Africa is set for a sporting boom in the next decade that can be a significant driver of economic growth and social change, with many involved in sports from outside the continent starting to realize it as fertile ground for opportunities.
With a young and increasingly connected population, Africa is currently underutilized in the global sports market according to several experts, but that may be about to change.
The continent achieved an annual growth in the sports business of 2.8% in the last three-five years, but this is expected to accelerate to 8% in the next three to five, with only the Middle East (13.5%) and North America (9.5%) having better prospects, according to PricewaterhouseCoopers' most recent Global Sports Survey.
Ricardo Bernard is partner at American law firm Akerman LLP and has advised on numerous deals in Africa's sports industry, including Omega Sports Holding's recent investments in an NBA Africa franchise and Racing Club d'Abidjan, a football club in Côte d'Ivoire.
"There has been a boom of sports as an asset class in Africa," Bernard tells FORBES AFRICA. "And I think that is going to continue across multiple sports and across multiple verticals.
"Whether that's rugby in South Africa and Kenya, football in West Africa or even motorsports, there is going to be an incredible demand. But also, for real estate investors, there's going to be an opportunity to provide the assets to allow those teams and sports to flourish." Investment in sports teams globally is on the up, but if stakeholders want to acquire a football club in England or Spain, or a rugby team in France, the figures to do so can be eye-watering.
Bernard believes Africa can provide investment in professional sports franchises for a fraction of the cost, but which can create attractive returns.
This story is from the August - September 2024 edition of Forbes Africa.
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This story is from the August - September 2024 edition of Forbes Africa.
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