The Seattle Sounders don’t just want a new place to practice — they’re building an entire neighborhood.

The Major League Soccer team announced a 10-year plan to build a training facility, office space, and housing on a site in the southwest Renton area, which used to hold the Longacres Racetrack and was most recently Boeing’s corporate headquarters.

The entire project is likely to cost over $1 billion.

• The 50,000 square-foot, eco-friendly facility, slated to open in 2024, will eventually include four fields, two made with artificial turf, the other two with grass.
• It will also include the team’s offices, plus a gym and clubhouse for the players.
• The team, which is partnering with Unico Properties on the entire project, will also build 3,000 multifamily residential units.

Unico bought Boeing’s former commercial headquarters in December for around $100 million. 

Star Owners

The team is majority-owned by investor and Seattle Kraken co-owner Adrian Hanauer, and counts many Seattle legends among its minority shareholders. 

Seattle Seahawks quarterback Russell Wilson, Seattle Mariners legend Ken Griffey Jr., Microsoft CEO Satya Nadella, entertainers Drew Carey, singer Ciara (Wilson’s wife), and rapper Macklemore are all part-owners.

Garmin exceeded expectations with its latest earnings report, projecting double-digit growth in the financial year ahead driven by the company’s fitness segment. 

The Kansas-based company reported $1.4 billion in revenue in Q4 2021, a 3% increase compared to the same period the year prior, beating analysts’ estimates of $1.37 billion.

Garmin’s full-year revenue reached $5 billion in FY2021, a 19% increase year-over-year. 

Known for its GPS devices, Garmin has also benefited from its activity trackers and smartwatches — the company’s fitness segment generated $1.5 billion in revenue for the year that ended Dec. 25, 2021, up 16% compared to the year prior.

Garmin reported growth across all segments during the fiscal year.

• Its outdoor segment saw revenue reach $1.2 billion, up 14% compared to FY2020.
• The marine segment posted $875 million in revenue, a 33% uptick year-over-year.
• Its aviation segment generated $712 million in revenue, up 14% compared to FY2020. 

Garmin expects growth to continue in FY2022, with revenue projected to reach $5.5 billion, which would mark the company’s seventh consecutive year of profitability. 

A Deeper Dive 

Last month, Garmin’s 2021 connected fitness report provided insight into how consumers have stayed active amid a global pandemic.

From data collected through smartwatches, Garmin saw the number of indoor activities logged by its users double year-over-year. The company also reported a 9.5% increase in outdoor activities in 2021 compared to the year prior.

Silver Lake is one step closer to purchasing a stake in a new commercial operations entity for New Zealand Rugby, which would mark the first time the All Blacks rugby team is not solely owned by New Zealanders.

The firm received approval from the players to buy a 5.7% stake in convertible preference shares for $133 million in NZR CommercialCo, the new division housing all revenue-generating assets of the governing body. Previous reports revealed Silver Lake offered $279 million for a 12.5% stake, but the players union opposed the deal.

“We’ve spent a lot of time with a lot of different parties in the last 12-to-14 months and now have the confidence to move forward,” NZR CEO Mark Robinson said.

Upon approval from the 26 provincial unions and Māori Rugby Board, NZR CommercialCo could reach an estimated $2.3 billion valuation.

• An additional co-investment of up to $67 million will be offered to domestic investors later in the year.
• Silver Lake, NZR, and its players association will invest in international rugby-related businesses through the creation of Global Rugby Opportunities. NZR and NZRPA will earn a 15% share of its profits.

Rugby’s Revenue 

NZR and the NZRPA also agreed to a new bargaining agreement including governing of the relationships between the pair and NZR CommercialCo, as well as continuing the duo’s current revenue-sharing deal.

Silver Lake could end up owning as much as 8.6% of the company’s equity.