BREAKING: One Of The NHL's Biggest Sponsor Announced Bankruptcy
BY JAMES CONNELLY SEPTEMBER 14, 2023 (12:33)
BioSteel Files For Bankruptcy
The sports drink company and official sports drink of the NHL, BioSteel, has filed for bankruptcy protection.
BioSteel is currently the official sports drink of the NHL with it being on every team's bench but we could watch that change soon.
Their parent company has stopped funding them after months in the red and no sign of positive cash flow.
BioSteel was founded by former NHLer Mike Cammalleri and sponsors some of the most notable names in the league like Connor McDavid, Nathan MacKinnon, and Connor Bedard.
BioSteel's parent company claims that BioSteel accounted for over 60% of their losses and was losing money on every single unit sold. If BioSteel is not able to turn things around soon, we could watch the NHL need to change its sponsor to another brand.
Some of the top brands include Powerade, Body Armor, and former sponsor Gatorade.
More news to come.