FIBA World Cup 2023 poised for unprecedented commercial triumph / News - Basketnews.com

FIBA's upcoming World Cup aims to rebound from pandemic and war woes. It is poised for commercial triumph, boasting a sold-out lineup of 10 global and 24 local partners, projecting substantial financial recovery following a €14.1 million net loss in 2020.

Credit: FIBA Credit FIBA

The upcoming FIBA Basketball World Cup 2023 in the Philippines, Japan, and Indonesia is set to bring significant commercial success, allowing the sport's governing body to break even for the four-year cycle.

Despite the challenges posed by the global pandemic and the war in Ukraine on the organization's finances, FIBA Secretary General Andreas Zagklis has confidently stated that positive outcomes are on the horizon, as reported by Jonathan Rest of SportBusiness.

In discussion with international media before the start of the men's showcase event on August 25, Zagklis revealed that FIBA has achieved a noteworthy milestone by completely filling all 10 Global Partner slots for this cycle. Coupled with the involvement of 24 local partners across the three host nations, the Basketball World Cup is poised to become the most commercially successful edition to date.

"We are going into a FIBA Congress next week, closing a four-year period with Covid and war in Europe that had global effects, and we are presenting to our members almost breakeven for four years," Zagklis said, per SportBusiness. "Our Continentals last year and Worlds this year have given us the opportunity to recover from the 'annus horribilis' that was 2020 for international sports federations.

"In spring next year, we will be in a position to say how we scored in terms of exact numbers from the 2023 FIBA Basketball World Cup, but it is undeniable that the number of sponsors in this World Cup is leading to the conclusion that commercially this will be the most successful one."

According to SportBusiness, FIBA posted revenue of €158.8 million in 2019, when the Basketball World Cup was last staged in China.

Subsequently, the financial landscape was significantly affected by the global pandemic, resulting in FIBA reporting a net loss of €14.1 million for 2020, despite generating revenues of €67.9 million. During that challenging period, FIBA was among 15 international federations to accept the IOC's loan offer following the postponement of the Tokyo 2020 Olympics by a year.

Recovery has been slow and steady since, albeit Russia's invasion of Ukraine in early 2022 had a significant impact on the investment markets, but the 2023 tournament comes at an opportune time.

"In sheer numbers, this is a record World Cup in terms of partners. ... There is no doubt the interest we have received from top-level brands in all three markets, as well as at the global level, has been very, very high," Zagklis said.

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