June 12, 2023

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Good afternoon, this is Eric Fisher [[link removed]], Front Office Sports newsletter co-author. The NBA could crown its 2022-23 champion tonight if Denver closes out Miami in the Finals, which would extend an unprecedented run of success [[link removed]] for Nuggets owner Stan Kroenke. But the week starts off with a growing crisis in horse racing and big news in two ongoing franchise sales.

Horse Racing Crisis Deepens Amid Two More Deaths [[link removed]]

NANCY ROKOS/SPECIAL TO THE NEWS JOURNAL / USA TODAY NETWORK

One of the deadliest Triple Crown seasons in horse racing history ended over the weekend — leaving serious questions over the sport’s future.

Two more horses died from catastrophic leg injuries following the 155th running of the Belmont Stakes, marking the third and fourth deaths at Belmont Park since early May.

These latest casualties follow 12 deaths this spring at Kentucky’s Churchill Downs, leading to a month-long suspension [[link removed]] of races there. In addition, a Bob Baffert-trained horse had to be euthanized on the track at Maryland’s Pimlico Race Course, site of the Preakness Stakes.

“Racing couldn’t manage to keep all horses alive for even one Triple Crown day this year,” said Kathy Guillermo, PETA’s senior vice president. “The racing industry is digging its own grave.”

PETA later said Belmont Park “has blood on its hands” and called for the suspension of racing there.

The circumstances surrounding the latest horse deaths remain under investigation.

Robust Betting Totals

While horse racing’s safety crisis continues, Fox Sports finished its initial coverage [[link removed]] of the Belmont Stakes with an expected emphasis on the NYRA Bets wagering platform it co-owns.

Total betting handle for the day’s entire 13-race card hit $118.3 million — a NYRA record [[link removed].] without a complete Triple Crown at stake — while the Belmont Stakes alone generated $56.5 million in bets, up 12% from a year ago.

Jena Antonucci made history at the 2023 Belmont Stakes as the first female trainer to win a Triple Crown race, leading Arcangelo to victory.

49ers Finalize Leeds United Takeover at Reported $400 Million Discount [[link removed]]

Leeds United

The price of relegation from the Premier League is high — for Leeds United, it’s about $400 million.

That figure is the difference in the reported valuations of the club now that 49ers Enterprises — the ownership group of the San Francisco 49ers — has officially agreed [[link removed]] to purchase 100% of the team.

Leeds majority owner Andrea Radrizzani has accepted a deal that values the club at $209 million, according [[link removed]] to The Athletic. Had Leeds remained in the Premier League, that number could have been as high as $625 million.

More details are expected from the 49ers and Aser Ventures, Radrizzani’s investment firm, as the takeover is finalized.

The sale’s announcement concludes a complicated process that saw Radrizzani offer up Leeds’ Elland Road stadium as collateral [[link removed]] for a $32.6 million loan to help finance his takeover of Italian club Sampdoria.

Summer plans for the new majority owners of Leeds United will include working out a strategy to finish atop the second-tier English Championship next season and reenter the Premier League in 2024.

Clubs in the top division receive the highest financial rewards from the $13 billion-plus in media rights fees [[link removed]] coming into English soccer during this current three-year cycle (2022-25).

The sale also means more American influence in English soccer as 49ers Enterprises joins the likes of Stan Kroenke (Arsenal), Todd Boehly (Chelsea), and Fenway Sports Group (Liverpool) in expanding U.S. sports investment in the U.K.

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Frontrunner to Buy Ottawa Senators Bows Out [[link removed]]

Marc DesRosiers-USA TODAY Sports

The Ottawa Senators just lost their most prominent bidder in their attempt to sell the club.

Frustrated with the length and nature of the months-long process, Toronto businessman Steve Apostolopoulos has pulled his bid of more than $1 billion, according to multiple reports and industry sources.

Previously seen [[link removed]] as the “one to beat” in the Senators bidding, Apostolopoulos also sought to buy the NFL’s Washington Commanders, who ultimately went to a group led by Josh Harris [[link removed]].

Three primary bidders remain in contention for the Senators: Montreal Canadiens part-owner Michael Andlauer, Jeffrey and Michael Kimel of Toronto-based Harlo Capital, and Los Angeles entrepreneur Neko Sparks.

A deal is now expected to be announced imminently by the NHL, the estate of late team owner Eugene Melnyk, and Galatioto Sports Partners, the New York-based firm running the sale.

The sale is projected to set a new record [[link removed]] for an NHL franchise sale, topping the $900 million paid [[link removed]] by Fenway Sports Group in 2021 for the Pittsburgh Penguins. Franchise value escalation within the league is fueled in part by ongoing revenue growth [[link removed]] and continued economic recovery from the pandemic.

The Senators went up for sale last fall following Melnyk’s death in March 2022. Another group including actor and Wrexham AFC co-owner Ryan Reynolds left [[link removed]] the bidding process last month.

Conversation Starters The Mirage has begun selling packages [[link removed]] for the Las Vegas Grand Prix that range from $2,200-$12,285. “The Mirage Zone” includes a three-night hotel stay, VIP Grandstand access, and food and beverage. Born and raised in Winnipeg, Manitoba, Nick Taylor sank a 72-foot walkoff putt [[link removed]] — the longest of his career — to become the first Canadian to win the RBC Canadian Open in nearly 70 years. Lionel Messi turned American soccer upside down with his decision to play for Inter Miami. On the latest Front Office Sports Today, “Men in Blazers” host Roger Bennett joins the show to break down how and why Messi is coming to the U.S. and what the Argentine icon means for MLS, Apple, Adidas. We also discuss the dominance of Manchester City amid an ongoing Financial Fair Play investigation. Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].

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Editor's Picks The Athletic Lays Off 20 Journalists in Reorganization [[link removed]]by A.J. Perez [[link removed]]

The New York Times-owned Athletic laid off about 4% of its newsroom.

Manchester City’s Treble in the Foreign Ownership Era [[link removed]]by Doug Greenberg [[link removed]]

The club is facing over 100 Financial Fair Play allegations.

WCWS Championship Series Draws 1.6M Viewers [[link removed]]by Amanda Christovich [[link removed]]

The viewership could translate directly to revenue for the NCAA.

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