June 23, 2023

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Good afternoon. Eric Fisher [[link removed]] here. Another summer baseball weekend is upon us — but the MLB’s focus will be across the pond for its heralded return to London.

Back in North America, a massive equity deal is brewing in Toronto, while sports apparel and footwear maker Lululemon wants out of the connected-fitness business.

MLB Returns To London Amid Growing World Tour [[link removed]]

Kirby Lee-USA TODAY Sports

Major League Baseball hits London this weekend for the first time in four years — but it won’t be nearly that long before the league returns with its MLB World Tour.

The Chicago Cubs and St. Louis Cardinals will play Saturday and Sunday at London Stadium, home of the Premier League’s West Ham United, in the first MLB U.K. games since a New York Yankees-Boston Red Sox set in 2019.

A return to the U.K. was delayed by the pandemic and MLB labor issues, but on Friday the league announced plans to play again in London in June 2024 with the New York Mets and Philadelphia Phillies.

The games are part of the MLB World Tour, which over the course of the league’s labor deal [[link removed]] with the MLB Players Association — which runs through 2026 — will also visit Mexico, France, Japan, and Puerto Rico.

With up to 24 regular-season games and 16 exhibitions, the MLB World Tour is the league’s largest international slate ever.

Oakland Walkback

While in London, MLB commissioner Rob Manfred sought to walk back sarcastic and widely criticized comments [[link removed]] he made last week regarding Oakland A’s fan support at the recent “reverse boycott” game.

“The comment that I made about the fans on a particular night was taken out of context,” Manfred said. “I feel sorry for the fans. We hate to move. We did everything we could possibly do to keep the club in Oakland. And unfortunately, one night doesn’t change a decade’s worth of inaction.”

Stake Sale Would Value Toronto Pro Sports Teams At Record $8B [[link removed]]

John E. Sokolowski-USA TODAY Sports

An Ontario pension fund is close to a deal to buy 20% of a holding company owning a minority stake in most of Toronto’s pro teams, per industry sources and multiple reports, in a deal that would value the sports assets at a record $8 billion.

The developing $400 million agreement, sources told Front Office Sports, would see the Ontario Municipal Employees Retirement System (OMERS) acquire a fifth of Kilmer Sports, part of the private entity led by Larry Tanenbaum, chairman of Maple Leaf Sports & Entertainment (MLSE). Kilmer owns 25% of MLSE, parent company of the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, Scotiabank Arena, and other assets.

OMERS would hold a 5% indirect stake in MLSE. The NBA, NHL, MLS, and CFL would all need to approve the pact, among other required sign-offs. The transaction is said to be related to estate planning for the 78-year-old Tanenbaum — at a peak time for sports franchise sales.

The $8 billion valuation exceeds Josh Harris’ $6.05 billion purchase [[link removed]] of the NFL’s Washington Commanders, but this deal involves several franchises, multiple facilities, and a range of other media holdings.

Tanenbaum is currently chair of the NBA’s Board of Governors and has been an influential figure across hockey, basketball, soccer, and Canadian football. The remaining portions of MLSE are owned by Rogers Communications and Bell Canada parent BCE Inc.

OMERS had $94 billion in assets as of the end of 2022 and is one of the world’s largest fund managers.

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Lululemon Desperately Wants Out Of Struggling Connected Fitness Space [[link removed]]

Business Wire

Despite Lululemon’s recent financial prowess, one of its tech investments from 2020 has reportedly decreased nearly 10 times from its original value.

After purchasing at-home fitness equipment company Mirror for $500 million, Lululemon is now attempting to sell the asset at a $58 million valuation, according [[link removed]] to the New York Post.

In April, reports surfaced [[link removed]] that Lululemon was exploring a sale of Mirror, which it had made the centerpiece of its Lululemon Studio membership program. One effort included reaching out to connected rowing machine company Hydrow [[link removed]] about selling the Mirror technology.

The state of Mirror wasn’t mentioned on Lululemon’s most recent earnings call [[link removed]] highlighting strong sales and increasing revenue. But in March, the company noted the at-home fitness space had “been challenging” and that hardware sales “did not match our expectations.”

It now appears Lululemon would be content recouping even just a fraction of its initial investment in Mirror. On Lululemon’s website, Mirror prices range from $995 to $1,450, along with a $39 monthly membership fee.

That’s still much cheaper than the $4,000 price tag for a more sophisticated machine from Tonal, which is experiencing financial issues of its own. The company did raise $130 million in April but is now valued [[link removed]] at nearly $600 million, a billion-dollar drop from its 2021 valuation.

The financial strains are par for the course when it comes to at-home fitness: Peloton missed [[link removed]] analysts’ expectations in its most recent quarter and lost $275.9 million.

Conversation Starters The Oakland A’s have begun the formal relocation application process [[link removed]] with MLB. The team will need 75% of owners to vote in favor of the move to Vegas. Amen and Ausar Thompson made a dream board [[link removed]] when they were 9 years old, their goals including: becoming the greatest NBA players ever, being multibillionaires, having their own shoe company. On Thursday, the twins were drafted back-to-back at Nos. 4 and 5 — Overtime Elite’s first draft picks ever. Damian Lillard is one of the NBA’s biggest stars, but during the summer he’s active with his other projects, including an insole company focused on athlete foot health, a Portland-area car dealership, and a fifth rap album. Lillard joins Front Office Sports Today to discuss his thriving life off the court. Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]]. In celebration of Pride Month, New Balance supports ‘Front Runners’ on their mission to create safe spaces for all. Check out the last episode [[link removed]] of Season 1 of Empowering Change.*

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Editor's Picks Les Miles Loses Hall of Fame Eligibility After LSU Vacates Wins [[link removed]]by Andrew Cohen [[link removed]]

LSU vacated 37 wins from 2012-2015 due to NCAA infractions.

IMG Academy Scores Record for NBA First-Round Picks [[link removed]]by Andrew Cohen [[link removed]]

IMG Academy had a school record three first-round NBA draft picks.

NBA Returns to Seattle for Preseason Game, Fuels Sonics Speculation [[link removed]]by Andrew Cohen [[link removed]]

Seattle and Las Vegas are top NBA expansion options.

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