The revolutionary of the sports promotion industry, Barry Hearn, finally calls one of his greatest wishes “a bad investment.” Hearn, the founder and chairman of Matchroom Sport—one of the most influential sports promoters around the globe—is celebrated for transforming niche sports into global sensations. Hearn has been an essential key in popularizing various sports but failed to take gymnastics to the level he once envisioned.

Often called the “prince of promotion,” Hearn’s innovative approach has done wonders in the sports world, from elevating athletes and expanding fan bases to generating notable revenue in the sports industry. Known for identifying sports with untapped potential and turning them into mainstream successes, he sought the same for gymnastics. However, his ambitious plans fell short, leaving him convinced it was a “bad investment.”

The setback Barry Hearn faced in gymnastics

Barry Hearn, the 76-year-old mastermind behind countless sporting revolutions, booming with a net worth of £158 million ($166 million approx.), admitted that gymnastics proved to be his most frustrating failure. But why did that happen? He put in a lump sum of £500,000 into the first event in 2017—the iPro World Cup of Gymnastics—at the O2 Arena in London, one of the high-profile venues in the UK. It captured around 6000 attendees and featured gymnasts from the USA, Great Britain, Germany, Japan, Brazil, and the Netherlands with notable names like Amy Tinkler, Sam Oldham, Brinn Bevan, and more. The event was successful but fell short of Hearn’s expectations; he didn’t give up yet.

“When I went into gymnastics, I did a fantastic first event. Then I thought, ‘I can really change the face of this sport,” Hearn shared about his 2017 World Cup of Gymnastics. But things took a different turn than what he had imagined. The turnouts in the event weren’t the only issue; it was the governing bodies. The event demonstrated the sport’s potential, but his efforts were quickly stymied by resistance from gymnastics’ governing bodies. “I just got knocked back by the governing bodies because they wanted to keep it to themselves,” he said. What supposedly happened in this case was the “blazers” wanted to control the sport and its operations.

With over five decades of experience and a reputation built on bold strategies, Barry Hearn aimed to revolutionize gymnastics just as he had done with darts, snooker, fishing, boxing, bowling, and pool. Hearn expressed, “I’ve had that with various blazers in various amateur bodies, and it’s very frustrating. I don’t have the time to mess about. I know what I’m doing. I’ve got a reputation built over 50 years. I can change sports, and I can change people’s lives, but I need everyone to pull together—and so often in sport, they don’t because they’re selfish with their own positions.” He talked about his frustration over dealing with bureaucratic resistance, referring to officials as “blazers” more interested in maintaining control than collaborating for growth.

Hearn’s legacy that redefined sports

While gymnastics proved elusive, Hearn’s impact on other sports remains monumental. As the founder of Matchroom Sport, he transformed darts, snooker, boxing, and other niche activities into global phenomena. Under his leadership, darts evolved into a spectacle with sold-out arenas, worldwide broadcasts, and the World Darts Championship now offers over £2.5 million in prize money. Hearn also revived snooker during its lows, introducing creative tournaments and expanding its reach to new audiences. Prize funds for snooker have reached £2.5 million, with £500,000 presented to the winner. Barry’s commitment to elevating the athlete’s award is unbeatable!

Hearn’s approach has always centered on athletes and their well-being, aiming to build sustainable careers through increased sponsorships, prize money, and global exposure. “We try and change their lives through money,” he has said, emphasizing his commitment to the individuals who make sports what they are. The abilities he has are unmatched: to spot potential, execute bold ideas, and turn sporting events into must-watch entertainment. His reputation is cemented as a game-changer in the industry.

Barry Hearn’s failed trial to evolve gymnastics points out the hurdles of overcoming entrenched systems. Even for a visionary of his caliber, it’s almost unbelievable. However, this setback pales in comparison to the legacy he has built by revolutionizing countless sports and uplifting countless athletes. For Hearn, the gymnastics venture is an unfulfilled dream; it’s the obstacles within the industry. It all solidifies his status as one of the greatest promoters in the history of sports.