November 6, 2023

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I’m just returning from a trip to the Sphere to see U2, and Las Vegas’ $2.3 billion next-generation venue is every bit as mind-blowing as touted [[link removed]]. The band’s run of shows is now taking a 26-day hiatus to allow for the set-up, staging, and breakdown of this month’s Las Vegas Grand Prix. During the show, Bono said the band was “giving Las Vegas back to Formula 1,” marveling at the “sport where very tidy, lean, mean men, and some extraordinary women, climb into rockets and try to stay on Earth and not achieve orbit. A little like rock and roll.”

He then went a step further, jokingly introducing fill-in drummer Bram van den Berg to the crowd as top-ranked driver Max Verstappen, Adam Clayton as Lewis Hamilton, The Edge as Charles Leclerc, and himself as Danny Ricciardo and the “right person to bring peace between Formula 1 and NASCAR.”

— Eric Fisher [[link removed]]

PGA Tour Reportedly Narrows Field To Final Five Investment Bidders [[link removed]]

John David Mercer-USA TODAY Sports

The PGA Tour’s ongoing search for investment partners has reportedly winnowed to a small group of heavyweight candidates.

Just days after the PGA Tour turned down [[link removed]] a potential investment from Endeavor and after more than a dozen initial suitors sought to strike a deal, Golfweek said [[link removed]] the property is now focused on five groups:

Those suitors include:

• Fenway Sports Group, parent group of the Boston Red Sox, Pittsburgh Penguins, Liverpool FC, and most recently, a franchise [[link removed]] in the new TGL indoor golf league.

• Acorn Growth Company, an Oklahoma-based private equity firm.

• Liberty Strategic Capital, a firm led by Steven Mnuchin, U.S. Secretary of the Treasury during the Trump Administration

• Eldridge Industries, led by Chelsea owner, Los Angeles Dodgers part-owner, and key Vivid Seats backer Todd Boehly

• The Friends of Golf Group, a collection of financial titans and Wall Street veterans with a shared love of golf.

Lofty Stature

All told, the group of possible partners represent some of the leading figures in U.S. finance. That list of potential investors has emerged as LIV Golf’s backer — Saudi Arabia Public Investment fund — is seeking to invest at least $1 billion in a new, for-profit company called PGA Tour Enterprises.

But the discussions with these other investors are ongoing as the partnership between the PGA Tour and the Saudi PIF is on rocky ground [[link removed]].

Golf journalist Alan Shipnuck, meanwhile, reported [[link removed]] that FSG “put in a monster bid to usurp the PIF.”

The PGA Tour’s board of directors is due to meet on Nov. 12, and its possible further movement on an investment selection could arrive then.

Should the PGA Tour complete a deal with one of these entities, it would likely reignite the bitter rivalry with LIV Golf that shook the sport to its core.

PODCAST

🎙️ They Said What?

“It reached a point where Kirk [Brown] … said ‘maybe this isn’t for me after all.’ The WNBA ends up with egg on its face because this happened at the absolute 11th hour.”

— Bill Oram, sports columnist at The Oregonian, on why the WNBA’s Portland expansion team fell through at the last minute. To hear more about why the WNBA ditched Portland, check out the latest episode of FOS Today.

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

Braves Revenue Up Again Despite Early Playoff Exit [[link removed]]

Dale Zanine-USA TODAY Sports

The Atlanta Braves’ 2023 playoff bid ended [[link removed]] quickly and unexpectedly, part of an upset-laden MLB postseason [[link removed]]. But a banner end of the regular season fueled another robust quarter for the Braves financially.

Following strong earnings [[link removed]] in the second quarter in the club’s first financial disclosure since spinning off [[link removed]] from parent Liberty Media, the Braves reported an 11% jump in revenue for the third quarter to $272 million. Operating income swung from a loss of $4.7 million in the comparable period a year ago to a gain of $15.7 million.

Fueling the boosts were a Truist Park-record attendance total of 3.2 million that included 54 sellouts and double-digit percentage growth in baseball-related revenue and from the adjacent Battery mixed-use development.

Despite the abrupt Division Series loss to Philadelphia after a league-leading, 104-win regular season, the latest Braves’ results extend the club’s standings as one of MLB’s top performers both on and off the field.

“It was an incredible season on and off the field, even if the playoff run was obviously more disappointing and ended earlier than we hoped,” Atlanta Braves Holdings chair Greg Maffei told analysts.

TV Predictions

The Braves’ ongoing strength also extends to the fractious situation [[link removed]] surrounding the bankrupt Diamond Sports Group. As MLB has asked [[link removed]] a U.S. bankruptcy court in Texas for immediate answers on the Bally Sports parent’s plans for the 2024 season, Maffei projected that DSG will retain the Braves’ regional broadcast rights.

The Braves are currently shown on Bally Sports South.

“Our understanding is this is among, if not the most profitable of DIamond’s RSNs, reflecting the large territory we have … I don’t not believe [the rights] will be rejected,” Maffei said. “But given the strength of the territory and the strength of the Braves, I do believe we could replace that revenue stream or a good portion of it at least with other alternatives.”

SPONSORED BY MAGNIFI

Join the Conversation Tomorrow Afternoon

Women’s sports in the U.S. have never been as popular as they are today. At the college level in particular, there has been a tremendous increase in attendance and viewership for sports like volleyball, softball, and basketball.

In the modern age, capturing viewers [[link removed]] and growing a fanbase begins with the ability to create engaging content and distribute it to the masses. After that comes the campus superstars, local heroes, groundbreaking NIL deals, and historic media contracts.

Tune in tomorrow for our next webinar, The New Era of Women’s College Sports [[link removed]], presented by Magnifi, where we’ll discuss how women’s college sports have gained momentum in recent years and how content and marketing can impact its growth in the future.

Register now [[link removed]].

Formula 1’s Business Momentum Continues With Las Vegas GP On Deck [[link removed]]

Ray Acevedo-USA TODAY Sports

The economic rise of Formula 1 this year was on full display in Liberty Media’s latest quarterly earnings, and even bigger prizes await the motorsports property and its parent organization.

Liberty Media reported a 24% rise in F1 revenue to $887 million compared to the same period a year ago, while operating income rose 67% to $107 million.

Some scheduling variance is involved in those increases, as this year’s third quarter included an additional race. But, Liberty Media still saw F1 increase revenues across numerous core revenue lines, including media rights, sponsorship, and corporate hospitality.

“Our business is in a position of strength. Fan engagement is high, and commercial interest is strong,” said Stefano Domenicali, F1 president and CEO, told analysts. “The teams have sustainably improved their financial health, generating their own incremental sponsorship, which benefits our entire F1 ecosystem.”

Vegas Riches

F1’s focus is now heavily on the Nov. 18 Las Vegas Grand Prix, which is projected to be perhaps the property’s largest spectacle ever, as well as the most-attended sports event in Las Vegas history. Signs of the forthcoming race were found all over town, including grandstand seating, track lighting, and barrier installation now happening along the Las Vegas Strip.

Liberty Media disclosed it had spent $280 million thus far in 2023 in capital expenditures related to track and pit preparation for the Las Vegas GP, part of a previously projected $400 million in overall set-up costs for the event.

Company president and CEO Greg Maffei said many of those costs are one-time expenditures, and he remains bullish on the race’s long-term profit prospects.

“We did incur significant expense in launching year one in Vegas, and that included extra provisions for safety, security, and traffic planning, which was required by local regulators,” Maffei said. “We remain highly confident of … growing profitability in years two and beyond, and we remain bullish on the broader value creation that far outweighs the increased investment in start-up costs.”

Manchester United To Receive $300M More From Jim Ratcliffe [[link removed]]

Manchester United

Jim Ratcliffe has already agreed to pay $1.5 billion to acquire a 25% stake in Manchester United — but the British billionaire isn’t stopping there.

The founder of multibillion-dollar chemical corporation INEOS is reportedly planning to spend a further $300 million of his personal funds to improve infrastructure for the Premier League club. The additional funds would be used for club facilities like Old Trafford and be in Manchester United’s hands by the end of the year, according to Sky News [[link removed]]. The stadium has been in dire need [[link removed]] of renovations as it ages and fan safety concerns mount.

The move would bring Ratcliffe’s total spend on Manchester United close to $2 billion. The team recently reported annual revenue [[link removed]] of nearly $800 million — a record among Premier League clubs.

As part of the deal — which appears all but official — Ratcliffe may take [[link removed]] over soccer operations from the Glazer family, who will remain the majority owners of Manchester United. Manchester United is in eighth place in the Premier League after defeating Fulham, 1-0 on Saturday.

Ratcliffe became the frontrunner to buy a portion of the club after he became willing to accept a minority stake, as opposed to buying total control of Manchester United. There has still been no official statement from the club or the Glazers about bringing Ratcliffe on as an investor.

Conversation Starters A college football game [[link removed]] was played at Wrigley Field for the third time since 1938, with Iowa defeating Northwestern, 10-7. This contest marked the seventh-highest-scoring game at the home of MLB’s Chicago Cubs this year. Dallas Cowboys kicker Brandon Aubrey had an interesting route [[link removed]] to the NFL. From professional soccer player to software engineer. Now a record-setting rookie. The NFL opened a league office in Germany, its sixth international location. Take [[link removed]] a look inside. Editor's Picks Marathons Seek Higher Level With Run Of Records, Participation Boom [[link removed]]by Eric Fisher [[link removed]]Ancient sport being transformed by rush of new technology Germany Could Be The NFL’s Gateway To International Domination [[link removed]]by David Rumsey [[link removed]]The Chiefs held on to the beat the Dolphins, 21-14, on Sunday. CBS Already ‘Virtually Sold Out’ Super Bowl Ad Inventory [[link removed]]by Doug Greenberg [[link removed]]CBS is reportedly selling Super Bowl ads for up to $7 million. Question Of The Day

Does your company use software for employee recognition?

Yes [[link removed]] No [[link removed]] N/A [[link removed]]

Friday’s Answer

27% of respondents have 0-50 employees working at their current company. 26% of respondents have 501+ employees working at their current company.

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