March 20, 2024

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It’s not quite Opening Day for all of MLB, but the Dodgers, and their new $700 million man, are beginning their season in South Korea. … Another global bank looks to cash in on major sports investments. … Giannis Antetokounmpo’s media empire is about more than just basketball. … And America’s Team isn’t opening the checkbook as much as some fans would like.

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

Ohtani’s Dodger Debut Also Advances MLB’s Global Ambitions [[link removed]]

Mark J. Rebilas-USA TODAY Sports

The official beginning for Shohei Ohtani in Dodger blue begins Wednesday, and it happens to coincide directly with a key business initiative for MLB.

Ohtani, who signed [[link removed]] a record [[link removed]] $700 million contract in December, and the Dodgers will begin the league’s 2024 regular season with a two-game series in Seoul against the Padres. The South Korea games, announced [[link removed]] last summer as this year’s schedule was completed, are MLB’s first there and represent a key element of the league’s fast-rising international ambitions.

The Seoul Series is part of a so-called MLB World Tour, which also includes stops this year in the Dominican Republic, England [[link removed]], and Mexico. Similar to other major U.S. leagues such as the NFL, NBA, and NHL, international play is a critical ambition for MLB as it seeks to expand its non-American audience. The Seoul games Wednesday and Thursday will begin at 6:05 a.m. ET.

South Korea is much closer to Ohtani’s home country of Japan than the U.S., and the ticket resale market is already exploding for the pair of games, reaching [[link removed]] a listing price in some cases more than $3,000 per ticket to see the phenom. It’s not exactly the second coming of Beatlemania but not exactly different, either, further burnished by the return of countryman and Padres shortstop Ha-Seong Kim, who played his first seven pro seasons in South Korea before signing with San Diego in early 2021.

“I appreciate all the attention,” Ohtani said last weekend after arriving in Seoul. “I still need to be part of the team. I want to prove to everyone that I’m actually a Dodger now.”

Ohtani’s already-massive profile was further burnished this week by New Balance’s release [[link removed]] of a logo dedicated to the superstar. The mark, showing Ohtani rounding first base, further elevates him far beyond the realm of ordinary athlete endorser.

“This is just the beginning,” said Chris Davis, New Balance CMO and senior vice president of merchandising dining. “We will continue to innovate, inspire, and give back in a way that can only be expressed through Shohei.”

Union Unrest

The MLB Players Association, meanwhile, is fighting rising internal issues as both The Athletic [[link removed]] and ESPN [[link removed]] reported that a tense video conference Monday involved a majority of involved players calling on union executive director Tony Clark to dismiss deputy director Bruce Meyer in favor of Harry Marino, a lawyer who helped a historic unionization effort of minor league players.

No decision has been made on Meyer’s fate. But the situation appears to run on multiple schisms. Many younger players with recent minor league experience have a close relationship with Marino. Meyer is also accused of being too tied ideologically to super agent Scott Boras.

Spending on players this offseason, meanwhile, is down by roughly $1 billion from last year’s record outlay of $3.9 billion. But that hardly tells the whole story, as nearly a third of the latest haul was dominated by just two players: Ohtani and new Dodgers teammate Yoshinobu Yamamoto [[link removed]]. What’s more, many teams have cut back their spending as uncertainty [[link removed]] regarding the bankrupt Diamond Sports Group and the overall state of local television ratings have roiled [[link removed]] the industry.

Another Wall Street Giant Wants a Piece of Sports [[link removed]]

MUFC

Another financial services giant can’t get enough of sports, and it is also expanding its operation to have a much larger presence in the industry.

Six months after Goldman Sachs created [[link removed]] a unit devoted to sports franchises, Wall Street rival JPMorgan Chase is forming its own investment banking team focused on sports. The new “sports investment banking coverage group” will also provide advisory and financing solutions for efforts such as buying into teams.

The investment bank’s moves arrive amid several ongoing shifts within sports: an increased willingness among leagues to allow for institutional investment, a rising interest in sports by high-net-worth individuals as an additional asset class, and continually soaring team values around the world in both men’s and women’s sports.

“With top sports franchises in the U.S. and Europe now valued at more than $400 billion in total, sports have become an increasingly large asset class, attracting more and more institutional investors,” wrote Fred Turpin, JPMorgan global head of media and communications investment banking, in a memo to company staff.

The new group will be led by Eric Menell and Gian Piero Sammartano.

Been Here Before

Even before this structural move, though, JPMorgan was hardly a stranger to sports. It has already been involved in numerous team and stadium deals, including Jim Ratcliffe’s recent purchase [[link removed]] of a minority equity stake and operational control of the Premier League’s Manchester United (above). It also was previously tangled [[link removed]] in the bankruptcy of Diamond Sports Group.

Many U.S. firms previously working on sports deals, however, have frequently pulled in personnel from other functional teams.

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FRONT OFFICE SPORTS TODAY Giannis Makes Media Move

Kiyoshi Mio-USA TODAY Sports

Giannis Antetokounmpo’s new media and production company, Improbable Media, which he cofounded with ESPN analyst Jay Williams, foregrounds underdog stories. The Bucks’ star began with his own for an Amazon Prime feature-length doc. But this is not just another athlete-led vanity project. For one thing, the company’s slate includes a scripted heist film that he is producing. CEO Jonathan Stern joins the show to discuss how Improbable was born from hardship and resilience, plus how it hopes to change the celebrity-driven media conversation.

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

TIME CAPSULE March 20, 1989: So It Begins for Charlie Hustle

Tony Tomsic-USA TODAY NETWORK

On this day 35 years ago: MLB announced it was investigating all-time hit leader and then Reds manager Pete Rose for unspecified “serious allegations,” beginning an extensive process that would ultimately lead to his exile from the sport. A day after the league’s announcement, Sports Illustrated published a major report [[link removed]] detailing Rose’s ties to gambling on baseball that existed in direct violation of league rules.

The long-running Rose saga would ultimately involve five different MLB commissioners. But once the league formally began its probe, life would never be the same again for him. On Aug. 24 that year, MLB banned Rose for life from baseball, and the Baseball Hall of Fame in 1991 followed suit to make those on the league’s “permanently ineligible” list also barred from induction. Rose denied any wrongdoing for years, but in 2004 he finally admitted he bet on baseball and the Reds. He has since applied multiple times for reinstatement without success, and, last summer, MLB commissioner Rob Manfred said the league’s various business relationships with legalized gambling do not change his assessment of Rose’s case.

LOUD AND CLEAR Frugal in Big D

Tim Heitman-USA TODAY Sports

“Because the market’s inflated in our mind.”

—Cowboys executive vice president Stephen Jones (above, right) on why Dallas has not been a major player [[link removed]] in free agency so far this offseason. The team has signed just one free agent—linebacker Eric Kendricks—and re-signed four of its own players. Further magnifying the Cowboys’ inactivity is that their NFC East rivals—the Commanders, Eagles, and Giants—have all made splashy moves. Jones, who added that “player acquisition is 365 days a year,” can also point to the fact that Dallas has had 13 draft picks named to at least one Pro Bowl since 2014, when Will McClay took over the team’s draft as vice president of player personnel. As of Tuesday, the Cowboys had $7,262,561 in salary cap space, according to Spotrac [[link removed]]. Only the Giants, Browns, and Falcons have less.

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Rates for Best Venues [[link removed]] increase this Sunday at 11:59 p.m. ET. Ensure your venue is considered for this year’s award and submit today.

The inaugural Best Venues Award will use data-driven methodology backed by Sports Innovation Lab to showcase the most innovative facilities in sports. Don’t miss your chance to have your venue represented.

Learn more about the award and submit your venue [[link removed]] before rates increase.

Conversation Starters LeBron James and JJ Redick launched [[link removed]] a new basketball podcast, Mind the Game, and the first episode aired Tuesday. Jon Rahm has chosen [[link removed]] the menu next month for the 2024 Masters Champions Dinner, a tradition where the previous year’s winner selects the meal for Augusta National’s clubhouse on the Tuesday of tournament week, typically reflecting the champion’s home cuisine or personal preferences. Red Bull has inked a deal [[link removed]] with its first NIL athlete: MiLaysia Fulwiley, the standout freshman star from South Carolina and MVP of the SEC tournament. Editors’ Picks WNBA Could Seek Its Own Media Deal [[link removed]]by Michael McCarthy [[link removed]]The league is open to splitting its negotiations from the NBA’s, sources say. Disney Succession Talk Rises Amid Shareholder Battles, ESPN Changes [[link removed]]by Eric Fisher [[link removed]]Public attention rises on who will lead the company after Bob Iger. New ‘Sports Illustrated’ Publisher Carries Big Opportunities, Bigger Expectations [[link removed]]by Eric Fisher [[link removed]]Minute Media has generated big traffic, but ‘SI’ represents something else entirely. 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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