Asia Sports Weekly News Bulletin – ISSUE Week of 17 February 2025
(1) Calls for legalising basketball betting in Hong Kong resurface amid budget discussions
Calls to legalise basketball betting in Hong Kong are growing despite concerns about youth impact.
(2) Black Yak and K-Swiss partner for sports venture, launching stores in Korea
K-Swiss aims for a fresh start in Korea’s sports market through a new venture with Black Yak.
(3) Saudi sports fund invests in DAZN streaming service
Saudi Arabia’s sports investment fund, SURJ, has acquired a minority stake in DAZN to establish a joint venture focused on enhancing sports broadcasting opportunities in the Middle East and North Africa.
(4) Sun Life Invests Over HK$10 Million to Partner with the Basketball Association of Hong Kong, China
Sun Life and the Basketball Association of Hong Kong have launched a three‑year partnership with an investment of over HK$10 million to enhance athlete support, promote basketball, and engage the community in healthy living initiatives.
(1) Calls for legalising basketball betting in Hong Kong resurface amid budget discussions
(Photo Credit: Yogonet)
Calls for legalising basketball betting in Hong Kong have resurfaced as officials seek public input on the upcoming budget. Legislator Ronick Chan Chun-ying advocates for allowing basketball wagering through the Hong Kong Jockey Club (HKJC), arguing it could boost tax revenue and combat illegal gambling. He highlights that prohibition has failed to curb unregulated betting on leagues like the NBA and China’s CBA.
The Hong Kong branch of the Association of Chartered Certified Accountants (ACCA) released a budget proposal that included a recommendation to legalising basketball betting, suggesting that it would align Hong Kong’s gaming regulations with international market trends and could mitigate the risks associated with illegal betting operations.
However, Former Financial Secretary Paul Chan warns that legalising basketball betting could negatively affect youth and increase overall gambling participation. While discussions about local football betting are also ongoing, the future of basketball wagering in Hong Kong hangs in the balance as debates continue.
News Source: https://www.yogonet.com/international/news/2025/02/18/95532-calls-for-legalizing-basketball-betting-in-hong-kong-resurface-amid-budget-discussions
(2) Black Yak and K-Swiss partner for sports venture, launching stores in Korea
(Photo Credit: Kim Eun-young, reporter)
K-Swiss is re-entering the South Korean market after seven years through a joint venture called K-Swiss Korea, established with BYN Black Yak and KP Global Investment, which holds K-Swiss’s global intellectual property. The first store is set to open next month, marking a shift for BYN Black Yak from outdoor apparel to the sports sector. CEO Kang Joon-seok highlighted their collaboration with KP Global as crucial for success.
This relaunch comes as BYN Black Yak faces challenges, where sales fell by 11% in 2023, totalling 335.3 billion won, while operating profit dropped by about 85% to 1.1 billion won. K-Swiss aims to diversify its products and expand beyond its outdoor-centric operations.
K-Swiss plans to open several stores in the metropolitan area, with its first store in Busan and aims to establish 7 to 8 locations by the end of the year, aiming for sales of over 80 billion won within five years, with a focus on increasing online sales.
News Source: https://biz.chosun.com/en/en-retail/2025/02/19/YNWQL32B55BWZOHDSEU4NEITL4/
(3) Saudi sports fund invests in DAZN streaming service
(Photo Credit: AFP)
Saudi Arabia’s sports investment fund, SURJ, has acquired a minority stake in the sports streaming platform DAZN, focusing on enhancing broadcasting opportunities in the Middle East and North Africa. This partnership aims to establish DAZN MENA, a joint venture that will leverage the growth of Saudi Arabia’s sports sector, positioning the country as a leading market for sports investments.
SURJ, established in August 2024 by Saudi Arabia’s Public Investment Fund (PIF), is dedicated to acquiring and creating sports events and commercial rights for major competitions. The investment in DAZN aligns with the fund’s objectives to host significant global sports events in Saudi Arabia and to capitalise on the rising demand for premium sports broadcasting in the region.
DAZN, which streams various sports including Bundesliga and Formula 1, recently secured exclusive global rights for the upcoming Club World Cup in the U.S. for approximately one billion euros. However, the company is currently facing legal issues with the French football league regarding its Ligue 1’s broadcasting rights, amidst complaints about piracy and insufficient support from clubs in promoting Ligue 1’s content.
News Source:https://sport.timesofmalta.com/2025/02/19/saudi-sports-fund-invests-in-dazn-streaming-service/
(4) Sun Life Invests Over HK$10 Million to Partner with the Basketball Association of Hong Kong, China
(Photo Credit: Media Outreach)
Sun Life and the Basketball Association of Hong Kong, China (BAHKC) have announced a three-year partnership with an investment exceeding HK$10 million, focusing on athlete support, basketball popularisation, and community outreach. This collaboration aims to develop a professional and sustainable basketball ecosystem in Hong Kong while promoting an active and positive lifestyle among the public.
As part of the partnership, Sun Life will provide medical and accident insurance for Hong Kong basketball team members and establish a scholarship program for U18 and U22 players attending university. Additionally, they will sponsor various competitions, including the Hong Kong Open Division Men’s and Women’s Basketball League, which is set to become the first self-financed league in the region, fostering competitiveness and participation in the sport.
Sun Life’s community outreach will expand its “Hoops + Health” charity program, offering free basketball workshops to youth and promoting physical and mental well-being. Both organisations emphasise their shared vision of enhancing local basketball through collaboration, resource support, and active community engagement, ultimately aiming to attract more young people to the sport and encourage healthier living habits.
News Source: https://lufkindailynews.com/anpa/sun-life-invests-over-hk-10-million-to-partner-with-the-basketball-association-of-hong/article_986e5c5c-1867-5d51-be3e-0ac4bf3d3e0d.html
