April 18, 2023

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The Philadelphia Eagles’ Jalen Hurts — who just became the highest-paid player in NFL history thanks to a five-year, $255 million extension — has spent the last few years building an all-female [[link removed]] management team. “I have a team of straight hustlers. And that’s how I am on the field and off the field,” he told Sports Illustrated.

Leagues F1 Owner Expects Big Return on $500M Vegas GP Investment [[link removed]]

F1

Liberty Media sees Las Vegas as a great long-term bet for Formula 1.

Speaking with investors last week, CEO Greg Maffei said [[link removed]] the company would get “very good return on that money,” which Liberty has applied to infrastructure and promotions around the Las Vegas Grand Prix scheduled for November.

The F1 owner has put down over $500 million in its Vegas operations, namely a permanent paddock building that will provide key race functions and host year-round events.

F1 purchased [[link removed]] a 39-acre plot of land for the paddock last year for $240 million. The 300,000-square-foot paddock facility is around 60% complete, per [[link removed]] the Las Vegas Review Journal.

“We’re going to have a high revenue stream, we’re going to have a high cost stream, but it’s more important that we have a great experience for everybody involved in the first year,” said Maffei.

F1 is defying its own conventions to bring the race to Vegas.

It will be the third U.S. race on the calendar along with Miami and Austin, at a time when it’s a rarity for any country to host more than one. It’s also holding the race on a Saturday night – its first race on that day in nearly 40 years.

PODCAST

🎙️ They Said What?

“They put up these bids that were going to be a world record for buying a club … The Glazers wanted almost a billion dollars more than that. It almost feels like they were setting the bar too high on purpose, because they didn’t actually want to sell the team. It’s become pretty clear they were just looking for some minority investment.”

— Front Office Sports writer Doug Greenberg on recent reports that the Glazer family might end up staying on as majority owners of Manchester United. For more on Man United sale process, listen to the latest episode of Front Office Sports Today.

Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].

Real Estate Titans, SEC Oppose Attempted Ticket Tax on Nashville Stadium Proposal [[link removed]]

Tennessee Titans

Nashville metro council members have pushed back a decisive vote on a new home for the Tennessee Titans.

A final vote on the team’s proposed $2.1 billion stadium project [[link removed]] has been postponed until April 25 as the Titans and several tourist groups oppose a late-breaking amendment [[link removed]] that would impact the revenue split of non-NFL events held at the stadium.

Metro council member Brandon Taylor proposed the amendment, which would secure up to 10% of each ticket sold for a concert or non-pro football event at the stadium for the city, per Axios [[link removed]].

The amendment narrowly passed 19-18 around 1 a.m. CT on April 5, and several groups aren’t happy — especially the Titans.

A mayoral aide said that a $470 million revenue loss for the team would be a “conservative” estimate. Supporters claim the change would help fund new transportation and roadway infrastructure improvement in Nashville. But SEC commissioner Greg Sankey expressed concerns that the amendment would be a “disincentive” to hold non-NFL sports events in Nashville.

Live Nation, WME, Creative Arts Agency, and the Country Music Association were among several major entertainment organizations to sign a letter opposing Taylor’s amendment. The letter states the proposal “inflates the costs to ticket buyers, including every Davidson County resident who wants to see a sports event or a music concert,” according to the Tennessee Lookout [[link removed]].

Next week’s meeting is expected to present a compromise proposal from Nashville council member Jennifer Gamble negotiated between the Titans and tourism officials.

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Two Weeks Left to Nominate!

Rising 25 is back, and it’s time to nominate an up-and-coming young professional changing the game in the business of sports!

The Front Office Sports Rising 25 Award [[link removed]], presented by Anheuser-Busch, celebrates the careers of the brightest young stars in the business of sports. To date, we’ve honored 150 individuals and we’re looking for our next group of young stars.

There are only two weeks left to nominate! Nominations are open NOW through Tuesday, May 2. Winners will be announced in June.

Nominate [[link removed]] today!

Athletes Crypto Startup Promoted by Mahomes, Brees Faces Fraud Claims [[link removed]]

Arizona Republic

Crypto collectibles startup VirtualStax claimed to be worth $15 billion and once garnered endorsements from the likes of Patrick Mahomes and Drew Brees.

Now, a recent report [[link removed]] found the company’s TurnCoin tokens have never been listed on any major crypto exchange, and founder Rudolf Markgraaff faces fraud accusations.

The South African company claimed it would generate $97 billion in revenue in its first three years in a pitch to potential investors in 2019, per documents viewed by Forbes, and has listed the two NFL stars as ambassadors, among others.

Since then, the company hasn’t launched any digital trading cards from Mahomes or other athletes, nor has it publicly disclosed any notable institutional investors.

VirtualStax’s NFT marketplace app TheXchange, which sold its digital trading cards, is being accused of fraud by two people who claim the company owes them $12 million in unpaid royalties.

Potential VirtualStax investors were also shown a video implying LeBron James was involved with the project — but a spokesperson for James denied any such relationship, per Forbes.

Crypto Crash

It’s been a rough stretch for crypto companies.

FTX collapsed last year [[link removed]] after being promoted by Tom Brady, Steph Curry, and Shaquille O’Neal. Shaq was finally served legal papers [[link removed]] related to the fallout on Sunday after lawyers accused him of “running from us for months.”

Meanwhile, the stablecoin Terra is still being promoted at MLB’s Washington Nationals’ ballpark [[link removed]] despite folding last year, while Voyager [[link removed]], which sponsored the NWSL and Dallas Mavericks, saw its assets acquired by FTX for $1.4 billion.

Commerce Women’s FA Cup Final Could Smash Attendance Record [[link removed]]

FC Barcelona

The women’s FA Cup Final between Chelsea and Manchester United on May 14 could easily draw more fans to Wembley Stadium than any domestic women’s soccer match in history.

More than 50,000 tickets had been sold by March 28, according [[link removed]] to Forbes — and that’s only the “neutral” tickets. Both clubs are also selling 8,000 fan-specific tickets.

The game is on pace to sell 66,000 tickets, which would breeze past the previous record of 60,739 for a 2009 match between FC Barcelona and Atlético de Madrid. Wembley — which can host 90,000 fans — could even be sold out for the first time.

The game would also shatter the women’s Super League record of 47,367 fans, set last year when Arsenal beat Tottenham Hotspur 4-0 at Emirates Stadium.

Skyrocketing Popularity

The FA Cup Final could add to the list of women’s soccer matches that have set attendance records over the past year.

Last April, Barcelona set a world record [[link removed]] for attendance at any women’s soccer match when more than 91,000 fans showed up to watch the club face VfL Wolfsburg.

Then, the UEFA Women’s Euro 2022 Final set an attendance record [[link removed]] with 87,192 fans watching England beat Germany — more than any Euro final in men’s or women’s soccer at the time.

Conversation Starters From the first pitch to the final buzzer, stay in the game with Atmosphere Sports — the ultimate streaming destination for businesses that want constant sports news, live scores, and highlights. Learn more [[link removed]].* Georgia’s 2022 CFP National Championship rings document [[link removed]] the program’s history and recent exploits, featuring two back-to-back CRP trophies, four base stones representing the school’s total number of titles, 15 spikes for their perfect 15-0 season, and 107 white stones representing each of the team’s CFP points. The Texas Rangers and Nike unveiled [[link removed]] their City Connect uniforms, honoring “baseball’s rich history in Fort Worth and Dallas.” Hockey Hall of Famer Chris Chelios has listed [[link removed]] his Malibu property for $75 million after buying it for only $6 million, per the Wall Street Journal. The 3,795-square-foot, five-bedroom home offers 90 feet of Pacific Ocean views, a private balcony, and a fireside living room that leads to an al-fresco lounging and entertainment deck.

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Together with Meta, our latest free course, Metaverse Essentials: Building the Future [[link removed]], dives deep into the ever-evolving connection between sports and the metaverse, exploring where we are today and what the future holds.

Check out the final lesson [[link removed]] of the course, Virtual Reality: Sports & Fitness, where Meta’s Director of Sports Creator Partnerships Kevin Cote sits down with an all-star panel of leaders from X Games, Rezzil, GOLF+, and FitXR to discuss how virtual reality will transform the way sports are played, viewed, and experienced.

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Today's Action

MLB

09:10 PM

Mets (+130) at Dodgers (-150)

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09:00 PM

Warriors (-140) at Kings (+120)

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MLB

07:10 PM

Blue Jays (-110) at Astros (-110)

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Question Of The Day

Do you wear sneakers for style, sport or both style and sport?

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Monday’s Answer

64% of respondents plan to watch this year’s NFL Draft.

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