April 25, 2023

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Nike and its digital collectibles brand, RTFKT, recently launched a 3D Air Force 1 billboard in Tokyo. Check it out [[link removed]].

Senators Bidding Could Reach Record $1B [[link removed]]

Marc DesRosiers-USA TODAY Sports

When the Ottawa Senators are sold, the final price is expected to set an NHL record.

The Senators were anticipated to fetch around $800 million when they hit the market in November, but sources told Front Office Sports that bidding so far has already eclipsed that mark — and could even hit $1 billion.

More than a dozen groups have shown serious interest in the team, although one source said that list is down to around six groups. The Remington Group — which includes Canadian actor and Wrexham AFC [[link removed]] co-owner Ryan Reynolds — is among the finalists.

The Ottawa Sun was the first outlet to report [[link removed]] over the weekend that the final bid deadline was set for May 15, giving the groups time to sweeten and solidify their proposals.

The current top sale price for an NHL franchise is the $900 million Fenway Sports Group paid [[link removed]] for the Pittsburgh Penguins in 2021. Former Tennessee Gov. Bill Haslam’s $880 million purchase [[link removed]] of the Nashville Predators is expected to be approved by the league’s owners next month.

Eugene Melnyk purchased the Sens for $92 million in 2003. After he died in March 2022 at 62, his estate tapped New York-based sports investment firm Galatioto Sports Partners to handle the sale.

NHL commissioner Gary Bettman told bidders not to expect public money — either from Ontario or Ottawa — to build a new arena in downtown Ottawa, a source told FOS. Bettman also told [[link removed]] the prospective owners the Sens would not be allowed to relocate.

PODCAST

🎙️ They Said What?

“What I want to make clear for people who may not know what’s going on at ESPN is these cuts are coming from Burbank, not from Bristol. It’s not anything that ESPN did wrong. They are simply part of a much larger company that are having some difficulties, and [ESPN’s] folks are having to pay the price.”

— Front Office Sports senior writer Mike McCarthy on why Disney is cutting hundreds of jobs across ESPN. Tune in to Front Office Sports Today to hear more on the ESPN layoffs.

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

Fantasy Sports Giant Yahoo Acquires Sports Betting App

Shutterstock

Yahoo is acquiring peer-to-peer sports betting app Wagr as it looks to capitalize on its enormous base of fantasy sports users.

“We’ve always been trying to figure out our way into the gaming space, and it just seems like a total logical extension of what people are already doing with Yahoo Sports, to add peer-to-peer betting,” Yahoo CEO Jim Lanzone told Front Office Sports.

The acquisition will allow Yahoo, the second-largest fantasy sports platform after ESPN, to integrate wagers between friends and acquaintances into its offerings. Yahoo already offers real-money daily fantasy games on its platform and offers traditional sports betting in partnership with MGM.

Yahoo Sports senior VP Jon Shaw sees two major frontiers in gaming: in-game wagering — namely microbetting — and “a more casual, social, community-oriented format” for more general sports audiences.

“There’s so much potential for fans who might be more intimidated by betting or maybe more comfortable playing against or with their friends,” Shaw said.

With two decades of experience in fantasy sports, Yahoo has a wealth of data on individual users’ fantasy sports interests and who they’re playing with online.

Wagr, which had been operating in Tennessee, shut down its app in the fourth quarter of last year. The startup drew investments from New England Patriots and Revolution owner the Kraft Group, Philadelphia 76ers and New Jersey Devils owner Harris Blitzer Sports & Entertainment, and Reddit co-founder Alexis Ohanian’s venture firm Seven Seven Six.

Yahoo is acquiring 100% of Wagr.

SPONSORED BY NFLPA

Putting New Playmakers in the Driver's Seat

NFLPA Driven [[link removed]] is back and seeking a fresh team of entrepreneurs known as Playmakers. The program runs two years and equips participants with a coveted NFLPA license and the tools to help them grow their businesses.

This includes guidance on go-to-market strategy, development of officially licensed products, and mentorship from the sharpest minds in sports. The Playmakers are entrepreneurs from underrepresented groups who are looking to accelerate their early-stage businesses.

The mission of NFLPA Driven is straightforward: level the playing field by offering diverse entrepreneurs the keys to unlock the lucrative sports licensing market and accelerate their business growth [[link removed]] with access to 2,000+ NFL players.

Learn more [[link removed]] about NFLPA Driven and hear from last year’s Playmakers. Deadline to apply is May 12!

Formula 1 Taps Brakes On Selling, For Now [[link removed]]

Jerome Miron-USA TODAY Sports

Liberty Media has no intention of selling Formula 1 — at least not at today’s prices.

“Given the situation in the stock market, the likelihood that in the short term we decide to sell is extremely unlikely,” Liberty CEO Greg Maffei told [[link removed]] investors. “It would only have a negative impact on us and not benefit our shareholders.”

In January, reports surfaced that Saudi Arabia’s Public Investment Fund — which has $620 billion in assets under management as of Q1 2022 — sought to buy F1 at a $20 billion valuation.

“It’s funny, because I came across comments that we even discussed the price, but in reality these meetings never happened,” said Maffei.

F1’s stock has risen around 22.7% since the start of the year.

No Cannibalization Concerns

F1 CEO Stefano Domenicali brushed off concerns that the three U.S. races in Austin, Miami, and Las Vegas could fight for the same audience.

“It is pretty clear that every race, not only in America, has a different personality, a different cultural approach, a different quality, a different segmentation of fans,” Domenicali told [[link removed]] reporters. “I don’t see any kind of cannibalization.”

The comments come amid speculation that F1 could add [[link removed]] a fourth U.S. race in the coming years, perhaps in New York City.

Reynolds, McElhenney Take Wrexham to EFL Promotion [[link removed]]

Wrexham AFC

Less than three years after purchasing Wrexham AFC for a reported $2.5 million, Hollywood stars Ryan Reynolds and Rob McElhenney have helped bring the club back to the English Football League for the first time since 2008.

With a 3-1 victory over Boreham Wood on Saturday, Wrexham clinched the National League title — and with it, promotion to EFL League Two.

The Red Dragons’ ascendancy to “league football” will be very lucrative for the Welsh club.

Between solidarity payments from the Premier League and basic prize money from EFL, Wrexham is reportedly [[link removed]] set to bring in $1.24 million just for earning promotion. The club will also benefit from increased television broadcast revenue and ticket sales starting next season.

Interest in the club has grown both domestically and internationally under the Reynolds-McElhenney ownership.

The two actors created the FX docuseries “Welcome to Wrexham,” which chronicles the club’s exploits under the new ownership. Wrexham’s digital audience rose from 747,855 in June 2022 to 1,779,066 in March 2023 — a 137.98% increase, according to data provided to Front Office Sports from sports data company Horizm. The club will embark on its first U.S. tour this summer, playing Chelsea and Manchester United in July.

“Rob and Ryan have given the football club the opportunity to reach its full potential that somebody without their profiles may never have been able to unlock,” Wrexham advisor Shaun Harvey told [[link removed]] FOS.

Conversation Starters On his first day at Colorado, Deion Sanders told the current players [[link removed]] he was “bringing his own luggage” and to “go ahead and jump in that portal.” After the school’s spring game on Saturday, 14 players have entered the transfer portal. Just as NBC gears up to pursue NBA media rights, CEO Jeff Shell is out [[link removed]] after admitting to an “inappropriate” relationship with an unidentified employee. New Balance is finding ways to reduce [[link removed]] the amount of material they use by repairing and recycling. In celebration of Earth Day, we’re highlighting running clubs who are doing the same — like Palmetto Running.*

SPONSORED BY ANHEUSER-BUSCH

One Week 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 is only one week left to nominate! Nominations are open NOW through Tuesday, May 2. Winners will be announced in June.

Nominate [[link removed]] today!

Today's Action

MLB

06:40 PM

Yankees (+100) at Twins (-120)

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NBA

06:30 PM

Hawks (+625) at Celtics (-900)

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MLB

05:40 PM

Mariners (-120) at Phillies (+100)

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*All times are EST unless otherwise noted.

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Question Of The Day

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Monday’s Answer

40% of respondents plan to buy a new cell phone for themselves or someone in their household in the next 12 months.

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