May 10, 2023

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Whether she’s guest-hosting “Get Up,” debating Stephen A. Smith on “First Take” or appearing on “SportsCenter” — Monica McNutt’s star is rising at ESPN. Eventually, the former college star wants to call NBA games like Doris Burke. FOS senior reporter Michael McCarthy has the latest [[link removed]].

Oakland A’s Reportedly Pivot to Tropicana Site, Strike Deal with Bally’s [[link removed]]

Stan Szeto-USA TODAY Sports

The Oakland A’s have reportedly pivoted to a new site in Las Vegas.

Just weeks after saying they had reached a deal to acquire 49 acres owned by Red Rock Resorts, the team is shifting its focus to the Tropicana site, according [[link removed]] to the Nevada Independent.

Under the new plan, the A’s would reduce their public funding ask from $500 million to $395 million. The team had considered asking for an additional $150 million in property tax breaks on the Red Rock site, but it’s currently unclear if it would do the same for the Tropicana site.

Under an agreement with Bally’s, which operates the site, the Tropicana hotel and casino would be demolished, and the A’s would build a 35,000-seat retractable roof stadium on nine acres of the 34-acre site.

Bally’s would build a 1,500-room hotel-casino across from the stadium.

The new deal avoids the need for the A’s to acquire land. The site is owned by Gaming and Leisure Properties, which would presumably continue to do so under this arrangement. Bally’s pays that company $10.5 million annually on a 50-year lease.

A bill regarding public funds could be filed in the Nevada legislature by the end of this week. The legislature’s current session ends on June 5, and Gov. Joe Lombardo has not said whether he would call a special session to continue deliberations.

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🎙️ They Said What?

“I don’t think Oakland ever left the picture. I understand what the mayor said, and I understand how angry everybody is. Before [The Marlins] got the deal in Miami — the level of anger between us and the government was measurable. As in silence for months and months at a time. I find this to be standard operating procedure.”

— David Samson, former Miami Marlins president, on the possibility of the A’s staying in Oakland despite reports of an agreement to buy land in Las Vegas. For more on Samson’s take on the A’s situation, check out the latest episode of Front Office Sports Today.

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

Penn State Approves Initial Stages of $700M Athletics Renovation [[link removed]]

Penn State Athletics

Penn State athletics is about to get a major facelift.

Last week, the school’s Board of Trustees approved the beginning stages of a $700 million plan to renovate its athletic facilities — most notably major upgrades to Beaver Stadium, which will receive $70 million toward renovation during this first phase.

The school estimates that these major renovations are a more economical option than building a new football stadium, which could have cost an estimated $1.5 billion, according [[link removed]] to The Philadelphia Inquirer.

The project, which will also benefit other teams in the department, will reportedly take place four years and be completed by August 2027. Construction will begin in January 2025 after plans are finalized over the next year.

A Self-Sufficient Department

Unlike many similar projects across the country, Penn State’s renovations will be funded solely by the athletic department, which will use a combination of loans, fundraising, and capital budget.

The university’s president, Neeli Bendapudi, noted that it’s one of the only athletic departments in the country that is completely “self-sustaining.”

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Under Armour Hits $1.4B in Revenue, Turns Focus Toward Women’s Apparel [[link removed]]

Under Armour

Under Armour’s fourth-quarter earnings beat Wall Street estimates — but its stock still fell 5.7% on Tuesday.

Revenue for the company’s fourth quarter was up 8% to $1.4 billion, driven by $862 million from North America.

Demand for Under Armour’s products has slumped compared to rival brands Nike and Lululemon. In March, Nike [[link removed]] said its Q3 revenues rose 14% from the year prior to $12.4 billion, while Lululemon reported [[link removed]] a quarterly revenue surge of 30% to $2.8 billion.

CEO Stephanie Linnartz, who joined Under Armour in February, said 2024 will be a “year of building” for UA as it targets women’s product sales as a growth area. Women’s products currently make up less than 25% of Under Armour’s business.

“We will go after women harder than this company has ever seen,” Linnartz promised [[link removed]].

Under Armour anticipates 2024 revenue to be “flat to up slightly,” with operating income expected to reach between $310 million to $330 million. Its operating income for fiscal year 2023 was $284 million.

NBA star Steph Curry [[link removed]] extended his ties to the company last month with a $75 million deal that will give him 8.8 million restricted stock units. The deal could become a lifetime contract for Curry if revenue goals are met.

Aaron Rodgers’ Fund Raises $150M From Josh Allen, Celebrities [[link removed]]

Brad Penner-USA TODAY Sports

RX3 Growth Partners, an investment firm co-founded by New York Jets quarterback Aaron Rodgers, has raised [[link removed]] nearly $150 million from several athletes and celebrities to close its second fund.

Fellow NFL quarterbacks Josh Allen and Jared Goff invested in the fund alongside retired swimmer Michael Phelps, as well as celebrities Miles Teller, Vanessa Hudgens, Machine Gun Kelly, Christina Aguilera, Marshmello, and Thomas Rhett.

Launched in 2018, RX3’s investment portfolio includes connected rowing machine Hydrow, massage device company Therabody [[link removed]], golf simulator brand Full Swing, CorePower Yoga, Manscaped, Hims, and Super Coffee.

The firm’s new $150 million fund will focus its investments on consumer-facing brands. Comedian Kevin Hart’s Hartbeat Ventures also serves as an advisor to RX3, whose co-founders also include Nate Raabe and Byron Roth.

Raabe told Bloomberg [[link removed]] that the California-based firm will consider opening a New York office as it expands, especially with Rodgers now playing for the Jets. The Jets’ season-ticket and suite sales have jumped [[link removed]] 400% after the four-time MVP was traded from Green Bay to New York.

Full Swing, one of RX3’s portfolio companies, was acquired [[link removed]] by Bruin Capital in 2021 for a reported $160 million. RX3 also contributed [[link removed]] to Hydrow’s $55 million funding round last year, which brought the rowing company’s total funding to $255 million.

Conversation Starters Playfly Sports continues its explosive growth with the acquisition [[link removed]] of The Aspire Group, adding experienced ticketing and hospitality capabilities to its brand-new Gameday division.* This weekend’s WWE Backlash in Puerto Rico broke records [[link removed]] in nearly every respective category, including sales, viewership, merchandise, and sponsorship revenue. Take a look inside [[link removed]] the Golden State Warriors’ BioFreeze Performance Center — a practice facility that offers kombucha on tap.

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Editor's Picks Matt Araiza ‘Elated’ After New Details Emerge of Alleged Incident [[link removed]]by A.J. Perez [[link removed]]Ex-Bills punter hopes to resume his career. Paul Bissonnette’s Curiosity Drives His Media Career [[link removed]]by Doug Greenberg [[link removed]]Bissonnette has gone from NHL fourth-liner to elite hockey media talent. Jake Paul, Joey Levy’s Betr Acquires Chameleon Betting Platform [[link removed]]by Doug Greenberg [[link removed]]The micro-betting company is expanding its sports betting horizons. Question Of The Day

Have you used a golf simulator before? (I.e. Tog Golf, Five Iron Golf, etc.)

Yes [[link removed]] No [[link removed]] Not yet but I want to [[link removed]]

Tuesday’s Answer

19% of respondents are in the market for a new watch in the next six months.

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