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Where there is consumer demand driven by passion, there is money to be made. This is especially true for the sports industry, a value chain ranging from boots and stadiums through to broadcast rights and the players themselves.As with any industry, there are profitable links and economically unattractive ones in the chain. When investing in sport, it is critical to divorce any emotional biases completely from the investment decision.You may shout for (or at) Manchester United on weekends, but that doesn’t mean you should invest in the club.The pandemic hit the sports industry terribly. The gaming industry cashed in, as people locked in their houses were forced to compete in simulated sports instead of the real thing. This had terrific knock-on effects for companies such as Nvidia, Electronic Arts and sports streaming business Twitch, owned by Amazon.The Esports vs the real thing debate isn’t a zero-sum game. Video games exist because the real teams do, not the other way around. Ther...

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