November 21, 2023
Read in Browser [[link removed]]
POWERED BY
The cultural momentum of Las Vegas’ $2.3 billion Sphere has hit its first speed bump. After the next-generation venue built by New York Rangers and Knicks owner James Dolan captivated [[link removed]] the country, quickly drew in [[link removed]] UFC for a forthcoming event, and was a key fixture [[link removed]] of the recent Las Vegas Grand Prix, London mayor Sadiq Khan rejected a plan to build a similar Sphere in that city’s Stratford district. Khan cited the potential harm to local residents from the venue, particularly light pollution. Dolan’s Sphere Entertainment is now looking at other potential markets, but there’s nowhere quite like Las Vegas.
— Eric Fisher [[link removed]]
Dolphins Owner Reportedly Exploring Minority Stake Sale [[link removed]]
Jasen Vinlove-USA TODAY Sports
This week, the Miami Dolphins will play in the first-ever NFL Black Friday game against the New York Jets, but there could be even more change on the horizon when it comes to the team’s ownership structure.
Dolphins owner Stephen Ross is in discussions with billionaire Ken Griffin to come on as a new limited partner in the NFL team, according to a report [[link removed]] from South Florida-based sports reporter Andy Slater. The NFL is aware of the talks, per the report.
Additionally, Griffin would be acquiring minority stakes in Hard Rock Stadium and Formula 1’s Miami Grand Prix.
The Dolphins were valued [[link removed]] at $5.7 billion by Forbes earlier this year. It’s unclear what size stake would be acquired by Griffin, who is the founder and CEO of investment company Citadel. Griffin, who moved his company to South Florida, carries an estimated net worth of more than $35 billion.
Ross purchased [[link removed]] the Dolphins in 2009 for $1 billion.
A League Trend
The Dolphins are the latest NFL team to explore a minority stake sale.
A battle [[link removed]] appears to be emerging in Pittsburgh to acquire a less-than-5% stake in the Steelers previously owned in part by Josh Harris, the new owner of the Washington Commanders.
In Las Vegas, Raiders owner Mark Davis has been trying to sell as much as 10% of the team to Tom Brady, but is facing opposition [[link removed]] from fellow team owners for attempting to give the legendary quarterback a steep discount on the purchase price.
A-Rod, Lore May Bring On Investment Firm To Complete Timberwolves Deal [[link removed]]
Jesse Johnson-USA TODAY Sports
Alex Rodriguez and Marc Lore still haven’t formally become the new majority owners of the Minnesota Timberwolves and Lynx — but help from a $382 billion global investment firm may finally push their deal across the finish line.
Rodriguez and Lore own 40% of the teams, and current Timberwolves/Lynx majority owner Glen Taylor recently said that he expected the pair to delay [[link removed]] the deadline to make their next payment, which would give them full control.
Now, Axios reports [[link removed]] that A-Rod and Lore are close to a deal with the Carlyle Group to bring the U.S.-based private equity company in as a minority investor in the franchises. At the time of their deal — in May 2021 — the Timberwolves and Lynx were together valued at $1.5 billion, but Carlyle would reportedly be investing at a valuation of $2.3 billion.
Since Rodriguez and Lore agreed to purchase the franchise, the Phoenix Suns have sold for $4 billion [[link removed]] and the Charlotte Hornets for $3 billion [[link removed]].
Locally, the Timberwolves are partnered with Bally Sports North for this season but will likely be finding a new broadcast partner with Diamond Sports Group’s NBA deals coming to an end [[link removed]] in 2024.
The Timberwolves are currently in first place in the Western Conference. The Lynx made the 2023 WNBA playoffs but lost in the first round.
SPONSORED BY TICKETMASTER
Transforming the Season Ticket
Have you ever wished you could offer your fans the freedom and flexibility to personalize their season-ticket experience?
The Orlando Magic have done just that with their comprehensive virtual currency, Magic Money [[link removed]].
With Magic Money, fans receive credits for returning unused tickets, which can be used to not only upgrade their seats but also purchase merchandise, concessions, and more.
This innovative approach [[link removed]] has transformed the traditional season ticket into a more flexible and valuable opportunity.
In partnership with Ticketmaster, the Orlando Magic continuously strive to understand their fans’ preferences and provide an unforgettable experience for season-ticket holders.
Discover [[link removed]] how you too can revolutionize your season-ticket offering and elevate your fan experience by partnering with Ticketmaster.
Upbeat Dick’s Earnings Counter Slowdown In Sports Apparel Market [[link removed]]
Nancy Rokos / Special to the Bucks County Courier Times / USA TODAY NETWORK
Dick’s Sporting Goods’ surprisingly strong third-quarter earnings countered a darkening outlook throughout the sports apparel and footwear market — and not a moment too soon.
The company reported on Tuesday that net sales rose 2.8% to $3.04 billion and adjusted earnings per share rose 10% to $2.85. Those numbers not only beat analyst projections but also meaningfully reversed an August report that missed [[link removed]] Wall Street expectations for the first time in three years.
Dick’s also slightly raised its full-year 2023 outlook in comparable store sales and earnings.
The results provide a new sense of hope in a third-quarter earnings season that has seen revenue declines or missed Wall Street expectations from the likes of Nike [[link removed]], Under Armour [[link removed]], Adidas [[link removed]], and Puma [[link removed]].
“Our consumer is not trading down [to lower-quality merchandise], and our consumers have actually held up very, very well,” said Lauren Hobart, Dick’s CEO.
Dick’s stock rose nearly 7% in early trading on the New York Stock Exchange following the report. Shares in the company, however, are still recovering from a 24% plunge in August.
The company is now looking to see if its newfound momentum carries into the critical holiday shopping season.
“We are very excited about what we have within our control for Q4,” Hobart said. “Our [store] teams are pumped to deliver an amazing holiday experience, but we’re balancing that with caution about the macroeconomic environment, because we know consumers are going through a lot right now.”
Conversation Starters By firing [[link removed]] Matt Canada, the Pittsburgh Steelers just made their first in-season change to a head coach or coordinators in 81 years. Talk about influence: Chipotle has changed [[link removed]] the name of one of its Kansas City locations because of how Travis Kelce spelled it in a tweet from 2011. Learn how you can capitalize on the world’s largest sporting event with Parity [[link removed]], the Gold Medal Guide to Olympic & Paralympic Marketing.* Editor's Picks Ohio State-Michigan Records Priciest Ticket In Rivalry History [[link removed]]by Doug Greenberg [[link removed]]The cheapest ticket to Saturday's game is $676 on the secondary market. NCAA, Power 5 Conferences Challenge Latest Ruling in House NIL Case [[link removed]]by Amanda Christovich [[link removed]]They could be on the hook for billions. Northwestern Secures Approval For New $800M Football Stadium [[link removed]]by Doug Greenberg [[link removed]]Northwestern's rebuild of Ryan Field can move forward after a contentious debate. Careers in Sports
Looking for a new job? Check out these featured listings and search for openings all over the world.
EA Sports Multiple - USA Careers Apply Now [[link removed]] Netflix Multiple - USA Careers Apply Now [[link removed]] Dunham's Sports Multiple - USA Careers Apply Now [[link removed]] DISCLAIMER
*Sponsored Content
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]]
If this email was forwarded to you, you can subscribe here [[link removed]].
Update your preferences [link removed] / Unsubscribe [link removed]
Copyright © 2023 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
