NHL and teams sue insurers for $ 1 billion

It looks like the world’s No.1 tennis player won’t be playing at the Australian Open. Australia will not allow Novak Djokovic to enter the country after initially obtaining a medical exemption for COVID-19 vaccination requirements. He did not disclose his immunization status and his visa was refused.

Sergei Belski-USA TODAY Sports / Design: Alex Brooks

The NHL and 20 of its teams are involved in a lawsuit against five insurance companies. The league is claiming more than $ 1 billion in losses that have not been reimbursed.

The ongoing lawsuit was originally filed in June 2021 in California Superior Court in Santa Clara, but first surfaced in a TSN report on Wednesday.

  • The complaint, reviewed by Front Office Sports, alleged that an insurer, FM Global, had offered $ 2 billion in reimbursement of a catastrophic event. Other insurers have also “promised to pay large sums”.
  • Insurers reportedly denied coverage because their policies only covered events that cause physical damage to properties.

“The COVID-19 virus has caused unprecedented physical loss and damage to the properties of hockey claimants, at levels far worse than … many “traditional” natural disasters like hurricanes, floods or tornadoes, “the complaint states.

In December, the NHL and the teams denied a motion to dismiss, but no decision was released on the case’s online court record.

“FM Global values ​​the long-term relationships we have with our policyholders,” an FM Global spokesperson told FOS in a statement. “We firmly believe that our insurance policies are clear on the coverage provided. ”

An NHL spokesperson noted a league policy that prohibits commenting on pending litigation.

Follow a trend

The NHL is not the only sports league to seek reimbursement for losses caused by the pandemic. He is part of a large group of leagues and professional teams in dispute over whether their event cancellation insurance covered “communicable diseases” or pandemics.

The MLB and all its teams have filed a complaint against their insurers. The same goes for several NBA teams, including the Houston Rockets and Los Angeles Lakers.

Liteboxer / Design: Alex Brooks

Metaverse and fitness have bonded again with Liteboxer’s announcement on Wednesday that it is launching a new suite of virtual reality offerings in partnership with Meta’s Oculus.

Starting March 3, users will be able to take instructor-led classes and train with friends in virtual environments using a VR headset – with or without Liteboxer’s hardware.

  • Liteboxer will offer VR subscriptions only for $ 18.99 per month. The company’s full subscription costs $ 29.99 per month.
  • The company hopes that virtual reality can help users develop habits regarding its products.

Engagement metrics are the holy grail connected fitness, ”Jeff Morin, CEO and co-founder of Liteboxer, told Front Office Sports. “The customer’s LTV keeps them on the subscription service. ”

Morin noted that the high shipping costs largely eliminate the margins on their $ 1,245-at-$ 1,445 sale of computer equipment.

Expand the target market for fitness

“The area that we are most passionate about as a business is serving customers who have had a difficult or difficult relationship with fitness in the past,” Sam Cole, CEO of FitXR, told FOS. FitXR offers VR workouts and fitness games.

“Fitness often targets the same 20% more and more people, ”added Morin.

Cole noticed that more and more people were buying virtual reality headsets primarily for fitness, strengthening the case for fitness as a key driver of potential. $ 1,000 billion metaverse industry.

“With [Meta’s Oculus] sale 10 million headsets, this is starting to reach a level capable of supporting sustained growth of the ecosystem through the arrival of new developers and the creation of experiences for this platform, ”said Cole.

Anta, the “Nike of China”, is gaining momentum in her home country, while brands like Adidas, Nike and Puma have taken a hit in the world’s largest fashion market.

China’s leading sportswear brand has grown significantly in the country due to its affordability.

After going public in 2007, Anta gained attention with her shoe marketing campaigns during the 2008 Beijing Olympics and benefited from a boycott of Western brands in China over allegations of forced labor in the Xinjiang region.

As a result, Anta has grown into one of the world’s leading sportswear brands with a market capitalization of $ 39 billion, although many Americans are unaware of its scope.

  • Hall of Fame and NBA Champion Kevin garnett signed a sponsorship agreement with Anta in 2010 after leaving Adidas.
  • The company is the official sponsor of NBA players Alex Caruso, Klay Thompson, Gordon Hayward, Terance Mann and James Wiseman.
  • The IOC will wear Anta clothing during the Beijing 2022 Olympic Games as the committee’s official uniform supplier.

Leading the pack

Anta generated record revenues of $ 3.5 billion for the six-month period ended June 30, 2021, an increase of 56% compared to the same period the previous year.

Puma and Adidas reported a 15% drop in sales in China in the third quarter of 2021, fueled by boycotts, while Nike saw sales drop 20% nationwide in the fiscal second quarter due to supply chain issues.

Playstation / Design: Alex Brooks

Sony has unveiled its next-generation virtual reality headset and an exclusive game title, stepping up its rivalries in VR and the metaverse.

The PSVR2 headset and exclusive title “Mountain horizon call” providing users with enhanced visual technology and the ability to immersively tap into the ever-evolving metaverse.

In addition to its new hardware and new title, Sony plans to launch a new PlayStation tournaments functionality on the PS5, allowing players to participate in certified competitions to win prizes.

Sony joins a growing list of tech companies embracing virtual reality and the metaverse.

  • In June, Meta’s virtual reality division, Oculus, acquired BigBox VR, a VC-backed startup that creates online VR games, for an undisclosed amount.
  • Microsoft announced in November an integration with its desktop-focused Microsoft Teams software and metaverse platform. Mesh.
  • Last month, Recording room, a free-to-play VR gaming platform, raised $ 145 million, valuing the company at $ 3.5 billion.

The good and the bad

Sony has lowered its annual production forecast for the PS5 to 15 million units by March 2022, up from a previous target of 16 million. Like many others in the tech arena, the Tokyo-based company suffers from semiconductor shortages and supply chain constraints.

Sony posted $ 21.5 billion of sales for the second quarter of fiscal 2021, an increase of 13% compared to the same period the previous year. The company’s gaming and network services segment saw sales reach $ 5.7 billion, up 27% from the second quarter of fiscal 2020.

  • New Zealand rugby has Okay to sell his 40% stake worth an estimated $ 1.2 million in the Blues’ Super Rugby team. NZR will sell the stake to Better Blues Company Limited, a consortium of local investors.
  • Adidas and Prada have explored a collection of clothes and accessories that bear the DNA of the two partners. Selection will include Prada’s signature re-nylon fabric and mini pouches.
  • The 2022 Winter Classic was the most watched cable NHL regular season game of all time. The New Year’s broadcast on TNT attracted 1.36 million viewers.
  • FOS is growing rapidly and has a number of open positions starting in 2022. Open positions include a newsletter writer, editor, growth manager and vice president, brand partnerships. Click here for more information on the positions and how to apply.

Would you consider purchasing any fitness products or VR games?

Tuesday’s response
73% of those polled think the World Cup should stay on a four-year schedule.

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