June 15, 2023

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Good afternoon. Newsletter co-author Eric Fisher [[link removed]] here. Oakland has been a rich source of baseball history over the past 55 years, thanks to the A’s — but the city and team are heading for a bitter divorce. The golf world, meanwhile, remains roiled by the massive PGA Tour-LIV Golf deal.

PGA Tour-PIF Union Could Be Put On Hold For Years [[link removed]]

Dan Hamilton-USA TODAY Sports

U.S. government intervention could turn the completion of the PGA Tour’s agreement with Saudi Arabia’s Public Investment Fund into a years-long process.

The Department of Justice has notified the Tour that it will review the planned partnership with the PIF for antitrust concerns, a source confirmed to Front Office Sports on Thursday.

Lawyers continue to work on a deal that would pass not only regulatory approval, but also calm growing concerns by lawmakers. But PGA Tour employees were told this week that the outcome of the merger likely won’t be known for at least a year, The Wall Street Journal first reported [[link removed]].

That information alone could be why LIV Golf parties continue to move forward as if the league will continue to operate as normal — despite PGA Tour commissioner Jay Monahan initially saying he didn’t see the breakaway circuit remaining in its current form.

On Wednesday, Dustin Johnson said that PIF governor Yasir Al-Rumayyan told him LIV will remain in business through next year. “Everything I’ve heard, they’re still working on a full schedule for next year,” Johnson told [[link removed]] ESPN. “The rest of this year and 2024 is going to be the same.”

If the Tour and PIF were already expecting scrutiny from the DOJ, it makes sense that the two parties would plan to operate separately while the new deal is worked out.

Should that take at least 12 months, a new-look PGA Tour in golf’s potentially unified landscape may not go into effect until 2025 at the earliest.

A’s Secure Key Legislative Approval Toward Las Vegas Ballpark [[link removed]]

Neville E. Guard-USA TODAY Sports

NEW YORK — The Oakland A’s are a major step closer to being only the second Major League Baseball team in the last 51 years to relocate.

The Nevada legislature completed approvals late Wednesday for $380 million in public funds for a $1.5 billion, retractable-roof stadium on the famous Las Vegas Strip. The funding must still be approved by Nevada Gov. Joe Lombardo, who is expected to do so.

The A’s will now begin a formal relocation application process — involving several league committees and diving into club operating and broadcast territories — toward an as-yet-unscheduled vote before MLB team owners.

By leaving Oakland after 55 years, the A’s would follow the Montreal Expos’ move to Washington following the 2004 season and the Washington Senators’ transformation into the Texas Rangers after the 1971 season.

Following owners meetings in New York, league commissioner Rob Manfred defended the league and A’s management.

“I feel sorry for the fans in Oakland. I do not like this outcome. I understand why they feel the way they do,” Manfred said. “What is it that Oakland was prepared to do? There is no Oakland [stadium] offer.”

New Antitrust Challenge

MLB has fended off dozens of challenges to its longstanding antitrust exemption and now faces a new threat from Congress members. California Democrats Barbara Lee and Mark DeSaulnier have introduced the “Moneyball Act,” which would require MLB to compensate communities losing clubs to relocation or have the exemption stripped.

“If the A’s ownership group decides to leave, Oakland should not be left empty-handed,” Lee said.

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Europe’s ‘Big Five’ Soccer Leagues Seeing Revenue Near $20B [[link removed]]

Yukihito Taguchi-USA TODAY Sports

The health of Europe’s five biggest soccer leagues continues to recover from pandemic strains — but still has work to do, according to newly released financial figures.

Deloitte’s annual soccer finance review [[link removed]] reveals that total revenue from the Premier League, La Liga, Bundesliga, Serie A, and Ligue 1 grew by 10% to $18.78 billion during the 2021-22 season.

But increased wage costs dropped aggregate operating profits by $1.97 billion since 2018-19 — the last season before the pandemic — for an overall loss of $353.8 million.

Unsurprisingly, the EPL was the continent’s best performer, growing income by 12% for a record aggregate revenue of $6.99 billion. However, English clubs’ operating profits of $585.44 million were actually down $1.28 million from the previous season.

La Liga was second in total revenue but brought in just about half of the EPL, $3.6 billion. The Bundesliga was just behind with $3.39 billion in revenue.

Italian Serie A clubs brought in $2.62 billion — a decrease of 7% — while Ligue 1 saw record revenue of $2.18 billion in Lionel Messi’s first of two seasons at Paris St. Germain.

Big Growth For Women’s Soccer

In the U.K., the 12 Women’s Super League clubs grew revenue by 60% in 2021-22 for a record sum of $40.81 million, according [[link removed]] to Deloitte.

New broadcast deals [[link removed]] with Sky Sports and the BBC were big contributors to the WSL’s growth.

Conversation Starters Rickie Fowler confirmed his interest [[link removed]] in investing in U.K. soccer club Leeds United with Jordan Spieth and Justin Thomas: “It would be fun if we get to be a part of it, if not, we’ll continue to root for Leeds.” Lakers guard Austin Reaves is finalizing a shoe deal [[link removed]] with Chinese company Rigorer that is expected to be worth over seven figures annually, according to Shams Charania. The U.S. Open begins today — just as the golf world is still reeling from news of the proposed PGA Tour-LIV Golf merger. FOS newsletter co-author David Rumsey and mergers and acquisitions attorney Corey Martin join Front Office Sports Today to discuss the tournament and the sport at this pivotal moment. Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].

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Editor's Picks NFL Borrows $78 Million in Loans From Minority Banks [[link removed]]by Andrew Cohen [[link removed]]

The NFL will borrow $78 million from 16 banks.

Why Josh Allen and Other Superstars are Investing in American Farms [[link removed]]by Doug Greenberg [[link removed]]

Allen is the first guest on the "Like a Farmer" podcast.

Patrick Mahomes Lists Missouri Ranch Home for $2.9 Million [[link removed]]by Andrew Cohen [[link removed]]

Mahomes and his wife reportedly paid $1.9 million for the home.

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