January 31, 2024

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A new era is unfolding for the Baltimore Orioles, one that is among a series of dramatic changes happening across the Mid-Atlantic pro sports scene. … The PGA Tour at last finalizes its long-awaited financial deal with Strategic Sports Group. … Shaq wants in on NBA team ownership, no matter the market. … Plus: More on the NBA Draft, the league’s jersey sales, an MLB father-son duo, and the Paris Olympics.

— Eric Fisher [[link removed]]

Capital Changes: Orioles’ Sale Marks Latest Deal in a Transforming Region [[link removed]]

Tommy Gilligan-USA TODAY Sports

For nearly a quarter century, many of the key elements of Baltimore-Washington pro sports were seemingly cast in stone. Dan Snyder owned the Washington Commanders. The family of Peter Angelos controlled the Baltimore Orioles. And the Washington Wizards and Capitals played at Capital One Arena in D.C.’s Chinatown.

In the span of just six months, that has dramatically changed, transforming one of the country’s largest and most important sports markets.

Billionaire private equity executive and Baltimore native David Rubenstein is buying [[link removed]] the Orioles, valuing the team at $1.725 billion and representing the latest landmark sports deal in the national capital region. That agreement closely follows an emerging effort by Wizards and Capitals owner Ted Leonsis to build [[link removed]] a $2 billion arena and mixed-use development in Alexandria, Va., and move the two teams there, as well as the $6.05 billion purchase [[link removed]] last summer of the Commanders by a Josh Harris-led group.

“Not bad for a supposedly sleepy market, huh?,” Matt Winkler, a professor of sports analytics and management at American University, tells Front Office Sports. “We’re definitely entering a new era here, particularly as it relates to stadium-going in the region.”

On one hand: The run of deals offers plenty of promise for local fans as Harris succeeded the highly unpopular and controversial [[link removed]] Snyder; Rubenstein takes the reins of the Orioles as the teams enters [[link removed]] a competitive high point in franchise history; and Leonsis is looking to upgrade the 26-year-old arena with an expansive project offering many more amenities than just a sports arena.

But there are still serious potential pitfalls in each scenario, too. The Commanders finished 4-13 in Harris’s first season, and the owner is now embarking [[link removed]] on a head coaching search while trying to solve a long-troublesome quest [[link removed]] for a new stadium site. Political and residential opposition is quickly growing [[link removed]] around Leonsis’s proposed Alexandria project. And while the Orioles have a newly completed lease extension [[link removed]] for Oriole Park at Camden Yards, parameters of a planned development around the stadium remain uncertain—a factor that could allow the team to depart in as little as 15 years. Already, there are frustrations among Maryland politicians, as Orioles chair and CEO John Angelos previously insisted [[link removed]] to state leaders repeatedly that the team was not for sale.

“It wasn’t just that we weren’t told something. We were lied to,” Maryland state treasurer Dereck Davis said Wednesday at a Board of Public Works meeting.

More Questions in Birdland

The other major issue surrounding the Rubenstein deal for the Orioles relates to the regional, team-controlled Mid-Atlantic Sports Network. A 2005 settlement between Angelos and MLB involving the Montreal Expos’ relocation to become the Washington Nationals gave the Orioles a majority interest in the regional sports network, which has been the source of legal drama [[link removed]] for more than a decade.

The Rubenstein purchase—including in the ownership group a series of major sports figures and business leaders including Hall of Famers Cal Ripken Jr. and Grant Hill—reportedly includes the network, and the terms from the original league settlement remain intact. But MASN is experiencing the same decline of the traditional pay TV business as every other RSN, and it, too, could face a potential carriage issue as a contract with its key distribution partner, Comcast, expires in February.

ONE BIG FIG Elevated Green

Rob Schumacher-USA TODAY Sports

$3 billion

Amount the Strategic Sports Group is investing [[link removed]] in the PGA Tour. The deal, first reported by The Washington Post [[link removed]], gives approximately 200 players access to more than $1.5 billion as equity owners in the newly-formed PGA Tour Enterprises. SSG, led by Fenway Sports Group, becomes a minority investor in PGA Tour Enterprises, and the new entity is reportedly [[link removed]] valued at around $12 billion.

Saudi Arabia’s Public Investment Fund is not part of the deal and is still negotiating with the PGA Tour. A source tells Front Office Sports that the Masters, in April, is the target date to get a deal done after missing a self-imposed Dec. 31 deadline. The PGA Tour noted in the announcement that its new deal with SSG would allow the PIF to be a co-investor, which would be subject to regulatory approval.

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It’s clear that sports betting will only continue to evolve throughout the country. That’s why Front Office Sports has partnered with FanDuel to launch Responsible Gaming Essentials [[link removed]], our latest course covering the fundamentals of responsible play and the ever-changing sportsbook industry.

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LOUD AND CLEAR Ready, Willing, and Able

Cary Edmondson-USA TODAY Sports

“Whatever team is available.”

—Shaquille O’Neal, on his desire to buy an NBA team, during an interview with Bloomberg [[link removed]] on Tuesday at the iConnections Global Alts conference in Miami Beach. O’Neal added that he’s open, too, to investing in Formula 1, “even though I can’t fit in one of those damn cars.” The 15-time NBA all-star purchased a minority stake in the Sacramento Kings in 2013, but he was forced [[link removed]] to sell in 2022 after becoming a brand ambassador for WynnBET, due to NBA ownership rules.

SPONSORED BY SAILGP

The Surge of SailGP

If you haven’t heard of SailGP [[link removed]], now’s the time to tune in.

Founded by five-time America’s Cup winner Sir Russel Coutts and billionaire Oracle co-founder Larry Ellison, SailGP is a leading competitive sail racing league featuring world-class athletes and thrilling races at iconic global venues.

In November, the league announced its biggest news yet [[link removed]]—the record-breaking acquisition of its U.S. team by tech investor and founding Uber engineer Ryan McKillen, Margaret McKillen, and two-time world champion sailor Mike Buckley.

SailGP has set its sights on the world’s largest media market, the U.S., with four Season 4 stops taking place in America. Chicago and Los Angeles opened the season in 2023, and the league will finish with New York and San Francisco this summer.

Learn more here [[link removed]] about the acquisition, SailGP’s remarkable growth, and how you can join the excitement.

STATUS REPORT Three Up, One Down

Wendell Cruz-USA TODAY Sports

NBA Draft Fans ⬆ The NBA draft will become a two-night event, starting this year, with the first round held on June 26 at the Barclays Center in Brooklyn, N.Y., and the second round happening on June 27 at ESPN’s Seaport District Studios in Manhattan.

Steph Curry and the Lakers ⬆ The Warriors guard has the best-selling [[link removed]] jersey on NBA.com so far this season, while the Lakers have the most merchandise sales.

The Vlad Guerreros ⬆ Vladimir Jr., the Blue Jays’ first baseman, will grace the cover of MLB The Show, almost two decades after his father, Vladimir Sr., was the cover of the video game’s predecessor, MLB 2006.

Paris Opening Ceremony ⬇ French officials have lowered the estimated number of attendees for the Paris Olympics Opening Ceremony to 300,000, about half as many as they’d previously announced [[link removed]]. The opening ceremony will be a parade along the River Seine.

Conversation Starters LeBron James has joined [[link removed]] DraftKings and will share his NFL picks as part of a multi-year deal. Tom Brady, who starts his 10-year, $375 million deal with Fox Sports this fall, tells [[link removed]] Front Office Today he is ready for the challenge. Adidas is doing something it has never done [[link removed]] in its 75-year history: It is naming a company location after an athlete. Editor’s Picks ‘Still a Great Deal of Uncertainty’: Deposition Exposes Goodell’s and NFL’s Concussion Deliberations [[link removed]]by Daniel Kaplan [[link removed]]The unsealed 2022 deposition reveals NFL Commissioner Goodell's views on concussions, lawsuits, and the league's stance on medical evidence. NBA’s Projected Salary Cap for 2024-25 Drops From Prior Estimate [[link removed]]by Alex Schiffer [[link removed]]The league’s cap will be lower in the final year of the current media rights deal. How An Anonymous Fan’s Homemade Documentary Sparked a Big East Basketball Firestorm [[link removed]]by Amanda Christovich [[link removed]]X user 'Blue Demon Degenerate' drew the interest—and ire—of many. Careers in Sports

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