June 16, 2023

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Charlotte native David Rumsey [[link removed]] here. I remember the excitement around town when Michael Jordan took majority ownership of the city’s NBA team — there was real hope. Jordan did some good things — getting rid of the Bobcats moniker, keeping the Hornets’ arena up-to-date — but couldn’t consistently win. While I’m sad to see him go, I think the move is best for everyone involved — Jordan gets to shift his focus, and Charlotte can lean on the ideas of new, hopefully hungry owners.

Jordan Walks Away From Hornets With Billions, But No Titles [[link removed]]

Jeremy Brevard-USA TODAY Sports

Michael Jordan will end his ownership of the Charlotte Hornets with a major return on his initial investment — despite just three playoff appearances during his 13-year tenure.

The Hornets’ $3 billion valuation [[link removed]], according to ESPN, is more than 10 times [[link removed]] the $180 million Jordan paid for the franchise in 2010. That figure is much higher than Forbes’ most recent valuation of the team ($1.7 billion) but lower than the NBA record $4 billion the Phoenix Suns sold [[link removed]] for last year.

In 2020, Jordan sold a minority stake to Gabe Plotkin, who is becoming one of the team’s new governors alongside Rick Schnall, who is selling his minority stake in the Atlanta Hawks.

Jordan’s $2 billion-plus haul from selling the Hornets only adds to his fortunes, which are still growing annually. He takes a 5% cut of Jordan Brand sales — reported to be a $256 million payment [[link removed]] in 2022 — and owns his $20 million private golf club [[link removed]] that is home to pros like Brooks Koepka.

The Buzz in Charlotte

Despite his star power, Jordan was never able to lure top free agents to Charlotte, which recorded a .407 winning percentage during 13 full seasons under Jordan.

The new Hornets owners will be tasked with returning the team to the playoffs under the leadership of star guard LaMelo Ball and the player selected No. 2 overall in next week’s NBA Draft.

Jordan reportedly would have reconsidered [[link removed]] selling had the Hornets won the NBA Draft lottery and the right to pick French sensation Victor Wembanyama.

Fanatics Faces Possible Bidding War After DraftKings’ Bid For PointsBet [[link removed]]

Fanatics

Little has stood the way of Fanatics’ meteoric business expansion over the past five years — but now, the sports industry colossus faces a very public and potentially costly obstacle from DraftKings.

On Friday, the Massachusetts-based DraftKings submitted [[link removed]] a surprise $195 million, all-cash, and unsolicited bid for PointsBet’s U.S. operations, seeking to supplant the $150 million deal Fanatics made [[link removed]] for that company a month ago.

The offer represents a rare speed bump for Fanatics, which has mushroomed beyond its sports merchandising origins into trading cards [[link removed]], international sales, collectibles [[link removed]] auctions, content [[link removed]], and sports betting [[link removed]] — all while building its company value to a stratospheric $31 billion. Only a broader decline in NFTs has forced a significant market retreat [[link removed]].

Company chief executive Michael Rubin didn’t mince words, calling DraftKings’ offer “a desperate move to slow down Fanatics and PointsBet from completing a deal,” adding [[link removed]] on CNBC, “I guess they are more concerned about us than I would have thought.”

Rubin and Fanatics seem to have support from PointsBet, as that company said in a note [[link removed]] to investors that the DraftKings offer will be considered, but that for now, “subject to the outcome of the review being undertaken of the DraftKings proposal, the board continues to recommend that shareholders vote in favor of the [Fanatics] transaction” at a meeting set for June 30.

Several financial analysts cheered the DraftKings move and predicted a full-out bidding war, which suggests the PointsBet battle is just getting started.

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MLB Projects Full-Year Attendance Spike [[link removed]]

Kyle Ross-USA TODAY Sports

Major League Baseball’s attendance resurgence is on track to hold for the entire 2023 season.

Following this week’s owners meetings in New York, commissioner Rob Manfred said that after the league jumped out to a strong start [[link removed]] at the gate, internal projections point to a full-season attendance lift of 6% to 8%.

That increase would meaningfully reverse a 2022 total [[link removed]] of 64.56 million — MLB’s lowest unrestricted figure since 1997, the league’s final season at 28 teams before adding the Tampa Bay and Arizona franchises.

Continuing to fuel the increase is strong fan reception to MLB’s new pitch clock, larger bases, and a ban on extreme defensive shifts — all of which generated an immediate, significant, and sustained reduction [[link removed]] in average game times. Twenty-two of MLB’s 30 clubs are currently up in attendance.

“This is a nice number for us,” Manfred said.

Oakland Snark

The commissioner’s good feeling, however, didn’t extend to the Oakland A’s, who are now closer [[link removed]] than ever to moving to Las Vegas.

Asked about the “reverse boycott” organized [[link removed]] by Oakland fans this week — drawing an A’s season-high announced crowd of 27,759 — Manfred’s response dripped with sarcasm.

“I mean, it was great. It is great to see what is this year almost an average Major League Baseball crowd in the facility for one night,” Manfred said. “That’s a great thing.”

The A’s rank last in the league with an per-game attendance average of 9,021, less than a third of the league average of 27,245.

Conversation Starters The Chiefs’ Super Bowl LVII rings have some impressive [[link removed]] specs: 16 carats, a removable top, player signatures, head coach Andy Reid’s season motto, and scores from their playoff run. Seattle Mariners legend and MLB Hall of Famer Ken Griffey Jr. joins Front Office Sports Today to talk about playing with his dad in the majors, taking batting practice at the World Baseball Classic, and his ongoing efforts to grow the game of baseball. Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]]. The podcast is also on Twitter now — give us a follow here [[link removed]]. In the latest episode of our ‘Empowering Change’ series, New Balance is supporting the Running Industry Diversity Coalition (RIDC) in their mission to create a more diverse running industry. Check it out here [[link removed]].*

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Editor's Picks Calvin Johnson Jr. is Ready to Mend Fences with the Lions [[link removed]]by Owen Poindexter [[link removed]]

Calvin Johnson left the Detroit Lions on difficult terms.

WNBA Allows Public Chartered Team Flights, But Aces Reprimanded [[link removed]]by Andrew Cohen [[link removed]]

The WNBA is allowing team to fly charter through JSX, a public app.

Justin Jefferson, Khris Middleton Invest in Startup Worth Nearly $2B [[link removed]]by Andrew Cohen [[link removed]]

GetYourGuide raised $194 million total at a $2 billion valuation.

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