September 20, 2023

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In the risk-averse world of corporate business, it’s a rare sight when a major brand voluntarily returns to a toxic situation it previously shed. But that’s exactly what Adidas CEO Bjørn Gulden has done with his surprising support of Ye.

Elsewhere, cricket’s ascendancy in the U.S. receives another major boost, Todd Boehly’s Chelsea receives a sizable jolt in new money, and Coach Prime continues to drive [[link removed]] elevated sales all around the Colorado Buffaloes.

— Eric Fisher [[link removed]]

Adidas CEO Stands Behind Ye Nearly Year After Brand Cut Ties [[link removed]]

Adidas

In a rare, surprising corporate move, Adidas CEO Bjørn Gulden said he doesn’t think Ye, formerly known as Kanye West, “meant” the antisemitic comments that led the brand to cut ties with the rapper.

On the “In Good Company” podcast [[link removed]], Gulden stood behind Ye, describing the collaboration to create the Yeezy line of sneakers as one of the industry’s most successful unions of street culture and athletic footwear. That union previously accounted for about 10% of Adidas’ annual revenue — and severing ties initially cost the brand $440 million in first-quarter 2023 sales.

“[It’s] very unfortunate, because I don’t think he meant what he said, and I don’t think he’s a bad person,” Gulden said. “It just came across that way, and that meant we lost that business.”

Adidas cut [[link removed]] ties with Ye in October 2022 in the wake of antisemitic comments made on social media, calling the remarks “unacceptable, hateful, and dangerous.” Nearly a year later, the tone has notably changed, though Gulden took the company’s leadership reins after the Ye split.

“I think Kanye West is one of the most creative people in the world, both in music and what I’d call street culture,” Gulden said.

Adidas later issued a statement in response to Gulden’s comments, saying, “our position has not changed. Ending the [Ye] partnership was appropriate.”

Big Sales

Last month, the brand reported [[link removed]] a $437 million second-quarter revenue lift from discontinued Yeezy inventory, advancing a prior plan to sell that stock instead of destroying it and following reports [[link removed]] of $565 million in sales from the initial drop of closeouts.

Adidas plans to donate at least $120 million of the proceeds from the Yeezy shoes — and perhaps more — to anti-hate advocacy groups.

Chelsea Gets $500M For Stadium Projects, Club Acquisitions [[link removed]]

Chelsea FC

Premier League giant Chelsea has reportedly secured new investment in its hopes to regain past dominance on and off the pitch under second-year owner Todd Boehly.

Ares Management has invested $500 million in Chelsea, according [[link removed]] to the Financial Times. The new capital will be used to facilitate upgrades at the 40,000-seat Stamford Bridge stadium and help acquire more soccer clubs across the globe.

Since leading a group that purchased Chelsea for more than $5 billion in May 2022, Boehly — who is also a co-owner of the Los Angeles Dodgers — has taken an aggressive approach to revitalize the English soccer club formerly owned by Russian oligarch Roman Abramovich.

In June, Boehly took the first step in building a multiclub portfolio — akin to the City Football group, which owns EPL rivals Manchester City and 10 other clubs worldwide — by acquiring [[link removed]] Ligue 1 side Racing Club de Strasbourg for $82 million. Both the French club and Chelsea fall under Boehly’s BlueCo consortium.

In July, Chelsea agreed to purchase [[link removed]] land next to Stamford Bridge that will be key in its ambitious goals of expanding the venue to 60,000 seats, among other major upgrades, at a cost [[link removed]] that could reach more than $2 billion.

Chelsea finished 12th in the EPL last year and sits 14th of 20 teams after five matches played this season.

SPONSORED BY CHEVROLET

My Other Passion: Elena Delle Donne

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As one of the WNBA’s biggest stars in the last decade, Elena Delle Donne is mostly known for her work on the court. But like many professional athletes – Elena has her own passions off the field.

In our new series, My Other Passion, presented by Chevrolet, we hit the outdoors [[link removed]] with some of the most recognizable athletes in sports to explore their interests outside the arena.

Learn how hiking helps Elena Delle Donne find peace away from the court, the importance of always moving and staying active, and how her family inspires her to push through adversity.

Watch episode two [[link removed]] now.

U.S. Cricket Ambitions Get Big-Time Boost [[link removed]]

Ron Gaunt/ SPORTZPICS for MLC

The steady growth of cricket in the U.S. is about to receive another major boost.

The International Cricket Council has named New York, Dallas, and Miami as venues for the upcoming ICC Men’s T20 World Cup 2024.

Along with the West Indies, the U.S. was selected nearly two years ago by the International Cricket Council as a co-host for the global cricket tournament. But the placement of games in the Nos. 1, 5, and 18 U.S. media markets suggest the ICC has big plans for the tournament.

“The USA is a strategically important market, and these venues give us an excellent opportunity to make a statement in the world’s biggest sport market,” said Geoff Allardice, ICC CEO.

The New York games will be played at a newly developed, 34,000-seat modular stadium in Nassau County’s Eisenhower Park. The decision to build the venue there marks a political defeat [[link removed]] for the City of New York and mayor Eric Adams, who sought to construct the temporary facility in the Bronx.

The Dallas-area games will be at Grand Prairie Stadium, while the Miami-area ones will be at Central Broward Park. Both venues also use modular technology to accommodate what is expected to be record-level attendance for the event.

The 20-team T20 World Cup 2024 will be the ICC’s biggest yet, expanding from a prior 16-team format.

Los Angeles Games In Mind

Set for June 4-30, the 2024 ICC Men’s T20 World Cup will be held amid cricket leaders’ push [[link removed]] for the sport’s inclusion in the 2028 Los Angeles Olympics, with a decision soon expected. The ICC’s initial selection of the U.S. as the Men’s T20 World Cup 2024 co-host was made specifically with that Olympic inclusion in mind.

The U.S.-based Major League Cricket also held its inaugural competition this year, fielding a six-team competition a year after securing [[link removed]] $120 million in funding. Its investor group includes Microsoft executive chairman and CEO Satya Nadella.

Conversation Starters Deion Sanders has filed four trademark [[link removed]] applications for nicknames and catchphrases, including “Coach Prime.” On Wednesday, Tiger Woods and Justin Timberlake are launching [[link removed]] an upscale sports bar/restaurant chain called T-Squared Social, with a first location in New York City. The 22,000-square-foot space [[link removed]] — which takes up an entire city block — features a bowling alley, 200-inch TV, and Full Swing simulators. Join Front Office Sports for the third installment of our virtual summit series with The Future of Sports: Equity, featuring executives from ESPN, Warner Bros. Discovery, and more. Register now [[link removed]].*

SPONSORED BY DAKTRONICS

The Recruitment Revolution

Collegiate recruiting has never been more competitive.

That’s why the nation’s top teams are heavily investing in state-of-the-art training facilities and Daktronics displays [[link removed]] to enhance in-game performance and off-field relaxation.

Since 1968, Daktronics has cemented itself as the world leader in designing and manufacturing electronic scoreboards, programmable display systems, and large-screen video displays.

From practice fields and concourse areas, to conference rooms, weight rooms, and locker rooms, Daktronics displays help teams:

Streamline workflows Enhance training sessions Enjoy quality downtime

Learn more [[link removed]] about how Daktronics is transforming how the collegiate powerhouses learn, train, and grow.

Editor's Picks RFK Stadium Bill Advances Amid Debate Over Taxpayer Funding of Sports Venues [[link removed]]by A.J. Perez [[link removed]]Congress' vote is the first step towards returning the NFL to D.C. NFL Viewership Sees 2% Increase in First Two Weeks of 2023 Season [[link removed]]by Doug Greenberg [[link removed]]The NFL is experiencing its highest viewership since 2018. Virginia Joins The College Facilities Arms Race [[link removed]]by Doug Greenberg [[link removed]]UVA plans to upgrade football and Olympic sports facilities. Careers in Sports

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