Gary Bettman In Trouble After NHL Sponsor Files For Bankruptcy
Last summer, the NHL, under Gary Bettman's leadership, made a significant switch, ending their long-standing partnership with Gatorade and welcoming Biosteel as their new official hydration sponsor. However, recent developments have raised concerns about this decision.
NHL Super Agent, Allan Walsh, has revealed that Biosteel, one of the league's major partners, has filed for bankruptcy protection in both the U.S. and Canada.
Sports drink company BioSteel files for bankruptcy protection in the U.S. and Canada.
While bankruptcy protection doesn't necessarily mean the company will close its doors, it does signal impending changes in their financial approach. In the first quarter of this year, Biosteel reportedly generated over $30 million in product sales but spent over $40 million on marketing, including nearly $12 million directed towards the NHL. This suggests that every product sold resulted in a loss.
Biosteel joins Bally Sports as another key NHL partner seeking bankruptcy protection in 2023, raising questions about the NHL's recent business decisions.
Via hawksinsider
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