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BioSteel Bankruptcy Shows Perils of Costly Sports Partnerships

Sep 29, 2023

BioSteel’s bankruptcy could be more costly to the NHL, and others caught up in the proceedings, than what’s been detailed in court documents so far.

Companies’ Creditors Arrangement Act filings reviewed by Front Office Sports show only about $15 million in liabilities for sports-related deals. But the NHL deal alone is valued at about that much for the upcoming season, according to multiple sources who spoke to FOS on condition of anonymity.

No financial terms or even the length were released when BioSteel’s deal to become the “Official Hydration Partner” of the NHL and the NHLPA was announced in July 2022. Bankruptcy filings showed that the deal runs eight years, and another listed $6.4 million owed to NHL Enterprises.

Source: Front Office Sports

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