Peloton has filed lawsuits against rivals Echelon and iFit over alleged patent infringement related to the company’s on-demand fitness classes.

Known for its at-home bikes and treadmills, Peloton is seeking compensation and a court order that would prevent Echelon and iFit from selling their alleged patent-violating products until the patents expire. One of those patents was obtained last week by Peloton. 

Peloton and the two companies already have a checkered history. 

• In 2019, Peloton filed a suit against Echelon for “imitating the Peloton bike” experience and broadcasting live and recorded cycling classes.
• Peloton sued iFit — previously known as Icon Health and Fitness — in May 2020, claiming the company copied two patents for connected fitness programs. 
• Five months later, iFit sued Peloton for allegedly stealing patents for the company’s latest stationary bike model, which included a swivel screen. 

Earlier this week, Peloton announced plans to sell $1.1 billion of its Class A common stock to generate more cash, as demand for its products dwindles. 

The company generated $805.52 million in revenue in fiscal Q1 2022, missing Wall Street estimates of $810.7 million in revenue for the quarter.

Premier League chair Gary Hoffman will resign in January following criticism from a majority of the league’s clubs due to his handling of the Newcastle United takeover.

After 18 months of negotiations, a consortium led by the Saudi Arabian Public Investment Fund, which is headed by crown prince Mohammed bin Salman, bought the team for $409 million. The PIF is the ninth-largest sovereign wealth fund in the world, managing over $430 billion.

The group’s initial bid in April 2020 — when Hoffman was appointed — was met with immediate questions, as Qatar-based beIN Media Group had been blocked from broadcasting the league’s games in the Saudi Kingdom since 2017. 

The Kingdom also set up a “shadow network,” pirating billions of dollars worth of content.

The consortium needed to prove that the team would not be controlled by Saudi Arabia, but the country’s leaders declined to submit themselves to the league’s owners’ and directors’ test. Hoffman continued the process anyway.

• He held discussions with the wealth fund’s chair Yasir al-Rumayyan and British financier Amanda Staveley, who is also part of the ownership group.
• With “legally binding assurances” that Saudi Arabia was not in control of the club, the league eventually approved the purchase — details of the commitments have not been provided.

Hoffman says that while the Newcastle outcome is a factor, it is not the sole reason for his resignation.

The Tampa Bay Rays laid out plans for a new stadium — which include playing half their home games in Montreal.

The unique arrangement would require new stadiums in both cities. 

Last week, team president Brian Auld presented a proposal to local officials and community members in which the team and city would split the cost of a $700 million stadium.

• The Rays’ current lease at Tropicana Field runs until 2027.
• Auld’s pitch for the “sister cities” concept centers on the idea that both cities would struggle to support a full-time team, but that stadiums intended for fewer games per season could be built more cheaply.
• The Rays were one of only three teams to average fewer than 10,000 fans at home games in 2021, despite winning more regular-season games than all but two teams and making it to the World Series the previous year.

Local officials have expressed skepticism about investing in a part-time team, but Auld has argued that the alternative is losing the Rays entirely.

“One billion is not a cost that this community can reasonably spend,” he said, referring to the sort of local investment that would be required to keep the Rays solely in the Tampa area.

He added that Montreal officials are open to the idea. The city has not had an MLB team since the Expos left for Washington, D.C., in 2005.

Sportradar posted $158.7 million in revenue in Q3 2021, a 30% increase compared to the same period last year.  

The sports data aggregator saw growth across all segments in Q3, led by its U.S. business, which generated $22 million in revenue during the quarter — a 119% increase compared to Q3 2020. Sportradar expects full-year revenue to range between $641 million and $644 million. 

The company will benefit from the $125 billion that will be bet on the NBA worldwide in 2021, plus an estimated $47 billion wagered on NFL games this season. 

Sportradar has been expanding rapidly as the sports betting market grows.  

• March: The company agreed to acquire Synergy Sports, a college sports data provider.
• May: It agreed to acquire InteractSport, a sports data company with expertise in cricket.
• August: The company extended its partnership with FanDuel through 2028. 
• November: It secured betting data rights deals with UEFA and the NBA. 

Sportradar went public in September after raising $513 million through an IPO, giving the company a valuation of just under $8 billion.  

The Switzerland-based company originally planned to go public in March via a merger with Horizon Acquisition Corp., a SPAC backed by Los Angeles Dodgers co-owner Todd Boehly.

The deal dissolved following SEC-issued guidance regarding how SPAC investments are classified.