Apple could be close to making its first move into live sports.

The largest public company in the world by market cap has had substantial talks with Major League Baseball, according to the New York Post.

MLB is taking offers on national weekday games, which were previously held by ESPN. The Disney-owned company had rights to Monday and Wednesday U.S. broadcasts, which it shared with regional markets.

It is not currently clear if future broadcast contracts would have a similar arrangement.

• Despite dropping its weekday regular-season coverage, ESPN re-upped with MLB in May 2021 on a seven-year deal beginning 2022, worth $550 million annually. The pact includes 30 regular season games and exclusive wild card playoff coverage.
• In 2020, Turner Sports agreed to a $470 million per-year deal on the same timeframe to show one regular-season game per week, plus the division series and one league championship series.

Apple Biting Into Sports

Whether or not Apple secures a deal with MLB, it’s showing a growing interest in sports content and technology.

The company has developed code in its iOS and tvOS operating systems titled “SportsKit” that would provide real-time updates on particular teams, perhaps among other features.

Apple has reportedly shown interest in the “NFL Sunday Ticket” package, which could fetch $2.5 billion annually. The company held talks with the Pac-12 conference about live broadcasts in December 2019.

A new era of stadiums and arenas is unfolding with visions of a more holistic fan experience.

The Oakland A’s, for instance, are seeking to move from a no-frills stadium near an international airport to create a $12 billion downtown development that would include 3,000 residential units, 1.8 million square feet of commercial space, a performance venue, and a hotel.

In all, teams are likely to invest at least $10 billion in new and renovated stadiums and arenas in the U.S. alone by 2030.

• The soon-to-be-renamed Washington Football Team is angling for a domed stadium in Northern Virginia estimated to cost at least $2 billion.
• Inter Miami CF is seeking city approval for a $1 billion stadium and surrounding commerce area.
• The Buffalo Bills have proposed a $1.4 billion project.

SoFi Stadium, home to the Los Angeles Chargers and Rams since 2020, cost $5.5 billion. The stadium project included a performance venue and pedestrian walkway.

Other teams looking to move or upgrade include the Kansas City Royals, Tampa Bay Rays (who want stadiums in Florida and Montreal), Chicago Bears, and the Philadelphia 76ers.

Technological Enhancements

New stadiums are also coming with a suite of innovations, including touchless commerce, air filtration systems, and carbon neutrality, following the lead of Seattle’s Climate Pledge Arena, which opened at the start of this NHL season.

“Almost every arena will try to be carbon-neutral going forward,” Climate Pledge developer Oak View Group CEO Tim Leiweke told CNBC.

After requesting nearly $2 billion for COVID-19-related losses, a judge ruled that owners of Madison Square Garden, the New York Knicks, New York Rangers, and other related entities are limited to just $1 million in insurance coverage.

MSG and its companies sued four insurers in March, demanding access to $1.8 billion in coverage as part of their insurance policies.

In May, the insurers bid to drop the suit, stating that it was invalid since no “physical damage” was caused as part of the financial losses. MSG and the others persisted in their efforts anyway.

On Friday, the judge dismissed the lawsuit, ruling in favor of the $1 million limit under a “communicable diseases” provision. The number is small compared to MSG’s first-quarter operating loss of $83.3 million.

COVID-19 Insurance Lawsuits

Madison Square Garden isn’t the only sports-related entity to sue regarding pandemic insurance.

• MLB and all its teams sued their insurers, with the league saying it purchased policies to cover more than $1.6 billion in losses for any one “occurrence.”
• The NHL and 20 of its teams sued five insurance companies in June 2021 for failing to reimburse more than $1 billion in losses.

News of the NHL’s lawsuit surfaced last week despite being filed in June 2021.

Over the next decade, professional sports teams nationwide hope to invest billions in new stadiums. The financially troubled Arizona Coyotes, however, may not be one of them.

The team doesn’t have enough support in the Tempe City Council to approve its plan to build a $1.7 billion stadium, according to Go PHNX.

Three people plan to vote yes on the project, per the report. Two will vote no, and two undecideds are “leaning toward no.”

• City council members are reportedly concerned about the team’s ailing balance sheet.
• Most recently, the Coyotes were reportedly late to pay $1.3 million in taxes and city fees.
• The franchise’s payment woes add to a long list of reasons why it’s been called “the NHL’s least valuable franchise.”

The next city council meeting is set for Thursday.

Massive Proposal

The Coyotes previously submitted plans for a sprawling arena and accompanying “entertainment district.” The plans were in response to the city’s request for ideas to build a new stadium.

But it’s unclear who would pay for the project.

The Coyotes offered to pay $40 million to help with remediation for the lot, but that part of the process would cost about $70 million overall.

Sales tax revenue could cover $200 million of the total cost, but that may not be available until after the stadium is built.