CALY+, GOLF+, GRMN+, LUCK-; Further Softening in Experiences & Entertainment; NKE Foot Traffic Inflecting; News of Note: The Optimal Sports Section

By David Katzman and David Schick and Jonathan Feeney and Jack Hermann Published on April 22, 2026 PDF

Summary: (1) we note continued revenue slowdown (in particular our Sports Fandom index); (2) share price underperformance in Fandom and Betting & Data Indices but strong Participation Index performance; (3) NKE in-store (foot traffic) monitor decline but positive inflection; (4) CALY, GOLF, GRMN revenue inflection.

The Optimal Sports Ecosystem Index revenue tracker (T8W) is running down -1.6% y/y vs. the T16W trend of +1.0%, representing a -260 bps inflection. By subsector, Sports Fandom is decelerating most sharply at down -18.8% T8W y/y signaling macro sensitivity in discretionary sports spending. Sports Participation spending is down -2.3% T8W y/y with transactions down a steeper -8.8%. Sports Betting & Data spending is up +4.6% T8W y/y. The Entertainment & Experiences revenue tracker has also continued to decel, with spending dropping to -9.5% T4W y/y.

Sports index equity performance overall performed in line with the market this week. The Equal-Weight (+2.0% w/w) and Cap-Weighted (+0.5% w/w) Optimal Sports Ecosystem Indices performed similarly to the S&P 500 (+1.4% w/w). However, Sports Betting & Data (-2.0% w/w) and Sports Fandom (-1.0% w/w) declined this week, while Sports Participation (+3.9% w/w) outperformed the broader market.
CALY, GOLF, GRMN (+): All three names have 40%+ growth in card spending T8W Y/Y as well acceleration (GOLF +62%, GRMN +55%, CALY +44%). GOLF digital traffic has grown +24% T8W y/y while CALY has grown +7% y/y and GRMN down slightly (-2% y/y) but +2% above T16W trend. A few weeks ago we had noted struggling trends for GRMN and GOLF that have since reversed.
LUCK (-): Spending (-44%) and digital traffic (-2%) are declining on a T8W y/y basis and spending is decelerating (-23% relative to T16W trend).

Headlines

Headline: Clearlake Capital co-founder José E. Feliciano and his wife Kwanza Jones are set to purchase the San Diego Padres for a record $3.9 billion, shattering the previous $2.42 billion record of Steve Cohen’s purchase of the Mets amid appreciation in sports team valuations.
- Link: San Diego Padres Sale: Feliciano, Jones to Pay MLB-Record $3.9 Billion
Headline: Apollo, Ares, and Sixth Street are in early discussions to provide private credit financing for the NBA’s proposed European league, as private capital continues its increased presence in U.S. basketball and the NBA looks to capitalize on increasing global popularity.
- Link: Private Credit Giants Are In Talks to Fund NBA’s Foray Into Europe – Bloomberg
Headline: Churchill Downs Incorporated has agreed to purchase the intellectual property rights to the Preakness Stakes for $85 million, giving it ownership of two of the three Triple Crown races.
- Link: Churchill Downs purchase IP rights to Preakness Stakes for $85 million – CBS Sports

Game of the Week:

Atlanta Hawks vs. New York Knicks Game 3 (April 23rd @ 7:00 PM EST): After he was traded for Trae Young at the trade deadline, CJ McCollum took over Young’s role as MSG foil during the Hawks Game 2 comeback victory in New York, sending the series to Atlanta tied at 1-1.