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Why investors are piling into niche sports

In an arena in London, the crowd counts down from 20. Two athletes crouch inside a maze of bars and ramps, waiting for the buzzer. One will chase, the other will try to escape. This is “World Chase Tag”, a professional league that has turned a childhood pastime into a spectacle, complete with referees, sponsors and TV deals. It has attracted millions of viewers and struck broadcast agreements with ESPN in America and Channel 4 in Britain.

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