May 2, 2023

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Jenny Nguyen used her life savings — about $27,000 — to open a sports bar [[link removed]] dedicated to women’s sports. The Sports Bra brought in $944,000 in revenue in the first eight months it was open in 2022 and celebrates its one-year anniversary this month.

Ineos Reportedly Submits Highest Bid for Manchester United [[link removed]]

MUFC

British billionaire Jim Ratcliffe has reportedly emerged as the highest bidder for Manchester United.

The Ineos Group CEO has offered more than $6.2 billion to buy the Premier League club, according [[link removed]] to the Daily Telegraph.

Ratcliffe is bidding against Qatari banker Sheikh Jassim bin Hamad Al Thani, whose final offer reportedly also eclipsed $6.2 billion and promised to erase Manchester United’s $620 million in debt, according [[link removed]] to The Times of India.

Third and final bids for the storied soccer club were submitted [[link removed]] Friday. United’s current American owners, the Glazer family, are looking to sell the club at a $7 billion valuation, per [[link removed]] the Independent.

While Sheikh Jassim is reportedly attempting to buy 100% of Manchester United, Ratcliffe has proposed buying a non-full majority stake that would allow the Glazer family to retain minority interest.

Over the weekend, Manchester United supporters protested, calling for the complete removal of the Glazer family from ownership. The family has held majority control of Manchester United since 2005 and also owns the NFL’s Tampa Bay Buccaneers.

PODCAST

🎙️ They Said What?

“[Gary Vaynerchuck] hits every corner you need, from media to sports, social media presence, investments — he hits everything that you need for the client or player per se. Everything that you want.”

— Bay Frazier, VaynerSports basketball CEO and president, on how owner Gary Vaynerchuk makes the sports representation agency stand out from others during the latest episode of Front Office Sports Today.

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

ESPN Touts Streaming While Seeking Broadcasting Balance [[link removed]]

Gary A. Vasquez-USA TODAY Sports

ESPN finds itself caught between past glory and future uncertainty.

Faced with a falling number of cable TV subscribers – and a rising number of ESPN+ subscribers — the sports network is embracing the streaming future.

“We’re going to get to a point where we take our entire network, our flagship programming, and make it available direct-to-consumer,” ESPN chairman Jimmy Pitaro told [[link removed]] Bloomberg. “That’s a ‘when,’ not an ‘if’ … We’re only going to do it when it makes sense for our business and for our bottom line.”

Pitaro has reason to be worried. With millions of TV consumers cutting the cord, ESPN’s footprint is down to 74 million homes from 100 million two decades ago.

The ESPN+ streaming service has signed 25 million subscribers in five years, but most of the network’s marquee events, like “Monday Night Football,” still air on the linear channel.

TV is still huge for ESPN, generating $28 billion in revenue for Disney. But if Pitaro gets his way, more live sporting events will shift to ESPN+ at $9.99 a month — including the NBA, with which ESPN is hoping to extend a 21-year relationship.

Meanwhile, JPMorgan analysts recently reported [[link removed]] that the increasing rate of media rights deals is becoming unsustainable for networks, which are attempting to course-correct their business models.

“I’m confident we’re going to see eye-to-eye on how to prioritize streaming,” Pitaro said of talks with the league.

Pitaro is viewed as a potential successor [[link removed]] to Disney boss Bob Iger.

To comply with Iger’s mandate to slash 7,000 jobs and save $5.5 billion in costs, ESPN launched the first of several rounds of layoffs [[link removed]] last week. Among those getting pink slips were FiveThirtyEight founder Nate Silver [[link removed]] and 43-year ESPN veteran Mike Soltys, the network’s second-longest-tenured employee.

SPONSORED BY CISCO

Securing the Draft

There’s nothing quite like the NFL Draft.

32 teams, 259 picks, dozens of war rooms, and endless streams of phone calls, all of which shape the destinies of teams, families, and players alike.

And none of this would be possible without Cisco [[link removed]].

As an Official Technology and Cybersecurity Partner of the NFL, Cisco ensures the league is always connected and protected [[link removed]] – especially on Draft night.

From connecting war rooms across the country and facilitating split-second decision-making to ensuring the security of all stakeholders, Cisco technology plays an integral role in everyone’s Draft experience.

Read the full story here [[link removed]].

Adidas Doubling Down on U.S. Sports Market [[link removed]]

Joseph Scheller-The Columbus Dispatch

After cutting ties with two U.S. pop stars, Adidas is looking for new inroads to the American audience.

The company is leaning [[link removed]] into its U.S. operations, particularly basketball and soccer, as it seeks to grow its presence and identity in the U.S.

“We want to double down on all of the things that are U.S.-centric, particularly around sport,” Adidas North America president Rupert Campbell told the Wall Street Journal.

Adidas spent hundreds of millions on a new facility in Los Angeles, which will be the center of its basketball product team, and on upgrades to its North American headquarters in Portland.

The company is also seeking a boost from its relationship with MLS, with the World Cup coming to North America in 2026. Sales on soccer products are up 50% from last year, following the launch of new MLS jerseys in February.

Last year, Adidas cut ties with Ye, formerly known as Kanye West, in a public breakup that is now the subject of a shareholder class action lawsuit [[link removed]]. In March, the company parted ways with Beyonce by mutual agreement over creative differences around her clothing line after a four-year partnership.

This is one of the first major moves by Adidas CEO Bjørn Gulden, who assumed the role in November.

The company is expecting a $548.7 million profit impact on its fiscal 2023 from unsold inventory due to ending ties with Ye, plus $219.5 million in one-off costs.

Argentina Plans U.S. Soccer Facility in Miami, Eyes More U.S. Cities [[link removed]]

Yukihito Taguchi-USA TODAY Sports

After winning the 2022 World Cup — and securing [[link removed]] its record $42 million grand prize — in December, Argentina soccer is laying down roots in the U.S. for future success.

The Argentina Football Association recently announced plans to build an official training facility in North Bay Village, a small waterfront community situated between Miami and Miami Beach that would serve as its headquarters in the U.S.

The American facility will be modeled after the AFA’s main complex in Ezeiza, Argentina. The AFA also said that it may want to establish satellite locations in Los Angeles, San Francisco, and Atlanta.

Notably, U.S. Soccer doesn’t have an official training facility in the country — meaning that Argentina will have one in the U.S. before its own national team does.

A big reason for the stateside move is to scout and recruit dual-national talent in the U.S. and maintain the momentum it has built from six World Cup finals appearances, winning three titles (2022, 1986, and 1978).

“We know that there are many players in the U.S. who have Argentine parents,” AFA chief commercial and marketing officer Leandro Petersen told [[link removed]] The Athletic. “We’ll continue to track those players who leave Argentina at a young age. If not, they’ll end up representing another country.”

Peterson says Argentina hopes to open the facility before the 2024 Copa América, which will be held [[link removed]] in the U.S. as part of the buildup to the 2026 World Cup in North America.

Conversation Starters The Florida Panthers are geo-restricting [[link removed]] ticket sales on Ticketmaster to keep Toronto Maple Leafs fans from FLA Live Arena for their second-round playoff matchup. Users with credit card billing addresses in Canada are banned from purchasing tickets. Former NBA star Joakim Noah will launch [[link removed]] his own basketball league in partnership with 28 violence prevention programs in Chicago. One City Basketball League will provide financial incentives, off-court programs, and even job opportunities for players. Army is giving Michie Stadium $145 million in upgrades due to be completed by 2025. Check out the plans [[link removed]].

SPONSORED BY ANHEUSER-BUSCH

Last Day 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.

Nominations are open through the end of the day today, Tuesday, May 2. Winners will be announced in June.

Nominate [[link removed]] now!

Question Of The Day

Do you typically watch the U.S. Open Tennis Tournament?

Yes [[link removed]] No [[link removed]]

Monday’s Answer

68% of respondents have a daily vitamin/supplement routine, and 7% don’t but want one.

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