July 20, 2023

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One of the first NFL owners meetings I covered was a 1999 session approving the sale of the Washington franchise to Dan Snyder, a record deal made in the hopes that the Maryland native would extend the team’s substantial legacy. After 24 ugly years for the organization, another NFL meeting was the site of a Washington team sale approval — but this time with a sense of relief.

Meanwhile, the Atlanta Braves look to continue their organizational success as a standalone public company, and the Green Bay Packers’ latest financial results reflect the NFL’s complex landscape.

— Eric [[link removed]]

Josh Harris Unanimously Approved as Next Owner of Commanders [[link removed]]

Bill Streicher-USA TODAY Sports

BLOOMINGTON, Minn. — The Dan Snyder era is officially over.

NFL owners voted unanimously in favor of Josh Harris’ record $6.05 billion purchase of the Washington Commanders at a special meeting on Thursday.

The vote closes the most expensive transaction for a sports franchise ever — and ends Snyder’s 24-year run, which produced more controversies than success. The paperwork and money transfer could conclude as soon as Friday.

Harris easily cleared the 24-vote threshold after his presentation to the owners.

The managing owner of the New Jersey Devils and Philadelphia 76ers enters with 20 limited partners [[link removed]] — four under the NFL limit — including David Blitzer, Harris’ partner with the Devils and 76ers, billionaire Mitchell Rales, Magic Johnson, former Google CEO Eric Schmidt, and security firm exec Mark Ein.

Snyder, whose ownership group purchased the team for $800 million in 1999, put it on the market in November. Harris and Snyder came to a final agreement [[link removed]] in May, and the NFL finance committee was comfortable enough with the deal to schedule [[link removed]] Thursday’s vote last month.

Walmart heir Rob Walton had outmaneuvered Harris to acquire the Denver Broncos for a $4.65 billion purchase last year.

First Order of Business

As spelled out under the NFL’s bylaws, Harris will be in full control of the franchise — which needs a lot of work, most importantly a new stadium to replace FedEx Field in Landover, Maryland. Johnson met with Maryland Gov. Wes Moore [[link removed]] in the spring as part of that effort, but a potential move back to D.C. or Northern Virginia could be in the offing.

Braves President: Liberty Has No Imminent Plans To Sell Club [[link removed]]

Brett Davis-USA TODAY Sports

Atlanta Braves president and CEO Derek Schiller admits to regularly checking the team’s stock price, now that it’s a standalone public company.

But beyond those peeks at the market, the longtime team executive is attempting to make the team’s split [[link removed]] from Liberty Media as insignificant an internal shift as possible.

The Braves completed their long-planned split from Liberty this week and began trading on Wednesday. As MLB’s best team on — and perhaps off — the field, the Braves’ organizational plan is to continue that run of success [[link removed]] unimpeded.

“We’re going to operate the same way today that we did yesterday,” Schiller told Front Office Sports. “The way we’ve enjoyed success is still the recipe moving forward. The main difference now is more disclosure — which means more lawyers, more accountants, and more eyeballs on those sorts of things.”

Braves stock fell 15% on its first day after a 24% jump at the opening bell, but the team carried a market capitalization of $2.74 billion at the beginning of trading, in line with external valuations [[link removed]].

The split is seen as a potential precursor to the sale of the club, as the corporate separation eases the tax implications of such a deal. But Schiller said a sale isn’t imminent, even as Liberty chairman John Malone controls nearly half the team’s shares.

“Liberty Media has given no indication of selling the team — in fact, quite the opposite,” Schiller said. “They’ve been quite happy, and everything they’re telling us is to keep it going.”

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Packers’ Financials Highlight Tricky Landscape In NFL’s $25B Quest [[link removed]]

Syndication: Green Bay Press-Gazette

The NFL is a cash cow, but owning one of the league’s 32 franchises doesn’t mean you’ll be printing money 24/7.

Figures from the annual financial report [[link removed]] of the Green Bay Packers — the NFL’s only publicly owned team — reveal the give-and-take in which clubs are obliged to participate as the league marches closer to its revenue goal [[link removed]] of $25 billion per year.

Every NFL team was on the hook for a share of the league’s $790 million settlement paid out to St. Louis — which reportedly amounted [[link removed]] to about $7 million per club after Stan Kroenke agreed to pay $571 million for his role in moving the Rams to Los Angeles.

But the Packers say they missed out on significant local revenue — which was up 2% to $235.9 million — because they gave up a home game to play in London against the New York Giants last season. With the exception of the Jacksonville Jaguars — who have a unique arrangement [[link removed]] with the NFL for London games — teams don’t keep revenue from international games managed by the league.

That all contributed to a 12% decrease in operating profits to $68.6 million for the Packers, despite their record revenue of $610.3 million.

The team said that without the settlement payment or London game, the financial picture would’ve been better — a reality more NFL team owners will have to navigate in the league that generates more revenue than any other in the U.S.

Conversation Starters Before today, New Zealand had never won or hosted a Women’s World Cup game, but the Football Ferns just stunned [[link removed]] Norway 1-0 at home in front of 42,137 people — the largest soccer crowd in the nation’s history. On Wednesday night, UNC Chapel Hill sold out [[link removed]] its 51,000-seat Kenan Memorial Stadium for a friendly between Wrexham and Chelsea — its first time hosting an international soccer match. The New England Patriots and the Kraft Family are finalizing $250 million in renovations [[link removed]] to Gillette Stadium, the largest upgrade in its history. The finished project — set to be ready by Week 1 this season — will feature a 22-story lighthouse, new premium spaces, and the largest video board of its kind in the country.

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Editor's Picks BodyArmor Founder Acquires Majority Stake In NOBULL [[link removed]]by Andrew Cohen [[link removed]]

NOBULL was valued at $500 million in 2021.

Pro Golfers Are Hitting Balls Farther Than Ever. One Rule Could Change That. [[link removed]]by David Rumsey [[link removed]]

The R&A and USGA hope to rollback the distance of golf shots.

Senators Introduce Bipartisan Bill to Regulate NIL in College Sports [[link removed]]by Andrew Cohen [[link removed]] and Amanda Christovich [[link removed]]

The drafted federal NIL policies would supersede state laws.

50 Years After His Death, Lee’s Legacy Inspires Generations Across Sports, Culture [[link removed]]by Branson Wright [[link removed]]

The icon died from a reported cerebral edema at age 32.

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We’re giving away a one-year subscription to NFL Sunday Ticket on YouTube TV, giving you access to every out-of-market NFL game so you don’t miss out on any of the action!

To enter, simply complete one or all of the actions on this page [[link removed]]. Contest ends on July 21, 2023. See Official Rules [[link removed]] for details.

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