurring. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Information on factors that may impact these forward-looking statements can be found in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections contained in OPT’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its latest Annual Report on Form 10-K and its latest Quarterly Report on Form 10-Q, copies of which may be obtained from www.sec.gov. The forward-looking statements in this press release are made as of the date hereof. Notwithstanding changes that may occur with respect to matters relating to any forward-looking statements, OPT assumes no obligation to publicly update, amend, or clarify its forward-looking statements, whether as a result of new information, future events, or otherwise, except as may otherwise be required by the federal securities laws. OPT, however, reserves the right to update such statements or any portion thereof at any time for any reason.

Contacts

Investors:

609-730-0400 x401

InvestorRelations@oceanpowertech.com

Media:

609-730-0400 x402

MediaRelations@oceanpowertech.com

or

Longacre Square Partners

Dan Zacchei / Rebecca Kral

dzacchei@longacresquare.com / rkral@longacresquare.com

Categories
Business Economics Technology

Zoetis to host webcast and conference call on second quarter 2023 financial results

PARSIPPANY, N.J. — (BUSINESS WIRE) — $ZTS #animalhealth — Zoetis Inc. (NYSE:ZTS) will host a webcast and conference call at 8:30 a.m. (ET) on Tuesday, Aug. 8, 2023. Chief Executive Officer Kristin Peck and Executive Vice President and Chief Financial Officer Wetteny Joseph will review second quarter 2023 financial results and respond to questions from financial analysts during the call.

 

Investors and the public may access the live webcast by visiting the Zoetis website at http://investor.zoetis.com/events-presentations. Information on accessing and pre-registering for the webcast is available beginning today. A replay of the webcast will be made available on Aug. 8, 2023.

 

About Zoetis

As the world’s leading animal health company, Zoetis is driven by a singular purpose: to nurture our world and humankind by advancing care for animals. After innovating ways to predict, prevent, detect, and treat animal illness for more than 70 years, Zoetis continues to stand by those raising and caring for animals worldwide – from veterinarians and pet owners to livestock farmers and ranchers. The company’s leading portfolio and pipeline of medicines, vaccines, diagnostics and technologies make a difference in over 100 countries. A Fortune 500 company, Zoetis generated revenue of $8.1 billion in 2022 with approximately 13,800 employees. For more information, visit www.zoetis.com.

ZTS-COR

ZTS-IR

Contacts

Media Contacts:

Bill Price

1-973-443-2742 (o)

william.price@zoetis.com

Kristen Seely

1-973-443-2777 (o)

kristen.seely@zoetis.com

Investor Contacts:

Steve Frank

1-973-822-7141 (o)

steve.frank@zoetis.com

Nick Soonthornchai

1-973-443-2792

nick.soonthornchai@zoetis.com

Categories
Art & Life Business Lifestyle Programs & Events

Miranda Lambert’s MuttNation & Tractor Supply award over $250,000 in grants to 52 animal shelters

Mutts Across America program makes surprise donation in every state

 

NASHVILLE, Tenn. — (BUSINESS WIRE) — #4H — Three-time GRAMMY Award-winning Country superstar Miranda Lambert’s MuttNation Foundation and Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, teamed up for the third consecutive year to donate more than $250,000 to animal shelters across the nation.

 

Through MuttNation’s Mutts Across America program, one outstanding shelter or foster-based rescue in every state – plus Washington, D.C. and a “Wildcard” pick – are being honored with a surprise $5,000 grant.

 

“Finding deserving shelters and rescue groups across the country is easy,” said Bev Lambert, Miranda’s mother and co-founder of MuttNation, who also conceived Mutts Across America. “It’s narrowing it down to just one in each state that’s really tough.”

 

“Mutts Across America is MuttNation’s cornerstone – it was our first signature program,” added Miranda. “These grants give us the chance to show our appreciation and spotlight shelters across the country for their hard work, year-round, to improve the lives of shelter pets. We’re so proud to partner with Tractor Supply on this and other programs, allowing us to elevate our goals and increase the number of animals’ lives we can change.”

 

Since the initiative’s origin nine years ago, MuttNation’s Mutts Across America has supported more than 450 shelters with over $1.75 million in grants. Tractor Supply began partnering with MuttNation in 2021.

 

“Shelter pets have our hearts at Tractor Supply,” stated Kimberley Gardiner, chief marketing officer at Tractor Supply. “Miranda’s passion for this cause and the work she has done through MuttNation truly inspire us and supporting their work is a privilege and joy. These shelters are saving the lives of animals and pets and providing the care they need as they wait for their future owners.”

 

Each year, MuttNation conducts extensive research to carefully choose the organizations that will be honored with the annual grants and, this year, is specifically recognizing some of the outstanding shelters that help seniors, special needs dogs, large dogs and pit mixes; the “Love Harder” dogs that are easy to love but hardest to get adopted. There is no application process for Mutts Across America, and the recipients are given no advance notice before receiving the award.

 

In addition to the Mutts Across America partnership, MuttNation and Tractor Supply started the Relief For Rescues Fund earlier this year to help shelters and shelter pets recover from natural disasters. To date, the fund has generated over $357,000 to support shelter animals affected by disasters such as floods, fires, hurricanes and tornadoes, with funding already dispersed to organizations responding to shelter pets impacted by severe flooding in California’s Central Valley, a violent EF4 tornado in Mississippi and more.

 

Tractor Supply is the exclusive retailer of MuttNation pet products, with a percentage of all sales going to the MuttNation Foundation to promote and facilitate its mission.

 

The 2023 Mutts Across America grant recipients are:

Shelter Name State
Aide for Animals Sanctuary Alabama
Juneau Animal Rescue Alaska
Unconditional Love Pet Rescue (ULPR) Arkansas
NAGI Foundation Arizona
Animal Compassion Team of California California
Soul Dog Rescue Colorado
Army’s Legacy Animal Rescue and Sanctuary Connecticut
Rural Dog Rescue DC
Humane Animal Partners Deleware
UFAR Animal Parnters Florida
Homeward Bound Pet Rescue Georgia
The Hawaii SPCA Maili Waianae Hawaii
Heart of Idaho Animal Sanctuary Idaho
Second City Canine Rescue Illinois
Grateful Rescue and Sanctuary (Grateful Rescue) Indiana
Dogs Forever of Iowa (Dogs Forever) Iowa
Clay County Animal Rescue & Education Center Kansas
LIFE House for Animals Kentucky
4 Paws Rescue Inc. Louisiana
Underhound Railroad, Inc. Maine
Senior Dog Sanctuary Maryland
Cape Ann Animal Aid Christopher Cutler Rich Animal Shelter Massachusetts
K9 Stray Rescue League Michigan
Great River Rescue Minnesota
HoofBeats and PawPrints Rescue Mississippi
Columbia Second Chance Missouri
The Dedman Foundation Montana
FurEver Home, Inc. Nebraska
Hearts Alive Village Nevada
Second Chance Ranch Rescue NH New Hampshire
Marty’s Place Senior Dog Sanctuary, INC New Jersey
Pet-A-Bulls, Inc. New Mexico
Paws Crossed Animal Rescue New York
Lake Norman Humane North Carolina
Prairie Paws Rescue North Dakota
Multiple Breed Rescue Ohio
Oklahoma Alliance for Animals Oklahoma
Southern Oregon Humane Society Oregon
Speranza Animal Rescue Pennsylvania
Anchor Paws Rescue Rhode Island
Pet Helpers Adoption Shelter and Spay/Neuter Clinic South Carolina
B-Squad Dog Rescue South Dakota
New Leash on Life Tennessee
Dog Ranch Rescue Texas
Hearts 4 Paws Rescue Utah
Homeward Bound , Addison County’s Humane Society Vermont
Wolf Trap Animal Rescue Virginia
Old Dog Haven Washington
Humane Society of Harrison County- WV West Virginia
Bob’s House for Dogs Wisconsin
Laramie Peak Humane Society Wyoming
Bonaparte’s Retreat Dog Rescue *WILDCARD*

Tennessee

 

About MuttNation Foundation

Founded by Miranda and her mom, Bev Lambert, in 2009, MuttNation is a donation-supported 501c(3) nonprofit organization with a mission to promote the adoption of shelter pets, advance spay & neuter and educate the public about the benefits of these actions. MuttNation provides financial support and works with transport partners to assist and relocate animals during times of natural disaster. MuttNation Fueled by Miranda Lambert, a pet line of toys and supplies that benefits the Foundation, is available exclusively at Tractor Supply Company stores throughout the US. www.muttnation.com

 

About Miranda Lambert:

Already a decorated songwriter, Academy of Country Music Entertainer of the Year, passionate shelter animal advocate, restaurateur and business woman, superstar Miranda Lambert adds New York Times best-selling author to her impressive list of titles with the arrival of her debut book, “Y’all Eat Yet?,” available everywhere now.

 

Palomino, her eighth solo album, arrived in 2022 as the largest female Country album debut of the year and earned a GRAMMY nomination for Best Country Album. Named among the best of the year by the New York Times, TIME, Rolling Stone, Billboard, Stereogum, People and many more, it marks the latest installment in a storied career that has spanned seven previous No. 1 solo albums, 11 No. 1 hit radio singles, more than 70 prestigious awards and countless sales certifications, earning the most-awarded artist in ACM history praise from NPR as “the most riveting country star of her generation.”

 

With her headlining Velvet Rodeo Las Vegas residency extended through late 2023 at Planet Hollywood Resort & Casino’s Bakkt Theater, the top streaming female Country artist of 2022 was also named to the TIME100 list honoring the world’s most influential people, with Pitchfork declaring that she “manages the hat-trick of both timelessness and timely activism.” Whether challenging conventional gender notions in her recent Top 10 hit “If I Was A Cowboy” or using her voice to write and record the inclusive “Y’All Means All” anthem for Netflix’s “Queer Eye,” the Texas native continues to expand the tent of the Country genre via her music, including with her latest release, the cross-genre collaboration “If You Were Mine” with Leon Bridges.

 

Idyllwind, her clothing and cowboy boot collection, is an exclusive brand sold at all Boot Barn stores nationwide, while her home goods collection, Wanda June Home, is available exclusively at Walmart. She is also the first female artist to have her own venue on Broadway in Nashville with her Casa Rosa Tex-Mex cantina. An avid animal lover, Lambert’s MuttNation pet product line is available exclusively at Tractor Supply Co. with proceeds benefitting her MuttNation Foundation, a 501c3 nonprofit that has raised over $8 million since its inception in 2009. The Foundation’s mission is to promote the adoption of rescue pets, support animal shelters across the country, advance spay & neuter and assist with the transport of animals during times of natural disaster.

MirandaLambert.com | Facebook | Twitter | Instagram | TikTok | YouTube

 

About Tractor Supply

For 85 years, Tractor Supply Company (NASDAQ: TSCO) has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 291 on the 2023 Fortune 500. The company’s more than 52,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides what customers need – anytime, anywhere, any way they choose at the low prices they deserve.

 

As of April 1, 2023, the Company operated 2,164 Tractor Supply stores in 49 states, including 81 stores acquired from Orscheln Farm and Home in 2022 that will be rebranded to Tractor Supply by the end of 2023. For more information on Tractor Supply, visit www.tractorsupply.com.

 

Tractor Supply Company also owns and operates Petsense by Tractor Supply, a small-box pet specialty supply retailer providing products and services for pet owners. As of April 1, 2023, the Company operated 189 Petsense by Tractor Supply stores in 23 states. For more information on Petsense by Tractor Supply, visit www.Petsense.com.

 

Contacts

Media Contact for Tractor Supply Company:
Mary Winn Pilkington (615) 440-4212

Tricia Whittemore (615) 440-4410

corporatecommunications@tractorsupply.com

Media Contacts for Miranda Lambert:
Ebie McFarland | Janet Buck

Essential Broadcast Media

(615) 327-3259

ebie@ebmediapr.com | janet@ebmediapr.com

For MuttNation:
Nina Miller

nmiller@muttnation.com

Categories
Business Healthcare Lifestyle Science

Blue Earth Diagnostics announces results of post-hoc analysis assessing impact of urinary activity on interpretation of POSLUMA® (Flotufolastat F 18) injection PET/CT in prostate cancer

− Based on data from prospective Phase 3 LIGHTHOUSE and SPOTLIGHT studies in newly diagnosed and recurrent prostate cancer –

 

MONROE TOWNSHIP, N.J. & OXFORD, England — (BUSINESS WIRE) — Blue Earth Diagnostics, a Bracco company and recognized leader in the development and commercialization of innovative PET radiopharmaceuticals, today announced results of a post-hoc analysis assessing the impact of urinary activity on the interpretation of POSLUMA® (flotufolastat F 18) injection (formerly known as 18F-rhPSMA-7.3) PET/CT in prostate cancer.

 

The analysis was based on data from Blue Earth Diagnostics’ prospective Phase 3 LIGHTHOUSE and SPOTLIGHT studies that evaluated the diagnostic performance and safety of POSLUMA in newly diagnosed and recurrent prostate cancer. The majority read results from 3 blinded readers assessing 712 evaluable POSLUMA scans showed that urinary activity did not influence disease assessment for the majority (96%, 682/712) of patients and that halo artifacts, that can potentially inhibit image assessment, occurred very rarely (0.3%, 2/712). The results as reported expanded on the initial data from a single reader that were detailed in the abstract. Recently approved by the U.S. FDA, POSLUMA is indicated for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy or with suspected recurrence based on elevated serum prostate-specific antigen (PSA) level. The results were reported at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting, held June 24 – 27, in Chicago, Ill.

 

“The ability to gather actionable information from PSMA PET scans is important for physicians to make informed decisions about patient management for men with prostate cancer,” Phillip Kuo, MD, Ph.D., Departments of Medical Imaging, Medicine, and Biomedical Engineering. “Activity in the urinary bladder area is a common feature of PSMA-PET radiopharmaceuticals. It can potentially obscure tumors and lymph nodes in the prostate region, which is the most common site of recurrence, and interfere with accurate image interpretation. The data presented here build on early clinical experience and suggest that, among this large dataset from two Phase 3 prospective trials, POSLUMA urinary activity is relatively low and rarely impacts disease assessment.”

 

“We are pleased to share these results about our new FDA-approved product, POSLUMA, with the imaging community at SNMMI,” said David E. Gauden, D.Phil., Chief Executive Officer of Blue Earth Diagnostics. “POSLUMA represents a new class of PSMA-targeted PET radiopharmaceuticals based on novel radiohybrid technology. It is engineered to advance clinical decision-making by providing beneficial information for treatment planning in men with prostate cancer, which can lead to changes in patient management. In preclinical and Phase 1 studies, POSLUMA demonstrated a high binding affinity for PSMA, with low urinary bladder activity, thus providing the potential for enhanced image evaluation in the prostate and regions near the ureters for patients with prostate cancer. We conducted this post-hoc analysis of PET scans from the Phase 3 LIGHTHOUSE and SPOTLIGHT studies to further investigate these earlier findings. We believe that POSLUMA’s diagnostic performance, high-affinity PSMA binding and low urinary activity characteristics make it a valuable diagnostic tool that is radiolabeled with 18F for high image quality and readily available patient access.”

 

Results presented at SNMMI were based on 712 evaluable POSLUMA scans (348 newly diagnosed patients and 364 patients with recurrent prostate cancer from LIGHTHOUSE and SPOTLIGHT, respectively). Of the 718 eligible scans, 6 were excluded on the basis of cystectomy, renal failure or presence of a urinary catheter. Findings included quantitative analyses of activity in the urinary bladder, based on maximum and mean standardized uptake values (SUVmax and SUVmean, respectively). Qualitative analyses conducted by 3 blinded, independent PET readers examined the impact of any urinary activity on the ability to assess the prostate/prostate bed and pelvic/retroperitoneal lymph nodes using a 3-point scale.

 

The median bladder SUVmax and SUVmean for POSLUMA were 17.1 and 12.5, respectively. For the qualitative metrics, by majority read, it was possible to distinguish urinary activity from disease uptake in 96% (82/712) of patients. Halo artifacts impacting assessment around the ureters and bladder were only observed in 0.3% (2/712) of patients.

 

There were several limitations to the study, including that it was not designed as a head-to-head comparison with other PSMA-PET radiopharmaceuticals and that any comparisons with data from other radiopharmaceuticals reported in the literature should be made with caution. Another limitation was that reader agreement was not formally tested. It should also be noted that, per the Important Safety Information for POSLUMA, the interpretation of POSLUMA PET in patients with suspected prostate cancer recurrence may differ depending on imaging readers, particularly in the prostate/prostate bed region.

 

Results of the presentation, “Post-hoc analysis of the LIGHTHOUSE and SPOTLIGHT studies to assess the impact of urinary activity on interpretation of 18F-rhPSMA-7.3,” were presented at SNMMI on June 27, 2023, by Phillip Kuo, MD, Ph.D., Departments of Medical Imaging, Medicine, and Biomedical Engineering, University of Arizona, Tucson, Ariz. Full session details and the abstract are available in the SNMMI 2023 online program here.

 

Blue Earth Diagnostics’ LIGHTHOUSE Phase 3 clinical trial (NC04186819) was a prospective, Phase 3, multi-center, single-arm, imaging study conducted in the United States and Europe to evaluate the safety and diagnostic performance of POSLUMA PET in men with newly diagnosed prostate cancer. Results have been presented at the 23rd Annual Scientific Meeting in Urologic Oncology (SUO) in December 20221 and at ASCO GU in February 2023.2 The SPOTLIGHT trial (NCT04186845) was a Phase 3, multi-center, single-arm imaging study conducted in the United States and Europe to evaluate the safety and diagnostic performance of POSLUMA PET imaging in men with suspected prostate cancer recurrence based on elevated PSA following prior therapy. Results from the SPOTLIGHT study were published online on April 26, 2023 in the Journal of Urology: DOI: 10.1097/JU.0000000000003493.3

 

About POSLUMA® (flotufolastat F 18)

POSLUMA® (flotufolastat F 18) injection (formerly referred to as 18F-rhPSMA-7.3) is an optimized, targeted radiohybrid diagnostic imaging agent indicated for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy or with suspected recurrence based on elevated serum prostate-specific antigen (PSA) level. Precision PET imaging with POSLUMA can help identify the location and extent of prostate cancer, providing clinically valuable information to guide patient management. POSLUMA represents a new class of high-affinity PSMA-targeted PET radiopharmaceuticals based on novel radiohybrid technology and is labeled with the radioisotope 18F to provide readily available patient access and leverage the high image quality of 18F-labeled PSMA PET imaging to facilitate effective detection of disease. POSLUMA was approved by the U.S. Food and Drug Administration in May 2023.

 

About Radiohybrid Prostate-Specific Membrane Antigen (rhPSMA)

Radiohybrid Prostate-Specific Membrane Antigen (rhPSMA) compounds consist of a radiohybrid (“rh”) Prostate-Specific Membrane Antigen-targeted receptor ligand which attaches to and is internalized by prostate cancer cells, and they may be radiolabeled with imaging isotopes for PET imaging, or with therapeutic isotopes for therapeutic use – providing the potential for creating a true theranostic technology. Radiohybrid technology and rhPSMA originated from the Technical University of Munich, Germany. Blue Earth Diagnostics acquired exclusive, worldwide rights to rhPSMA diagnostic imaging technology from Scintomics GmbH in 2018, and therapeutic rights in 2020, and sublicensed the therapeutic application to its sister company Blue Earth Therapeutics. Blue Earth Diagnostics received U.S. Food and Drug Administration approval for its radiohybrid PET diagnostic imaging product for use in prostate cancer in 2023. rhPSMA compounds for potential therapeutic use are investigational and have not received regulatory approval.

 

Indication and Important Safety Information About POSLUMA

INDICATION

POSLUMA® (flotufolastat F 18) injection is indicated for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer

  • with suspected metastasis who are candidates for initial definitive therapy
  • with suspected recurrence based on elevated serum prostate-specific antigen (PSA) level

 

IMPORTANT SAFETY INFORMATION

  • Image interpretation errors can occur with POSLUMA PET. A negative image does not rule out the presence of prostate cancer and a positive image does not confirm the presence of prostate cancer. The performance of POSLUMA for imaging metastatic pelvic lymph nodes in patients prior to initial definitive therapy seems to be affected by serum PSA levels and risk grouping. The performance of POSLUMA for imaging patients with biochemical evidence of recurrence of prostate cancer seems to be affected by serum PSA levels. Flotufolastat F 18 uptake is not specific for prostate cancer and may occur in other types of cancer, in non-malignant processes, and in normal tissues. Clinical correlation, which may include histopathological evaluation, is recommended.
  • Risk of Image Misinterpretation in Patients with Suspected Prostate Cancer Recurrence: The interpretation of POSLUMA PET may differ depending on imaging readers, particularly in the prostate/prostate bed region. Because of the associated risk of false positive interpretation, consider multidisciplinary consultation and histopathological confirmation when clinical decision-making hinges on flotufolastat F 18 uptake only in the prostate/prostate bed region or only on uptake interpreted as borderline.
  • POSLUMA use contributes to a patient’s overall long-term cumulative radiation exposure. Long-term cumulative radiation exposure is associated with an increased risk for cancer. Advise patients to hydrate before and after administration and to void frequently after administration. Ensure safe handling to minimize radiation exposure to the patient and health care providers.
  • The adverse reactions reported in ≥0.4% of patients in clinical studies were diarrhea, blood pressure increase and injection site pain.
  • Drug Interactions: androgen deprivation therapy (ADT) and other therapies targeting the androgen pathway, such as androgen receptor antagonists, may result in changes in uptake of flotufolastat F 18 in prostate cancer. The effect of these therapies on performance of POSLUMA PET has not been established.

 

To report suspected adverse reactions to POSLUMA, call 1-844-POSLUMA (1-844-767-5862) or contact FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

 

Full POSLUMA prescribing information is available at www.posluma.com/prescribing-information.pdf.

 

About Blue Earth Diagnostics

Blue Earth Diagnostics, an indirect subsidiary of Bracco Imaging S.p.A., is a growing international molecular imaging company focused on delivering innovative, well-differentiated diagnostic solutions that inform patient care. Formed in 2014, the Company’s success is driven by its management expertise and supported by a demonstrated track record of rapid development and commercialization of positron emission tomography (PET) radiopharmaceuticals. Blue Earth Diagnostics’ expanding oncology portfolio encompasses a variety of disease states, including prostate cancer and neuro-oncology. Blue Earth Diagnostics is committed to the timely development and commercialization of precision radiopharmaceuticals for potential use in imaging and therapy. For more information, please visit: www.blueearthdiagnostics.com.

 

About Bracco Imaging

Bracco Imaging S.p.A., part of the Bracco Group, is a world-leading diagnostic imaging provider. Headquartered in Milan, Italy, Bracco Imaging develops, manufactures and markets diagnostic imaging agents and solutions. It offers a product and solution portfolio for all key diagnostic imaging modalities: X-ray imaging (including Computed Tomography-CT, Interventional Radiology, and Cardiac Catheterization), Magnetic Resonance Imaging (MRI), Contrast Enhanced Ultrasound (CEUS), and Nuclear Medicine through radioactive tracers and novel PET imaging agents to inform clinical management and guide care for cancer patients in areas of unmet medical need. Our continually evolving portfolio is completed by a range of medical devices, advanced administration systems and dose-management software. In 2019 Bracco Imaging enriched its product portfolio by expanding the range of oncology nuclear imaging solutions in the urology segment and other specialties with the acquisition of Blue Earth Diagnostics. In 2021, Bracco Imaging established Blue Earth Therapeutics as a separate, cutting-edge biotechnology vehicle to develop radiopharmaceutical therapies. Visit: www.braccoimaging.com.

 

References

1 Chapin BF, LIGHTHOUSE Study Group. 134: Diagnostic performance and safety of 18F-rhPSMA-7.3 PET in patients with newly diagnosed prostate cancer: Results from a phase 3, prospective, multicenter study (LIGHTHOUSE). SUO Annual Meeting. Orlando, FL: https://suo-abstracts.secure-platform.com/a/gallery/rounds/15/details/2390, 2022.

 

2 Chapin BF on behalf of Koontz B, LIGHTHOUSE Study Group. “Detection of true positive M1 lesions by 18F-rhPSMA-7.3 PET in newly diagnosed prostate cancer: Results from the phase 3 prospective LIGHTHOUSE study,” 2023 ASCO Genitourinary Cancers Symposium (ASCO GU), ASCO GU 2023. San Francisco, Calif.: https://meetings.asco.org/abstracts-presentations/217100, 2023.

 

3 Jani AB, Ravizzini GC, Gartrell BA, et al. Diagnostic Performance and Safety of 18F-rhPSMA-7.3 PET in Men with Suspected Prostate Cancer Recurrence: Results from a Phase 3, Prospective, Multicenter Study (SPOTLIGHT), The Journal of Urology® (2023), doi:10.1097/JU.0000000000003493.

Contacts

For Blue Earth Diagnostics (U.S.)

Priscilla Harlan

Vice President, Corporate Communications

(M) (781) 799-7917

priscilla.harlan@blueearthdx.com

For Blue Earth Diagnostics (UK)

Clare Gidley

Associate Director Marketing and Communications

Tel: +44 (0) 7917 536939

clare.gidley@blueearthdx.com

Media

Sam Brown Inc.

Mike Beyer

(M) (312) 961-2502

mikebeyer@sambrown.com

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AM Best to host briefing on the medical stop-loss market

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a webinar discussing the recent trends and developments in the growing stop-loss market on July 13, 2023, at 2 p.m. (EDT).

Medical stop-loss insurance premium has grown substantially in the past several years, as employer groups look for more efficient solutions for health care coverage. The one-hour briefing, titled, “AM Best’s Briefing – Stop-Loss Market: Seeing Growth Potential While Facing New Challenges and Risks,” will cover the following topics:

  • Drivers of stop-loss growth;
  • Rising volume of high-cost claims;
  • Impacts of new gene and cell therapies;
  • Medical and prescription drug cost-containment strategies; and
  • AM Best’s view of the stop-loss market.

 

The panel will consist of the following senior AM Best analytical staff and industry leaders:

  • Stephanie Whalen, president, Union Labor Life Insurance Company;
  • Andy Folsom, vice president, Companion Life;
  • Sally Rosen, senior director, AM Best; and
  • Doniella Pliss, director, AM Best.

 

Attendees can submit questions during registration or by emailing conferenceinformation@ambest.com. The event will be streamed in video and audio formats, and playback will be available shortly after the event.

 

To find out more about the briefing or to register, please visit https://www3.ambest.com/conferences/events/eventregister.aspx?event_id=CME922.

 

Additionally, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=331037 to see AM Best’s recent report on the stop-loss insurance market segment.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318

al.slavin@ambest.com

Categories
Art & Life Business Culture Lifestyle Sports & Gaming

Great Clips® unveils inaugural class of the first-ever, Hockey Hair Hall of Fame

Grand prize winner and other inductees to be spotlighted during NHL Awards Broadcast on TNT

 

MINNEAPOLIS — (BUSINESS WIRE) — Great Clips, the Official Hair Salon of the NHL and the NHLPA, today announced the inaugural six member class of the first-ever, virtual Hockey Hair Hall of Fame as part of the #ShowYourFlow campaign.

 

From April 17 through May 7, Great Clips received nearly 4,000 photo and video submissions from hockey fans throughout U.S. and Canada on social media and through www.GreatClips.com/HockeyHair.

The six inductees enshrined include: Conor Busler from Lynnfield, MA (Age 3), Nigel McDonald from Dallas, TX (Age 15), Kate Boysen from Lee’s Summit, MO (Age 36), Micah Kim from La Prairie, Manitoba (Age 4), Everly Bain from Port Coquitlam, British Columbia (Age 9) and Grady Duden from Sioux Center, IA (Age 20). To view the first-ever class of the Hockey Hair Hall of Fame, visit www.GreatClips.com/HockeyHair.

 

All inductees received free haircuts for a year and signed Show Your Flow prizing from NHL All-Star Jack Hughes and will be featured on Great Clips social and online channels.

 

With the highest score by judges, Conor Busler, a Boston Bruins fan, also received a Grand Prize package that included a trip to Nashville to attend the 2023 NHL Awards™. The prize package included tickets to the NHL Awards, roundtrip airfare, hotel accommodations and $300 for food and local transportation.

 

In collaboration with the NHL, Conor Busler and the other five inductees will be celebrated and featured in a segment during the NHL Awards broadcast on TNT this evening. Before the NHL Awards, Conor will also meet with NHL All-Stars Jack Hughes (New Jersey Devils) and Cale Makar (Colorado Avalanche®) who appeared in Great Clips television commercials during the 2023 Stanley Cup® Playoffs.

 

“We’d like to thank all of the hockey fans that participated in our #ShowYourFlow campaign and showed us their amazing hockey hair flows,” said Lisa Hake, vice president of marketing and communications at Great Clips, Inc. “Hockey hair comes in all shapes, sizes and styles and that was definitely put on display over the last several weeks. We’re excited to memorialize and reward these six fans for their hockey hair passion and hockey fandom.”

 

Submissions were scored by a judging panel based on their creativity and originality, their passion for hockey and hockey hair, and the overall quality and appeal of their content. Members of the all-star judging panel included two-time NHL All-Star and New Jersey Devils Center Jack Hughes, Canadian women’s hockey star Sarah Nurse, national talent show finalists and TV stars The Cline Twins, and hockey fan and influencer Jesse Pollock.

 

About Great Clips, Inc.

Great Clips, Inc. was established in 1982 in Minneapolis, Minnesota. Today, there are over 4,400 independently owned Great Clips® salons throughout the United States and Canada, making it the world’s largest salon brand. Great Clips is 100 percent franchised, and salons are owned locally by more than 700 franchisees across the U.S. and Canada. Great Clips® franchisees employ more than 25,000 stylists. Great Clips® franchised salons provide value-priced, high-quality haircare for men, women and children. Getting a great haircut at a Great Clips® salon is more convenient than ever with Online Check-In, ReadyNext® text alerts and Clip Notes®. To check in online, visit GreatClips.com or download the free app. For more information about Great Clips, Inc. or to find a salon location near you, visit GreatClips.com.

 

About the NHL

The National Hockey League (NHL®), founded in 1917, consists of 32 Member Clubs. Each team roster reflects the League’s international makeup with players from more than 20 countries represented, all vying for the most cherished and historic trophy in professional sports – the Stanley Cup®. Every year, the NHL entertains more than 670 million fans in-arena and through its partners on national television and radio; more than 191 million followers – league, team and player accounts combined – across Facebook, Twitter, Instagram, Snapchat, TikTok, and YouTube; and more than 100 million fans online at NHL.com. The League broadcasts games in more than 160 countries and territories through its rightsholders including ESPN, WBD Sports and NHL Network in the U.S.; Sportsnet and TVA Sports in Canada; Viaplay in the Nordics, Baltics, and Poland; YLE in Finland; Nova in Czech Republic and Slovakia; Sky Sports and ProSieben in Germany; MySports in Switzerland; and CCTV5+ in China; and reaches fans worldwide with games available to stream in every country. Fans are engaged across the League’s digital assets on mobile devices via the free NHL® App; across nine social media platforms; on SiriusXM NHL Network Radio™; and on NHL.com, available in eight languages and featuring unprecedented access to player and team statistics as well as every regular-season and playoff game box score dating back to the League’s inception, powered by SAP. NHL Original Productions and NHL Studios produce compelling original programming featuring unprecedented access to players, coaches and League and team personnel for distribution across the NHL’s social and digital platforms.

 

The NHL is committed to building healthy and vibrant communities using the sport of hockey to celebrate fans of every race, color, religion, national origin, gender identity, age, sexual orientation, and socio-economic status. The NHL’s Hockey Is For Everyone™ initiative reinforces that the official policy of the sport is one of inclusion on the ice, in locker rooms, boardrooms and stands. The NHL is expanding access and opportunity for people of all backgrounds and abilities to play hockey, fostering more inclusive environments and growing the game through a greater diversity of participants. To date, the NHL has invested more than $100 million in youth hockey and grassroots programs, with a commitment to invest an additional $5 million for diversity and inclusion programs over the next year.

 

NHL and the NHL Shield are registered trademarks of the National Hockey League. NHL and NHL team marks are the property of the NHL and its teams. © NHL 2023. All Rights Reserved.

 

About the National Hockey League Players’ Association

The National Hockey League Players’ Association, established in 1967, is a labour organization whose members are the players in the National Hockey League. The NHLPA works on behalf of the players in varied disciplines such as labour relations, product licensing, marketing, international hockey and community relations, all in furtherance of its efforts to promote its members and the game of hockey. In 1999, the NHLPA Goals & Dreams fund was launched as a way for the players to give something back to the game they love. Over the past 23 years, more than 80,000 deserving children in 34 countries have benefited from the players’ donations of hockey equipment. NHLPA Goals & Dreams has donated more than $25 million to grassroots hockey programs, making it the largest program of its kind. For more information on the NHLPA, please visit www.nhlpa.com.

 

NHLPA, National Hockey League Players’ Association and the NHLPA logo are registered trademarks of the NHLPA and are used under license. © NHLPA. All Rights Reserved.

Contacts

Media Contact:
Heather Leiferman

952.746.6562

Heather.Leiferman@greatclips.com

Categories
Business Lifestyle Science Technology

Corporate Governance calls out for AI-powered board

Corporate boards are struggling to cope with digital transformation to assess risks such as cybersecurity, and AI-driven software can provide real-time data and improve decision-making, ultimately leading to increased profitability.

 

Digital transformation remains the Achilles Heel for corporate boards:

 

Marion Lewis, Founder and CEO of Govenda, an innovative board management SaaS developer asserts that boards are finding rapid and constant digital transformation difficult, raising fears that they will not be able to pivot in response to needed change, putting the boards and organizations at risk.

 

Govenda recently launched their Artificial Board Intelligence Innovation called ‘Gabii’ to facilitate decision-making through a fast presentation of real-time data to ensure compliance from anywhere in the world, using customers’ data without compromising security:

  • Blockchain technology provides an additional layer of security for board materials.
  • Administrative tasks like creating meetings, managing committee members, and tracking RSVPs will help in reducing the need to perform tedious, repetitive tasks.
  • With faster access to relevant information, board professionals and directors can make more informed decisions.
  • ‘Gabii’ supports voice accessibility, by answering questions to help complete tasks.

 

Boards must evaluate their current software for digital transformation and sustainability.

 

“The sustainability of board governance is in jeopardy. The solution is to incorporate AI-driven board portal software into corporate board processes,” says Lewis.

 

Flawed judgment and a lack of proper decision-making often lead to business failures.

Lewis notes that U.S. board members face challenges without AI, including limited real-time information access and the inability to spot patterns in large data sets or automate decision-making.

 

Marion Lewis, Co-Founder and CEO of Govenda can speak on the following:

  • Why must organizations leverage the use of AI in the advancement of digital transformation?
  • How can AI integration in corporate governance ensure that disaster response and contingency planning are effective in the face of digital disruption?
  • Why has AI integration been missing in corporate governance systems till today?
  • What role can AI-driven board portal software play in improving corporate governance practices, decision-making, and managing risks associated with digital transformation?

 

About Govenda

Marion Lewis and Jeanette Thomas, two results-driven entrepreneurs, investors, philanthropists, and business community leaders co-founded Govenda. Govenda is reimagining how board of directors convene to provide intentional, strategic governance ─ by being the bridge between the boardroom and a company’s strategic goals. The board management software accelerates stakeholder governance as a force for good in the world and empowers organizations to create sustainable value by equipping stakeholders with innovative tools that transform practices. It was designed to magnify security and compliance as board tools to handle sensitive and confidential information crucial to compliance and control of proprietary data. Portability of access with enhanced collaboration is no longer a plus – it is essential. GABII, the Govenda product integrating its AI-driven portal tools with Microsoft 365 and enterprise resource planning (ERP) software streamlines workflows and improves efficiency. For more information on the most innovative platform in board governance visit www.Govenda.com

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Business Culture Entertainment News Lifestyle Sports & Gaming

Inter Miami signs Messi: Is this the turning point of soccer in the US?

In a ground-breaking announcement around June 7, Inter Miami has secured the signing of Lionel Messi, widely regarded as the greatest soccer player the world has ever witnessed.

 

What does this mean for the sport in the US? Major League Soccer (MLS)? Inter Miami?

 

The US sporting and soccer landscape

Despite the global popularity of soccer, and a dominant U.S. women’s national soccer team for nearly a quarter-century, the United States has historically shown less interest in the sport compared to other countries. Brand Finance’s research found that American Football and the NFL is by far the most popular sport across the nation, with all but five states choosing it as their favorite sport. Soccer has varying levels of interest, however, ranging from a mere 3% to 32% of people claiming it is their favorite sport.

 

 

 

The US is one of only a handful of countries where sports are the most popular interest, demonstrating the huge scope for growth of soccer across the country.

 

 

 

Inter Miami’s historically lower brand strength could get a boost

Brand Finance’s in-depth MLS research reveals that Inter Miami’s performance falls short when compared to its counterparts across various metrics. Notably, Sporting Kansas City emerges as the frontrunner, claiming the top position in numerous categories, including: my favorite player plays for the club, the team is well run & managed off the pitch, the team has a great stadium, sustainable and positive for the environment, good reputation, the best club in the world. Real Salt Lake and D.C. United also perform strongly in the research.

 

By contrast, Miami does not rank 1st or 2nd across any of the metrics asked. The area in which they score the highest comparatively is for the team is ambitious. Similar to when Pelé joined New York Cosmos igniting a fever of national excitement and record-breaking attendances, Messi could reshape the fortunes of the Florida-based team and grow both MLS’ and Inter Miami’s global following.

 

The power of Messi

According to a 2021 release by Brand Finance, Lionel Messi’s departure from FC Barcelona could have led to an 11% decrease in brand value, equivalent to a staggering €137m reduction from its 2021 valuation of €1,266m. However, the actual impact turned out to be less severe than anticipated. Despite that, Barcelona has experienced a significantly slower recovery in brand value compared to their arch-rivals Real Madrid, with the gap widening from €10m to a considerable €84m. Indeed, the power of a superstar cannot be underestimated.

 

The addition of Lionel Messi to Inter Miami presents a significant opportunity to enhance commercial revenue, with sponsorship and merchandise sales poised to benefit immensely from his presence. Moreover, Messi’s exceptional skills and iconic status are expected to elevate on-field performance, attracting a larger fan base and likely enticing even more of the Latin American audience, which is already primarily driven by national team players. This surge in popularity has the potential to boost broadcasting and matchday income, while also leading to improved match-day attendance across the country.

 

Considering Messi’s current age, his longevity becomes a crucial factor in assessing the overall impact on brand value. However, the prospect of him retiring at Inter Miami while maintaining a positive relationship could also open doors for mutually beneficial brand partnerships, extending beyond his playing days and benefiting both Messi and the club.

 

Hugo Hensley, Head of Sports Services at Brand Finance, commented:

“The arrival of Lionel Messi to Inter Miami signifies a turning point in the sport’s landscape, unlocking immense potential for growth across the U.S. With his iconic status and exceptional skills, Messi’s addition presents a unique opportunity to elevate commercial revenue, attracting sponsors and driving merchandise sales. Moreover, his impact on the field is expected to broaden the fan base, boosting broadcasting and matchday income. With Messi joining the club, it aims to redefine its brand, forging valuable partnerships that extend beyond his playing days. The power of this superstar endorsement cannot be underestimated.”

 

Celebrity endorsement and ownership model on the rise

We have seen big names try and build the sport from inside the nation. David Beckham – who is arguably more famous for his work off the pitch than on it – launched Inter Miami in 2020. More recently, Academy Award winner Natalie Portman co-founded Angel City FC, a National Women’s Soccer League expansion team.

 

Prominent Hollywood actor Ryan Reynolds and his business partner and fellow actor, Rob McElhenney, ventured into soccer club ownership by acquiring Wales’s Wrexham AFC in November 2020. This Hollywood story has generated significant media attention and the release of the Hulu and Disney+ docuseries on the club – Welcome to Wrexham – has garnered support and interest like never before. With Apple TV announcing a similar style documentary on Inter Miami, the club can leverage the star power of the player to captivate audiences and fuel the rapid growth of the sport across the country.