Tech, playing, alcohol helped NFL earn nearly $2 billion in sponsorships

The National Football League is nearing $2 billion in partnership fees, the most in professional sports.

Agreements from betting firms and technology companies helped the NFL lure a record $1.8 billion in sponsorship revenue, sports partnerships consultancy firm IEG told CNBC. The NFL’s figure is a 12% increase year-over-year from $1.62 billion it made in the 2020 season. It pulled $1.47 billion from sponsorships in the 2019 season.

Sports gambling companies, casinos, and lotteries saw the most significant spike in NFL sponsorship agreements. DraftKings, FanDuel, and Caesars became sportsbook partners in 2021 after the companies struck five-year pacts worth just under $1 billion combined. The NFL also landed secondary deals with BetMGM, WynnBet, FoxBet, and PointsBet.

Partnership deals with the NFL usually run from three to seven years and cost a minimum of $10 million per year for smaller companies. More prominent firms could pay more than $200 million per year.

FanDuel app

Andrew Harrer | Bloomberg | Getty Images

Verizon has one of the more prominent NFL deals and paid the league over $300 million annually. Last September, the communications company agreed to a new 10-year deal with the NFL and added 5G rights. But the new deal doesn’t include live streams of games, making it less valuable. That also means the NFL’s mobile rights are also up for grabs.

IEG’s estimates come days after the NFL produced one of its most memorable playoff weekends that included the thrilling overtime game between the Kansas City Chiefs and Buffalo Bills. That game Attracted over 42 million viewersthe highest divisional postseason game since 2017.

“It’s not coming from traditional places,” said Peter Laatz, IEG’s global managing director. “It’s coming from emerging categories. Not only are we seeing emerging talent on the field; we’re seeing emerging categories.”

Although gambling sponsorships saw the biggest increase in the NFL’s 2021 season, tech deals ranked first in absolute dollar figures for 2021, led by Microsoft. The tech giant has an on-the-field deal with the league, which uses Microsoft’s Surface tablet. That agreement is worth roughly $100 million per year, according to IEG data.

Gambling deals ranked second, and alcoholic beverage deals ranked third.

Last December, the NFL renewed its deal with Anheuser-Busch, which pays the NFL more than $250 million per year for beer and hard seltzer rights. The company lost control of hard alcohol rights, which Diageo took over for a reported $30 million per year.

The NFL put its wine and champagne rights up for auction but has yet to strike a partnership for that category.

“They’ve cut those categories (tech and alcohol) pretty fine,” said Laatz, calling the NFL’s sponsorship money a “runway revenue train.” He then projected the NFL would endure a “finer cutting of categories” in the future to grow deals in the US

NFL targets global revenue next

Although the NFL’s total sponsorship revenue increased significantly, the bulk of that growth went to league-wide sponsorships, which grew 23%. NFL clubs only took in 4% additional revenue in rights fees year-over-year.

To grow revenue streams for clubs, the NFL is taking a page from the National Basketball Association’s playbook and allowing teams to leverage international markets. Last month, the NFL permitted 18 teams to market their intellectual property in 26 territories, including Canada, Germany, Mexico and the United Kingdom.

But it could be a while before teams see real traction in that department.

There’s no doubt the NFL is dominant domestically, but American football isn’t a big draw overseas like the NBA. In addition, Canada and Australia already have established football leagues, so the NFL has serious competition.

Laatz said he’s “skeptical” of the NFL’s overseas plan, which the league labeled the “International Home Marketing Areas.” The NFL has tried to grow its product in London with its annual games, and Germany has shown interest in the NFL.

But those sporadic overseas games may not be enough to vault the NFL into international prominence loik the NBA.

“There’s a big difference between playing games internationally, which the NFL has clearly done, and having a prominent NFL footprint to grow the sport overseas,” Laatz said.

Still, to get a sense of the value a US-based sports club can earn from international deals: The Golden State Warriors – one of the most popular NBA teams abroad – agreed to a multi-year global rights sponsorship with crypto platform FTX for roughly $10 million total.

Laetz believes NFL teams’ deals could be even more lucrative.

A Bitcoin symbol on an advertisement at Mass Transit Railway station in Hong Kong, China, on Oct. 27, 2021.

Tyrone Siu | Reuters

Still waiting for crypto deals

Meanwhile, the NFL is taking a wait-and-see approach toward deals in the cryptocurrency space.

Last October, at the NFL’s owner meetings in New York, officials told CNBC that crypto-related deals are still being examined. Laatz called it the “sideline model” – as in, the NFL waits to see how other institutions maneuver.

“They’re careful about not getting into speculative arrangements that can cause backtracking,” said Laatz.

While the NFL stalls on crypto deals, companies are pouring millions into the NBA.

In addition to the FTX Warriors deal, crypto platform Coinbase agreed to a $192 million deal over four years with the NBA. On the team level, the Los Angeles Lakers landed a $700 million naming rights deal with Crypto.com. And the Portland Trail Blazers landed the NBA’s first crypto jersey patch deal.

Outside basketball, Major League Baseball added a crypto patch agreement for its umpires, and individual NFL players like Tom Brady are also striking crypto deals.

But Laetz says the delay won’t really matter, given the NFL’s ample revenue growth. “The thing they are leaving on the table right now is risk.”

Smaller arenas, extra tech, greener

Tennessee Titans and Los Angeles Rams fans prior to an NFL football game at SoFi Stadium in Inglewood, Calif., Sunday, November 7, 2021.

Marcio Jose Sanchez | AP

The Buffalo Bills are looking for a new stadium for the National Football League worth $ 1.3 billion. The Chicago Bears are spending money $ 197 million Acquiring land that could eventually be their new home.

FedEx Field is fall apart, and Washington Football Team is Lobbying for a new stadium in Virginia. Some major league baseball teams, including the Kansas City Royals, Oakland Athletics, and Tampa Bay Rays, want new parks.

At the National Basketball Association, the Los Angeles Clippers have already started building their $ 1.2 billion arena. Fishing the Philadelphia 76ers, the Dallas Mavericks might be lurking. And then there is the National Hockey League the phoenix coyotes.

The teams are looking for upgrades to the venues and could invest more than $ 10 billion in development by 2030. The major US sports leagues have already secured national media revenue, so the teams are now looking to increase revenue in other areas. New and redesigned arenas are one option.

Sports clubs can win lucrative naming rights and sponsorship deals with new buildings. There’s also a potential real estate game where franchisees like the Atlanta Braves and Milwaukee Bucks use their new buildings as anchors for massive real estate projects. This development helps generate even more money for teams.

Still, a debate remains about who should fund sports projects and what will be different in a post-pandemic environment.

CNBC spoke to executives about the sports stadium and arena landscape and what’s to come.

An aerial photo shows the $ 1.66 billion MSG Sphere at The Venetian, where construction halted due to the coronavirus pandemic (COVID-19) on May 21, 2020 in Las Vegas, Nevada.

Ethan Miller | Getty Images

Smaller venues, more experiences

Over the past 20 years, teams have maximized arena revenue by adding larger corporate suites, club and standing room. However, the ongoing Covid pandemic is changing this thinking.

Bill Mulvihill, head of the US bank’s sports and entertainment group, helped fund the Los Angeles Rams SoFi stadium, which cost $ 5 billion. He echoed others who predict smaller venues for the next generation of stadiums and arenas on the horizon.

Mulvihill said more and more clubs are making plans for spectators and television viewers in the arena. “The idea is to have unique fan experiences, not just to get the total number of people in your building up,” he said.

“I think the talk and trend is overall smaller capacity when it comes to arenas,” added Rob Tillis of investment firm Inner Circle Sports. “The larger NFL stadiums will maintain large capacity.”

To improve the value proposition of participating in games, you may find that your favorite team makes use of sitting experiences like the NFL’s field-level suites. The Texas Rangers have added new seating for Globe Life Field – their $ 1.2 billion stadium. It includes suites on the field and two field level lounges along the first and third baseline.

CNBC took a tour of the Rangers’ new park last August.

The field suites were pretty comfortable and sitting in the lounges felt like watching a baseball game at a local sports bar with the actual field nearby.

“These new buildings are more focused on delivering a variety of premium seating projects to meet market demands,” said Dan Barrett, President of CAA Icon, the stadium and arena planning department of the CAA Sports agency.

“We’re competing against the 80-inch television in your living room,” said Jon Ledecky, owner of the New York Islanders, who opened the $ 1 billion UBS arena in November 2021.

“All of these new arenas need to give fans a reason to stand up – go to their car and come to the event. If we don’t have a top notch experience, they’ll see the game at home. ”Ledecky added.

To paint a picture of future experiences, Mulvihill referred to Madison Square Garden and New York Knicks owner James Dolan’s project in Las Vegas. the MSG ball, a $ 1.8 billion venue, will feature technology that will allow viewers to hear concerts in multiple languages ​​and an infrasound haptic system – a vibrating floor.

“I think some of the ideas he’s talking about about how to watch a concert differently could be carried over to the gym,” said Mulvihill. “If this technology is slick and working, it could be transferable to other venues.”

Rendering of the Climate Pledge Arena

Source: Amazon

Sustainability, grab-and-go technology

The UBS Arena was built during the pandemic, which resulted in delays. But the development company Oak View Group rose to the challenge and invested $2 million in germicidal air flirting systems, something more teams will be installing.

Another Oak View project in 2021 is the Climate Pledge Arena in Seattle, where the NHL’s Kraken play. Executives praised the octopus’ new home, noting that it is climate neutral and powered by solar and electricity.

“Almost every arena will try to be carbon neutral in the future,” said Tim Leiweke, CEO of Oak View. “I think you will see more commitment to hygiene.”

The arena also uses grab-and-go technology from Amazon This enables customers to pay for items automatically without having to check out at a checkout. (Amazon pioneered) this technology in some of its convenience and grocery stores.)

Barrett of CAA Icon – who oversaw the Climate Pledge and Chase Center of the Golden State Warriors in San Francisco – believes facial recognition technology, automated concessions, and robotics will expand too.

“Environmental pledge and [Chase Center] have set the bar high in terms of technology, fan engagement and fan experience, ”he said. “Until the Clippers building goes online. Given Ballmer’s background, I’m sure he’ll want it [Intuit Dome] to be the model for the future. “

In the new LA Clippers arena

Source: LA Clippers

intuition Dome will include a double-sided Halo video board with 44,000 square feet of LED lights and use walk-out technology for concessions.

“In five to ten years, when Ballmer is finished, some of the older buildings will look very old very quickly,” said Tillis. “They’ll look like dinosaurs with no extra revenue opportunities.”

But who pays the bill?

Aside from technological improvements, there is still debate about who should fund sports facilities.

In 2016, the Brookings Institute published a paper against the use of public money to finance stadiums. The report estimates that from 2000 to 2014, more than $ 3 billion in tax revenue was lost to tax-exempt municipal bonds that were used to fund professional sports facilities.

Leiweke, who matched the Islanders with private money to build the UBS Arena, agrees that it is best to avoid public funding.

“Local authorities and states have to spend their money on schools, education, traffic and life security,” said Leiweke. “Now there is constant thinking about how we are [privately] fund these buildings and run these teams to help generate new revenue streams in the future, “he added.

In most cases, teams have an impact calling for public funds and sometimes threaten to move if they don’t receive the money. That can damage the local economy. But after St. Louis sued the Rams for their departure in 2016 – she received one $ 790 million comparison – Teams will likely think twice before moving.

Buffalo Bills owner Terry Pegula.

Brett Carlsen | Getty Images

As a result, the NFL’s Buffalo Bills owner Pegula Sports and Entertainment in west New York is expected to share the cost of a new venue with the state.

The engineering company AECOM has published a report in which a. is appreciated Price tag of $ 1.35 billion for a new venue near the existing Highmark Stadium and forecast at least $ 300 million more for a downtown stadium. The Bills’ lease at Highmark expires in July 2023, and the team’s goal is to work in a new, 60,000 seats by 2027.

When asked if inflation concerns could affect sports owner funding, Mulvihill replied, “These are long-term decisions for owners, cities and states that will take 20, 30 years to make. The 10 percent increase in construction costs does not change these decisions significantly. “.”

Barrett predicted that up to $ 15 billion would be invested in new professional sports facilities over the next 15 years. That estimate increases to $ 20 billion when calculating renovation projects. Both Barrett and Mulvihill suggest more teams remodel than start over.

the Jacksonville Jaguars and Green Bay Packers are among those NFL teams looking to remodel. In the case of the Packers, they raised money by issuing $ 90 million in public stocks to fund a $ 250 million renovation project for Lambeau Field.

“You are going to see significant investment over the next 10 to 15 years,” Barrett said, adding the Major League Soccer franchises including the NYCFC champions to the teams lurking for new stadiums.

Fintech and crypto who want to spend money

Should clubs go for private funding, which they normally do, more revenue is waiting.

The clippers aligned nearly $ 1 billion on naming and partnership agreements for Intuit Dome, which is due to open in 2024. Paul Danforth, president of CAA Sports, said fintech and crypto companies are particularly eager to spend money on sports in order to establish their brand in the digital age.

Danforth cautioned markets like Buffalo not to expect mega deals like Los Angeles teams, “but it’s still a great opportunity for a brand in New York state and the NFL.”

Danforth said, “In the past they couldn’t afford to buy naming rights. But some of these companies are growing so fast that they can get into those conversations faster, which is why brands want to be associated with them, “he added.

Ecosia launches World Fund to again local weather tech founders

KONYA, TURKEY – SEPTEMBER 13: Rows of solar panels are seen on a Tekno Ray solar farm on September 13, 2018 in Konya, Turkey. By 2023, Turkey wants to generate 30 percent of its electricity from renewable sources in order to reduce its dependence on energy imports from Iran, Russia and Iraq. Due to its geographical location, Turkey has the second largest solar energy potential in Europe with an average of 7.2 hours of sunshine per day. (Photo by Chris McGrath / Getty Images)

Chris McGrath | Getty Images

Ecosia, the search engine that uses its advertising revenue to plant trees, has launched a € 350 million ($ 405 million) venture capital fund to focus on the climate crisis.

The so-called World Fund will invest in the “next generation” of founders who want to tackle the problem, Ecosia said, and measure its success in terms of “climate returns” as well as financial returns.

“Our goal is to solve climate change,” Christian Kroll, CEO of Ecosia, told CNBC before the start on Tuesday, just days before the COP26 climate summit.

“We have been doing that at Ecosia for a long time by planting trees,” said Kroll, adding that the company has planted 136 million trees to date. “But that alone will not be enough to solve climate change.”

research published Tuesday shows that climate technology startups have raised more money so far this year than any other year, and as of early 2021, $ 32 billion has been pumped into startups fighting climate change around the world.

The search engine Ecosia has 15 million monthly active users and expects annual sales of 25 million euros (29 million US dollars) this year. However, the size of its user base pales in comparison to Google, which has billions of users.

Kroll said Ecosia is “extremely well connected to many start-ups in the air conditioning sector,” but could not support them with the money it makes through its search engine.

“Our promise to our users is that if they look to us, we will use the money to plant trees,” he said. “If we were to put that in risky start-ups and then it didn’t work out, it wouldn’t go down so well.”

He hopes that setting up a separate VC fund that will raise capital from alternative sources will help eliminate this problem.

Bill Gates, the billionaire co-founder of Microsoft, said in an interview that aired on Wednesday: Climate Tech will produce eight to ten Teslas, one Google, one Amazon and one Microsoft. The people at Ecosia takes a similar view and believes that the most valuable companies of the next decade will be those that enable a decarbonized world.

Reduce CO2 emissions

More than half of the funding for the World Fund has already been provided by entrepreneurs and large institutions, Ecosia said, adding that the fund has made three investments that are yet to be announced.

“We have invested in a vegetable meat company that is revolutionizing the high end of the market and a cocoa substitute that is reducing deforestation,” said Danijel Visevic, head of investments at Ecosia and head of the World Fund.

The World Fund supports around 40 companies in their early and growth phases.

An important caveat is that every company in which the World Fund invests must contribute to a significant reduction in carbon emissions. In particular, the fund only invests in companies that have the potential to remove 100 megatons of carbon dioxide from the atmosphere each year.

“Everything comes back to that number, regardless of technology,” World Fund partner Craig Douglas told CNBC.

The World Fund said it would support carbon-reducing companies in areas such as food and agriculture, transportation and the “built environment”.

Ecosia claims the World Fund is the largest of its kind in Europe, while the largest in the world is operated by Gates’ Breakthrough Ventures and is worth $ 2 billion.

Global VC investment in climate technology has grown from $ 6.6 billion in 2016 to $ 32.3 billion in 2021, according to a report by advertising agency London & Partners and VC analytics firm Dealroom.co means an almost five fold increase in funding.

The VC industry has traditionally been reluctant to invest in air conditioning startups, but Dara Saharova, a General Partner with the World Fund, said companies in the sector established between 2008 and 2013 now have a market capitalization of around $ 800 billion .

“There are a lot of people in Europe who are investing $ 1 million to $ 5 million and there are now some large institutions willing to invest more than $ 30 million per company,” said Douglas. “But there is practically no one in between.” He added that the World Fund was created to fill the void.

Debt-Busting Tech Startup Brilliant Cash Pronounces Public Launch, With $31 Million in Funding

SAN FRANCISCO – () –Light money, an artificial intelligence (AI) financial platform based on its unique MoneyScience ™ algorithm, has secured $ 31 million in funding from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures, along with investments from prominent angel investors like Ram Shriram (Alphabet board member and founder of Sherpalo Ventures).

Bright Money is helping Americans take control of their debts and start building real wealth through bespoke AI-powered financial planning. With its algorithm, Bright Money does all of the data processing math and financial planning for each user. Bright Money uses thousands of data points from a user’s financial life to build the best possible path to financial well-being while fitting into the user’s daily money activities. It works to outsmart banks and lending companies so that any Bright Money user can always get the best bang for their buck.

The Bright Money platform is designed for real financial needs that matter most to Americans, helping them move forward and make their dreams come true. It focuses on getting people out of debt, improving their credit scores, and increasing savings to build real wealth. On average, users pay more than $ 2,200 in credit card debt each year by using the platform, saving $ 750 in fees and interest fees, and adding 30-100 points to their creditworthiness.

The platform primarily helps hard-working, middle-income Americans – those between the ages of 25 and 40 who make $ 50,000 to $ 100,000 a year. These Americans have traditionally been underserved by banks and even by the youngest “neo banks”. Unlike existing services and products, Bright Money doesn’t just offer users more credit or a unified product. Bright Money offers highly customized planning that reacts to and adapts to each user’s changing finances while enabling intelligent automated payments that reduce debt and build wealth faster than most Americans can alone.

Bright Money was co-founded by Avi Patchava, an Oxford University graduate data science expert with a decade of experience using algorithms to solve consumer problems. and Petko Plachkov, a financial services veteran and serial entrepreneur who has successfully developed and scaled financial products for millennials for the past decade.

“When we started building Bright in 2019, we wanted to bring a unique system based on data science to help Americans organize their finances and fight their debts,” says Patchava. “The Series A funding we have secured will allow us to take our platform to the next level by giving users a transformative journey with their money to truly improve their financial future. We exist to deliver real results to people – not just another financial product. This is only the tip of the iceberg when it comes to harnessing the power of data science to fuel personal finances. ”

Bright Money has assembled a team of more than 100 money scientists: seasoned data scientists and AI engineers from leading research centers around the world with experience in finance, consumer technology and adtech. They spent two years building the MoneyScienceTM platform (a system of 34 different AI algorithms) from the ground up to provide unique financial planning and insights to consumers. Bright Money’s technology enables hyper-personalized and bespoke financial plans normally only offered to the wealthy through dedicated financial advisors.

“We designed Bright to meet the financial planning needs of middle-class Americans with no hidden costs or fees,” said Plachkov. “Bright is only $ 15 a month – affordable for everyone. How to get Bright’s algorithm for your finances for less than the price of Netflix. Most Americans make a decent living, but they’re poorly served by traditional financial firms and fintechs that offer one-size-fits-all solutions. With more than 30,000 people getting results with the Bright platform in beta, we know we are building a platform for the future of people’s money. ”

“Bright has invested in building a unique technology-enabled solution that will help consumers manage their money and reduce debt,” says Shriram. “The consumer debt and savings business is ripe for innovation to bring real value and simplicity to users looking to improve their financial lives.”

For $ 15 a month, users have access to all of the great Bright Money platform tools, educational resources – The School of MoneyScience ™ – and 24/7 access to customer support via phone, email and chat. Based in San Francisco with offices in London and Bangalore, Bright Money currently has 150 members on the data science and customer service team and is compatible with 14,000 banks in the US. For more information on Bright Money, see brightmoney.co.

About light money

Light money is an artificial intelligence (AI) financial platform powered by its unique MoneyScience ™ algorithm designed to help Americans take control of their debt and start building real wealth. Bright Money’s technology enables all users to access highly customized financial plans – usually only available from financial planners charging thousands of dollars – to help settle credit card debt, build their creditworthiness, and start saving. Bright Money delivers results to its users, with the average customer shedding $ 440 in debt and saving $ 750 a year in interest in the first three months. Bright Money’s patented platform has helped over 30,000 Americans to date and managed hundreds of millions of debts. Bright Money was founded in 2019 by Avi Patchava, a leader in the AI ​​industry. and Petko Plachkov, a serial financial services entrepreneur; and has teams in San Francisco, London and India.

MoneyScienceTM, Bright Money’s patented AI platform, uses thousands of data points on each consumer’s financial life and 34 algorithms to create highly customized financial plans for users. The MoneyScienceTM system was developed from the ground up over two years by leading AI and machine learning experts, combining basic AI technologies from other industries (adtech, entertainment, robotics and industrial automation) with best practices in personal finance. The result is simple, understandable, and impactful plans that are uniquely tailored to each individual – hyper-personalized for each user. Currently, such detailed planning is only available from professional financial planners, who charge thousands of dollars for such a service.

Ford poaches prime tech government Doug Area who helped lead Apple’s top-secret automobile venture

Ford Motor Co. is showing a new 2021 Ford F-150 Pickup Truck at Rouge Complex in Dearborn, Michigan on September 17, 2020.

Rebecca Cook | Reuters

DETROIT – Ford engine said Tuesday it has hired earlier Tesla and Apple Executive Doug Field to direct its new technology efforts, a focus for the automaker as part of its new Ford + turnaround to plan.

Field – who directed the development of Teslas Model 3 – most recently as Vice President for Special Projects Apple, which allegedly included the tech giant’s titanium car project.

The hiring is a great addition to Ford and a huge achievement for Apple and his company secret car project, which the company has yet to confirm exists.

“I think every time you lose a respected, seasoned manager who, as we can see, really led Apple’s automotive efforts, it’s a blow to any company,” says Bernstein analyst Toni Sacconaghi, who owns the iPhone -Manufacturer covers. said CNBCs “Closing bell.”

Apple said in an email statement, “We are grateful for the contributions Doug has made to Apple and we wish him all the best for this next chapter.”

Ford said Field will assume the new position of Chief Advanced Technology and Embedded Systems Officer. He will lead Ford’s vehicle control, enterprise connectivity, functions, integration and validation, architecture and platform, driver assistance technology and digital development tools.

“His talent and dedication to innovating that improve customers’ lives will be invaluable as we grow our Ford + plan to deliver great products, lasting customer relationships and constantly improving user experiences,” said Ford CEO Jim Farley in a statement. “We are thrilled that Doug has decided to join Ford and write the next great chapter of this great company.”

Field, who will report to Farley, began his career at Ford in 1987, according to his LinkedIn profile. He then held positions at Johnson & Johnson, Deka Research & Development and Segway before joining Apple in 2008. After more than five years with the tech giant, he moved to Tesla before returning to Apple in 2018.

In 2016, Apple reportedly abandoned plans to build its own car and focused more on developing the software for autonomous driving. Field’s recent assignment at Apple was seen by industry insiders as an indication that the company is thinking about building its own vehicles again.

His most recent stint at Apple was seen by some industry insiders as a re-emphasis on vehicle design after the company realigned its efforts towards autonomous driving software.

Field declined to speak about his work at Apple, but said there was “nothing that prevents me from working full-time at Ford” when asked if his former employer had forced him to sign a nondisclosure agreement sign.

“Apple does not talk about new products, and I will not talk about my work at Apple,” he said on Tuesday during a phone call with reporters. “But nothing prevents me from becoming fully involved with Ford, and I look forward to capitalizing on everything I have from all of the teams I’ve worked with and from all of the companies I’ve been privileged to work with To be part, to use. ” from.”

Field said he chose Ford after speaking with executives at the company and realizing there was a “deep desire” to transform the automotive industry, particularly with connected vehicles.

Connected vehicles are a key part of Ford’s new turnaround plan, which aims to reposition the automaker to generate more recurring revenue through software services.

Farley described the setting of the field as a “watershed moment” for the automaker. It follows Ford chairman Bill Ford, who told CNBC the automaker would announce new leaders to Farley’s management team.

– CNBCs Kevin Stankiewicz and Kif Leswing contributed to this report

Monetary Planners Can Uncover Consumer Cash Scripts® with the DataPoints Advisor Tech Platform |

MARIETTE, Ga., June 15, 2021 / PRNewswire-PRWeb / – The Klontz Money Scripts Inventory-II (KMSI-II) is now available to customers on DataPoints’ behavioral assessment platform. The KMSI-II measures customers’ Money Scripts®, fundamental beliefs about money that affect financial decisions and wellbeing. By identifying clients’ money scripts, financial advisors can customize advice to help clients overcome beliefs that prevent them from achieving important financial goals. With the exclusive publication on the DataPoints platform, consultants can easily expand their practice to include the KMSI-II and the psychology of financial planning.

Money Scripts and the KMSI-II were developed by Dr. Brad Klontz, CFP®, financial psychologist and founder of the Financial Psychology Institute. The KSMI-II provides consultants with detailed insights into each of the four Money Script components, including:

  • Money Avoidance – Belief that money is bad; that less money is better than more;
  • Money Focus – Belief that money is the critical component of happiness; Money can solve all problems; there is never enough money;
  • Money status – belief that self-worth is directly linked to net worth; Outward representations of wealth are important; Money will “take care of itself”;
  • Monetary Monitoring – Concern about saving money; Belief in the value of saving and working for money; believe that financial contributions are negative.

“Money scripts are among the most well-researched components of a client’s financial personality. DataPoints is excited to work with Dr. Klontz to bring this powerful tool to the financial services community,” said Dr. Sarah Stanley Fallaw, Founder and President of DataPoints. “Understanding the personality of money is the first step in providing tailored advice and guidance to help clients meet their financial goals. Now financial planning firms can easily identify a client’s underlying monetary beliefs with DataPoints.”

The assessment suite from Money Scripts is only available to companies via a. to disposal Subscription to the DataPoints behavior assessment platform. DataPoints’ technical advisory platform offers advisors the opportunity to:

  • Invite customers to join the KMSI-II. complete
  • Delivering branded Money Scripts reports to customers
  • Analyze changes in customers’ Money scripts over time
  • Compare Money Scripts Profiles for Couples
  • Investigate the results of Money Scripts across the company

In addition to the KMSI-II, consultants who subscribe also have access to the Financial Health Scale, a measure of the financial health of the entire household. Financial therapists and clinicians can also apply for access to the Klontz Money Behavior Inventory, an assessment of money-related disorders, including compulsive spending, financial literacy, and workaholism.

“Knowing yourself better is the best place to start to make changes and improve your financial life. Now, financial planning staff can evaluate clients’ money scripts and get tailored insights to help clients make financial changes and improve overall financial health, ”said Dr Klontz. “Discovering and exploring Money Scripts are important steps in helping clients achieve financial success in areas such as increasing income, wealth creation, and improving financial health. Money Scripts provides deep insights into not only your clients’ unique financial psychology, but also the process of self-discovery is engaging and fun. “

The KMSI-II and others from Dr. Assessments developed by Klontz meet the stringent DataPoint standards for scientific accuracy in the development of psychometric tests. The KMSI-II has been extensively studied and found to be related to income, assets, credit card debt, financial behavior, and other significant aspects of financial health. “With psychometrically based assessments such as the KMSI-II, companies can get an exact picture of the financial personality of their customers and use this knowledge to personalize communication, advice and services,” says Dr. Fallaw.

Consultants can sign up for a free two-week trial of DataPoints to access KMSI-II.

Via DataPoints

At DataPoints, we understand that customer mindset has an impact on spending, savings and investment decisions. We have developed a set of tools for financial professionals to identify the financial personality so clients can avoid behavior traps and achieve financial success. Our technical consulting solutions are based on more than 40 years of behavioral, consumer and demographic data that shaped the bestselling book The Millionaire Next Door. Find out more about DataPoints here.

Media contact

Amber DeGan, Data points, +1 678-389-5559, contact@datapoints.com

Twitter, Facebook

SOURCE data points

Mark Cuban, different traders, put $250,000 in basketball tech firm GRIND

Thomas Fields, founder of GRIND Basketball.

Source: GRIND

The term has become popular in professional basketball, but Thomas Fields really “trusted” the process when he attracted money from investors, including Mark Cuban, to expand his business.

Fields is the founder of GRIND, a sporting goods manufacturer, and convinced the owner of Dallas Mavericks to get into the deal. The 26-year-old Houston native received $ 250,000 from its appearance to “Shark Tank” for his portable shooting machine.

In an interview with CNBC on Wednesday, days after his appearance on Shark Tank on May 7, Fields recalled the process of introducing GRIND into Mach 2020, days before the sport was suspended due to Covid-19.

“It literally took two weeks for the pandemic to hit,” Fields said. “After that, we worked in a Covid world, so we don’t even know what this non-Covid world looks like.”

Throw the sharks

In business terms, GRIND has done well during the pandemic. The basketball machine is set up for a single user and automatically returns the ball to the player, allowing 1,000 hits per hour.

Fields said the company had revenue of around $ 217,000 in the first five months from lockdowns and large gatherings banned. The product currently retails for $ 1,595 website. On Amazon, similar shooting machines are listed for over $ 5,000.

And Fields notes that GRIND folds into a duffel bag in 90 seconds, weighs about 100 pounds, and describes the product as “affordable and accessible to any athlete who wants it”.

When asked about recent sales, Fields declined to disclose numbers, citing privacy concerns for his new partners. “Shark Tank” invited Fields to the show after six rounds of interviews. The last pitch took place in Las Vegas last September.

Mark Cuban on ABC’s “Shark Tank”

Jessica Brooks

His fiancée applied for the show before the company started. Fields said he watched pre-recorded episodes that air on CNBC and made notes. And while he was quarantined in Las Vegas before meeting the sharks, he continued to study the process of his one-off pitch.

“All I could do was practice,” Fields said, adding that he was in “run mode” when he arrived. He re-cast a cast including Cubans Minnesota Timberwolves Owner Alex Rodriguez, CNBC employee Kevin O’Leary and businesswoman Barbara Corcoran. After the pitch he got two investors – Cuban and Corcoran – who took over 25% of the company.

“I love the product,” Cuban told CNBC in an email. “I ordered one while the show was filming.”

Fields added, “It was great going through this and after knowing that these two believed in me as an entrepreneur and loved the product, that was more than enough validation to say the company was going to be special.”

Batteries not included

Shortly after recapping the show, Fields remembered more about GRIND’s process. He pointed to 2017 when he was recovering from four ACL surgeries, one of the more extreme injuries in sports, especially basketball. At this point, Fields knew that making it into the National Basketball Association was not achievable.

Fields said he learned to weld thanks to a friend and started working on the concept of the GRIND machine. He raised early investors, but no one provided money. So he started working at Raising Cane’s, a popular fast food chain and local car wash, and saved nearly $ 25,000.

Fields said he had become a “self-taught mechanical engineer,” paid $ 300 a month, and worked on prototypes and proof of concept in his garage.

“Just perfect the machine and make it great,” recalled Fields.

Even Rodriguez welcomed Fields’ persistence on social media. “I got a lot of love, but in the end he was out,” Fields said of Rodriguez.

Today the shooting machines are made in Idaho and Fields has eight employees, including four engineers. GRIND also has an NBA team deal with the San Antonio Spurs, who use the machine for their youth camps.

“We targeted the Spurs because they have the best and largest youth organization in the NBA,” Fields said. “It was strategic and we didn’t partner with them because they were around.”

GRIND is working on a battery that can be added to the machine. This was one of the problems Cubans faced before investing. The machine uses an extension cord for power supply. Fields noted that Cuban told him the product was not portable because it still needed an electrical outlet.

“Ultimately, we don’t want customers running around with 100-foot extension cords,” Fields said. “We want them to be ready and to worry that they will be better.”

Nike and Peloton ambitions

Fields enters a competitive exercise equipment market. According to the company Grand View Research, the sector is expected to be reached $ 89.2 billion in 2025. And GRIND also competes with the tech industry as companies like Apple to sell Sports and fitness training subscriptions.

“The way I see it, there is only so much software can do to an individual,” Fields said. “There’s so much hardware can do to a consumer too. I’ve always believed it brings the best of both worlds.

“I believe our hardware solves a real problem that no software can ever figure out – you can get your shots made and missed, pass the ball automatically, and allow you to shoot more than a thousand shots an hour. No software can. ” “”

Fields says he wants to build GRIND as a combination of Nike and Peloton.

“It is a perfect time for us to change the world of basketball through interactive sports equipment,” said Fields. “I think the future is bright for us. We’re much more than a shooting machine company.”

And now the process continues.

WNY raises cash for nail tech shedding eyesight

BUFFALO, NY (WKBW) – Thanks to the Buffalo Strong Spirit of western New Yorkers, a woman can keep her eyesight.

Karla Marshall, 24, is an aspiring nail technician who was diagnosed with keratoconus in 2019. The disease causes them to see double and potentially go blind if left untreated.

After visiting several ophthalmologists, her insurance would not cover the cost of the individual surgery that would save her eyesight, nor the special contact lenses she needed to see properly.

Karla went to GoFundMe.com to cover the cost of both and hit the $ 8,000 goal after a month.

If you want to continue donating to Karla’s GoFundMe, click Here.

She also says that she will update people on her journey through their TikTok page.

Washington tech govt pleads responsible to wire fraud, cash laundering

A Washington state tech executive pleaded guilty to wired fraud and money laundering after attempting to obtain $ 5.5 million Paycheck Protection Program Loans and to wash part of the proceeds, said federal prosecutors.

Clyde Hill’s Mukund Mohan was charged in July 2020 and agreed to plead on Monday, incumbent U.S. attorney Tessa Gorman said in a statement. He is due to be sentenced on July 20th.

Mohan filed at least eight fake PPP loan applications for six different companies with federally insured financial institutions, according to the defense agreement and court files. He made false and misleading statements about the companies in support of the bogus applications.

He received about $ 1.7 million, but investigators were able to quickly seize all but about $ 16,000.

In one case, he said his company Mahenjo Inc. had dozens of employees and paid millions of dollars in wages and income taxes in 2019 when he actually bought the company in 2020 and had no workers or business.

As part of the plea agreement, prosecutors will recommend the lower end of the range of federal sentencing guidelines, Gorman said. Both the government and defense will recommend Mohan pay a $ 100,000 fine in addition to being refunded.

Wire fraud is punishable by up to 20 years in prison. Money laundering is punishable by up to 10 years in prison.

Reagan Nationwide College, ITT Tech accreditor might lose federal cash

A year after a USA Today Network investigation found that an accredited university in South Dakota appeared to have no students or staff, a federal panel voted to remove the federal accreditation council for independent colleges and schools on Friday.

That recommendation could spell the end of the road for the troubled accreditor who previously made headlines for its role in accrediting ITT Tech and Corinthian colleges, two massive for-profit colleges that closed without much warning in the mid-2010s.

Accreditors operate independently from the federal government, but their approval by the Department of Education enables them to decide which colleges can access federal funds, including student loans or Pell Grants. The decision, taken by an 11-1 vote, was made after hours of discussion and review of hundreds of pages of documents verifying the accreditation or lack of colleges by the accrediter.

A senior department official will now make the final call about the future of ACICS and the agency may continue to appeal the decision. However, if the agency loses its accreditation powers, the nearly 60 ACICS-accredited institutes would have to find a new accreditor if they want to continue to access federal funds.

The review from Thursday was partly from USA TODAY investigation in February 2020 Reagan National University found that seemed to have no students or faculty. Important links on the website, like one signing up for courses, didn’t work either. And a reporter visited the campus twice and found no one there.

Only a few days before the planned publication of the story, the university withdrew from the accreditation process. ACICS announced TODAY to USA that it correctly followed its procedures. But history has also led to it open the education department his own request.

The Reagan Inquiry, however, was just one of several topics the committee considered Thursday. Various reviews looked at the agency’s financial health, dealings with two other universities, and general compliance reports. And of the four reports considered, all of which began under President Trump, in all of the cases, career officials at the Department of Education suggested that the agency lose its federal accreditor status.

The hour-long hearing of the advisory committee was just the last stop for the long-troubled accreditation body.

In 2016, the Obama-era Department of Education relocated to take power away from the agency. A federal court reopened the matter, however, and the Trump department re-established the agency in 2018.

In a recent report, the Inspector General of the Department found that the division was acting within its authority when reintroducing ACICS under DeVos. It also noted that the department failed to take into account “all relevant information” when reviewing the agency in 2016. That decision, according to the surveillance report, enabled ACICS to successfully challenge the division’s findings in court.

The Inspector General’s report ignored the findings of the other reports submitted to the committee on Thursday. Still, the panel delayed its decision from Thursday to Friday to give its members the opportunity to read the results.

Earlier this year Careers in the department recommended ACICS lose their authorization for accreditation because, among other things, they could not prove that they “have competent and knowledgeable persons who are qualified through training and experience”.

In the advisory session, the department made this case. (Much of the discussion centered around Reagan National University.)

For example, ACICS staff were visiting Reagan National University and were unable to “get, view, or rate teaching materials,” and students had no access to textbooks. However, according to Elizabeth Daggett, a career worker on the department’s accreditation group, the shortage of materials was not listed as a shortage. Daggett said this resulted in a lack of training and administration skills.

In another case, Daggett said the accreditor did not collect enough responses from students during his visits to Reagan. Only 6 of the 50 or so students answered a survey distributed by the accreditation team in 2017. And only 3 of the roughly 70 responded to another survey from 2019. However, ACICS said this was not a problem.

“The team ensures the polls are distributed, but cannot force students to respond,” they wrote in response. “The department doesn’t require agencies to use student surveys, and ACICS doesn’t set a minimum number of surveys that must be returned.”

There were other signs of problems with the students as well. During the course of the two reviews, no students had any problems with their studies or had withdrawn from university. Students also did not have verified records of previous education. Daggett said all of these findings should have been “red flags that question the existence of a legitimate student population.”

In a broader sense, Daggett said ACICS had had several years to align with the department’s standards and never did.

For his part, ACICS is called the overall pre-review department results “extremely drained and frustrating” and that this would call the recommendation into question.

Michelle Edwards, the President and CEO of ACICS, also said in her opening speech that the agency is subject to unfair standards. And she mentioned the Inspector General’s report as evidence of her claim.

Edwards has repeatedly said that the Department of Education’s review has exceeded its limits. In the case of Reagan in particular, she made two separate site visits to prove that the agency was doing its job.

“I ask you to conclude that the evidence presented by the department staff in their final report does not support the approval of the termination,” said Edwards.

Claude Presnell, committee member and president of the Tennessee Independent Colleges and Universities Association, asked if the accreditor had conducted its site visits thoroughly. In particular, he asked how the agency could visit Reagan National University in late 2019 without seeing any signs that it would close just months later.

“An abrupt closure of an institution, don’t you think that speaks in favor of your ability as an accreditor?” Asked Presnell.

In response, Edwards said the college had voluntarily withdrawn from the accreditation process and the agency had no way of knowing that Reagan was closing. During the meeting, she also said that ACICS employees found evidence of a “functioning institution” during a site visit in October 2019. Edwards couldn’t say why the college closed just months later.

Edwards had also repeatedly tried to dismiss USA TODAY’s coverage as sensational, although it did not provide any details. Presnell said the agency’s findings were consistent with findings from USA TODAY’s initial investigation.

Ultimately, the members of the committee voted 11 to 1 in order to withdraw the agency’s recognition by the federal government. Some of the members said they voted yes but were concerned about the administrative processes used by the department. The same members hoped that the rigor applied to ACICS would also be applied to other accreditors in the private and public sectors.

While the committee has recommended that ACICS lose its recognition, there are other bureaucratic hurdles to overcome. A senior department official now has 90 days to consider the decision. And if that person decides to revoke the creditor’s reputation, ACICS could continue to appeal to the newly confirmed Minister of Education. Miguel Cardona. If ACICS loses state recognition, the dozen of schools it currently accredits will have 18 months to find a new accreditor.