August 18, 2023

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Carolina Hurricanes fans consistently provide some of the biggest crowds in the NHL, and now the team is putting even more money into its downtown hockey arena.

Ahead of this weekend’s Women’s World Cup final, we’re looking at Australia’s growth as a soccer nation — and a separate, massive investment in women’s soccer. Meanwhile, Diamond Sports Group keeps making news as the company struggles for survival.

— David Rumsey [[link removed]]

Hurricanes’ Arena District Set For $1.1B Transformation [[link removed]]

Jaylynn Nash/Carolina Hurricanes

The Carolina Hurricanes’ long-awaited renovations [[link removed]] to PNC Arena represent a $1.1 billion transformation of the hockey venue and its surrounding footprint in downtown Raleigh, North Carolina.

With a new 20-year lease signed [[link removed]], $300 million will be spent by local authorities to upgrade the Hurricanes’ home ice, which also houses the N.C. State men’s basketball team. Team owner Tom Dundon will fund $800 million of redevelopment on the 80 acres surrounding PNC Arena during the life of the lease.

The first phase of projects surrounding the arena will be completed within five years and include retail, dining, and office spaces, as well as residential units, a hotel, and an indoor music venue that can fit up to 5,000 people. There are also plans [[link removed]] for a sports betting lounge.

Specific renovations to the arena itself will be determined soon.

Trending With The Times

Sports-centric “mini-cities” continue to be popular for professional teams and their local governments.

In Cleveland, the Browns are exploring [[link removed]] a vast redevelopment project along Lake Erie, while Colorado Rapids owner Stan Kroenke wants to make their stadium site a year-round destination [[link removed]] for MLS fans.

The NHL’s Pittsburgh Penguins have plans [[link removed]] for $30 million in renovations to PPG Paints Arena, and the Philadelphia Flyers are close to completing $400 million worth of renovations to Wells Fargo Center. That project has caused controversy between the team’s owners and the NBA’s 76ers, who are arena tenants but exploring [[link removed]] a downtown venue of their own.

PODCAST

🎙️ They Said What?

“Guys are making $40 million a year now that aren’t doing anything close to what [Ohtani’s] doing. He’s going to start at probably $50 million per year.”

— Tino Martinez, former New York Yankees first baseman, on what he expects Shohei Ohtani’s future contract to look like. To hear more from Martinez on the MLB and the Pickleball League featuring former pro athletes, download the latest episode of FOS Today.

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

Bankrupt DSG Sues Sinclair, Alleging $1.5B Worth Of Fraud [[link removed]]

Diamond Sports Group

It’s no secret that Diamond Sports Group is facing external and existential challenges, from ongoing churn [[link removed]] in traditional pay TV to battles [[link removed]] with creditors, leagues, and teams.

Now, add a major internal battle to the list.

The bankrupt Bally Sports parent has sued its own corporate parent, Sinclair Inc., alleging that more than $1.5 billion was illegally siphoned as DSG’s business deteriorated. The lawsuit, filed last month, has recently been unsealed as part of DSG’s ongoing bankruptcy case.

DSG claims that Sinclair used the company as a source of personal enrichment for several years as the entire regional sports network business fractured and DSG ultimately headed for bankruptcy earlier this year.

“Throughout this entire period of precipitous decline, Sinclair unrelentingly continued to carry out its plan to ‘milk’ Diamond for Sinclair’s own benefit and to extract whatever value it could salvage before Diamond’s inevitable bankruptcy,” DSG said in its filing.

“All of this was conceived of and implemented while Diamond’s business was, as Sinclair officers knew or should have known, careening toward bankruptcy, and it continued after Diamond was unquestionably insolvent,” the suit continues.

DSG remains in a time crunch to determine its future. A bankruptcy reorganization plan is due by Sept. 30 — and to complete that, the company must decide which of its 27 total NBA and NHL team media rights it will keep [[link removed]]. The decision will require meaningful progress on distribution renewal negotiations with Comcast, DirecTV, and Spectrum.

On Thursday, DSG received its requested judicial mediators to help resolve these issues.

Sinclair VP Chris King said the company “firmly believes that it has meritorious defenses to the allegations in the Diamond lawsuit, and we plan to vigorously defend against them.”

SPONSORED BY TOURISM AUSTRALIA

Australia Invites You to Come and Say G’day

As with the unpredictability of the FIFA Women’s World Cup 2023™, Australia [[link removed]] offers an array of surprises and delights.

Australia’s vast and vibrant environment is unique in the world, and when it comes to natural wonders, the land Down Under has them in droves. Experience the thrill of the rugged wilderness and come play in Australia’s spectacular backyard.

Come to Australia for sunlit smiles, endless optimism and Aussies’ distinctively adventurous spirit.

Your next vacation is just a hop, skip and jump away. So Come and Say G’day [[link removed]].

Mercury 13 Aims To Revolutionize Women’s Soccer With $100M Backing [[link removed]]

Gloria

Mirroring fast-growing investor enthusiasm for the WNBA and NWSL, a new group is looking to acquire women’s soccer clubs around the world.

The newly formed [[link removed]] Mercury 13 will represent one of the first multi-club soccer ownership entities existing entirely outside the men’s game. Mercury 13 will begin with $100 million raised from European family investor offices and former pro soccer players.

The company — named for a group of female pilots who weren’t allowed to join NASA’s astronaut program — will be led by Victoire Cogevina Reynal, a longtime advocate for gender equity in soccer and a current VP at media company OneFootball [[link removed]]. The group is nearing several potential deals in Europe, Bloomberg reported.

Mercury 13 will pursue controlling stakes in teams outside of the U.S., where it sees franchise prices escalating too quickly. Recently, the Chicago Red Stars were sold [[link removed]] in a deal worth up to $35.5 million, and the Chicago Sky recently took in new investors at a $85 million valuation.

Similar Strategies

The model for Mercury 13 mirrors several investment entities that have invested broadly in men’s soccer, including 777 Partners [[link removed]] and Eagle Football Holdings.

Though not as common elsewhere in U.S. sports, the structure offers a means to achieve cost savings and larger revenue opportunities spanning multiple clubs and pave the way for the seamless sharing of players. However, some critics have alleged that the model curtails competition on and off the field.

Can World Cup Success Spur Further Soccer Investment In Australia? [[link removed]]

Fox Soccer/Twitter

Australia narrowly missed out on playing in the FIFA Women’s World Cup final on home turf, but after breaking all sorts of records on and off the pitch, the Matildas want to see continued investment in soccer Down Under.

Wednesday’s England-Australia semifinal match turned out to be the most-watched [[link removed]] TV program on record in Australia, averaging more than 7 million viewers and at one point a nearly 90% share [[link removed]] — meaning nine out of every 10 televisions turned on in the country were watching the game. That’s higher than the ratings share [[link removed]] in Kansas City for the Chiefs’ win in Super Bowl LVII.

The co-host nation was certainly behind its team throughout the World Cup, and Australia captain Sam Kerr hopes that translates into further money spent on growing soccer in the country. “We need funding everywhere,” Kerr said [[link removed]], pointing to player development and grassroots efforts.

“Hopefully, this tournament kind of changes that because that’s the legacy you leave — not what you do on the pitch,” she added. “The legacy is what you do off the pitch.”

Quite The Finale

On Sunday, England battles Spain at 6 a.m. ET on Fox and Telemundo in the U.S., concluding what has already been the highest-attended [[link removed]] Women’s World Cup ever — and its total attendance is approaching [[link removed]'s%20international%20governing%20body%20said,were%20four%20more%20to%20go.] 2 million.

Australia — which drew packed stadiums for every match across the country — will get one more time to shine, playing Sweden in the third-place match on Saturday.

Conversation Starters “The Pat McAfee Show” will launch [[link removed]] on ESPN at noon on Sept. 7 — following “Get Up” and “First Take.” Comedian and creator Druski is launching his own sports agency, 4Lifers. His first signee [[link removed]] is top-ranked Florida Gators edge-rusher Princely Umanmielen. Steph Curry and ESPN are collaborating on a new docuseries [[link removed]] following the Howard University golf team called “Why Not Us: Howard Golf” premiering Aug. 21. Curry made a seven-figure donation to fund the program in 2019.

SPONSORED BY TOURISM AUSTRALIA

Kick Off Your Next Vacation, Down Under

Australia invites you to Come and Say G’day, and head to the land Down Under for the ultimate Aussie adventure [[link removed]].

Live your own highlight reel as you dive into the world’s largest coral reef, dine against a beautiful backdrop and soar over the red outback. From Bondi Beach to the Gold Coast, be inspired to experience the icons, the hidden gems and every laidback local in between, because there really is nothing like Australia [[link removed]].

So what are you waiting for? Come and Say G’day [[link removed]].

Editor's Picks NWSL’s Kansas City Current Fined For Taking Charter Flight [[link removed]]by Andrew Cohen [[link removed]]Both the NWSL and WNBA have fined teams for flying charter. Why Michael Oher is Suing His ‘Blind Side’ Family [[link removed]]by Owen Poindexter [[link removed]]Michael Oher is taking legal action to change the 'Blind Side' narrative. Question Of The Day

Have you played or practiced golf in the last 6 months?

Yes [[link removed]] No [[link removed]] No, but I wanted to [[link removed]]

Thursday’s Answer

63% of respondents use health/wellness apps on their phones and 6% don’t yet but would.

Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Sports Careers [[link removed]] Written by David Rumsey [[link removed]], Eric Fisher [[link removed]] Edited by Matthew Tabeek [[link removed]], Brian Krikorian [[link removed]]

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