British bookmaker Betfred founder Fred Done warned UK government that higher betting taxes will cut sponsorship spending, threatening British sport with horseracing most exposed. Betfred sponsors five major races including the Epsom Derby and plans to stop sponsoring Super League rugby. Meanwhile, Nike faces mounting pressure after Swiss brand On announced Kylian Mbappé as its football ambassador, ending a long Nike partnership with the French star.

Thierry Henry has also joined On as director of football. Nike's market cap fell from $280bn in 2021 to $54bn, hurt by China sales declines and rival growth. The loss of Mbappé, who fronted Nike's 'Rip the Script' World Cup campaign, adds strain on CEO Elliott Hill's turnaround efforts.

To bolster recovery, Nike appointed 34-year-old Alexandre Arnault, an LVMH scion with turnaround expertise from Rimowa, Moët Hennessy and Tiffany. On's shares rose 7% on the Mbappé news but remain down 40% this year as athleisure demand cools post-pandemic.