Opinion

USA: After the Ballot Box, the Battle for Sport

By Jacqueline Chelliah04 novembre 2026

America has delivered a political earthquake. The Democrats’ sweeping blue wave, which has handed them control of both chambers of Congress, represents a major blow to the Republican establishment. The scale of the defeat is all the more striking given the unprecedented financial firepower deployed on the GOP’s behalf.

Republican-aligned committees and super PACs raised more than $2.2 billion, while Donald Trump’s own political machine benefited from hundreds of millions in billionaire-backed contributions, including Elon Musk’s support. Nevertheless, even this extraordinary concentration of wealth could not buy political loyalty at the ballot box. As Washington braces for a new balance of power, another battle over influence is taking shape, this time, in the global business of sport.

The US Olympic and Paralympic Committee (USOPC) is exploring the sale of a stake in Team USA’s commercial rights ahead of the 2028 Olympic Games in Los Angeles, with investment bank The Raine Group advising. A merchant bank managing $2.8 billion, Raine is both dealmaker and investor, with portfolio companies including premium sportswear label Castore, DraftKings and, interestingly, having also advised on landmark transactions involving Manchester United, Chelsea FC, WWE and the UFC. The Group operates in a world in which sport, entertainment and lifestyle converge, where billionaire capital sees brands with extraordinary global reach.

The move echoes Gianni Infantino’s controversial attempt to bring Thrive Capital into FIFA’s commercial rights business, abandoned after fierce opposition over transparency and governance.

For luxury, the message is unmistakable. Sport has become a premium asset class. Like fashion houses or heritage brands, national teams now embody identity, aspiration and global influence. The question is who gets to own that emotional capital.

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