Alex Ovechkin Aims To Add To Business Portfolio After Breaking NHL Goal-Scoring Record
Alex Ovechkin's chase to become hockey's all-time greatest goal-scorer may have ended last Sunday with career tally No. 895, but the effects for the Russian superstar's marketing and business portfolio will likely continue for the foreseeable future.
'The reality of it, the enormity of the historic moment, will probably take some time to sink in for everybody, not only myself, but him and his family, the Leonsis family, the Capitals organization and the league as a whole,' said David Abrutyn, who has served as Ovechkin's marketing agent for 17 seasons. 'The excitement and energy that you've seen around this chase as it neared its conclusion was reflective of the magnitude of the moment.'
The financial impact of 'The GR8 Chase' — an official moniker developed and trademarked by Ovechkin and Abrutyn around the quest to break Wayne Gretzky's all-time goal mark of 894 — is worth several millions of dollars in additional revenue for the Capitals.
That's according to an estimate provided by Jim Van Stone, president of business operations and chief commercial officer for Monumental Sports & Entertainment, to Sports Business Journal in March (Abrutyn declined to discuss with me the financial implications of The GR8 Chase for Ovechkin). In Oct. 2024, Forbes estimated that Ovechkin earned $5 million in off-ice monies, already making him one of the league's highest-paid players away from the ice rink.
'We're excited about the universe of opportunities that will be presented to him in all forms of marketing and partnerships, business ventures, licensing opportunities, and we'll evaluate those on a case-by-case basis,' Abrutyn said.
'To break a Wayne Gretzky record is even more meaningful because I don't think there's a sports fan in the world who doesn't know who Wayne Gretzky is. I think that is now true of Alex Ovechkin — that there aren't too many sports fans in the world who don't know he's now the all-time NHL leading goal-scorer.'
Abrutyn, who is the global chief business officer for Creative Artists Agency Hockey, couldn't share specifics with me on potential new deals for Ovechkin or other prospective business opportunities. Still, the long-time sports business executive pointed to some of Ovechkin's current licensing and marketing partners who have already taken advantage of the milestone.
Nike immediately recognized the 39-year-old Russian superstar on social media, while Upper Deck released a collection of GR8 Moments trading cards on its online platform. Fanatics unveiled special event merchandise and commemorative products to celebrate the milestone. Last Sunday, Ovechkin set the record for the most merchandise sales revenue by an NHLer in a single day across Fanatics' e-commerce network.
A week ago, the Capitals also had a special Ovechkin-centric shop at Capital One Arena tied to The GR8 Chase. ESPN released a creative video on social media, produced by independent agency Arts & Letters Creative Co., after Ovechkin set the goal-scoring record.
Meanwhile, Ovechkin's current portfolio includes the likes of the aforementioned Nike, Upper Deck and Fanatics, along with Papa John's and Venture Global, both of which are local to Washington, D.C., according to Abrutyn. There's also several licensing partners of The GR8 Chase, he said.
Ovechkin's newly-announced partnership with the Capitals, V Foundation for Cancer Research and Hockey Fights Cancer, which raises awareness and money for pediatric cancer research, will continue throughout the rest of his NHL career.
Most recently, the Capitals — together with startup collectibles company cllct — launched Capitals Authentics. The debut artifacts included the two nets from Ovechkin's record-tying and recording-setting goals.
'Alex has always been methodical with his approach to his business partners, and the same thing is going to be true here,' Abrutyn said. 'The aperture widens. Even though there was anticipation for it, there's a difference from could be, might be, to he now is. … What you need to do is methodically think about other global, iconic athletes who have had a lifetime and beyond of business ventures born out of being the all-time greatest in your sport. Alex is now in that position.'
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