November 16, 2021

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For the sixth time in franchise history, the Green Bay Packers are offering ownership shares to the public for $300. One catch: the stock will have no value, pay no dividends, and give owners no say in team matters.

More U.S. Cities Likely to Host World Cup Games

Trevor Ruszkowski-USA TODAY Sports/Design: Alex Brooks

FIFA announced [[link removed]] the third and final leg of its tour for prospective 2026 World Cup host cities in North America.

Vancouver — which expressed late interest — is not on the list, making the U.S. likely [[link removed]] to host in 11 cities instead of the expected 10.

A delegation led by CONCACAF president and FIFA vice president Victor Montagliani will visit Edmonton, Mexico City, Guadalajara, Los Angeles, and Toronto between Nov. 17-22, helping decide which 16 North American cities will host the tournament.

It will be the first World Cup with 48 countries competing — and three co-hosts.

Toronto and Edmonton are the only potential host cities left in Canada — Montreal dropped out this summer.Mexico is slated to host in three cities.Atlanta, New York, Miami, Dallas, and Denver, among other cities, have already [[link removed]] been toured in the U.S. The Boston Consulting Group says that the projected revenue from five matches is roughly $360 million.

FIFA will assess each city’s facilities, focusing on sustainability and infrastructure. Qatar, which won the 2022 World Cup bid, expects a $20 billion economic boost from the event.

The final city selections are expected to be made in the first half of 2022.

McLaren Denies Reports of Audi Takeover

McLaren Racing/Design: Alex Brooks

McLaren denied reports that it had been purchased by Audi but acknowledged ongoing partnership talks.

The report [[link removed]] from website Autocar stated that the German automaker was buying McLaren to secure a place in the Formula 1 racing series.

McLaren quickly issued a statement [[link removed]] calling the report “wholly inaccurate.”

“McLaren’s technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers, however, there has been no change in the ownership structure of the McLaren Group,” the company wrote.

The company previously collaborated [[link removed]] with Mercedes to redesign its engine.

McLaren raised [[link removed]] $760 million in July. Ares Management and the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, contributed $550 million of that sum.The company raised another $620 million through a bond issue shortly thereafter.

Audi-owner Volkswagen has been in talks [[link removed]] with F1 about a potential entry into the racing series, through a partnership between either Audi and McLaren or Porsche and Red Bull.

F1 hopes that its new engine standards — due to rollout in 2025 — will help entice Volkswagen. McLaren plans to enter the off-road electric racing series Extreme E next year.

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Vivid Seats Reports Record Third Quarter

Vivid Seats/Design: Alex Brooks

Nearly a month after going public via SPAC merger, Vivid Seats reported [[link removed]] a record $139.5 million in third-quarter revenue on Monday, an increase from negative $7.1 million last year.

The ticket exchange and resale company reported a net loss of $1.8 million, a noteworthy improvement from its $40.2 million net loss a year prior.

The SPAC merger with Horizon Acquisition Corp. valued the combined company at $1.95 billion. Horizon is led [[link removed]] by Todd Boehly, co-owner of a number of teams including the Los Angeles Dodgers, Lakers, and Sparks.Sports betting company DraftKings contributed to a significant PIPE investment in Horizon last month. Boehly is also an investor in DraftKings.

Vivid is looking to expand even further. CEO Stan Chia says the company is assessing “what might make sense” for it to pursue, with the aim of becoming as recognizable as Ticketmaster and StubHub.

Vivid Seats expects revenue for the year to land between $420 million and $435 million but emphasized the negative effect the COVID-19 pandemic “is likely to continue to have” on the company’s results.

Powersports Marketplace Posts $221.2M in Revenue

Rumble On/Design: Alex Brooks

RumbleOn, a technology-based powersports marketplace, reported [[link removed]] an 88.1% year-over-year increase in third-quarter revenue to $221.2 million, reaching $37.4 million in total gross profit.

The powersports division — a subset of motorsports that includes motorcycles, ATVs, snowmobiles, and more — hit $105.5 million in revenue, up from $7.5 million during the same period last year.

RumbleOn is the first marketplace of its kind and aims to “transform the highly fragmented powersports industry,” says [[link removed]] CEO Marshall Chesrown.

The company had $71.3 million in cash plus cash equivalents as of Sept. 30.

RumbleOn merged with RideNow in August.The company entered an agreement to purchase Freedom Powersports last week, adding 13 locations and spreading its reach to Georgia and Alabama.

RumbleOn saw used retail unit sales jump 53% year-over-year for the quarter, with September alone climbing 65% compared to last year. Total powersport unit sales went from 747 during Q3 2020 to 5,490 in Q3 2021.

The company raised its full-year forecast, projecting revenue between $1.55 billion and $1.6 billion. It also opened [[link removed]] a 60,000 square-foot fulfillment center last month in Orlando.

SPONSORED BY VENUENEXT

United Center’s Most Fan-Focused Season Yet

Chicago’s United Center [[link removed]] found a valuable new partnership in one of the leading technology providers for stadiums and arenas.

Earlier this year, Shift4 and VenueNext [[link removed]] integrated their suite of innovative payment processing and customer engagement solutions, which have helped deliver the next evolution of a centralized live event experience for Bulls and Blackhawks fans as well as concertgoers.

This partnership will solve multiple commerce needs as a one-stop-shop solution for the United Center, reducing overall technology costs and complexity. VenueNext’s mobile-first approach has been incorporated into every aspect of fandom, including the VenueNext Point of Sale, mobile ordering at concessions and retail shops, a best-in-class mobile wallet with loyalty features, a unique experience marketplace and more.

Learn more [[link removed]] about these cutting-edge solutions.

Conversation Starters Leading golf course operator Troon announced [[link removed]] a significant strategic investment from TPG Capital and golf star Rory McIlroy’s Symphony Ventures. Socios has entered into a partnership [[link removed]] with Kraft Sports and Entertainment in which the blockchain company will produce fan engagement products for the New England Patriots and the New England Revolution. It’s Socios’ first entry into the NFL and MLS. Chinese Super League club Hebei FC’s employees have offered [[link removed]] to work for free while the team recovers from extreme financial hardship and seeks new investors. In their inaugural year as a PGA TOUR Champions event, Constellation FURYK & FRIENDS set the standard for taking a local community effort to the national stage. Read about how Jim and Tabitha Furyk brought their vision to life here [[link removed]].*

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Today's Action

NHL

10:08 PM

Hurricanes (-125) at Golden Knights (+105)

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NCAA

08:00 PM

Bowling Green (+525) at Miami OH (-760)

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NBA

10:10 PM

76ers (+290) at Jazz (-380)

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*All times are EST unless otherwise noted.

*Odds/lines subject to change. T&Cs apply. See [[link removed]] for details.

Question Of The Day

Are you currently looking for a new job?

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Monday’s Answer

30% of respondents are excited about the metaverse.

Written by Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]]

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Front Office Sports College [[link removed]] - Business of College Sports Newsletter

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