After more than three months of due diligence and league review, Michael Andlauer has at last completed his record-setting, $950 million acquisition of the Ottawa Senators.

After prior approval by the league’s executive committee, the Board of Governors also unanimously cleared the transaction, which represents the highest price ever paid for an NHL team, and deal is now officially closed. The approval process also follows a separate and protracted sales process lasting seven months.

Andlauer is scheduled to hold a formal press conference Friday at the team’s home arena, Canadian Tire Centre, to discuss the deal and his plans for the franchise.

Earlier this week, Andlauer appeared at the Senators’ charity golf tournament but acknowledged, “I probably shouldn’t be here, officially, but this is an important day.”

A former co-owner of the Montreal Canadiens, Andlauer will head a group that includes a series of local business leaders, as well as the two daughters of late former Senators owner Eugene Melnyk.

Andlauer said he and his partners are “aligned and committed to bringing on- and off-ice success to the National Capital Region. I cannot wait to get to Ottawa and get things officially started. It is an incredibly exciting time for the franchise, fans, and the community.”

Significant Upside

The Andlauer deal ideally opens up a range of new possibilities for a franchise that has missed the playoffs the last six seasons, regularly posted operating losses, ranked 25th in average attendance last season, and plays in one of the league’s smallest markets.

Most notably, the Senators aim to build a new arena in Ottawa’s LeBreton Flats to supplant the 27-year-old Canadian Tire Centre — located about 16 miles from downtown Ottawa — and thus transform the team’s revenue-generating power. 

The newly formed TKO Group Holdings confirmed initial projections by making its first big move following the landmark, $21.4 billion UFC-WWE merger. But Wall Street immediately made it clear that it’s still not happy.

Just nine days after WWE president Nick Khan said the company was “pretty deep” in its rights negotiation process for Raw and SmackDown and predicted a sizable rights increase, NBC completed a new five-year, $1.4 billion pact for the U.S. rights to SmackDown. 

The deal, which is focused on broadcasting the shows on its USA Network, is roughly 40% higher on an annual basis than Fox’s existing deal for those rights. The agreement even includes plans to produce four primetime specials annually that will air on NBC beginning in the 2024-25 season, giving WWE a major broadcast network showcase.

The network particularly lauded WWE, “which has helped cement USA Network’s consistent position as the top-rated cable entertainment network in live viewership.”

But even that business success was no match for the lofty expectations of TKO investors wanting an even-bigger rights fee bump and Thursday’s overall down market. Company shares closed down 15% on the New York Stock Exchange at $85.97 per share.

Also influencing the TKO stock selloff is a separate, one-time cash dividend of $3.86 per share for TKO. Those who sold shares of TKO on Thursday will still get that dividend, but not after. 

The 2026 FIFA World Cup in North America is less than three years away — and the continent’s most expensive stadium could lose the chance to host any games for soccer’s biggest event.

Stan Kroenke, the multisport owner who built SoFi Stadium at a $5 billion-plus price tag for his Los Angeles Rams, is reportedly at odds with FIFA over the financial details of hosting World Cup matches at the venue. 

Kroenke Sports & Entertainment is unhappy that host venues have been unable to recoup upfront payments by selling sponsorships, tickets, and hospitality, according to The Athletic. FIFA has projected that ticket and hospitality sales could surpass $3 billion in this World Cup cycle. 

Other World Cup host cities have also reportedly been concerned with the pace of FIFA’s preparations for the 2026 event. Now, KSE could pull SoFi Stadium out of hosting altogether if terms aren’t renegotiated.

Battle For The Final

Los Angeles was originally seen as one of the frontrunners to land the 2026 World Cup Final, but SoFi Stadium’s pitch size and overall capacity brought the idea’s viability into question last year.

On Sunday, FIFA President Gianni Infantino attended the New York Jets-Dallas Cowboys game at AT&T Stadium, which is also vying to host the final match with New York’s MetLife Stadium. “We’re trying every way in the world we can to have the final game here,” Cowboys owner Jerry Jones said.

Sportswashing has been one of the more ubiquitous terms in the industry over the past few years as foreign nations invest billions of dollars in professional teams and leagues in the U.S. and Europe.

One of the most criticized countries is Saudi Arabia, whose $700 billion Public Investment Fund has backed the launch of LIV Golf, the purchase of Premier League club Newcastle United, investments in Formula 1, and the Saudi Pro League — the latter of which has brought unprecedented disruption to European soccer.

Saudi Arabia has even launched a sports-specific investment company that recently purchased a stake in the MMA upstart Professional Fighters League.

As the focus of sports continues, Saudi Arabia’s Crown Prince Mohammed bin Salman says he isn’t bothered by sportswashing claims.

“If sportswashing [is] going to increase my GDP by 1%, then I will continue doing sportswashing,” he told Fox News. “I don’t care. I have 1% growth of GDP from sport, and I’m aiming for another 1.5% — call it whatever you want, we’re going to get that 1.5%.”

Various databases calculated Saudi Arabia’s GDP at more than $1 trillion by the end of 2022. While it isn’t clear exactly what metrics bin Salman was referring to, his claim would mean sports investments have boosted Saudi Arabia’s GDP by $10 billion.

Either way, the leader’s comments correlate with the country’s present and future actions. Saudi Arabia has discussed investing in professional tennis, and wants to bid for the 2034 FIFA World Cup.