NHL in Huge Trouble Following Ties to $400M Lawsuit That Affects Seattle

Published September 22, 2023 at 11:31 PM

In the sports world, few names carry as much weight as Connor McDavid. He's not just an NHL superstar; he's also the face of BioSteel, a beverage company co-founded in 2009.

Despite big plans, BioSteel faced money troubles. It spent a lot each month but only earned a fraction back. This financial mismatch raised questions about how they did business.

Recently, BioSteel had to get protection bankruptcy notice from creditors because it owes a huge $400 million to different people and teams, including the NHL, which is waiting for $8.7 million.

BioSteel grew thanks to athletes, sponsors, and marketing deals, spending a lot on advertising and promotions.

This financial mess means lots of people and teams are waiting to get paid, including the Carolina Hurricanes in the NHL, the Seattle Kraken, and several other NHL teams who are sponsored by BioSteel. This means the Kraken will likely lose funding from that sponsorship and need to find a new sponsor to supply the team with drinks, protein bars, bottles etc..

As BioSteel works through these money problems, it shows how complex the business world can be and how it affects everyone involved, from sports teams to athletes.
September 22   |   89 answers
NHL in Huge Trouble Following Ties to $400M Lawsuit That Affects Seattle

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