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Morning Edition

May 5, 2025

Leeds United is back in the Premier League for the first time under 49ers Enterprises. President Paraag Marathe spoke with Front Office Sports about the path to promotion, the club’s future, and what it all means for American investment in European soccer.

— David Rumsey [[link removed]]

Leeds’ Rise: NFL Playbook, Premier League Stakes, ‘Untapped Potential’

Premier League

Leeds United won its final match of the season Saturday to seal the EFL Championship title, in addition to its previously clinched promotion, which marks the first time the English soccer club will be back in the Premier League since being purchased by 49ers Enterprises, the investment arm of the NFL franchise.

In June 2023, 49ers Enterprises acquired Leeds [[link removed]], which had just been relegated to the second tier of English soccer, at a reported valuation of roughly $200 million. Since then, Leeds has had a new chairman, Paraag Marathe, who still serves as president of 49ers Enterprises and EVP of football operations for the 49ers.

Marathe led the somewhat controversial deal to bring on Red Bull as a minority club investor and kit sponsor last year, and is now leading efforts to renovate and expand Leeds’s longtime stadium [[link removed]], Elland Road, from its current capacity of 37,645 to up to 56,500.

Leeds counts several American celebrities as minority owners, like actors Will Ferrell and Russell Crowe, in addition to professional athletes like Jordan Spieth and Michael Phelps.

With Leeds headed back to the Premier League, Marathe caught up with Front Office Sports to dive into the past two years of ownership, his dual roles with the 49ers and Leeds, the influx of American investment in English soccer, and the financial pros and cons of promotion.

What was the journey to promotion like?

It’s been a pretty challenging two years. When we first took this club over, we knew that Leeds United had so much untapped potential—and still does have so much room to grow. But gosh, it was a club that had just been relegated, had a credit card bill of over 250 million pounds of payables on transfers for players who were either already not playing for us or we were trying to move on from, or had loan clauses to play elsewhere. Organizationally, we had to bring in people to stabilize on the football and commercial side. It was a lot of work.

What does promotion mean for the valuation of Leeds?

Valuation is kind of irrelevant to me because right now I’m just focused on getting the club as competitive as we can. And honestly, the name of the game is survival. It’s not lost on me that all three promoted clubs from last season are getting relegated. Every single penny we earn is going to be poured directly back onto the pitch. We’re not taking a dividend out of this club today, tomorrow, ever.

How are you managing your dual responsibilities with Leeds and the 49ers?

It’s a passion. It’s not a job. It’s what I love to do. I love competition. Actually, I hate losing more than I love winning, but it’s what drives me.

I was bummed to not be there for the Stoke City match, where shortly after we clinched promotion. That’s because I had the NFL Draft that was Thursday, Friday, and Saturday. And then Sunday morning, I drove to San Francisco International Airport, and took a flight to make it to the last home Leeds match for Bristol City.

Read the full interview with Paraag Marathe and explore how Leeds United climbed back to the Premier League here [[link removed]].

FRONT OFFICE SPORTS HONORS

To the Best in the Business of Sports

New in 2025, Front Office Sports Honors [[link removed]] showcases the individuals and organizations reshaping the business of sports. These awards recognize the rising professionals forging their path in the industry, alongside the teams, leagues, and businesses driving meaningful change for fans, athletes, and the sports world at large.

Front Office Sports Honors includes the Rising 25 Award and Most Innovative awards.

Established in 2017, the Rising 25 Award [[link removed]] celebrates the brightest young stars in the business of sports and has become one of the most competitive and prestigious awards in the industry.

In partnership with Sports Innovation Lab, the Most Innovative awards spotlight the trailblazing organizations redefining the sports industry through creativity and progress–from venues and athletic departments to brands, leagues, teams, and more. See the full slate of award categories here [[link removed]].

The nomination window is now open. Submit now [[link removed]] for the best price.

Kentucky Derby Sets Ratings, Betting Records Despite Attendance Dip [[link removed]]

The Courier-Journal

The Kentucky Derby drew its best TV audience since 1989, as 17.7 million viewers tuned into Saturday’s race on NBC and Peacock. That’s up 6% from last year’s audience of 16.7 million.

Viewership peaked at 21.8 million viewers just after 7 p.m. ET, when Sovereignty, who entered Saturday with the second-best odds of winning (5–1), narrowly defeated Kentucky Derby favorite Journalism [[link removed]] (3–1). That’s up 8% from the peak audience of 20.1 million in 2024. Larry Collmus called his record-breaking 15th consecutive Kentucky Derby [[link removed]] for NBC on Saturday.

Sovereignty earned the $3.1 million first-place prize for owner Godolphin, the thoroughbred horse racing and breeding operation of the Maktoum family, who are the rulers of Dubai. Typically, jockeys and trainers are each paid out 10% of the winnings.

Place Your Bets

The Kentucky Derby set yet another record for betting handle, despite a noticeable dip in attendance. The crowd of 147,406 at Churchill Downs was down almost 6% from 156,710 last year [[link removed]], which was the largest attendance number at the Kentucky Derby since 2018. Rainy weather over the weekend created damp and cold conditions in Louisville, including an especially muddy racetrack and infield, which is where some of the most affordable tickets allow access.

But that didn’t stop bettors at the track and home from getting in on the action.

Churchill Downs announced that wagering from all sources on the entire day of races at the Kentucky Derby totaled $349 million, breaking the previous record of $320.5 million set in 2024. When the entire week of races is factored in, that rises to $473.9 million, also a record.

Betting on the Kentucky Derby itself totaled a record $234.4 million, besting last year’s sum of $210.7 million.

F1 Doubles Down on U.S. With Record-Setting Miami GP Extension [[link removed]]

Sam Navarro-Imagn Images

McLaren driver Oscar Piastri won the Miami Grand Prix on Sunday, which was the fourth edition of the race that is now the longest contracted event on the Formula One calendar.

As F1 descended upon South Florida for the first of three races in the U.S. this season, a 10-year extension with the Miami GP was announced, which will keep the grand prix on the F1 calendar through at least 2041. F1’s race in Melbourne, Australia, has the next-longest contract, through 2037.

The Miami GP is owned and operated by South Florida Motorsports, which is one part of the professional sports empire of Stephen Ross, who also owns the Dolphins, Hard Rock Stadium, and Miami Open tennis tournament. In December, Ross sold [[link removed]] 10% of those assets to private equity firm Arctos and 3% to Nets owner Joe Tsai.

Final TV ratings and on-site attendance numbers for this year’s Miami GP were not available Sunday evening, but the 2024 edition broke records on both fronts, drawing an audience of 3.1 million viewers on ABC and 275,000 fans to the track across the three-day event.

American Mindset

When F1 returns Stateside for the U.S. Grand Prix in Austin in October, the sport may have a new U.S. media rights deal, as negotiations with various potential partners continue [[link removed]]. ESPN’s contract expires following the 2025 season.

After Texas, F1 will head back to Las Vegas in November for the third edition of its new race in Sin City.

STATUS REPORT Four Up

The Indianapolis Star

Indiana Fever ⬆ The WNBA team defeated Brazil’s national women’s basketball team 108–44 during a Sunday exhibition match in front of a sold-out Carver-Hawkeye Arena [[link removed]] in Iowa City. Caitlin Clark scored 16 points playing at her alma mater for the first time as a professional.

Bryson DeChambeau ⬆ The golfer cashed a $4 million check for winning LIV Golf’s Korea event on Sunday, and his squad, Crushers GC, collectively earned $3 million for winning the team tournament.

London City Lionesses ⬆ The English soccer club that is part of Michele Kang’s multiclub portfolio [[link removed]] has earned promotion to the Women’s Super League for the first time. Kang also owns the NWSL’s Washington Spirit and French club Olympique Lyonnais.

Venus Williams ⬆ TNT Sports has hired the seven-time tennis Grand Slam winner as an analyst for its French Open coverage [[link removed]], which debuts later this month.

Conversation Starters It was another close finish at the Kentucky Derby. Check out the moment [[link removed]] Sovereignty won the 151st running of the race. The line outside Carver-Hawkeye Arena before Sunday’s game featuring the Indiana Fever and Brazil was outrageous. Take a look [[link removed]]. Editors’ Picks Jayson Werth: Winning Belmont Stakes ‘Comparable’ Emotions to World Series [[link removed]]by Ryan Glasspiegel [[link removed]]Werth spoke to FOS at Churchill Downs about the race day high. Roundball Rock Will Return to NBC Alongside NBA Media Rights [[link removed]]by Michael McCarthy [[link removed]]The song will highlight NBC’s return to hoops coverage next season. Pro Refs Get Offered Free Lasik for Better Calls. Some Took It [[link removed]]by Margaret Fleming [[link removed]]Some pro officials have sprung for the offer for free corrective surgery. Question of the Day

Did you place a bet on the Kentucky Derby?

Yes [[link removed]] No [[link removed]]

Friday’s result: 54% of respondents believe Formula One will extend its U.S. media rights deal with ESPN, while 46% don’t.

Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Events [[link removed]] Video [[link removed]] Shows [[link removed]] Written by David Rumsey [[link removed]] Edited by Matthew Tabeek [[link removed]]

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