February 25, 2024

August 22, 2022
Front Office Sports
POWERED BY

Some historically neglected college sports programs are poised to receive more visibility. Last week, CBS announced a partnership with the largest broadcaster of HBCU sports, Allen Media Group’s HBCU Go, for the 2022-23 season. The collaboration will extend coverage of HBCU sports to 60% of American households.
Manchester United
The Premier League’s most valuable team could soon hit the market.
There is a growing sense that Manchester United could be sold by the Glazer family, according to the Independent. The team was valued at $4.6 billion by Forbes in May.
The Glazers, who also own the Tampa Bay Buccaneers, have faced regular protests from fan groups complaining about a lack of investment in the team and its Old Trafford stadium.
The club’s stock rose 10% from Monday to Thursday last week. A full sale could top that of Chelsea, which went to a consortium led by Los Angeles Dodgers, Lakers, and Sparks co-owner Todd Boehly and Clearlake Capital for $5.3 billion in a deal that closed in May.
The U.K.’s richest person, billionaire Jim Ratcliffe, is interested in buying Man United and willing to purchase a minority stake as an initial step.
Previous club director Michael Knighton is also preparing a bid. The Ricketts family, owner of the Chicago Cubs, could enter the fray, as well.
MSG
Madison Square Garden Entertainment is considering a spinoff of its live entertainment business, including the iconic home of the New York Knicks and Rangers.
The company announced Thursday that its board of directors approved exploring the move, which would create two separate public companies.
One of the new companies would include:
The other entity would consist of MSG Sphere, which is building its first entertainment venue at The Venetian in Las Vegas, and a majority of restaurant and nightclub company Tao Group Hospitality.
MSG Entertainment saw its revenue more than double in the fiscal year ending June 30 to $1.7 billion, compared to $814.2 million the previous 12 months.
Madison Square Garden Sports Corporation, owned by MSG Entertainment executive chair and CEO James Dolan, told a similar story, with $821.4 million in revenue over that period, compared to $415.7 million in the previous fiscal year.
A return to pre-pandemic attendance levels was the primary driver of the turnaround.
SPONSORED BY DRAFTKINGS

Welcome to DraftKings Marketplace. Enter the world of NFTs with a safe, simple-to-use platform.
The collections feature the biggest names in sports and entertainment. Explore drops including Shane Bieber, Tony Hawk, Justin Herbert, Tiger Woods, and more.
Collect NFTs of your favorite athletes and become a Reignmaker where you can experience the fusion of NFTs and daily fantasy sports for the upcoming NFL season.
Not sure where to start? The DraftKings Marketplace can help you get started by teaching you what an NFT is, how to make, buy, and sell NFTs, and why they’re safe.
Get started today with DraftKings Marketplace.
Tim Heitman-USA TODAY Sports
The A’s continue the Byzantine process of seeking a deal to remain in Oakland, but should they bolt to Vegas, they’ll have a very interested suitor.
Billionaire hotel magnate Phil Ruffin, owner of Circus Circus and other properties, reportedly met with A’s executives last week in Las Vegas. 
MLB would reportedly seek around $275 million in public financing for a new stadium in Las Vegas.
The team will eventually choose between two very different futures.
The team is also in ongoing talks with the city of Oakland.
The two sides have an agreement largely figured out in which the team would cover costs related to a $12 billion development, while the city would make around $350 million in offsite infrastructure investments — namely roads, train tracks, and paths near the planned ballpark.
The city earned a $279.5 million appropriation in California’s most recent budget that will help cover those costs and applied for a $113 million grant from the Department of Transportation’s Mega program.
The project could hinge on receiving that grant.
Kyle Terada-USA TODAY Sports
A consortium led by Sacramento Kings owner Vivek Ranadive is reportedly close to securing a deal to buy the city’s minor league baseball team — the River Cats — for roughly $90 million.
The potential sale — which would include the team’s home field, Sutter Health Park — would mark the highest purchase price ever for a minor league baseball team.
The sale would come in handy, as the Savage family needs to repay bonds related to Sutter Health Park’s construction after the River Cats moved from Vancouver to Sacramento in 2000.
The 15,000-seat ballpark, which was paid for using $40 million of public bonds issued by the River City Regional Stadium Authority, has seen a drop in attendance following the pandemic. 
Earlier this month, private equity company Silver Lake agreed to purchase Diamond Baseball Holdings from Endeavor for $280 million.
Endeavor owns 10 minor league baseball teams through DBH — including affiliates of the St. Louis Cardinals, Chicago Cubs, and New York Yankees.
FRONT OFFICE SPORTS LEARNING

Front Office Sports Learning is a series of complimentary, interactive courses designed to help professionals stay on top of today’s ever-changing sports landscape. 
To date, over 20K+ professionals have taken our free online courses to better understand topics including NIL, cryptocurrency, ticketing, and more.
The flexible online courses, which consist of video modules and brief quizzes, allow you to: 
Explore our lineup of courses to further grow and develop your knowledge, including courses from Coinbase, Ticketmaster, Pepsi Sports, and more.
Register now.

*All times are EST unless otherwise noted.
*Odds/lines subject to change. T&Cs apply. See draftkings.com/sportsbook for details.
Where do you fill your prescriptions?
Friday’s Answer
76% of respondents purchase team apparel for their favorite teams.
If this email was forwarded to you, you can subscribe here.
MORE FROM FRONT OFFICE SPORTS:
The Leadoff – Daily business of sports podcast
Front Office Sports Pro – The most promising opportunities where sports meets industry
Front Office Sports Learning – Professional education at the speed of culture
Copyright © 2022 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
Advertise / Update your preferences / Unsubscribe

source

About Author

Leave a Reply