June 23, 2023

Read in Browser [[link removed]]

POWERED BY

Good morning. Eric Fisher [[link removed]] here. Now that the NBA Draft is done, the clock is ticking toward the official June 30 start of the league’s free-agency negotiation period.

In the meantime, “Wembymania” continues to drive ticket sales for the San Antonio Spurs, fans of English soccer are feeling a financial pinch, RedBird Capital Partners could be adding to its sports empire, and the first U.S. stadium built specifically for women’s pro sports hits a construction milestone.

Spurs Select Wembanyama, See Additional Ticket Rush [[link removed]]

Wendell Cruz-USA TODAY Sports

The San Antonio Spurs surprised no one with the first overall pick in the 2024 NBA Draft on Thursday night, selecting French sensation Victor Wembanyama, the league’s most hyped prospect since LeBron James.

And unsurprisingly, the now-official move will continue to trigger a deluge of fan interest.

After the team generated [[link removed]] more than 2,500 new season-ticket membership deposits immediately following last month’s NBA Lottery draw, Spurs officials told Front Office Sports that the number of new deposits is now in excess of 4,000 and still rising.

The new sales will undoubtedly push the Spurs above their 25th-place ranking [[link removed]] in NBA team attendance — the club drew an average of 16,937 this past season. And even before entering the league, Wembanyama last season garnered [[link removed]] 350 million views on NBA social media channels, ranking eighth among all players.

A frenzy in the secondary ticket market is also anticipated once the NBA schedule is released later this summer.

Salary Cap Rise

The NBA’s 2023-24 salary cap figure is now expected to be $136 million, according to multiple reports — up by $2 million from prior projections in September and from $123.655 million for the 2022-23 season. The luxury tax figure for next season is expected to be $165 million, up by $3 million from the initial projection.

Final figures won’t be determined until a financial audit is completed later this month, but both projections are near the maximum annual percentage increases allowed within the NBA’s labor deal with the NBA Players Association, reflecting the ongoing health of the league and its rising revenues.

PODCAST

🎙️ They Said What?

“The Warriors went to San Francisco, and then the Raiders went to Vegas … I think people are numb to what’s going on, because the other two teams already left. So what’s the third?”

— NBA superstar Damian Lillard on the Oakland A’s move to Las Vegas. Download the latest episode of Front Office Sports Today to hear more about Lillard’s passions outside of basketball.

🎧 Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].

RedBird Nears Deal To Buy Into Alpine Formula 1 Team [[link removed]]

Jerome Miron-USA TODAY Sports

Already a partner in Fenway Sports Group, several European soccer teams, and the XFL, RedBird Capital Partners is reportedly nearing a deal to expand its sports empire even further.

The New York-based private investment firm is in talks with Renault SA for a minority investment in Renault’s Alpine Formula 1 team, according to Bloomberg [[link removed]].

The deal would see RedBird acquire a minority stake in Alpine’s U.K. operations and aid in key revenue-generating activities, such as media rights and sponsorship sales, during a boom period for F1.

Financial terms of the potential agreement were not disclosed, but F1 CEO Stefano Domenicali said [[link removed]] last week that F1 team owners have been turning down investment and buyout offers worth “almost billions.”

An enforced scarcity is a key element of the investor interest. F1 has remained at 10 teams despite the property’s ongoing growth.

Beginning with the hit Netflix series “Drive to Survive,” F1’s fan interest continues to surge, especially in the U.S. The highly anticipated Las Vegas Grand Prix will debut [[link removed]] this fall and media rights in the U.S. have expanded as it has experienced historic television ratings for the Miami and Monaco GPs.

RedBird manages more than $8.6 billion in assets, and through its FSG equity has ownership stakes in the Boston Red Sox, Liverpool FC, and Pittsburgh Penguins. It also led a $1.3 billion acquisition [[link removed]] last year of Italy’s AC Milan and owns France’s Toulouse FC.

The XFL, however, recently eliminated [[link removed]] an undisclosed number of full-time positions amid cost-cutting efforts.

SPONSORED BY WSC SPORTS

How TelevisaUnivision is Producing Content at Scale

“WSC allowed us to distribute clips and highlights in real-time, which let us serve our audience in a proper way” – Olek Loewenstein, President of Sports Content at TelevisaUnivision in a recent interview [[link removed]] with Front Office Sports.

WSC Sports [[link removed]] automates the instant creation and distribution of video highlights by giving you access to sport-specific machine learning technology for over 20+ sports.

In addition to TelevisaUnivision, over 300 partners, including ESPN, CBS, DAZN, Bleacher Report, WBD Sports, Globo, YouTube TV and more rely on WSC Sports to build the premier modern fan experience.

You can’t provide the best experience without automation. Your most creative people need time to craft stories for fans. Stay ahead of the curve and click here [[link removed]] to learn more.

Kansas City’s $117M Made-For-Soccer Stadium Nearly Complete [[link removed]]

Courtesy of the Kansas City Current.

The NWSL’s Kansas City Current have added the final construction beam to their new stadium, the first in the U.S. purposefully built for women’s professional sports.

The stadium — which carried a $117 million budget — will be open for the Current’s first home match next season. It’s projected to bring a $48.8 million annual economic impact to Kansas City by 2025, as well as a $1.24 billion long-term boost in anticipation of hosting World Cup events in 2026.

“The World Cup, as everyone knows, that’s such a big thing for any city, any region, and I love the fact that the Kansas City Current facilities will play a big role in that,” KC Current owner Chris Long told [[link removed]] KSHB-TV.

Long is the founder of Palmer Square Capital Management, a boutique investment firm that manages $22 billion in assets focused on corporate and structured credit. Chiefs quarterback Patrick Mahomes acquired a stake [[link removed]] in the Current in January, joining an ownership group that already included his wife Brittany, a former college soccer player.

The NWSL team currently shares Children’s Mercy Park with MLS club Sporting Kansas City. In May, the Current set a new home attendance [[link removed]] record when 12,969 fans showed up for a match against San Diego.

Kansas City’s new downtown stadium is located at Berkley Riverfront Park with a seating capacity of 11,500. The Current also opened their own privately funded $18 million training facility [[link removed]] last year.

Premier League Fans Feeling Sting Of Rising Ticket Prices [[link removed]]

Premier League

Even in an era of economic recovery for the Premier League, fans of British soccer are increasingly feeling the financial pinch.

Just days after Deloitte economic review [[link removed]] found 10% revenue growth for the Premier League and the rest of Europe’s “Big Five” during the 2021-22 season, 17 of 20 Premier League clubs have raised ticket prices for the 2023-24 campaign, according [[link removed]] to The Athletic — surpassing the 11 that did so last season.

Only Brentford, Chelsea, and Tottenham Hotspur have frozen season-ticket prices. Fulham tops the list for the 2023-24 season with a peak season-ticket price of $3,821.

The price hikes arrive in the midst of conflicting U.K. economic trends. The country is grappling with a cost-of-living crisis [[link removed]] with soaring energy costs and record inflation for food. At the same time, demand to see Premier League matches is surging, and 15 of the 20 clubs have waiting lists.

That hasn’t stopped fan outcry. Following Fulham’s announcement of planned price hikes ranging between 18% and 225% at the club’s Craven Cottage, the Fulham Supporters Trust blasted [[link removed]] club owner Shad Khan, who also owns [[link removed]] the NFL’s Jacksonville Jaguars. The group is also operating what it calls the Campaign For Fair Pricing with the social media hashtag #AffordableFulham.

“While we understand the importance of ensuring the club’s long-term sustainability, we believe there are better ways to achieve this than the recent draconian ticket announcements,” the trust said.

Conversation Starters The EA Sports College Football video game is “on track” for a Summer 2024 release [[link removed]], per The Athletic. The game is “a priority for EA Sports” and isn’t affected by this week’s lawsuit. In just 18 days, MLB transformed [[link removed]] London Stadium into a state-of-the-art ballpark for its second-ever London Series. Scoot Henderson signed with PUMA a year ago at 18 years old. Check out [[link removed]] PUMA’s billboard for him in Brooklyn prior to Thursday night’s NBA Draft, per Nick DePaula.

SPONSORED BY FIVE IRON GOLF

A New Era of Golf Has Arrived

Golf is changing.

For the first time in history, off-course golfers in the United States have outnumbered those who exclusively play on traditional greens.

Few companies have been as instrumental in this shift as Five Iron Golf [[link removed]].

In the last six years, Five Iron’s growth has exploded expanding to 18 domestic locations across 11 major U.S. cities, helping both casual golfers and dedicated pros “play the way they want”

Now, Five Iron is entering its next stage of growth — offering franchise opportunities for single and multi-unit development.

Read the full story [[link removed]] to learn more about how Five Iron is redefining the future of golf.

Editor's Picks NFL Agent: League Policy on Gambling Sponsorship is ‘Hypocritical’ [[link removed]]by Andrew Cohen [[link removed]]

The NFL is the only Big Four league to ban player betting endorsements.

U.S. Open Champ Sees Strong Payday From Smart Business [[link removed]]by David Rumsey [[link removed]]

The U.S. Open check took Wyndham Clark over $10 million in earnings this year.

Question Of The Day

Have you played pickleball?

Yes [[link removed]] No [[link removed]] Not yet but I want to [[link removed]]

Thursday’s Answer

59% of respondents take nutritional supplements.

Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Sports Careers [[link removed]] Written by Eric Fisher [[link removed]], Andrew Cohen [[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