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The Race That Sells Nothing, Yet Wins

The Race That Sells Nothing, Yet Wins

July 03, 2025

^{July 03, 2025 | Edition #21}

Hey there!

In 1902, a struggling French paper called Le Auto needed a lifeline. So editor Henri Desgrange and journalist Géo Lefèvre pitched a wild idea: a country-wide bike race to outsell rival Le Vélo. Three months later, the Tour de France hit the road.

Cut to 2025: it’s not just a race—it’s a billion-dollar juggernaut hiding behind an old-school façade. Today, we unpack the secretive business model that keeps the wheels (and profits) spinning.

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Today’s TLDR:

💡 Behind the Tour de France’s Unorthodox Business Model

🚀Soccer’s American Triumph: The Club World Cup Story

📖 The stories shaping the industry (and the lessons we learned this week)

Let’s dive in. 🚀

Lefèvre was right. But, pretty sure, he had little idea of the financial juggernaut the Tour would become in a hundred or so years.

The financial muscle operating from behind

Tour de France is officially owned by the Amaury family via Amaury Sport Organization (ASO). The world knows that ASO reported $640M in revenue last year. But ASO doesn’t offer any breakdown, and they also host the Paris-Dakar rally and the Paris Marathon. Regardless, the Tour de France remains the crown jewel. The 2024 iteration:

🌏 Was broadcast in 190 nations.

📺 Watched over 1 billion hours on TV.

📈 Engaged 13.7M fans across social channels.

The Tour’s valuation? Bloomberg estimates $4.7 billion, though the real number is anyone’s guess. But, how does the organizer make money?

An unorthodox business model

Like most leagues, the Tour de France has three broad revenue streams. But unlike most of them, it doesn’t include ticketing (it’s free to attend):

📡 Broadcast: Valued at $25M/annum with French TV, and $18M/annum with Eurosport.

🤝 Sponsorships: $70.06 million from last year, per Globaldata.

🎉 Publicity caravans: According to Hustle Daily, each brand in the Tour’s iconic caravan pays up to $600K for the chance to drive—and market—alongside the cyclists.

The caravans have become an integral part of the race, as you can see below:

ASO's estimated profit margin is 21%. So, how does ASO stay so lean? Simple—they don’t pay for the show.

Host cities shoulder operational costs

The host cities do the heavy lifting of organizing different stages of the Tour de France:

French cities shell out around $4M to host any stage of the event.
Foreign cities pay around $7-$8M to host the Grand Depart (the start).
Cities spend an equal amount—Brussels spent roughly $6M—on the smooth operation of the event.

The cities justify the spending through high ROI. London got a $147.6 M economic boost for hosting the 2007 Grand Depart. Bilbao reported an ROI of 1:8.5 in 2023. So for the cities and the sponsors, the Tour de France is a goldmine. And there is a new addition to it.

The Tour de France for female cyclists

Re-launched in 2022, Tour de France Femmes is not just about gender equality — it’s a smart business expansion.

✅ 20 million viewers tuned in to the 2024 edition.

✅ WBD plans to expand coverage in Asia and Europe.

✅ Zwift, Liv, and Skoda have come on board as sponsors.

Expectedly, Tour de France Femmes is joining its older brother in drawing eyeballs and sponsors’ attention. For host cities, the tournaments are a chance to generate massive revenue. For sponsors, a 24/7 branding opportunity. And that’s how the ASO, despite an unorthodox model and operating in a niche sport, keeps generating big money.

Do You Think the Tour de France Can Regain Lost Momentum in the USA?

FIFA’s 2025 Club World Cup is its boldest U.S. play yet. With a projected $9.6B impact, the tournament isn’t just a warm-up for 2026—it’s a fusion of global brands, local economies, and American sports culture on a scale club soccer has never seen.

Early impact:

1 in 3 Americans said they’ll follow or watch the tournament.
1.5M+ tickets sold as of mid-June.
Fans from 130+ countries have landed in the U.S. for the action.

Americans were already hooked on MLS, as you can see below:

And, turns out, the hype is real. As of June 27, 1,667,819 fans (average 34,746 per match) flocked to the stadiums. The soccer frenzy is seen as a precursor to the 2026 FIFA World Cup, and it can very well prove to be a masterstroke by FIFA.

Cultural catalyst

46% of Americans say hosting the tournament increases their interest in soccer.
64% of soccer fans are here for the global teams.
45% of U.S. respondents support the expanded 32-team format.

FIFA’s low ticket prices are also paying off. A record 80,619 fans filled the Rose Bowl to watch PSG rout Atlético de Madrid on June 16. Despite Orlando’s slump, 5 of 12 venues hit over 60% capacity, translating to stronger revenue.

Economic engine

A joint study by FIFA and the World Trade Organization (WTO) predicts that the event:

Would help generate around $21.1B in global GDP.
Projected to inject $9.6B into the U.S. economy.
Estimated $4.8B in taxes to federal and local governments.

The study also predicts that the event could provide 105,000+ new jobs and unlock $3.36B in ‘social benefits’ — think better public infrastructure, new facilities, and community pride.

Bigger play

Host cities receive a $1M grant each for soccer infrastructure upgrades.
All 63 matches stream free on DAZN globally—a strategic move for fan funneling.
PIF, Coca-Cola, Bank of America, and AB InBev headline the sponsor list.

The Club World Cup isn’t the main act. But if FIFA’s bet pays off, it could be the opening chapter in soccer’s biggest American payday yet—the 2026 Soccer World Cup.

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