Sports and Entertainment Spotlight: The Consumer Watchdog, Truth in Advertising, Sent Warning Letters to Many Celebrities Who Peddled NFT Projects | Foster GarveyPC

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Welcome back to the “Spotlight!” Two of the biggest stories in sports right now are if and/or when professional athletes themselves will be welcomed. First, there’s a case (unofficially titled “you can’t have your cake and eat it too”) in which several professional golfers who blocked the PGA Tour for a royal ransom from the Saudi sovereign wealth fund-backed LIV Golf, ask for a decision. reinstating them for competition in the PGA Tour playoff series. If that sounded like a shot longer than a hole-in-one on a par 5, you’d be right. After all, as the judge explained, golfers were already making more money on the LIV Tour than they could reasonably expect to make in PGA Tour competition.

Elsewhere, Cleveland Browns quarterback Deshaun Watson is awaiting information on the length of his suspension due to dozens of sexual assault allegations against him during his tenure with the Houston Texans. Initially, Judge Sue L. Robinson ruled Watson would miss the first six games of the season. That decision has since been appealed by the NFL, with commissioner Roger Goodell now asking for a one-season ban for Watson. Either way, the Cleveland Browns have scheduled Deshaun Watson to start the team’s first preseason game. So either the Cleveland Browns know something we all don’t know, or they are the Cleveland Browns. Either way, the controversies surrounding the Golfers and Watson LIVs have made them all untouchable in the eyes of brands looking for endorsement partners. Suffice it to say, it’s not quite the projector they’re looking for. For you, however, here is the “Spotlight” you are looking for:

  • Consumer watchdog Truth in Advertising has sent warning letters to numerous celebrities who have peddled NFT projects, warning them they may be violating Federal Trade Commission regulations for failing to disclose their financial interests. in the projects. For many members of the public, there is still a need to disclose what NFTs are.
  • Green Bay Packers quarterback Aaron Rodgers’ recent revelations about his game improving after drinking ayahuasca tea may have brought psychedelics closer to the mainstream. And who could argue with that? After all, Rodgers became the first player in NFL history to win 32 Super Bowl championships in a single season.
  • Perhaps looking to get more out of his recent acquisition of Welsh Football (Soccer) Club Wrexham AFC, Ryan Reynolds and his production company Maximum Effort have struck an unscripted development deal with sports streaming service FuboTV. Reynolds continues to add to the winning streak that began when he decided not to be Green Lantern anymore.

Endorsement offers, sponsorships and investments

As the NFL star joins the list of psychedelic-endorsing celebrities, are drugs finally mainstream?
August 5, 2022 via Daily Mail
Athlete Aaron Rodgers says the South American hallucinogen ayahuasca contributed to his “best season” in the NFL. He joins a growing list of celebrities and tech pundits who tout psychedelics.

Crypto Companies Spend $2.4 Billion on Sports Sponsorships
August 5, 2022 via Bloomberg (subscription may be required)
Crypto.com, Coinbase, and FTX are moving aggressively to match the marketing muscle of automakers, beer brands, and other big-budget advertisers.

Parity for female athletes: in this case, it is a bond for sponsorship dollars
August 5, 2022 via Los Angeles Times
An online sponsorship platform aims to close the sports pay gap with one sponsored Instagram post at a time.


Sports

Serena Williams will retire from tennis with $450 million in earnings and her net worth has incredible numbers
August 9, 2022 via WWD Footwear News
She’s the highest-paid female athlete in the world, but do you know how much Serena Williams is really worth? Williams, as Sportico reported, will retire from tennis with $450 million in earnings, surpassing the earnings of all female athletes in the world.

Breaking down LIV golfers vs. PGA Tour as they swing through Federal Court
August 9, 2022 via Sportico (subscription may be required)
A court hearing on Tuesday will mark the first US legal test of the emergence of LIV Golf and the PGA Tour’s efforts to counter its new rival.

F1 revenue up 49% as series emerges from COVID-19 pandemic
August 5, 2022 via Autosport
The two seasons saw seven grand prix held in the April-June period, providing useful comparison as the effects of the COVID-19 pandemic waned. The number of races is important because F1 distributes its income over the year according to the number of events organized each quarter.

NFL appeals Watson’s suspension to seek tougher sentence
August 3, 2022 via Sportico (subscription may be required)
The NFL has announced it has appealed the decision to suspend Cleveland Browns quarterback Deshaun Watson for six games.


The music industry

Inside Olivia Newton-John’s $85 Million Empire
August 8, 2022 via Adelaide Advertiser
Esteemed actress and entertainment legend Dame Olivia Newton-John has passed away, leaving behind a legacy as one of the best-selling entertainers of her time.

“Common Decency”: Beyoncé’s revival sparks debate over the politics of musical sampling
August 5, 2022 via Exec Review
Beyoncé has removed an interpolation of Kelis’ hit Milkshake from her new album and half of the UK Top 10 singles feature outtakes. It’s a big deal – but who benefits?

Justin Timberlake royalties will help pay off $222 million in bonds
August 5, 2022 via Bloomberg (subscription may be required)
Hipgnosis Song Management is counting on the successes of Justin Timberlake, Nelly Furtado and Leonard Cohen to attract investors to its first-ever music royalty-backed bond offering.


Cinema and television

Ryan Reynolds’ Maximum Effort Productions and FuboTV Enter Multi-Part, Multi-Year Partnership, Including First-Look Unscripted Deal
August 8, 2022 via Business Wire
Maximum Effort Productions, a production company co-founded by Ryan Reynolds and George Dewey in 2018, and FuboTV Inc., the premier live sports television streaming platform, announced an initial deal for unscripted content.

Apple could strike a deal for Big Ten streaming rights
August 9, 2022 via Mac Rumors
Apple is in talks to strike a deal for a Big Ten college football and basketball streaming package, according to The Athletic.

CBS and NBC reportedly in line to replace ESPN as Big Ten secondary TV partners | Eleven Warriors
August 9, 2022 via Google Business News
According to a report by John Ourand of the Sports Business Journal, CBS and NBC emerged as the “clear” favorites to secure Big Ten TV rights alongside Fox, leaving ESPN on the outside.


Non-fungible tokens (NFT)

Celebrities minted for shilling NFTs without legal disclosure
August 9, 2022 via Futurism
According to a watchdog, they are breaking the law. Shilling NFTs A consumer watchdog group has issued a stern warning to more than a dozen celebrities for promoting NFT collections without disclosing whether they profit from them.

Tom Brady bought a Bored Ape NFT for $430,000 in April. He has lost tens of thousands since.
August 8, 2022 via Business Insider
NFL quarterback Tom Brady has lost tens of thousands of dollars on his Bored Ape NFT.

NFTs conquer football
August 6, 2022 via wired
On Friday July 29, a Sotheby’s auctioneer in New York shot down a piece of sports history: a flying volley by Barcelona icon Johann Cruyff in a game against Atletico Madrid in December 1973.

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