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Afternoon Edition
March 20, 2025
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The Celtics sale valuation of $6.1 billion sets a North American sports record. Boston is a marquee franchise, but it doesn’t own its arena, doesn’t have a huge local-rights deal, and is facing enormous luxury-tax payments. How, then, did bidding reach this number?
Scarcity plays a key role.
— Eric Fisher [[link removed]], David Rumsey [[link removed]], and Colin Salao [[link removed]]
Celtics Record Sale Highlights Scarcity Value of Marquee Franchises [[link removed]]
Peter Casey-Imagn Images
For many decades, plenty of pundits have erroneously claimed that sports franchise sale prices cannot rise any higher. The record-setting, $6.1 billion sale of the Celtics [[link removed]] to a group led by private equity executive Bill Chisholm again puts the maxim of ever-rising team values to the test.
The two-stage Celtics deal, while containing no shortage of hurt feelings [[link removed]], also reveals the complex nuances of several industry trends colliding at once.
In just beating out the 2023 sale of the Commanders for $6.05 billion, the Boston deal again shows the particular scarcity of major league franchises, as well as the deep appeal of marquee teams such as the Celtics and Commanders to high-net-worth individuals. The agreement in Boston is also fundamentally underpinned by soaring NBA media-rights revenue as the league last summer more than doubled its national-level bounty [[link removed]] with $77 billion worth of new deals with Amazon, ESPN, and NBC Sports.
“We expected a big number, obviously now have it, and I think this price certainly could be a motivating factor for other team owners that may be approaching similar decision points,” as current Celtics governor Wyc Grousbeck and his partners, Michael Rueda, partner and head of the U.S. sports and entertainment practice group at the Withers law firm, tells Front Office Sports. “There’s clearly no shortage in investor groups looking to get in and acquire teams. … This also likely will be an influence on an expansion process and what it takes to get access into the league, which is essentially what expansion offers.”
There are, however, elements where the Celtics deal could still represent an overpay. The agreement notably does not include the TD Garden [[link removed]], the team’s home arena but a venue owned and controlled by Delaware North, also the owner of the NHL’s Bruins. The Celtics have a lease there through the 2035–2036 season, but a long-term solution will need to be determined there—a situation that could ultimately result in a new arena [[link removed]].
The team also has just a minority equity interest in regional sports network NBC Sports Boston, and like every other pro franchise, is trying to navigate historic levels of disruption across that part of the media business.
Influence Out West?
Ultimately, MLB’s Dodgers—another marquee team across North American pro sports—could be a critical lesson for Chisholm and his partners. When the Mark Walter–led Guggenheim Baseball Management bought the club in 2012 out of bankruptcy for a then-record $2.15 billion, the deal was also considered a significant overpay.
Walter and his partners, beating out rival bidders by several hundred million dollars, were inheriting a Dodger Stadium that needed significant upgrades, as well as a club that hadn’t won a World Series since 1988 and had been previously consumed by the continued drama surrounding former club owners Frank and Jamie McCourt.
Now, that $2.15 billion purchase price seems like an absolute bargain given the Dodgers’ estimated value of nearly triple that original figure [[link removed]] and the club’s growing economic dominance over the rest of the league [[link removed]].
The Celtics, the league’s defending champions, are hardly in the type of state the Dodgers were in 2012. The MLB club, however, is now flexing its might with unprecedented strength— combining big-market resources with smaller-market scrappiness [[link removed]]—and offers a template for Chisholm and the Celtics.
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UNC’s First Four Win Delivers Record Ratings for March Madness Opener [[link removed]]
Rick Osentoski-Imagn Images
North Carolina’s controversial March Madness selection [[link removed]] helped deliver record TV ratings for the opening night of the First Four in the men’s NCAA tournament.
TruTV drew 3.6 million combined viewers for Tuesday night’s games, led by 2.2 million who watched UNC beat San Diego State 95–68 to earn the No. 11 seed in the bracket’s south region. This marked the first time that the Tar Heels competed in a First Four play-in game.
Earlier in the night, 1.4 million viewers tuned in to the battle for the south region’s No. 16 seed—Alabama State beat Saint Francis 70–68 with a dramatic, last-second shot.
All of those numbers represent all-time records for First Four coverage on a Tuesday (traditionally the opening night), relative to the combined audience and in each broadcast window.
The 2.2 million viewers for UNC’s victory are up 26% from last year’s late Tuesday night slot, which featured Colorado State–Virginia. The 3.6 million Tuesday total is up 21% from 2024.
Tar Heels Tuning In
With UNC already cashing in big time for the ACC [[link removed]] via an extra $2 million March Madness unit, the tournament’s media-rights holders are set to benefit from the program’s blueblood pedigree, too.
TNT will air UNC’s first-round matchup against No. 6 Ole Miss at 4:05 p.m. ET on Friday.
Should the Tar Heels advance, they would play the winner of No. 3 Iowa State vs. No. 14 Lipscomb on Sunday. Second-round TV broadcasters have not decided yet, but that would likely be a coveted matchup for CBS.
Advancing to the Sweet 16 would also seal at least a $50,000 bonus for UNC athletic director Bubba Cunningham, the NCAA tournament selection committee chairperson, who will receive a separate $67,905.66 bonus for the Tar Heels making the field.
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IOC Elects First Female, African President As Big Shifts Loom [[link removed]]
Geoff Burke-Imagn Images
A new and historic era in the Olympic movement is beginning as the International Olympic Committee has elected Kirsty Coventry as its next president.
The Zimbabwe native is just the 10th IOC president since its founding in 1894, and also the first woman and first African in the post. At 41, she also will be the youngest in the post since Pierre de Coubertin, founder of the modern Olympics. She will succeed the resigning Thomas Bach and will take over the reins of one of the sports industry’s largest and most influential organizations at a key precipice of change.
The Olympics, though enjoying a significant resurgence last year in Paris [[link removed]], are attempting to become more inclusive and sustainable—particularly in the face of accelerating global conflict and climate change. As a result, the election of Coventry is seen as a mandate to embrace greater inclusion and athlete engagement, and pursue that in a highly complex organization that combines elements of athletics, politics, philanthropy, and the core business concerns common to any large company.
The selection of Coventry surprisingly required just one vote, a marked divergence from the multiple rounds that had been expected going into IOC meetings this week in Greece.
“This is an extraordinary moment,” she said in an address to IOC members after her election was announced. “As a nine-year-old girl, I never thought I’d be standing here one day getting to give back to this incredible movement of ours.”
The IOC election featured a wide-open, seven-person field—representing one of the most competitive leadership slates ever for the organization—and the proceedings bore numerous similarities to a papal conclave.
Coventry is a former champion swimmer, winning three medals including a gold at the 2004 Summer Olympics in Athens, and most recently served in the Zimbabwean cabinet. She will begin her IOC leadership June 24.
American Influence
Intersection with the U.S. was a notable component of the election. The U.S. is critical to the entire Olympic movement in numerous respects, including Comcast recently extending its domestic media rights that bankroll much of the competition, and two upcoming games to be held between the 2028 Summer Olympics in Los Angeles and the 2034 Winter Olympics in Salt Lake City.
Several candidates for the IOC presidency, notably Juan Antonio Samaranch Jr., openly sought closer ties with U.S. President Donald Trump [[link removed]], despite a brand of White House politics that is alienating many leaders around the globe.
Coventry, for her part, has taken something of a more cautious approach regarding the volatile U.S. politics, stressing that communication and early engagement with American leaders will be key.
STATUS REPORT Two Up, Two Down
Austin American-Statesman
Rodney Terry ⬇ Texas, one of 14 SEC teams to make the men’s NCAA tournament, is reportedly firing its basketball coach [[link removed]] after the Longhorns squandered a 13-point first-half lead and lost to Xavier in the First Four on Wednesday. Terry’s buyout is $5.4 million.
NBA Inside Stuff ⬆ NBC is preparing to bring back the famous studio show [[link removed]] from the 1990s and early 2000s, according to a report by CNBC. A revival would reportedly be a “refreshed” version of the program, though the show did have a short revival on NBA TV from 2013 to 2016. NBC will regain the broadcasting rights to the NBA next season as a part of the league’s 11-year, $77 billion deal [[link removed]].
Subway ⬇ The sandwich chain will not renew its sponsorship deal with the NFL [[link removed]] when it expires at the end of the month, according to Sports Business Journal. The deal started in 2020. The report also indicated the NFL is looking at Jimmy John’s as a potential replacement for Subway.
MLB ⬆ Tuesday’s Dodgers-Cubs season opener in Tokyo [[link removed]] drew 25 million viewers on Japanese TV, making it the most-watched MLB game ever in Japan. That means more than 20% of the country’s population watched the game. The Dodgers ended up sweeping the two-game Tokyo Series.
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Shaka Smart has been refusing to negotiate [[link removed]] with agents this spring, telling his players and recruits that they’ll get the same money from Marquette’s collective with or without one, a source familiar with Marquette’s NIL (name, image, and likeness) negotiations told Front Office Sports [[link removed]].
The pitch from Smart’s camp is that agents won’t help them get more of Marquette’s limited NIL budget [[link removed]], and will only collect commissions, according to the source.
Check out [[link removed]] the Business of College Sports content hub to read the full article [[link removed]], and stay up to date on all things college sports.
Conversation Starters The Mariners are introducing a Tridents Up Cup, a souvenir cup with 32 oz. of soda and free refills for $24.99. Check it out [[link removed]]. Syracuse football coach Fran Brown said his program teaches players financial literacy to help them with their lives, regardless of whether they end up in the NFL. Take a look [[link removed]]. ESPN on-air personality Monica McNutt joined The FOS Interview to discuss the growth of women in sports media, her career pursuits, and her viral moment with Stephen A. Smith from last year. Watch it here [[link removed]]. Editors’ Picks Perfect Storm: St. John’s Biggest Fans Can’t Bet on the School [[link removed]]by Eric Fisher [[link removed]]In the No. 1 sports betting market, the Red Storm are off-limits. Wild Ask Minnesota for $395 Million Toward Arena Upgrades [[link removed]]by Alex Schiffer [[link removed]]The team wants to turn the surrounding area into an entertainment district. How Seth Rollins Is Parlaying WWE Fame Into NFL Commentary [[link removed]]by Ryan Glasspiegel [[link removed]]Rollins will guest-host three days of “Good Morning Football.” DISCLAIMER
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