June 1, 2023
Read in Browser [[link removed]]
POWERED BY
The NBA Finals are here. On the latest Front Office Sports Today, senior writer Michael McCarthy joins us to break down the matchup between the Denver Nuggets and Miami Heat. Plus, we hear from Bloomberg chief correspondent Jason Kelly on reporting on Wall Street, how money is shaping the sports landscape, and his new show, “Next in Sports.”
Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].
Emanuel: Endeavor Neared $1B Investment In LIV Golf [[link removed]]
Geoff Burke-USA TODAY Sports
Sports and entertainment giant Endeavor — the parent company of UFC, Professional Bull Riders, and the IMG and WME agencies — strongly considered a $1 billion investment in LIV Golf before backing away, according to company chief executive Ari Emanuel.
Speaking on Freakonomics Radio, Emanuel said Endeavor was approached [[link removed]] by LIV Golf stars Bryson DeChambeau and Phil Mickelson about funding the upstart golf property, and the company began internal discussions for a $1 billion investment. Endeavor’s support would have replaced LIV Golf’s backing [[link removed]] from Saudi Arabia’s Public Investment Fund, which started in 2021.
Emanuel claimed Endeavor scuttled the proposed deal, largely at the behest of PGA Tour commissioner Jay Monahan, whose organization is currently embroiled in competitive and legal disputes with LIV Golf.
“We’re all connected in golf,” Emanuel said. “And [the PGA Tour] said, ‘Please don’t do it.’ So we stopped. I’m friends with Jay. We have a lot of business with Jay. I don’t want to hurt Jay.”
Emanuel warned Monahan that he would need to respond to the LIV Golf challenge, which the PGA Tour has done through increased tournament purses and schedule adjustments.
“I said to Jay, ‘We’re pulling out. But you have got to figure out an economic solution here because … it’s going to force you.’ And he did,” Emanuel said. “To his credit, I think Jay did an incredible job.”
Emanuel added that he has no moral position on LIV Golf’s backing from Saudi Arabia, a country widely rebuked for its history of human rights abuses.
LIV Golf declined to comment to Front Office Sports.
UEFA Planning to Set Cap on Transfers and Player Wages [[link removed]]
UEFA
After years of exorbitant transfer fees and wages, European soccer finally seems serious about limiting how much clubs spend on players.
UEFA is planning on setting a cap on player wages and transfers in a single season, rules which would impact competitions including the Premier League, La Liga, Bundesliga, Serie A, and Ligue 1, according [[link removed]] to The Times.
No monetary figures have been seriously discussed, but the potential cap would complement the existing Financial Fair Play regulations [[link removed]] that limit European clubs’ operational spending to 90% of revenue this year, 80% next year, and 70% in 2025.
Implementing a cap would require approval from the European Union and agreement from the European Club Association, the European Leagues, and the players union FIFPRO.
UEFA president Aleksander Čeferin previously said [[link removed]] a spending cap was necessary for a healthy future of professional soccer.
“If the budgets go sky high, then the competitive balance is a problem,” he told the Men In Blazers podcast. Čeferin added that all clubs, small and large, were in favor of the salary cap idea.
Real Madrid and Manchester United just became the first two soccer clubs to be valued [[link removed]] at more than $6 billion by Forbes, underlining the enormous growth of Europe’s richest teams.
SPONSORED BY SLING TV
Every NBA Finals Game for the Best Price
How does Sling TV [[link removed]] bring you the NBA Finals you love for only $40/mo?
Rather than sponsoring expensive athletes, they pass those savings on to you! So, you pay less for every fast break, every bucket, and every ankle breaker.
Stream every NBA Finals game at home or on the go. Keep up with game scores listed in real-time, right on your home screen! Plus, you’ll get even more with live news and entertainment.
Can’t watch live? Sling has got you covered with 50 hours of DVR included. Also, enjoy thousands of on-demand shows, movies, and more!
Stream [[link removed]] every game of the NBA Finals for a price you’ll love! Try Sling today and see your first-month offer.
Crypto Fallout Hits The NFLPA [[link removed]]
Kirby Lee-USA TODAY Sports
The ongoing decline of the crypto market has left more commercial wreckage in sports — as an affiliate of the NFL Players Association scrambles to recoup nearly $42 million.
The union’s annual report recently filed [[link removed]] with the U.S. Department of Labor detailed $41.8 million in accounts receivable through OneTeam Partners — a joint venture involving the NFLPA, several other pro athlete unions and the U.S. Women’s National Soccer Team, among others — saying there remains “uncertainty” surrounding collection of the money.
According to The Athletic, the unpaid [[link removed]] funds look to be connected to sharply declining activity surrounding non-fungible tokens (NFTs), particularly those produced by Dapper Labs and DraftKings, both of whom have already sought [[link removed]] to renegotiate licensing deals with the NFLPA.
The unpaid funds represent roughly a fifth of the union’s annual commercial activity.
Many individual crypto currencies have lost most of their value following a bull run in 2021. FTX’s collapse [[link removed]] was the most notable, leading to an arena name change in Miami and multiple lawsuits [[link removed]].
Other crypto-related companies, however, have faced similar issues including VirtualStax [[link removed]] and Crypto Capital [[link removed]]. Early this year, Fanatics divested [[link removed]] its interest in NFT company Candy Digital, believing that NFTs are “unlikely to be sustainable or profitable as a standalone business.”
The NFLPA nevertheless remains healthy overall as executive director DeMaurice Smith serves in his final term with the union. It boosted its total assets 5% to $1.055 billion in 2022, thanks in part to ongoing strength in core licensing categories such as video games, trading cards, and apparel.
The union hasn’t commented on the NFT contract issue.
Conversation Starters For the first time in 20 years, the NBA Finals will begin [[link removed]] before 9 p.m. ET, with games tipping off 30 minutes earlier. Mike Breen will call his 18th edition [[link removed]] of the NBA Finals — the most of any play-by-play commentator in league history. Learn more about Cassy Athena’s journey as a sports photographer in Culture Curators [[link removed]], presented by Sling.
SPONSORED BY ISOS CAPITAL MANAGEMENT
The Influence of CTV on Sports Franchises
Live sports programming has always dominated primetime ratings [[link removed]] on linear television, but streaming content has become extremely popular with younger generations of sports fans, particularly among millennials and Gen Z viewers.
The surge in demand for streaming TV and short-form content has disrupted the traditional TV media rights model and significantly boosted the valuation of sports franchises. With streaming television’s influence on ever-expanding media rights, franchises across all sports are being purchased as a premium due to their promising growth potential [[link removed]].
Leagues, franchises, and sports that can be innovative and agile enough to stay aligned with the shifting mediums of engagement will have the advantage for capturing the next generations of valuable fans.
Learn more [[link removed]] about how your company can gain this advantage for connecting with younger sports fans everywhere they’re consuming sports media on connected TV.
Editor's Picks Brian Davis Drops Lawsuit Over Washington Commanders Sale [[link removed]]by A.J. Perez [[link removed]]Brian Davis originally sued Bank of America for $500 billion. Former MLB Senior Execs Team Up To Bring Pickleball to Big-League Ballparks [[link removed]]by Eric Fisher [[link removed]]Pickleball is heading to three Major League Baseball stadiums. The World Won’t End With Nuggets-Heat NBA Finals Matchup [[link removed]]by Michael McCarthy [[link removed]]Despite record playoff ratings, there is doubt with NBA Finals matchup. Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Pro [[link removed]] Written by Eric Fisher [[link removed]], David Rumsey [[link removed]] Edited by Matthew Tabeek [[link removed]], Brian Krikorian [[link removed]]
If this email was forwarded to you, you can subscribe here [[link removed]].
Update your preferences [link removed] / Unsubscribe [link removed]
Copyright © 2023 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
