November 29, 2021

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The world lost a fashion, sneakers, and sportswear icon yesterday.

Virgil Abloh, founder of Off-White and artistic director of Louis Vuitton menswear, died at 41 after a private battle with cancer. As a designer and entrepreneur, Abloh collaborated with everyone from Nike and Jordan to the NBA and ushered in a new era of style in the process.

Rest in peace. ❤️

Soccer Leagues, UEFA Could Lose $9B From Biennial World Cups

FIFA//Design: Alex Brooks

Soccer leagues have been united in their opposition to FIFA’s proposal to double the frequency of the World Cup, and a new study commissioned by domestic leagues shows why.

Biennial World Cups would collectively cost UEFA and domestic leagues $9 billion, according to [[link removed]] the study.

The study focused on the major European leagues, UEFA, MLS, Mexico’s Liga MX, Japan’s J1 League, and South Africa’s top soccer league.

The study found that the 40 biggest domestic leagues would lose up to $5.6 billion in media deals, due to a more compressed calendar and other schedule changes.In September, FIFA released a survey [[link removed]] of 23,000 soccer fans across 23 countries, showing broad support for biennial World Cups, particularly among younger fans.FIFA earned $6.4 billion between 2017 and 2020. More than 70% of that sum came during the World Cup year of 2018.

UEFA, the Premier League, La Liga, and Serie A have already voiced their disapproval of FIFA’s plan for more frequent World Cups.

Last month, more than a dozen UEFA teams floated [[link removed]] the idea of quitting FIFA in protest if the organization goes forward with its plan.

Rams Relocation Lawsuit Settles for Record Amount

Jasen Vinlove-USA TODAY Sports/Design: Alex Brooks

The NFL dodged a trial in a long-running St. Louis relocation lawsuit over the Rams’ move to Los Angeles with a settlement weeks before trial was scheduled to begin.

At $790 million, the price tag to end the legal dispute was the most the NFL has paid to settle litigation.

The settlement, however, was worth it to the league as it ensured sensitive financial information compiled by lawyers representing the plaintiffs — St. Louis, St. Louis County, and the St. Louis Regional Convention and Sports Complex Authority — would not become public at a jury trial that was set to begin Jan. 10.

“This historic agreement closes a long chapter for our region, securing hundreds of millions of dollars for our communities while avoiding the uncertainty of the trial and appellate process,” the plaintiffs in the case said in a joint statement.

The lawsuit filed in 2017 alleged the NFL broke its own relocation rules by allowing Rams owner Stan Kroenke to move to Los Angeles after the 2015 season.

The two sides began mediation last Tuesday. A deal was reached roughly 24 hours later.The settlement didn’t include a promise of a future expansion franchise.The settlement amount is more than the purchase price for all but four NFL teams — Buffalo, Carolina, Cleveland and Miami — and more than any expansion fee in league history.

Kroenke previously tried to settle the lawsuit for $100 million, an offer that was rejected, sources told Front Office Sports [[link removed]] earlier this month.

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Formula 1 Viewership Way Up in the U.S.

Jerome Miron-USA TODAY Sports/Design: Alex Brooks

Formula 1 has exploded in popularity since Netflix debuted “Drive to Survive” in 2019, and that doesn’t appear to be slowing down any time soon.

This season’s United States Grand Prix in Austin recorded a 42% increase in viewership over the same race two years before. Nearly 400,000 fans attended the event.

Across ESPN, ESPN 2, and ABC, F1 is averaging [[link removed]] 947,000 viewers this year — a 56% year-over-year increase.

The Austin race, which had “millions” invested [[link removed]] in infrastructure, drew an average of 1.2 million viewers, reaching a high of 1.6 million.

The U.S. will get another coveted F1 race when the Miami Grand Prix begins in May as part of a 10-year contract [[link removed]].

The United States Grand Prix moved [[link removed].] to Austin in 2012, the first time the event took place since 2007 in Indianapolis. 1984 was the last time there were two races in the U.S. There was a failed attempt at hosting a Weehawken, N.J., race in 2013.Nevada governor Steve Sisolak has said that he’s been in talks with F1 for a Grand Prix in Las Vegas.

The Miami Grand Prix will take place on a track around Hard Rock Stadium, the home of the Miami Dolphins.

Miami Gardens mayor Rodney Harris says the race will “generate millions of dollars, not only for our economy in Miami Gardens, but for the whole South Florida region.”

Dream Sports Valued at $8B After $840M Round

Dream Sports/Design: Alex Brooks

Sports technology firm Dream Sports announced last week that it raised $840 million in a funding round led by RedBird Capital, Falcon Edge, DST Global, D1 Capital, and Tiger Global.

Dream Sports previously closed a $400 million round in March, and the new capital [[link removed]] gives the India-based company an $8 billion valuation.

“We see a massive opportunity in going deep into sports like kabaddi… beyond cricket… and that is what we are aiming to do with this money,” cofounder and CEO Harsh Jain said [[link removed]].

With a user base of 140 million sports fans, each Dream Sports brand has seen individual success recently.

Fantasy gaming platform Dream11 — one of the biggest firms in India’s fantasy gaming market — is preparing for a U.S. listing early next year.Sports experience platform DreamSetGo announced a partnership with Manchester City earlier this month.Dream Sports committed [[link removed]] $50 million to its sports content and commerce platform FanCode in May.

Dream Sports’ other brands include Dream Game Studios and payment solutions provider DreamPay. In August, it set up a $250 million corporate venture fund [[link removed]] — Dream Capital — with an initial portfolio of 10 companies including online fitness and nutrition community Fittr.

Previous investors TPG and Footpath Ventures also participated in the latest funding round.

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Conversation Starters Boston Red Sox owner Fenway Sports Group reportedly [[link removed]] wants to purchase an NBA team after it completes its acquisition of the NHL’s Pittsburgh Penguins, which is expected to be formally announced imminently. Peloton has sued [[link removed]] Lululemon after the activewear brand threatened legal action over the connected fitness company’s new apparel line. Peloton is seeking a court declaration that it has not infringed on any of Lululemon’s apparel and design patents. Amazon is close to securing a deal [[link removed]] to develop a series based on Electronic Arts’ “Mass Effect” series. The sci-fi video game adaptation is part of a push by Amazon to invest in fantasy genres following the success of “The Wheel of Time.” A London judge ruled [[link removed]] that claims in a book saying Vladimir Putin ordered Chelsea FC owner Roman Abramovich to buy the club were defamatory. The book written by Catherine Belton claims Chelsea was bought at the “discretion of Putin to infiltrate and corrupt the U.K. political elite.” Today's Action

NHL

07:08 PM

Kraken (-150) at Sabres (+130)

Bet Now [[link removed]]

NBA

07:40 PM

Nuggets (+250) at Heat (-320)

Bet Now [[link removed]]

NFL

08:15 PM

Seahawks (-110) at Football Team (-110)

Bet Now [[link removed]]

*All times are EST unless otherwise noted.

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

Question Of The Day

Do you think FIFA will win its proposal to host biennial World Cups?

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

Wednesday’s Answer

54% of respondents would be interested in a streaming service that bundles RSNs.

Written by Owen Poindexter [[link removed]], A.J. Perez [[link removed]], Abigail Gentrup [[link removed]]

MORE FROM FOS:

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

Sports Section [[link removed]] - Daily Sports Newsletter

The Leadoff [[link removed]] - Daily Business of Sports Podcast

Front Office Sports Insights [[link removed]] - The most promising opportunities where sports meets industry

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