May 11, 2023
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The full 2023-24 NFL schedule drops Thursday night at 8 p.m. ET. On the latest Front Office Sports Today, FOS senior reporter Michael McCarthy breaks down some of the biggest innovations for next season’s schedule.
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Adidas Opts to Sell Yeezy Sneakers, Donate Proceeds [[link removed]]
Eric Seals/Imagn
Adidas has finally chosen a course of action for its Yeezy merchandise.
After months of weighing various options regarding its $1.3 billion worth of inventory [[link removed]] associated with Ye — formerly known as Kanye West — Adidas has opted to sell the merchandise and donate the proceeds.
Adidas cut off its previously lucrative relationship with the celebrity after he made antisemitic comments on social media. The decision left the company with over $1 billion in unsold stock.
“What we are trying to do over time is to sell parts of these goods and then donate to organizations that help us and that also have been hurt by Kanye’s statements,” CEO Bjørn Gulden told investors.
The decision could help Adidas recover some of its losses associated with the split, which had the apparel giant potentially looking at its first-ever annual loss. Ye could profit from the decision, as well.
Investors are suing Adidas, claiming that the company should not have been so financially exposed to the celebrity given his history of volatile statements and behavior.
The company is looking to refocus [[link removed]] its U.S. efforts on athletics, particularly basketball and soccer. Adidas is the apparel provider for Major League Soccer and is hoping to benefit from soccer’s growth in the U.S. — especially with the 2026 World Cup coming to North America.
Jim Ratcliffe, INEOS Reportedly Top Manchester United Bidders [[link removed]]
MUFC
After months of drama over a possible sale, Manchester United may have finally chosen a bidder.
The Glazer family will sell the majority of the club to British billionaire Jim Ratcliffe and INEOS, according [[link removed]] to The Sun. Within the next several days, the Raine Group — which is in charge of the sale — will officially announce the winning bid.
Reports suggest that Ratcliffe is offering more than $6.3 billion for a majority stake that could still allow other private equity firms to invest. The Carlyle Group, Ares Management, and Elliott Management could all be potential bidders.
The prospective deal would make Qatari banker Sheikh Jassim bin Hamad Al Thani the runner-up.
He recently offered [[link removed]] $1 billion toward new facilities at Old Trafford, in addition to $6.3 billion to buy 100% of the team — but the club’s interests apparently lie elsewhere.
An Arduous Process
The sale process, which first began in November, has seen three grueling rounds of bidding, drawn out to the point that many have questioned whether the Glazers want to sell the team at all.
The last deadline [[link removed]] was April 28. A new owner was supposed to be announced by May 8, a date that passed without an official announcement.
The Glazers are extremely unpopular with United fans, who have publicly protested [[link removed]] what they see as the family’s failed stewardship of the club.
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Harris Deal for Commanders Complicated, But Almost Done [[link removed]]
Bill Streicher-USA TODAY Sports
The eight-member NFL finance committee took a look Wednesday at Josh Harris’ massive deal to purchase the Washington Commanders — one so complex it could take longer than initially expected.
But in the aftermath of the meeting, sources told Front Office Sports on Thursday that the $6.05 billion package Harris and at least a dozen limited partners put together is inching toward acceptance.
FOS reported [[link removed]] that there were no red flags in Harris’ proposal, including any that would require a waiver to comply with debt limits or anything contained in the NFL Constitution and Bylaws.
Granted, Commanders owner Dan Snyder and Harris haven’t officially entered into a sale agreement. As a result, the operation has progressed down a novel path, with the league reviewing Harris’ proposal as if it were a done deal [[link removed]].
That review — which includes vetting the financials and backgrounds of Harris and all his limited partners — is still ongoing.
“There’s just a lot to work through,” one source said.
There was hope [[link removed]] the review process and the finalization would be concluded by the next full ownership meeting scheduled to get underway May 22.
While a vote to approve Harris by the NFL owners appears at least somewhat questionable, a source told FOS that the tentative deal between Harris and Snyder is expected to be finalized by those meetings.
Conversation Starters Peloton is recalling [[link removed]] 2.16 million exercise bikes due to seat posts that can unexpectedly break and injure the rider. NYCFC has unveiled a first look [[link removed]] at its $780 million project including New York City’s first soccer-specific stadium — set to open in 2027. Set in Queens near the Mets’ Citi Field, the development will boast 25,000 seats, a 250-room hotel, a school, retail shops, and affordable housing. The Buffalo Bills have hired [[link removed]] Marissa Figueroa, the first female full-time athletic trainer in franchise history.
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What to Watch
The Boston Celtics take on the Philadelphia 76ers in Game 6 of the NBA Eastern Conference semifinals on Thursday at Wells Fargo Center.
How to watch: 7:30 p.m. ET, ESPN
Gaming odds: Celtics -2.5 || ML -138 || O/U 212.5
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