August 22, 2022
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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.
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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.
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