Page 35 – Ministry of Sport

Catch12 Secures Strategic Stake in Levallois Metropolitans

Posted on December 17, 2025January 8, 2026 by Courtney

Catch12, the media and investment firm spearheaded by NBA star Ja Morant and his family, has formalised an investment in EuroStep Ventures (ESV).

The deal grants the organisation a significant ownership stake in the Levallois Metropolitans Basketball Club.

The acquisition is a watershed moment for the industry, as it establishes Morant as the first active NBA athlete to hold an ownership interest in a European franchise.

Strategically, the move places Catch12 at the epicentre of the French basketball scene, a high-growth market that has recently produced generational talents including Victor Wembanyama, Bilal Coulibaly, and former NBA champion Boris Diaw.

While the specific financial details and the duration of the agreement remain confidential, the commercial intent is clearly defined: to leverage the rapid expansion of basketball culture within the Paris region.

For Catch12, the partnership is a primary vehicle for its mission to bridge sport, culture, and business through storytelling and direct athlete equity.

A spokesperson for Catch12 characterised the deal as a “monumental step” in the organisation’s evolution.

The partnership allows Catch12 to capitalise on “exploding” global interest and commercial opportunities in Paris, shifting the traditional athlete-as-spokesperson model toward a more sophisticated equity-based approach.

Levallois Metropolitans, widely recognised as one of Europe’s premier development programs, provides Catch12 with a high-performance blueprint and a foothold in the European scouting ecosystem.

This strategy is expected to facilitate unique cross-continental commercial exchanges and provide Catch12’s media arm with unparalleled access to document the rise of the next generation of European talent.

With Paris remaining a focal point of the global basketball conversation, Morant’s entry into the French market is a calculated move to secure a first-mover advantage in a territory ripe for further commercialisation.

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Queensland Rugby Union Secures Extensions with Three Partners

Posted on December 17, 2025January 8, 2026 by Courtney

Queensland Rugby Union (QRU) has confirmed a two-year partnership extensions with 4BC, Belbaker and HopgoodGanim Lawyers through to the end of the 2027 season.

The renewals come as QRU continues to prioritise long-term, values-aligned partnerships that support both elite performance and community engagement across Queensland rugby.

Commenting on the partnership, 4BC content manager, Siobhain McConnell, said: “Building on shared success over our long-standing partnership, 4BC is excited to re-sign with the Queensland Reds and QRU for 2026–2027, continuing to unite two like-minded organisations committed to community connection.”

“We’re proud to continue to work with the QRU and look forward to driving even greater community connections and mutually beneficial outcomes over the next two years,” McConnell said.

Belbaker has also extended its role as Official Coach Partner, delivering transport logistics for the Queensland Reds and major QRU events across the state.

With a fleet of close to 100 coaches operating throughout South East Queensland, the partnership provides operational certainty while delivering brand exposure through regional travel and community use.

Adding his enthusiasm on the partnership, Belbaker spokesperson, added: “Belbaker is proud to strengthen our longstanding relationship with Queensland Rugby Union and the Queensland Reds.”

“Our partnership has been built on shared values and a genuine commitment to Queensland communities, and we’re excited to continue that journey,” the spokersperson said.

Legal partner HopgoodGanim Lawyers has similarly renewed, continuing its involvement across QRU’s commercial negotiations and major projects.

The firm’s support reflects the growing complexity of governance, infrastructure and commercial arrangements in modern rugby administration.

HopgoodGanim Lawyers Partner, Tim Scanland, concluded: “We are incredibly proud to stand alongside the Queensland Rugby Union as their official legal partner.”

“Each year, we have the privilege of supporting the QRU across their key commercial negotiations and major projects, helping to drive the continued success and growth of rugby in Queensland.”

QRU head of commercial & consumer, Pete Fairbairn, said the extensions highlight the value of continuity.

“It’s always a positive sign when long-term partners extend their commitment,” he said.

Each of the three organisations has worked with the governing body for several years, providing category-specific expertise that underpins key operational, media and commercial functions.

Talk radio station 4BC remains a strategic media partner, offering QRU and the Queensland Reds consistent access to a large, engaged audience in the Brisbane market.

As the city’s only commercial news talk station, 4BC provides regular on-air exposure through interviews, commentary and promotional activity, helping maintain rugby’s visibility in a competitive media landscape.

Tennis Australia Appoints Nexo as Official Crypto Partner

Posted on December 17, 2025January 8, 2026 by Courtney

Tennis Australia has secured a new partnership with digital assets platform Nexo, appointing the company as the first Official Crypto Partner of the Australian Open and the broader Summer of Tennis calendar.

The agreement extends beyond the Australian Open to include the United Cup, Brisbane International, Adelaide International, Canberra International and Hobart International, giving Nexo year-round visibility during Australia’s peak tennis period.

Tennis Australia chief commercial officer, Cedric Cornelis, said the partnership aligned with the organisation’s broader innovation agenda.

“We’re excited to welcome Nexo to the Australian Open family.”

“As a brand built on innovation, expertise and next-generation thinking, Nexo is a natural fit for the AO and our events across the Summer of Tennis,” Cornelis said.

He added that the Coaches Pod would shine a light on the strategy and teamwork at the heart of elite tennis.

Nexo Co-founder, Antoni Trenchev, positioned the deal as a values-led alignment.

“The Australian Open stands at the intersection of excellence and ambition – precisely where Nexo positions itself.”

“Our partnership reflects a shared commitment to disciplined performance and long-term thinking,” Trenchev said.

The deal reflects Tennis Australia’s continued willingness to engage with emerging technology sectors, while offering Nexo access to one of the most globally recognised annual sporting events.

At the Australian Open, Nexo’s most prominent asset will be the Nexo Coaches Pod, with branding across on-court coach areas at Rod Laver Arena, Margaret Court Arena, John Cain Arena and Kia Arena.

The Coaches Pods are positioned as a broadcast-facing feature, designed to highlight tactical decision-making and performance strategy, providing a clear integration point for fans watching both in-venue and via broadcast.

Additional exposure will come through on-court signage and speed-serve displays at selected Summer of Tennis events, embedding the brand across multiple broadcast touchpoints during the season.

From Nexo’s perspective, the partnership provides access to a global audience at scale. The Australian Open consistently ranks among the most-watched annual sporting events worldwide, making it an attractive platform for brands seeking international reach and association with high-performance sport.

The agreement also reflects a broader trend across global sport, where rights holders are cautiously re-engaging with crypto and fintech partners following market volatility in recent years.

National Unification of Australian Athletics Confirmed

Posted on December 17, 2025December 18, 2025 by Courtney

Australian Athletics and Little Athletics Australia have reached an agreement in principle to unify, forming a single national governing body under the name Australian Athletics.

This structural alignment is designed to streamline operations, enhance the sport’s profile, and, most critically for the sports business sector, unlock new commercial and strategic opportunities.

The move establishes a single National Member Federation recognised by World Athletics and the Australian Sports Commission, consolidating the fragmented national landscape.

State Member Associations of Little Athletics Australia will transition to become members of the unified Australian Athletics, a governance shift that promises to improve regulatory consistency and administrative efficiency, which has been successfully modelled in states like Western Australia and the ACT.

As Little Athletics Australia President Sherrie Boulter highlighted, participation nationally grew by 16% this season, positioning the junior structure as a vital athlete acquisition funnel.

By formally integrating this engine into the senior body, the organisation is implementing a clear retention strategy aimed at reducing participant churn and securing talent through “clearer athletics pathways” as athletes move toward competitive structures.

This unification is timed to maximise impact leading up to the Brisbane 2032 Olympics and Paralympics.

As an integrated entity, the new Australian Athletics is better positioned to leverage the increased visibility and targeted government and corporate investment that accompanies a home Games cycle.

As Jane Flemming OAM noted, this development best places the sport to be successful long into the future, suggesting the consolidation is foundational to securing major, multi-year commercial partnerships.

The immediate priority for the combined leadership is the finalisation of implementation plans, expected by mid-February 2026.

For sponsors and broadcasters, the unified body presents a more attractive proposition: a single point of entry offering cohesive national programming and a clear, managed pathway from grassroots participation to elite performance.

Formula 1 Secures Two-Year Deal for Portuguese Grand Prix Return at Portimão

Posted on December 17, 2025December 17, 2025 by Courtney

Formula 1® has announced a commercial agreement, securing the return of the Portuguese Grand Prix for the 2027 and 2028 seasons at the Autódromo Internacional do Algarve (Portimão).

The two-year deal involves key strategic partners: the Portuguese government, Turismo de Portugal, and promoter Parkalgar, Parques Tecnológicos e Desportivos, S.A.

This agreement reinforces F1’s growing calendar demand and provides a substantial economic boost to Portugal’s Algarve region.

The decision to bring F1 back to Portimão, which last hosted races in 2020 and 2021, was driven by strong interest, according to Stefano Domenicali, President and CEO of Formula 1, who stated that the interest and demand to host a Formula 1 Grand Prix is the highest that it has ever been.

Minister of Economy and Territorial Cohesion of Portugal, Manuel Castro Almeida, said: “The F1 Grande Prémio de Portugal will have a direct impact on economic activity, generating opportunities throughout the economic chain, from tourism to trade, and services to SMEs, projecting the country as a competitive and reliable destination.”

He added that hosting the Grand Prix “reinforces our regional development strategy, enhancing the value of the territories and creating opportunities for local economies.”

Chairman and CEO of the Autódromo Internacional do Algarve, Jaime Costa, confirmed the circuit’s excitement, noting the return will deliver a powerful boost for our tourism, region, and community.

The two-year program is expected to deliver a significant financial honour and global projection for Portugal’s image worldwide.

Queensland Government Launches “Sport Hub Queensland”

Posted on December 17, 2025December 17, 2025 by Courtney

The Queensland Government has introduced an initiative with the launch of Sport Hub Queensland (Sport HQ), a free and accessible online platform designed to strengthen the governance and operational capabilities of the state’s sport and racing sectors.

This initiative is explicitly positioned to prepare local organisations for the upcoming 2032 Olympic and Paralympic Games and ensure their long-term viability beyond the event.

Sport HQ is designed as a centralised, collaborative, and future-focused resource, providing essential tools, templates, and videos across critical operational areas, including:

Governance and Financial Management
Volunteer Recruitment and Retention
Participation and Pathways Development
Games Readiness

The creation of this platform is a direct strategic investment by the government to standardise best practices and improve management across all levels of the sporting and racing communities, regardless of an organisation’s size or location.

This ensures the entire state maximises the commercial and social honour derived from hosting the 2032 Games.

This resource will align with the new 10-year Sport Strategy for Queensland, which is scheduled to be unveiled in early 2026.

By providing practical resources and a unified platform, the government is establishing a comprehensive program to build a more resilient and high-performing sporting ecosystem capable of supporting both elite competition and grassroots participation growth.

Adelaide 36ers and Apex Steel Extend High-Value Partnership

Posted on December 17, 2025December 17, 2025 by Courtney

The Adelaide 36ers NBL club has renewed its long-standing partnership with Apex Steel for an additional three years, extending the relationship through to the end of the NBL29 season.

This multi-year extension confirms the strength of one of the club’s most enduring commercial relationships and provides vital financial stability for the basketball organisation.

The agreement ensures the “Apex Steel logo will again feature prominently on the back of the Adelaide 36ers jersey,” a key piece of high-value broadcast and in-arena branding that has become a familiar part of the club’s presentation.

Highlighting the alignment beyond simple sponsorship, Adelaide 36ers CEO, Nic Barbato, said: “Apex Steel has been an incredible supporter of our club for a long time, and we are thrilled to continue this partnership for another three years.”

“Their belief in what we’re building is genuinely appreciated, and we’re proud to carry their brand on our jersey once again,” Barbato noted.

Apex Steel owner, John Konstandopoulos, confirmed this commitment, stating his organisation is delighted to extend its commitment to the 36ers for a further three seasons, expressing approval of the direction the club is heading in and the culture it is continuing to build, both on and off the court.

Gumbuya World Renews as Melbourne Stars Hydration Partner

Posted on December 17, 2025 by Courtney

Gumbuya World Theme Park has officially extended its partnership with the Melbourne Stars Big Bash League (BBL) franchise, renewing its commitment as the club’s Hydration Partner for the upcoming WBBL|11 and BBL|15 seasons.

This multi-year renewal strengthens the commercial link between the cricket organisation and the theme park, which is strategically located in the Stars’ core supporter base in Melbourne’s south-east.

Commenting on the partnership, Melbourne Stars general manager, Max Abbott, said: “I know a number of our players and their families had an outstanding experience visiting the Theme Park last summer.”

“I know our players can’t wait to return with their families this summer,” Abbott said.

The renewal confirms the successful initial run, head of marketing at Gumbuya World, Kirsty Balthazaar-Proctor, stated that the park is excited to build on their partnership, and dial up the summer fun even more.

The partnership is a commercially smart alignment, as both brands are synonymous with “summer holiday fun.”

The sponsorship agreement ensures high visibility for Gumbuya World throughout the season, with branding prominently featured on the hydration player vests and within the team dugout, guaranteeing broadcast exposure across the domestic cricket calendar.

A key element of the commercial program is the direct value provided to the club’s fan base.

The agreement includes providing fans and members with exclusive offers and discounts to visit Gumbuya World, encouraging ticket holders to become theme park customers during the peak holiday period.

This cross-promotion increases the Stars’ marketing channels to drive patronage for the partner.

Cricket Australia to Lead Tributes for Bondi Victims at Third Ashes Test

Posted on December 16, 2025December 18, 2025 by Courtney

Cricket Australia has confirmed a series of formal commemorations for the third Ashes Test at Adelaide Oval, as the sporting world reacts to the tragic shooting at Sydney’s Bondi Beach.

Players from both Australia and England will wear black armbands throughout the match to honour the fifteen victims of the Sunday attack.

The tributes, which include a performance by folk icon John Williamson and a nationwide moment of silence, underscore the sport’s role as a platform for national unity during periods of crisis.

The logistical scale of the tribute reflects the gravity of the event, which occurred during the first night of Hanukkah.

Flags at Adelaide Oval will be flown at half-mast, and the pre-match ceremony on Wednesday will be expanded to include a silent reflection prior to the ‘Welcome to Country’ and national anthems.

Cricket Australia chief executive, Todd Greenberg, noted that while the match occurs under somber circumstances, the event provides a unique commercial and social opportunity to bring millions of viewers together in a collective act of remembrance.

Security protocols for the sold-out fixture have been reinforced following the attacks.

South Australian Premier, Peter Malinauskas, announced that additional measures would be implemented at the venue as a precaution, given the high-profile nature of the Ashes.

The emotional impact of the tragedy has resonated deeply within the playing group, particularly with Australian captain, Pat Cummins, a resident of the Bondi area.

“It hit home pretty hard. I really feel for the Bondi community, and Jewish community in particular,” Cummins said.

England captain, Ben Stokes, echoed these sentiments, describing the “silence” in the England team room as the touring side processed the news from their hotel in Adelaide.

Strategic leadership from Cricket Australia aims to use the platform to reinforce multicultural values, specifically through Williamson’s performance of ‘True Blue.’

Greenberg highlighted the importance of this choice, stating that the song represents Australians from all backgrounds sharing the same hopes and aspirations.

The organisation remains in consultation with relevant stakeholders to determine long-term support initiatives for the affected communities.

Gold Coast Titans Leverage Squad and Blockbuster Fixtures to Drive 2026 Ticket Sales

Posted on December 16, 2025 by Courtney

The Gold Coast Titans have officially launched ticket sales for the 2026 Telstra NRL and NRLW Premiership Seasons, banking on a revitalised squad under new head coach, Josh Hannay, and the scheduling of blockbuster home games to drive commercial growth and attendance at Cbus Super Stadium.

Tickets start from $38, providing a direct entry point for general fans, but the commercial strategy heavily prioritises membership conversion.

The club is strategically using two highly anticipated marquee matchups, against the Brisbane Broncos (Round 5) and the New Zealand Warriors (Round 22).

Tickets for these two key games are exclusively reserved for Titans Members. To gain access to these fixtures, fans are directed to purchase the 2-Game Flexi membership from only $59, ensuring an immediate conversion of high-demand single-game interest into a long-term membership commitment.

This membership tier provides reserved seating for any two home games of choice and access to the Members-Only Bar.

The commercial strategy for the 2026 season aims for greater fan affinity and commitment.

The Titans’ organisation is running an extensive membership program, including the option to pay a $5 deposit and the rest in interest-free instalments from February 2026, lowering the financial barrier to entry for season tickets which start yearly at $320 for a full season reserved seat.

This is supported by an on-field narrative of a revitalised team, featuring established stars like Tino Fa’asuamaleaui and recent acquisitions, designed to maximise fan excitement and confidence in the product.

In addition to the 11 NRL home games, the Titans will host five NRLW home games, including three NRL/W double headers, and, significantly, NRLW State of Origin Game 3, the first time the Women’s Origin will be played in the city.

Sydney Sixers Top 2025 Social Growth Charts as Digital Strategy Shifts to Global Markets and TikTok

Posted on December 16, 2025January 8, 2026 by Courtney

The Sydney Sixers have emerged as the clear leaders in digital audience acquisition for 2025, topping the Scout Benchmark for social follower growth by adding more than 800,000 new followers.

This surge underscores a strategic shift in how Australian sports franchises are leveraging international talent to unlock new commercial markets and drive brand value.

The data identifies the recruitment of Pakistani cricket superstar Babar Azam as a primary catalyst for the Sixers’ digital explosion. By securing one of the world’s most recognisable athletes, the franchise successfully tapped into the massive sub-continental cricket market, highlighting the importance of global audiences in team followings.

While star power drove the Sydney Sixers to the top, the report reveals that on-field performance remains a reliable driver of digital engagement. Several teams experienced significant follower boosts coinciding with their appearances in Grand Finals. This trend was evident for the Brisbane Lions (Men), Brisbane Broncos (Men & Women), and Hobart Hurricanes (Men & Women), proving that competing for the ultimate honour continues to deliver tangible off-field metrics.

However, the data presents a compelling case for the value of creative digital teams independent of match-day results.

The report notes that consistent fan-first content is driving sustained growth regardless of team performance. A prime example cited is the Canterbury-Bankstown Bulldogs, who generated over 30 million views with a single TikTok video featuring players being quizzed on national flags. This viral success indicates that a robust content program can maintain brand relevance and growth even without championship success.

The benchmark identifies TikTok as the dominant platform for growth in 2025, largely driven by “topical player-led posts going viral”.

This shift suggests that rights holders must continue to pivot their resources toward short-form, personality-driven content to capture younger demographics.

The data serves as a clear indicator to the industry that while winning games is valuable, a strategic investment in global stars and platform-specific creativity is essential for commercial sustainability.

Wests Tigers Pasifika Youth Summit Secured by $60,000 NSW Government Grant

Posted on December 16, 2025December 16, 2025 by Courtney

The Wests Tigers NRL organisation has successfully held its second annual Pasifika Youth Summit in Campbelltown, a major community and brand-building initiative funded significantly by a $60,000 grant from the NSW Government and backed by Official Event Partner, Gavmanak.

The Summit, which hosted nearly 150 high school students from across the South West region, is a high-value element of the club’s broader Empower Community Program, strategically designed to deepen cultural ties within the club’s key demographic catchment.

The Pasifika Youth Summit, themed “Tales of the Tiger,” focused on storytelling and cultural connection for second, third, and fourth-generation Pasifika youth.

The long-term strategic goal is to leverage the club’s strong cultural representation, both among staff and players like Christian Pio and Sarah Togatuki, to provide meaningful role models and cement the Wests Tigers brand as an authentic community leader.

Commenting on the program’s value, community manager, Kenneth Tuala, said: “The Summit creates an environment to share stories, experiences and bond over our culture.”

“Broadening their understanding of Pasifika culture and opening lines of communication helps build strong connections,” Tuala said.

The $60,000 financial backing from the NSW Government confirms the public sector’s recognition of the club’s role as a powerful platform for community engagement and cultural change in South West Sydney.

The grant, alongside the crucial support of event partner Gavmanak, ensures the continuity and scalability of the Summit, which is a critical part of the Tigers’ strategy to connect with future players and fans in the region, where 10 per cent of Australia’s Pacific Islander population resides.

The involvement of high-profile external figures, including the chair of the Pacific Officers Law Enforcement Network, Tuala-Tamalelagi Ben Saga, and Vaughan Vitale, government partnerships manager at the NRL, provides additional strategic and corporate honour to the club’s community efforts.

Drysdale Sports Precinct Stage 2 Begins Construction

Posted on December 16, 2025December 16, 2025 by Courtney

The Drysdale Sports Precinct in Victoria has officially begun construction on Stage 2, following a sod turning ceremony, confirming a $25.6 million investment from three tiers of government to deliver a major new community sporting hub.

The Drysdale Sports Precinct, six years in the making, is a financial commitment aimed at increasing sports participation and driving economic benefits across the Bellarine Peninsula.

The investment confirms funding of $6 million from the City of Greater Geelong, $5 million from Sport & Recreation Victoria, and $3.5 million from the Australian Government.

The scope of the work will deliver a new multi-use pavilion featuring change rooms, a canteen, and a social space, alongside a new soccer pitch with LED lighting, and extensive earthworks and landscaping.

This infrastructure boost will directly benefit local clubs, including the Drysdale Soccer Club, Drysdale Hawks Football Club, and Drysdale Cricket Club.

The strategic goal of the long-awaited project is to transform the precinct into a “vibrant recreation hub” capable of hosting sports competitions and events, which local officials expect will “boost local businesses.”

The new modern facilities are seen as essential for supporting the region’s growing population and enhancing the financial and social honour of local sporting organisations.

The construction tender has been awarded to Plan Group, with Brand Architects leading the design. The project’s implementation ensures a high-quality sporting asset that promotes healthy, active lifestyles.

Stage 1 of the facility was completed in 2018, delivering an oval and multipurpose field, reinforcing the long-term program of development at Belchers Road.

Thorne Secures Multi-Year Partnership with Unrivaled

Posted on December 16, 2025December 16, 2025 by Courtney

Unrivaled presented by Samsung Galaxy, the professional women’s basketball organisation, has announced a multi-year partnership with Thorne, a leader in health and wellness solutions, making the company the league’s Official Sports Nutrition Partner and securing its first-ever official women’s sports partnership.

The commercial terms grant Thorne the jersey patch sponsorship for the newly added Breeze BC club, which features highly recognisable athletes such as Paige Bueckers and Cameron Brink.

Furthermore, the agreement includes naming rights for the expanded player’s lounge at Sephora Arena, which will be equipped with a new post-game refueling station centred around Thorne products.

These placements provide highly visible and broadcast-ready assets as the second season, featuring eight teams, tips off on January 5, 2026.

Highlighting the alignment of values, Thorne CEO, Colin Watts, said: “Thorne is committed to providing athletes with science, innovation, and resources they need to perform and recover at the highest level.”

This multi-faceted program reinforces Unrivaled’s player-centric model, where investment in athlete care and wellness is prioritised, giving the league a major commercial and competitive edge.

A key element of the partnership is the emphasis on performance science in a historically underserved area.

Thorne will provide its extensive range of NSF Certified for Sport products, including Whey Protein Isolate and Creatine, to enhance fueling and recovery options for all Unrivaled athletes.

More significantly, the two organisations will collaborate to build an innovation platform that pioneers research and product development in the underserved women’s sports science space.

Arsenal Partners with HR Tech Unicorn Deel

Posted on December 16, 2025December 16, 2025 by Courtney

Arsenal FC has forged a multi-year partnership with Deel, the global payroll and human resources platform, naming the technology company its Official HR Platform Partner.

The deal marks Deel’s first major foray into global sport, reflecting a strategic move to leverage elite football’s massive international reach to scale its brand and expand its enterprise footprint.

Commenting on the partnership, Arsenal’s chief commercial officer, Juliet Slot, said: “ Deel’s global platform matches the scale of our ambition and operations, and their investment will continue to power our growth.”

The agreement reinforces Arsenal’s broader commercial programme of partnering with high-growth, tech-driven firms to deliver both financial return and essential operational value.

The partnership is structured as a dual arrangement, combining significant brand visibility with operational integration.

Commercially, Deel’s recognisable branding will be visible across Emirates Stadium and Arsenal’s digital channels for all home fixtures, spanning the Premier League, Women’s Super League, FA Cup, and League Cup.

In addition, reports indicate this agreement also positions Deel as the leading candidate to replace Visit Rwanda as the club’s shirt sleeve sponsor from the 2026-27 season, securing a major high-value asset.

Operationally, the club will use Deel’s HR platform internally to manage elements of its workforce and operations, a growing trend where top-tier sporting organisations align with enterprise technology providers that also serve as internal suppliers.

For Deel, which recently secured a USD300 million (AUD528 million) Series E funding round in October 2025 that valued the company at USD17.3 billion (AUD30.4 billion), the partnership provides a highly visible case study for its platform within a complex, global business structure.