Sports Is The ‘Antithesis Of AI,’ JPMorgan Expert Says, And Team Valuations Will Surge - Forbes

Mark Walter’s stunning sale of the Los Angeles Lakers for a record $12.5 billion valuation to Josh Kushner and Bob Iger only a year after buying the team continues to reverberate throughout the industry. The quick-flip deal seems to have far more to do with Walter’s legal challenges than anything specific to the sports industry; two of his insurance firms are under federal investigation for misreporting loans to affiliated businesses, which may have underrepresented risk to policyholders. But Walter also reportedly secured the record team valuation in just days, without the aid of bankers or an auction process. While that success may largely point to the premium value of the Lakers, it’s also clearly not a one-off. Within weeks of the Lakers deal, Arctos reportedly agreed to buy 10% of the Atlanta Falcons at a $10.6 billion valuation, while Dragoneer Investment Group founder Marc Stad is acquiring control ownership of the Minnesota Timberwolves and Lynx in a deal that values the teams at $4.5 billion. Marc Lore and Alex Rodriguez agreed to buy those teams in 2021 at a $1.5 billion valuation.

In August, American clothing brand Abercrombie & Fitch posted a Reel on Instagram showing several pairs of denim pants being lined up and folded next to one another. But this wasn’t simply another day at the shop. These realistic, detailed jeans were no larger than the palm of one’s hand and, in fact, crafted entirely out of pasta. The Reel has been viewed more than five million times, significantly surpassing other videos shared on the platform by the brand. Followers responded enthusiastically to the culinary craft. “What’s wrong babe? You haven’t touched your fettujeane,” joked one user, whose wordplay went on to be liked 15,486 times. Many others complimented Abercrombie for its creativity. The edible art is the handiwork of the Korean artist Min Kyung-jin, who turns everyday food and ingredients into whimsical, miniature sculptures. Min — who goes by the online moniker @Sibatable (an amalgamation of Shiba Inu, her dog’s breed, and “table”) — studied culinary arts at university and spent a year in the US, but eventually returned to Korea where she got married and had children. As her children got older, she sought a daily creative challenge.