March 1, 2022

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LeBron James raised some eyebrows during the All-Star break when he said he wanted to finish his career playing with his son and didn’t rule out returning to Cleveland. The Lakers star has had a change of heart: “I see myself being with the purple and gold as long as I can play.”

MLB Pushes Back Deadline, Negotiations Heating Up

Ron Chenoy-USA TODAY Sports/Design: Alex Brooks

On MLB’s self-imposed deadline day, the two sides negotiated from the morning until the wee hours [[link removed]] of the next day, making real progress after months of stalemate. A new deadline was reportedly [[link removed]] set for 5 p.m. ET Tuesday.

Early in the day, the league reportedly told [[link removed]] players association representatives that it is willing to cancel a month’s worth of games.

The two sides are working to bridge gaps on major economic issues, including:

Minimum player salariesHow many players are eligible for arbitrationThe size of a new bonus pool for pre-arbitration playersHow many teams would be included in a new draft lottery designed to discourage tankingThe threshold for crossing the “competitive balance tax” line for player payrolls

They did appear to agree [[link removed]] on a 12-team postseason – up from 10 last season – and penalties for crossing the competitive balance threshold, which will be similar to last season’s.

Spring Draining

The two sides have been meeting daily in Florida, with commissioner Rob Manfred recently joining the talks.

The MLBPA floated the possibility of walking away from talks after making significant concessions on Saturday, only to have owners once again reject their offer.

MLB moved toward the players on Monday on several issues including the competitive balance tax and the bonus pool. The league had made only small, incremental concessions prior to Sunday.

The league may still allow for a full, 162-game regular season if the two sides can reach a deal in the coming days.

Any deal will have to be approved by 23 of the 30 owners.

iFIT’s Valuation Drops to Less Than $3B After Fundraise

iFit/Design: Alex Brooks

Over the past several months, iFIT — the maker of NordicTrack — has suffered a string of financial blows.

Following a capital raise, the company’s valuation dropped about 60% — meaning iFIT is now worth less than $3 billion, according [[link removed]] to Bloomberg.

The fitness company received $355 million in equity and debt. Investor L Catterton led the round.

But despite recent setbacks, its ailing balance sheet might be on the road to recovery.

The capital raise will reportedly keep the company from an even more severe round of layoffs than the restructuring plan announced last week — which also included CEO Scott Watterson [[link removed]] stepping away, remaining only as board chairman.

Bouncing Back

In October 2020, iFIT was worth [[link removed]] about $7 billion. The company’s luck arguably began to sour when its IPO — which could have brought [[link removed]] in well over a half-billion dollars — was postponed in October 2021.

In January, the company was reportedly [[link removed]] almost sunk by a lawsuit filed by one of its own lenders. The lawsuit has been resolved “amicably,” Bloomberg reported.

Now, revenue for the fiscal year could rebound and generate about $1.7 billion, close to the same amount as last year, per Bloomberg.

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A Roth IRA [[link removed]], with tax-free growth potential and tax-free withdrawals, may be able to do just that (as long as certain requirements are met). Contributions to a Roth IRA are made on an after-tax basis and can give you tax flexibility in retirement.

A Roth IRA may improve your tax picture—no matter how old you are. How could you benefit from one? Check out [[link removed]] all the reasons to consider a Roth IRA.

Washington Commanders Eyeing 3 Virginia Locations

Geoff Burke-USA TODAY Sports/Design: Alex Brooks

The Washington Commanders are reportedly considering three Virginia locations for their proposed domed stadium and surrounding entertainment district.

In mid-February, both houses of the Virginia General Assembly passed [[link removed]] separate bills that put the team one step closer to building a stadium in the state. If legalized, the combined bill would create a football stadium authority to oversee the potential project.

Now, the team is looking at [[link removed]] one location in Loudoun County and two in Prince William County — one in Woodbridge and one in Dumfries. All three are no less than 27 miles from the Capitol, but the list of developments clarifies why so much space is needed.

700,000-square-foot stadiumNew training facilityThree outdoor fields92,000-square-foot indoor fieldTeam offices and parking

State Senate Majority Leader Richard L. Saslaw (D) described [[link removed]] the project as a “mini-city.” According to the planning documents for all three locations, a resort, conference center, amphitheater, cinema, nightclub, and family-friendly venue are all slated. Dumfries’ plan includes a marina attached to the resort.

Saslaw noted that the team would have to invest roughly $2 billion for the surrounding development. The Commanders’ contract at FedEx Field ends in 2027.

Commanders’ Commute

The Loudoun County site is in Sterling, the only proposed location accessible to the Metro. Some lawmakers have reportedly [[link removed]] discussed expanding the mode of public transportation. The other two locations would still need approval from the Prince William Board of County Supervisors.

Cavs’ Arena Joins Growing List of Venues Adding Sportsbooks

Rocket Mortgage FieldHouse/Design: Alex Brooks

The Cleveland Cavaliers are the latest professional sports team to strike a deal to bring a sportsbook to its home venue.

Caesars Entertainment announced [[link removed]] a multiyear deal with the team that includes plans to open a sportsbook in Rocket Mortgage FieldHouse. Both entities will cover the build-out’s costs as part of the deal. Forbes valued [[link removed]] the Cavaliers at $1.65 billion in October.

Caesars Sportsbook isn’t new to professional sports arenas.

It hosted the first [[link removed]] sportsbook in a professional team’s venue when it opened a William Hill Sportsbook at Capital One Arena — home of the Washington Wizards, Capitals, and Georgetown Hoyas — in May.In Arizona, Chase Field — home of the Arizona Diamondbacks — is in the process [[link removed]] of getting a Caesars Sportsbook, too.

Sports betting is already legal [[link removed]] in Ohio, but no online operators have been approved. The target date to officially launch in the state is reportedly Jan. 1, 2023, with hopes to start sooner, and on April 1, the state will be allowed to begin issuing sports betting licenses.

Construction of the betting site is expected to begin shortly, and the 10,355-square-foot venue is anticipated to open by the end of the year, subject to approvals.

More Sportsbooks and Stadiums

United Center, home to the Chicago Bulls and Blackhawks, announced [[link removed]] plans for a FanDuel Sportsbook lounge in January. FanDuel opened a sportsbook inside the Footprint Center, home to the Phoenix Suns and Mercury, in September.

In January, the Arizona Cardinals released details for a BetMGM Sportsbook slated to open ahead of the 2022 season. The company also opened a sportsbook at Nationals Park that same month.

SPONSORED BY NIKE

How Nike Is Leveling the Playing Field

The fight for racial equality has gained much needed attention and amplification from people and organizations throughout the sports industry, including Nike.

Check out [[link removed]] the recent conversation between Ernest Baker, Editor-in-Chief at Front Office Sports, and Jarvis Sam, Vice President of Global Diversity, Equity & Inclusion at Nike as they go into detail about the company’s approach towards celebrating Black History Month through three initiatives:

The Black Community Commitment 2022 Black History Month Product Launch The Future Movement

Watch now [[link removed]].

Conversation Starters The Buffalo Bills are reportedly [[link removed]] close to announcing a financing agreement for the construction of a new stadium in Orchard Park. Phil Mickelson, has been dropped [[link removed]] as the host of the PGA Tour’s The American Express event following his comments on the proposed Saudi-backed league. The Arizona Coyotes met [[link removed]] with its players and staff members to discuss the team’s future ahead of its lease expiration at Gila River Arena. MLB is reportedly [[link removed]] looking to move the Oakland Athletics back to a recipient of revenue sharing as the league continues discussions over a new collective bargaining agreement with its players. Today's Action

NHL

08:08 PM

Flames (-105) at Wild (-115)

Bet Now [[link removed]]

NBA

07:10 PM

Pistons (+150) at Wizards (-170)

Bet Now [[link removed]]

NHL

07:38 PM

Hurricanes (-220) at Red Wings (+185)

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 the MLB lockout will end this week?

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

Monday’s Answer

51% of respondents think leagues should allow large private equity investments.

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

MORE FROM FOS:

The Leadoff [[link removed]] - Daily business of sports podcast

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

Front Office Sports Scoreboard [[link removed]] - The biggest stories in sports and the numbers behind them

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