SportsTech
As the world of sports evolves, so does the technology used to enhance various aspects of the industry, like sports betting, daily fantasy sports, sports performance, training, management, and the spectator experience. This technology is called SportsTech and consists of numerous types of innovative technologies such as wearables, data analytics, virtual and augmented reality, artificial intelligence, and robotics. It is used in all different facets of sports including athlete performance tracking, injury prevention and rehabilitation, real-time sports analytics, fan engagement and experience, sports betting, and sports facility management.
As a SportsTech company, we know you aim to improve the efficiency, accuracy, and safety of sports performance and provide new and groundbreaking ways for fans to engage with their favorite teams and players. That is why at Withum, our goal is to handle the complex accounting and tax issues that come with running a SportsTech company, while you keep your eye on the prize. We have the exposure of working with both public and private companies in the SportsTech sector. Our team of specialists brings their collective knowledge and experience together to work with you as a trusted advisor to offer expert advice on everything from the complexities of booking revenue and capitalizing licensing agreements to going public through a SPAC merger.
SportsTech Accounting, Advisory and Tax Services
Advisory
Accounting and Attestation
- Audited Financial Statements
- Tax provision preparation support
- ASC 606 implementation consultations
- ASC 842 implementation consultations
Tax
- Tax Preparation Services
- International Structuring and Tax Planning
- Income and sales tax nexus
- Transfer pricing analysis
- R&D credits and state incentives
SportsTech Challenges and Trends
In the current business landscape, mergers and acquisitions (M&A) hold significant importance, particularly within the SportsTech industry, and can be instrumental in reaching your ultimate objective. Each transaction possesses its own distinct characteristics, necessitating an advisor who customizes their approach to address the unique aspects of your merger and/or acquisition.
SportsTech companies engaging in public offerings or already publicly traded must adhere to rigorous Public Company SEC Compliance and Reporting requirements. Withum provides comprehensive assistance and guidance in navigating these obligations, ensuring compliance with SEC regulations and accurate reporting to maintain transparency and meet the specific compliance needs of public entities.
Many SportsTech companies encounter significant challenges regarding their accounting matters due to the overall complexity of the industry. Withum possesses the expertise and knowledge necessary to assist you in ensuring your accounting practices align with generally accepted accounting principles (US GAAP). Moreover, our team of valuation experts can provide valuable support in areas such as loan loss, credit losses and fair valuing intangibles for license fees and deferred license fees.
Withum offers global transfer pricing strategies for SportsTech companies which includes establishing and documenting appropriate pricing for intercompany transactions, ensuring compliance with tax regulations and minimizing the risk of tax disputes. This service ensures compliance with transfer pricing regulations and helps optimize profitability while mitigating the risk of disputes with tax authorities.
Leadership
Contact Us
For more information or to discuss your business needs, contact Withum’s SportsTech Services Team.
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