The Bears’ lakefront stadium proposal isn’t a departure from ongoing facility projects in other NFL markets, but that hasn’t stopped the local resistance from continuing to build. … A senior executive departure and forthcoming layoffs marks the latest hit in a lengthy decline for Peloton. … Jordan Spieth isn’t clear on the PGA Tour’s player equity program. … MLB has a strong April at the gate, continuing the league’s attendance momentum. … Plus: More on limited team partners, the Bundesliga, U.S. soccer, and sports betting.
—Eric Fisher and David Rumsey
|
|
|
On the surface, what the Bears are proposing for their new $4.7 billion lakefront stadium is hardly radical by current NFL standards. The team’s pitch for a new stadium adjacent to Soldier Field, with about $2.3 billion in private money, easily beats the team-level contributions for forthcoming facilities in Buffalo and Tennessee, both in
actual amount and percentage of overall development cost, and could also overtake what is being discussed in Kansas City and Cleveland.
And despite the ongoing debate about the best use and preservation of Chicago’s downtown museum campus, no private landowner would be displaced in this project. The office of Illinois Gov. J.B. Pritzker, however, has already branded the Bears’ effort, as currently constructed, as a “nonstarter.”
Such is the highly delicate nature of the city- and state-level politics surrounding the team’s stadium pitch. Even with the massive popularity of the NFL nationally and the Bears locally, and the particulars that the team has offered to date, the Bears’ proposal is running hard into broader realities and a general resistance to even a perception of enriching a wealthy team owner with taxpayer funds.
“As the governor has said, the current proposal is a nonstarter for the state,” said Alex Gough, a spokesman for Pritzker. “In order to subsidize a brand-new stadium for a privately owned sports team, the governor would need to see a demonstrable and tangible benefit to the taxpayers of Illinois.”
Conversations between the team and Pritzker’s office are still ongoing, and the Bears said they “share a commitment to protecting the taxpayers of Illinois and look forward to future discussions.”
State-level support is likely critical for the stadium, as the team in particular has not identified a funding source for three phases of infrastructure development that are projected to total $1.5 billion, only saying last week, “There are dollars that we believe exist at the state level, maybe the federal level, and potentially the city level.”
Back in the City
Chicago mayor Brandon Johnson, whose full support of the lakefront proposal has already rankled critics, continues to face further criticism for his position. Recent local columns and editorials have opined that Johnson “is playing fantasy football with our money,” and that “the Bears are looking out for the Bears.”
Should the downtown stadium development fizzle out, officials in suburban Arlington Heights said they remain ready to restart talks with the Bears.
|
|
|
|
Peloton, the once-booming leader in the at-home fitness space, announced Thursday that CEO Barry McCarthy is stepping down and about 400 jobs, or 15% of its workforce, would be cut. It’s just the latest bad news in what has been a roller coaster for Peloton since going public in 2019. Here’s a snapshot of major events in recent years.
- Dec. 5, 2019: The release of a holiday ad deemed controversial by some coincides with Peloton’s stock dropping more than 10% in a matter of a few days.
⬇️ Stock value: $31.31
- Dec. 23, 2020: Peloton stock hits an all-time high on the back of skyrocketing business during the COVID-19 pandemic that closes gyms and keeps hundreds of millions of customers in their homes.
⬆️ Stock value: $162.76
- Feb. 4, 2021: The company reports its first billion-dollar fiscal quarter and pledges to spend $100 million to speed up shipping times to meet increasing demand. Later that month, a Saturday Night Live skit pokes fun at the brand’s popularity.
⬇️ Stock value: $146.79
- Dec. 31, 2021: Peloton stock finishes the year down 76% as the at-home fitness craze slows.
⬇️ Stock value: $35.76
- Feb. 8, 2022: Cofounder John Foley steps down as CEO and becomes executive chairman just weeks after major shareholder Blackwells Capital called for his removal. McCarthy, a former CFO at Spotify and Netflix, takes over as CEO as the company announces it will cut 2,800 jobs.
⬇️ Stock value: $37.27
- Sept. 12, 2022: Foley and fellow cofounder Hisao Kushi exit the company altogether after another 800 jobs were eliminated the month before.
⬇️ Stock value: $11.07
- Jan. 5, 2023: Peloton agrees to pay a $19 million civil penalty for failing to immediately report treadmill defects—which caused a child’s death—to the U.S. Consumer Product Safety Commission.
⬇️ Stock value: $8.58
- May 11, 2023: A recall of 2.2 million Peloton bikes is announced due to a seat defect on original models sold as far back as ’18.
⬇️ Stock value: $6.86
- Oct. 18, 2023: Peloton strikes a deal to offer NBA and WNBA games from compatible devices via its new entertainment hub. The live sports play came two months after Peloton’s first name, image, and likeness deal with Michigan athletics.
⬇️ Stock value: $4.80
On Thursday, Peloton stock closed at $3.14 after dipping below $3 for part of the day. Two interim CEOs were announced as the company said it would begin a comprehensive search for its next long-term leader.
|
|
|
|
|
26,927
Major League Baseball’s average attendance through April, marking a 0.9% increase from last year and the league’s best total for April since 2017. MLB is continuing its momentum at the gate from last year as pace of play improvements introduced in ’23, particularly the pitch clock, have also carried over into this season. Beneath the top-line increase, though, is a notable dichotomy as 18 of the league’s 30 teams are down in attendance, and the A’s are drawing minor-league-level crowds at the Oakland Coliseum. Helping to overtake all of that is a set of clubs, including the Diamondbacks (above), Orioles, and Rangers, that have translated success on the field in ’23 to double-digit-percentage increases at the gate this season.
|
|
|
“It’s very confusing.”
—Jordan Spieth (above), on the rollout of the PGA Tour’s player equity program. Speaking ahead of this week’s tournament in Texas, the CJ Cup Byron Nelson, Spieth was asked about the ownership stakes some golfers are receiving in the newly formed PGA Tour Enterprises, of which he was reported to be getting $30 million. “It still is confusing for us players on when it’s vested, what’s the best idea for taxes. … It’s fairly complicated,” he said. The equity grants will be worth 50% of their value after four years, 75% after six years, and 100% after eight years, at which point a player would be able to sell their stakes.
While Tiger Woods was reported to be receiving $100 million of equity and Rory McIlroy $50 million, Spieth said he doesn’t know exactly how much other players are receiving, but he did say some have been surprised with how much, or how little, they’re getting. “I’ve not heard people upset with the process as much as maybe just in general the idea of if they missed out on it, and there were obviously guys excited about it, too,” he added.
|
|
|
Limited partners ⬆ The Mariners have added new minority team owners in Microsoft vice chair and president Brad Smith and his wife, Kathy Surace-Smith. Meanwhile, a small percentage of the Bills was recently transferred to Laura Pegula, the daughter of Buffalo’s majority owners Terry and Kim Pegula, according to The Athletic.
Bundesliga ⬆ Germany’s top soccer flight will place five teams in next season’s UEFA Champions League, up from four this year, thanks to Borussia Dortmund’s victory over Paris Saint-Germain in Wednesday’s first leg of the UCL semifinal.
American soccer ⬆ U.S. youth international player Cavan Sullivan (above), 14, has signed a historic deal with the Philadelphia Union, per The Athletic. Sullivan will play for the MLS team until he turns 18, at which point he will transfer to Manchester City, which will pay up to $5
million for his rights.
Sports betting ⬇ Money spent on advertisements for legal sports wagering in 2023 decreased 21% from the year before, according to a new study from the American Gaming Association.
|
|
- Omaha Productions has released the first teaser for Full Court Press, a new four-episode docuseries spotlighting Caitlin Clark, Kamilla Cardoso, and Kiki Rice. Watch here.
- After tweeting “CRY” at Islanders fans last week, the Hurricanes proceeded to eliminate New York from the Stanley Cup playoffs. Now, Carolina is selling T-shirts with the same message on them and proceeds are going to the National Diaper Bank Network, which provides diapers to babies in need.
- As part of its new Icons series, Airbnb will offer guests a chance to stay inside the Ferrari Museum in Maranello, Italy. The package includes a bedroom, bathroom, a private tour of the museum, dinner at Cavallino restaurant, a lap around the Pista di Fiorano track, and VIP paddock area access for the Emilia Romagna Grand Prix. Check it out.
|
|
 | If TNT loses its NBA media rights, the ‘Inside the NBA’ star has an out
clause. |
 | Garcia stunned Devin Haney last month, but it has come out that he tested positive twice
before the fight. |
 | To Brett Yorkmark, ‘More is more.’ |
|
|
