Dick’s Sporting Goods plans to acquire Foot Locker and position the combined organization to serve sports retail consumers around the world.

The two companies announced the deal in a Thursday (May 15) press release, saying the transaction implies an equity value of $2.4 billion and an enterprise value of $2.5 billion.

The transaction is expected to close in the second half, subject to Foot Locker shareholder approval, regulatory approvals and other customary closing conditions, according to the release. It was unanimously approved by the boards of the two companies.

“We believe there is meaningful opportunity for growth ahead,” Dick’s Executive Chairman Ed Stack said in the release. “By applying our operational expertise to this iconic business, we see a clear path to further unlocking growth and enhancing Foot Locker’s position in the industry.”

Foot Locker CEO Mary Dillon said in the release that the combined company has “substantial upside potential.”

“By joining forces with Dick’s, Foot Locker will be even better positioned to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry,” Dillon said.

Dick’s plans to operate Foot Locker as a standalone business unit, maintain the Foot Locker brands, and create enhanced store designs, omnichannel experiences and a product mix that appeals to all the brands’ customer bases, according to the release.

For Dick’s, the deal will provide the company’s first opportunity to serve customers outside the U.S., per the release. Foot Locker operates retail stores in 20 countries and has licensed stores in others.

Thursday’s announcement confirmed a Wednesday report by the Wall Street Journal (WSJ) that Dick’s and Foot Locker were close to agreeing on an acquisition.

The WSJ report said that the two companies, like other retailers, have been impacted by talk of new U.S. tariffs. At the time of that report, Dick’s shares were down 8% this year, while Foot Locker’s shares were down 40%.

The two companies also announced preliminary results for the first quarter on Thursday.

Dick’s said it saw comparable sales growth of 4.5% during the quarter. The company will report first-quarter results and host a conference call on May 28.

Foot Locker said its comparable sales decreased by 2.6% in the first quarter. The company said that it plans to release full financial results for the quarter on May 29 and that it will not hold its previously scheduled earnings call due to the pending transaction with Dick’s.

Forerunner 570 and 970 combine advanced training tools and recovery metrics with Garmin’s brightest screen to date

Garmin has introduced two new GPS smartwatches – the Forerunner 570 and Forerunner 970 – designed for runners and triathletes seeking deeper performance insights and longer battery life. 

The new wearables follow the tech company’s 2024 Garmin Connect Data Report, which showed that track running and high-intensity interval training (HIIT) saw two of the highest year-over-year increases in activity participation.

Both models feature Garmin’s brightest AMOLED displays to date, along with built-in speakers, microphones and enhanced training tools, including the Garmin Triathlon Coach training plans and an evening report.

The Forerunner 570, $549.99, offers PacePro for pacing guidance, a readiness score based on sleep quality, recovery and training load, as well as customized daily suggested workouts. In terms of wellness, the Forerunner 570 tracks key health stats, including heart rate variability, skin temperature and breathing variations with its Pulse Ox feature.

The Forerunner 970, $749.99, debuts a built-in LED flashlight and performance features such as running tolerance, running economy and step speed loss developed with Garmin’s team of data and sports scientists. The Forerunner 970 also includes an ECG function that uses sensors on the watch to detect signs of an irregular heart rhythm.

Battery life ranges from 11 days on the 570 to 15 days on the 970 in smartwatch mode.

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“Created for every athlete who is out there chasing goals and passionate about their data, the Forerunner 570 and Forerunner 970 include innovative training tools, recovery metrics and connected features to help them perform at their best,” Garmin vice president of consumer sales and marketing Susan Lyman said. “Whether you’re an elite athlete striving for your fastest time yet or a runner upping mileage to prepare for that next big race, these premium smartwatches are here for every step of your running journey.”

Both watches are available to order on Garmin.com beginning May 21. 

The global wearable technology market was valued at $84.2 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 13.6% from 2025 to 2030, according to a report from Grand View Research.

St. Gallen, Switzerland & São Paulo, Brazil –  The Brazilian Ministry of Sports and Sportradar Group AG (NASDAQ: SRAD) today formalized a Technical Cooperation Agreement (ACT) focused on protecting the integrity of sports betting in the country. The partnership provides for the exchange of information related to the betting market and the implementation of joint initiatives to combat match-fixing.

Sportradar will provide specialized support to the Brazilian Ministry of Sports, including the reporting of potentially suspicious activity detected by its industry-leading Universal Fraud Detection System (UFDS). In addition, Sportradar will provide education and training for Ministry of Sports personnel and staff focused on best practices in monitoring, identifying and investigating suspicious activities. The first workshop will be held on May 15 and include the Brazilian Ministry of Finance, a recent partner with whom Sportradar also signed an ACT.

André Fufuca, Brazil’s Minister of Sport, said: “Today we signed a milestone agreement in the fight against match-fixing in Brazilian sports. Integrity must be a constant principle when it comes to transparency, ethics, and, above all, the fairness of sports results. With this agreement, we will have tools to curb this practice and ensure greater transparency in competitions. This way, athletes, clubs, organizations, fans, and the entire population will be able to trust the fairness of the outcomes and, in turn, have the confidence to unlock the full potential of Brazilian sports.”

Andreas Krannich, EVP, Integrity and Regulatory Services, Sportradar said: “Establishing this partnership with the Ministry of Sports is an important milestone in strengthening sports integrity in Brazil. As a global integrity leader, leveraging cutting-edge technology to prevent and combat match-fixing, we believe that protecting competitions requires coordinated action between the public and private sectors. Through this collaboration, Sportradar continues to reaffirm its commitment to a more transparent and safer sports environment for the athletes and all the stakeholders involved in Brazilian sport.

This ACT adds to Sportradar’s growing number of integrity services partnerships in Brazil that include recent agreements signed with the Goiás State Attorney’s Office, the Brazilian Volleyball Confederation (CBV) and the Brazilian Football Confederation (CBF), as well as existing relationships with soccer federations in 17 Brazilian states, creating a strong network focused on protecting the integrity of sport in the country.

TORONTO — Artificial intelligence is here to stay, at least in the world of sport tech, according to one industry expert.

The Future of Sports Lab announced the selection of 10 innovative startups for its incubator program on Thursday. Cheri Bradish, an associate professor at Toronto Metropolitan University who is the founder and managing director of the school’s sport tech accelerator, said more applications to the program involved AI than any other round of pitches in its 10-year history.

“It’s ubiquitous in the sense that it’s everywhere, and we are now determining how we can best utilize it in a tech sense, and other kind of layers, throughout business units, throughout the sport tech industry,” said Bradish in a phone interview on Thursday. “I think it’s going to be an art and a science because there’s so much human element that’s relied upon in sport, both on the business and performance side.

“But I think to make better predictions on some of the recovery technologies we’re looking at, it’s obviously playing the lead role.”

Three of the 10 startups who have partnered with the Future of Sport Lab have AI as part of their business plan.

Calgary’s HooperIQ is the first AI-powered basketball IQ training platform, helping athletes master decision-making through personalized quizzes, film analysis and automated game breakdowns.

Elev8 & Perform of Markham, Ont., is wearable technology that boosts cardiovascular health, accelerates recovery, and enhances performance using quantum nano biomaterials and AI-powered smart imaging and analytics.

Lubu Technologies, based in Los Angeles, is developing AI-powered smart insoles that transform any shoe into a gait lab, helping athletes prevent injuries, optimize performance, and refine technique.

Bradish noted that this year’s class also includes startups led by people with a background in sports.

“Each cohort is a special class that defines itself in certain ways,” she said. “What we have in this group, which we’re excited about, is a number of high-performance athletes.

“We have leaned into embracing a culture of supporting athlete entrepreneurs. That is something that we are excited about, and I think it also definitely brings some really unique skills and competencies and assets to the group.”

Toronto’s CoachThem, a digital coaching platform created by former NHL players Mike Weaver and Robb Tallas, streamlines practice planning with intuitive tools that drive player development and coaching efficiency.

Iron Lady Golf, also from Toronto, was founded by PGA professional Lindsay Knowlton. It seeks to create an empowering community for women with over 30,000 participants reached through inclusive, confidence-building golf experiences.

Ottawa’s MOMentum was founded by Olympians and Paralympians and supports elite athlete mothers with financial grants, advocacy, and community resources to ensure family planning is never a barrier to success in sport.

All of the startups are at different stages of development but are expected to take strides over the Future of Sport Lab’s eight to 12 week curriculum.

“We’d like to help them accelerate the growth of their business,” said Bradish. “Some we know are already out there, either raising capital or building new partnerships on that customer journey.

“That’s the kind of curve. We like to come in and help them accelerate their business.”

Coordle, from Baltimore, is transforming group travel and sports tourism, by offering a centralized platform that connects teams and participants with local businesses.

Toronto’s FanMore is a loyalty and rewards platform helping teams engage the untapped 90 per cent of fans not in stadiums, creating new revenue streams for sponsors and organizations.

Shake, from Washington, D.C., is a free-to-play platform delivering fan experiences through sports and entertainment event aggregation.

The Playbook, out of Minneapolis, is an award-winning mental health platform for athletes and teams that tracks stress, well-being, and resilience, providing actionable plans for athlete wellness.

This report by The Canadian Press was first published May 15, 2025.

John Chidley-Hill, The Canadian Press

Mark Cuban is stepping into a new game — this time alongside leaders working to reshape the face of professional sports ownership.

According to Bloomberg, the billionaire entrepreneur and former Dallas Mavericks majority owner has been named a general partner in Harbinger Sports Partners Fund, a newly launched $750 million private equity fund targeting minority stakes in legacy U.S. sports franchises.

The fund is co-founded and led by Rashaun Williams, a venture investor and limited partner in the Atlanta Falcons, and Steve Cannon, former CEO of AMB Sports and Entertainment, the parent company of the Falcons and soccer club Atlanta United FC, Bloomberg reports. Per the outlet, Harbinger is focusing on investments in teams across the NFL, NBA, and MLB.

Williams, Cannon, and Cuban together bring operational experience, league relationships, and deal flow access to the table, significant factors that could set the fund apart from other institutional players entering the sports world.

Cuban’s involvement also adds financial and strategical firepower, as he recently invested in Beanstack, a Black-led edtech company, as AFROTECH™ previously reported.

Harbinger plans to make investments ranging from $50 million to $150 million while using secondary offerings to exit within seven to 10 years, Bloomberg reports. It also states that the fund is structured to acquire up to 5% stakes in teams, aligning with recent league rule changes that now permit institutional investors to hold multiple minority positions.

The NFL, which only approved private equity investment last year, allows funds to hold minority stakes in up to six teams, per NFL’s website. In addition, the NBA caps the number at five franchises, with a 20% maximum per team, while MLB has no team-count limit but restricts funds to 15% per club.

With Cannon’s stadium expertise, Harbinger also brings value in large-scale infrastructure planning, as he previously oversaw the construction of Mercedes-Benz Stadium in Atlanta, GA.

As sports franchises evolve into multi-platform media and tech enterprises, Harbinger is positioning itself at the center of the transformation.