March 9, 2022

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The Premier League announced Tuesday that it has suspended its broadcast agreement with Russia, effective immediately. The league is also donating $1.3 million to support the people of Ukraine.

NBA Team ‘Top Priority’ for Fenway Sports Group

Jasen Vinlove-USA TODAY Sports/Design: Alex Brooks

Fenway Sports Group could be adding an NBA team to its roster. Oh, and also an NFL team, a WNBA team, a cricket team, and a second soccer team.

Gerry Cardinale, the founder and managing partner of RedBird Capital Partners — which invested $750 million in Fenway Sports Group for an 11% stake last year — says [[link removed]] adding an NBA franchise is “a real top priority” for FSG, with wishful thinking for the other sports teams mentioned down the road.

The Ringer’s Bill Simmons reported [[link removed]] that Fenway Sports Group is the leading contender to bring an NBA team to Las Vegas.

FSG is primarily known as the parent company of the Boston Red Sox and Liverpool FC but has other high-profile investments in its portfolio.

The company purchased [[link removed]] a majority stake in the NHL’s Pittsburgh Penguins for roughly $900 million late last year.In October 2021, FSG invested [[link removed]] in Lebron James and Maverick Carter’s The SpringHill Company. James became [[link removed]] an investor in FSG in March 2021 and became a part-owner of Liverpool FC in 2011. FSG also owns New England Sports Network. The FSG Funnel

“Everything’s in play I would say, but as usual we’re going to have a very strict funnel,” Cardinale told The Boston Globe. “The bar has never been higher in terms of what really fits in the [FSG] portfolio.”

Forbes’ most recent valuation [[link removed]] of FSG is nearly $10 billion.

Disney Targets Younger Fans with Sports Betting

ESPN/Design: Alex Brooks

ESPN is caught between the two major forms of media distribution — and may turn to sports betting to move forward.

Disney CEO and Chairman Bob Chapek indicated [[link removed]] that he doesn’t see sports betting clashing with the parent brand’s family-friendly image because there is “a very significant isolation” in how customers view ESPN and Disney.

The sports media giant has long been a major revenue driver for Disney through the high prices it charges cable companies — around $10 per month per subscriber — but that source is waning as people drop cable subscriptions for streaming services.

While ESPN had around [[link removed]] 100 million cable subscribers in 2011, that number had shrunk to 77 million at the end of last year.

ESPN+ grew 24.6% quarter-over-quarter and 76% year-over-year to 21.3 million subscribers in the fiscal quarter ending Jan. 1. The streaming service brought in $5.16 per paying subscriber.ESPN+ is still in the red, however: Disney’s streaming division took a $593 million operating loss in the quarter. Betting on Fan Engagement

While ESPN has reportedly sought [[link removed]] to license its name to a sportsbook for around $3 billion, Chapek sees additional reasons to move into sports betting.

He described the push toward gambling in a recent earnings call as “driven by the consumer, particularly the younger consumer that will replenish the sports fans over time, and their desire to have gambling as part of their sports experience.”

SPONSORED BY OHIO UNIVERSITY

Honoring Leaders on International Women’s Day

March 8 was International Women’s Day, a perfect time to celebrate women’s accomplishments and hard-won progress across the sports industry. For example, in this 50th anniversary year of Title IX, the NCAA replaced men-exclusive tournament logos, hashtags and social media handles with comparable sets for the men’s and women’s tournaments.

We’re also incredibly proud of the groundbreaking work many alumni of OHIO’s Professional Master of Sports Administration [[link removed]] are doing. Andrea Williams recently became the Utah Jazz’s first Chief Experience Officer, leading DEI initiatives and more. Last March, fellow alum Diana Sabau was named Deputy Commissioner of the Big Ten.

As the nation’s top-ranked PMSA program, we’re honored to train the next generation of women sports leaders.

Join the charge forward [[link removed]].

Chelsea Sale Ignites Global Auction

Chelsea FC/Design: Alex Brooks

What happens when one of the world’s most desirable sports teams unexpectedly goes up for sale? We’re finding out right now.

A slew [[link removed]] of sports team owners and other well-heeled people are lining up bids for Chelsea FC, the Premier League club currently owned by Russian billionaire steel magnate Roman Abramovich.

Among the interested parties are:

New York Jets owner Woody JohnsonChicago Cubs owner Tom Ricketts and familySacramento Kings owner Vivek RanadivéLos Angeles Dodgers owner Todd Boehly with Swiss billionaire Hansjorg WyssRedbird Capital Partners (which would have to unload its 11% stake in Liverpool)Turkish businessman Muhsin BayrakMMA fighter Conor McGregor

Potential buyers of the NFL’s Denver Broncos are reportedly being used to source bidders for Chelsea, as the two teams come with comparable price tags and prestige.

All In The Timing

Merchant bank The Raine Group, which is overseeing the sale, has set a deadline for interested parties to submit formal bids of March 15. A bill to strengthen [[link removed]] the U.K.’s sanctions against well-heeled Russians — potentially including Abramovich — is set to be approved one day earlier.

Abramovich is seeking $3.9 billion for the club. He bought Chelsea for $196.6 million in 2003. He has stated that he wants the team’s new owner to continue investing in the club and in its Stamford Bridge home — or a new stadium.

Virginia Bill Could Allow Limitless Funding for Commanders Stadium

Geoff Burke-USA TODAY Sports/Design: Alex Brooks

Public funding for stadiums often produces controversial dollar totals, but one version of the bill to lure the Washington Commanders to Virginia may provide [[link removed]] virtually unlimited funding.

There are two separate bills currently in committee in Richmond to help fund new construction for the team’s replacement of FedEx Field.

Sources told Front Office Sports that a consolidated bill is expected to emerge from a conference committee with amendments that would limit public financing to around $1 billion of the $3 billion “mini-city” project, which could include a convention center, concert venue, hotels, restaurants, and housing.

Backers of the project expect a vote on the floor before the current legislative session ends Saturday.

Bills in Virginia’s House and Senate allow the team to fund construction through bonds, which it could use tax dollars from the new development to pay off.The House bill places a 20-year limit on the team’s use of tax revenue to repay the bonds, but the Senate one has no such restriction.The Senate bill does prohibit the team using revenue from sports betting and e-commerce to pay off the bonds. Will Owner Be Ousted?

It remains unclear if Dan Snyder will still own the Commanders when the team moves to a new home.

Owners are reportedly discussing [[link removed]] whether Snyder or Miami Dolphins owner Stephen Ross should be ousted from their roles. Snyder is accused of sexual harassment and workplace misconduct, while Ross is accused of incentivizing losing games.

SPONSORED BY FIDELITY

An Inside Look at Life After the Game

Ever wondered what your favorite athletes have been up to since they retired?

Introducing Second Acts [[link removed]] — a new interview series from Front Office Sports, presented by Fidelity [[link removed]], where former athletes discuss the journey that led to their second act and how they are thriving beyond the game.

In the first of five episodes, world-famous basketball player and ABC/ESPN analyst Jalen Rose shares memories of his playing days and how he established a career as a broadcaster, podcaster, philanthropist and more.

New episodes drop throughout the Spring. Watch [[link removed]] Jalen’s episode now and sign up for an email reminder when new ones go live!

Conversation Starters A soccer match hosted by English Premier League legends Ian Wright and Michael Carrick will take place in Brooklyn on March 12as part of “GREAT Calling,” a $10.5 million ad/marketing campaign launched by the British government earlier this month, “challenging the global misconception of British culture” in four categories – sports, music, food, and technology. A survey from broadcaster Foxtel found that nearly 70% [[link removed]] of Australians now watch more women’s sports than they did before 2020. CrossFit announced a partnership with organic meal delivery service Trifecta, in which the latter will be the official meal delivery partner of CrossFit and the NOBULL CrossFit Games. Marks & Spencer announced [[link removed]] an investment in activewear company The Sports Edit. As part of the deal, M&S will eventually own 100% of the business. Today's Action

NHL

08:08 PM

Capitals (+105) at Oilers (-125)

Bet Now [[link removed]]

NBA

07:10 PM

Celtics (0) at Hornets (0)

Bet Now [[link removed]]

NHL

10:38 PM

Canadiens (+180) at Canucks (-210)

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

Is gambling an essential part of your sports-watching experience?

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

Tuesday’s Answer

47% of respondents have watched a Premier League match this season.

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

*If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2357)(IL). Gambling problem? Call 1-800-GAMBLER (NJ/WV/PA/MI), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN). 21+. NJ/PA/WV/IN/IA/CO/IL/TN/MI/VA only. Odds and lines subject to change. Eligibility restrictions apply.” See [[link removed]] for details.

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