March 7, 2024

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Ted Leonsis and Virginia Gov. Glenn Youngkin are dealt a big defeat in the effort to build a new arena and mixed-use development in Alexandria for the Washington Wizards and Capitals. … Thinking about the projected cost of a new A’s stadium in Las Vegas requires some additional perspective. … LaLiga president Javier Tebas responds to criticism of Saudi Arabia’s involvement in Spanish soccer. … Plus: More on Tiger Woods, Chelsea, the business of golf, and sports streaming.

— Eric Fisher [[link removed]] and David Rumsey [[link removed]]

Funds Nixed for the Capitals’ and Wizards’ Proposed Move. Now What? [[link removed]]

Monumental Sports & Entertainment

A prominent Virginia lawmaker has stopped [[link removed]] the proposed $2 billion arena and mixed-use development in Alexandria for the Washington Wizards and Capitals—at least for the moment—and perhaps offered a powerful template for other politicians opposing taxpayer funds for sports facilities.

Holding firm to long-stated resistance [[link removed]] to the project, state Sen. L. Louise Lucas said Thursday that public funding for the Ted Leonsis–led arena project is not included in a final budget compromise between the two chambers of Virginia’s legislature. But rather than convey that opposition in a more staid and politically conventional fashion, the 80-year-old has colorfully slammed Leonsis and Virginia Gov. Glenn Youngkin for weeks, particularly on social media, and vowed to “kick the ass” of anyone who tried to bully her.

Such viral barbs have continued this week as she posted [[link removed]] a Photoshopped depiction of herself on X flashing a peace sign over a grave with a headstone that reads, “Youngkin and Leonsis’ $5 billion arena,” and another [[link removed]] with a picture captioned, “Tell Glenn I want him to know it was me.”

“I do not believe we ought to put the full faith and credit of the commonwealth behind a project that’s going to enrich billionaires,” Lucas said. “If they want this project, [they can] pay for it themselves.”

Is Virginia Still in Play?

The defeat, adding to community opposition also building against the project, leaves Leonsis and Youngkin with several options—none of them as timely or politically expedient as what had been attempted in a 2024 legislative session ending Saturday.

Youngkin could offer a budget amendment or stand-alone bill, but it remains unclear whether there is sufficient political support for that, particularly in light of opposition led by Lucas. The governor could also call a special legislative session, but that, too, requires political capital he might not have.

Leonsis and Youngkin could also adjust their timetable and spend the next year building a broader caucus of support around the project. And the more radical option would involve Leonsis abandoning the Virginia effort altogether and reengaging with D.C. leaders, who have a standing offer of $500 million to renovate his teams’ current home, Capital One Arena.

However, on Thursday afternoon, a visibly frustrated Youngkin pleaded for a last-minute change by Lucas and other arena opponents but, in the same breath, also lashed out at the senate for refusing to give the deal “any serious, meaningful consideration.”

“I believe our [Virginia] Senate and General Assembly have a chance to stand up and do what’s right,” Youngkin said. “They have a chance to assess this one-of-a-kind opportunity on its merits. It befuddles me that we’re not spending today talking about how to deliver it.”

THE TAKEAWAY New A’s Stadium: About That Cost ...

Oakland A's/Bjarke Ingels Group/HNTB

As fallout continues from the release [[link removed]] of the latest version of the planned A’s ballpark in Las Vegas, The Athletic conducted a question-and-answer session [[link removed]] with architect Bjarke Ingels, who leads the eponymous firm that is a key entity in the stadium project.

Not surprisingly, Ingels focused heavily on the club’s desire to use the prime location along the Las Vegas Strip to “tap into the energy of the intersection of the [Strip],” and he did not address the many crucial elements left out of the drawings.

The most questionable part of the interview: Ingels’s insistence the project will hold to the stated $1.5 billion cost and that discussions are currently happening with general contractors to “get pretty authentic pricing.”

For decades, followers of stadium development projects around the country have rarely gone wrong betting the over as it relates to final costs compared to initial projections. But two neighboring facilities in Las Vegas, and a third now contemplated, also show how out of sync that $1.5 billion figure could ultimately be. The Sphere, which opened [[link removed]] last fall, cost $2.3 billion. The Raiders’ Allegiant Stadium, a nearly four-year-old facility, cost $1.9 billion. And Oak View Group’s developing plans for an expansive mixed-use development, with an arena that could house an NBA expansion team, which carry [[link removed]] a $10 billion budget.

The newest MLB facility, the $1.1 billion Globe Life Field in Texas, opened four years ago. Beyond that time and subsequent inflation that must be factored into any comparison with Las Vegas, that facility is much more conventional in its design [[link removed]] compared to what the A’s are attempting.

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LOUD AND CLEAR Money Talks

Kevin Jairaj-USA TODAY Sports

“To begin with, it had some criticism but now it is perfectly assimilated and I think it has been very good for Spanish football.”

—LaLiga president Javier Tebas, on his evaluation [[link removed]] of Saudi Arabia hosting the Spanish Super Cup, an annual competition among the top teams from Spain. In 2020, the event expanded from two to four clubs and moved to Saudi Arabia as part of a deal reportedly worth $130 million.

STATUS REPORT Two Up, Two Down

Jason Parkhurst-USA TODAY Sports

Tiger Woods ⬆ The 15-time major champion was named vice chairman of the board of directors for PGA Tour Enterprises, the new for-profit entity created in correlation with the recent investment [[link removed]] from Strategic Sports Group, which could be as much as $3 billion. Woods is one of six active players who will serve on the 13-person board. PGA Tour commissioner Jay Monahan will serve as CEO of the new company.

Chelsea ⬇ The Premier League club reported a pretax loss of $115.28 million for the fiscal year that ended June 30, 2023. It’s raising concerns [[link removed]] that Chelsea, which was purchased by a group led by American billionaire Todd Boehly for $5.2 billion in ’22, could be in danger of breaking the EPL’s profitability and sustainability rules as well as UEFA’s financial fair play regulations.

Business of golf ⬆ One day after Season 2 of Full Swing debuted on Netflix [[link removed]], the docuseries’ executive producer, Chad Mumm, announced the launch of a new company, Pro Shop. It will head up a golf-focused studio and commerce business backed by $20 million in funding from Serie A.

Sports streaming ⬇ Endeavor president Mark Shapiro didn’t hold back when discussing the planned sports streaming service [[link removed]] from ESPN, Fox, and Warner Bros. Discovery launching this fall. “It’s a big nothing,” Shapiro said [[link removed]] at Morgan Stanley’s Technology, Media and Telecom Conference this week. “It’s just another bundle out there. Who’s going to go pay $40, $50, $60, depending on what you believe to get half the NFL package?” Endeavor’s sports properties include UFC, which has a media-rights deal with ESPN expiring next year, and WWE, which is in the last year of a deal with Fox, and will soon start new deals with Netflix, NBCUniversal, and The CW.

Conversation Starters Netflix will stream its first live boxing event July 20 at AT&T Stadium, which will feature a match between Jake Paul and Mike Tyson. Are you planning to tune in? Let us know [[link removed]]. After successful surgery to repair his vocal cords, Dick Vitale, who has dealt with cancer in recent years, has been cleared to resume broadcasting [[link removed]] and is aiming to return to ESPN next season. Liverpool FC has unveiled a new line of jerseys in collaboration with LeBron James, who is also a part-owner of the club. Take a look [[link removed]]. SPONSORED BY INVESCO QQQThe Dartmouth men’s basketball team is the first NCAA Division I team to vote in favor of unionization. This decision follows a previous ruling by the National Labor Relations Board that recognizes players as employees under U.S. labor law. If successful, players could negotiate wages, limits on hours, overtime pay, and workers’ compensation, challenging the NCAA’s longstanding amateurism model. Check out the Business of College Athletics hub to read the full article and stay up to date on all the action. History in Hanover: Dartmouth Men’s Basketball Players Vote to Unionize [[link removed]]by Amanda Christovich [[link removed]]The team became the first in D-I to officially vote to unionize. Tommy Tuberville: Dartmouth Basketball Union ‘Will Absolutely Kill College Sports’ [[link removed]]by Margaret Fleming [[link removed]]The U.S. senator and former college football coach let it rip on Fox News. Nick Saban: NIL Money, Transfer Portal Influenced Retirement [[link removed]]by Margaret Fleming [[link removed]]Saban told ESPN how player interviews following Alabama’s Rose Bowl loss played a part in his departure. EA Sports: Who’s in the Game? (Not Arch Manning, for One) [[link removed]]by Margaret Fleming [[link removed]]More than 10,000 players have opted in—but there remains pushback against the process, and one of the biggest-name QBs took a pass. Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Sports Careers [[link removed]] Written by Eric Fisher [[link removed]], David Rumsey [[link removed]] Edited by Matthew Tabeek [[link removed]], Catherine Chen [[link removed]]

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