March 21, 2022

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March Madness is in full swing, and Nike has held the greatest presence on the hardwood. Of the 68 teams that qualified for the men’s tournament, 39 of them donned the Swoosh, with Under Armour (16) and Adidas (13) following.

Chelsea Prepares for Rapid Sale Process

Chelsea FC/Design: Alex Brooks

With all bids in for Chelsea FC, the decision-making process is expected to quickly produce a new owner.

Though there were as many as 200 interested parties, the number of submitted bids was expected [[link removed]] to be more like 10-15. The deadline for offers was Friday.

Merchant bank The Raine Group, which is overseeing the sale, is expected [[link removed]] to reduce the list of potential buyers to a shortlist of up to four bidders early this week.Among the most serious bidders are Los Angeles Dodgers co-owner Todd Boehly’s group (a bid near $3.3 billion), New York Jets owner Woody Johnson ($2.6 billion), Saudi Media Group ($3.6 billion), Chicago Cubs owner Tom Ricketts ( over [[link removed]] $3 billion), and British business owner Nick Candy ($3.3 billion).

The team was seized by the U.K. government after it issued sanctions on previous owner Roman Abramovich over his connections to the Russian government. The sale is expected to be expedited due to the sensitive nature of the situation.

Oaktree Joins In

Asset manager Oaktree Capital made a bid for Chelsea. The firm had $166 billion in assets under management at the end of 2021, $98 billion of which was in credit strategies.

Oaktree owns Ligue 2 club Caen and was one of four private equity firms to bid on a slice of Ligue 1’s media rights.

Another private equity firm, Aethel Partners, said it made a $2.6 billion bid for Chelsea.

Hydrow Reaches $255M in Total Funding

Hydrow/Design: Alex Brooks

Rowing-machine maker Hydrow announced it has raised $55 million in a Series D funding round led by Constitution Capital.

Rx3 Group Partners, Liberty Street, Activant Capital, and Sandbridge Capital also took part in the round [[link removed]], as did LVMH-backed L Catterton — which has also invested [[link removed]] in fitness companies Tonal, Peloton, Equinox, ClassPass, Xponential, and Sweaty Betty.

The company’s total funding exceeds $255 million, but Hydrow founder and CEO Bruce Smith says there’s still room for growth, highlighting that the overall penetration of connected fitness compared to the total market is under 10%.

Last year, the company was reportedly [[link removed]] exploring an IPO or going public via SPAC merger at a valuation of more than $1 billion.The company’s revenue tripled 2020’s haul in 2021, per CNBC.Hydrow counts more than 200,000 users.

Sales of cardio equipment — not just Hydrow’s — grew 95% from 2019 to 2021, totaling $1.5 billion, according to The NPD Group.

Hydrow Goes Hybrid

Smith said the company supports people going back to the gym, but Hydrow is going to “be in your gym in your apartment building. And your home. And that hybrid experience is the new normal going forward.”

He believes that the pandemic will continue to accelerate the at-home fitness demand because “nobody is going back to the office five days a week.”

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Athleisure Pushes L.L. Bean to $1.8B in Annual Revenue

L.L. Bean/Design: Alex Brooks

L.L. Bean reported a 14% increase in annual net revenue to $1.8 billion, which is reportedly the company’s biggest gain since 1993 and adds to last year’s 5% growth.

During the year, L.L. Bean entered [[link removed]] the athleisure market, which is estimated [[link removed]] to reach $257.1 billion by 2026.

With more than 800 new [[link removed]] products, the apparel company recorded double-digit growth in a variety of segments.

Active apparel: +36%Active footwear and hiking footwear: +26%Outerwear: +28%Winter sports: +25%

L.L. Bean said active apparel growth was driven by its new athleisure offerings. It joins [[link removed]] other companies that have recently entered the market including Abercrombie & Fitch, Allbirds, Target, Dick’s Sporting Goods, and Foot Locker.

Spending Habits

CEO Steve Smith highlighted [[link removed]] the company’s increased volume of orders from vendors, as consumers’ purchasing habits at the beginning of the pandemic skewed toward outdoor gear.

L.L. Bean also hit an all-time demand record for both men’s and women’s apparel. In return, the company’s board of directors approved a bonus of 20% of annual pay for all employees.

Spartan Race CEO Delivers Money, Supplies to Ukraine

Spartan Race / Design: Alex Brooks

Spartan Race CEO and founder Joe De Sena spoke with Front Office Sports as he crossed from the Slovakia border into Ukraine on Thursday.

In the truck De Sena was riding in were some of the $500,000 worth of supplies delivered to Ukraine by Spartan Race officials since the Russian invasion.

The early runs were led by Spartan Race franchise partners in Slovakia, Czech Republic, Hungary, and Poland. Central and Eastern Europe are among the endurance race series’ strongest markets outside the U.S., and it has an affiliate based in Kiev.

Teams, Leagues Aid Efforts

While international sporting bodies like Formula 1, FIFA, and UEFA have suspended Russian teams from competition, many leagues and teams have also led fundraising efforts to help Ukraine and its 3 million-plus residents [[link removed]] who have fled to neighboring countries.

The Premier League has donated [[link removed]] $1.31 million. Real Madrid has pledged [[link removed]] $1.1 million. The Utah Jazz Foundation partnered with Airbnb to provide 32,200 nights of temporary housing [[link removed]]for Ukrainian refugees. NASCAR team owner Richard Childress [[link removed]] said he’d donate 1 million rounds of ammunition.

“It’s easier to get into Ukraine than you think because they want the aid,” said De Sena. Among the supplies delivered by the Spartan team: 200 bulletproof vests, food, clothes, and hydration rations.

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Next up, Mexico hosts USA in a pivotal Concacaf World Cup qualifier in Mexico City. With just three matches left to qualify for this year’s tournament in Qatar, the drama is reaching its peak.

The USMNT looks for its first-ever win in a qualifier at Estadio Azteca on Thursday at 10 p.m. ET.

Stream it live on Paramount+. Try It Free [[link removed]]!

Conversation Starters The National Hockey League has reportedly [[link removed]] asked the Premier Hockey Federation and the Professional Women’s Hockey Players Association to meet, with the goal of unifying the two leagues. The Buffalo Bills are inviting [[link removed]] season-ticket holders to have a say in the development of a potential new stadium. Los Angeles will host [[link removed]] Major League Baseball’s amateur draft from July 17-19 as part of the league’s All-Star Game activities. Real Madrid, Paris Saint-Germain, and AC Milan have suspended [[link removed]] their deals with Russian betting firm Fonbet following the country’s invasion of Ukraine. Today's Action

NHL

09:35 PM

Oilers (+170) at Avalanche (-200)

Bet Now [[link removed]]

NBA

07:30 PM

Jazz (+100) at Nets (-120)

Bet Now [[link removed]]

NHL

07:05 PM

Bruins (-235) at Canadiens (+190)

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 own an at-home rowing machine?

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

Friday’s Answer

32% of respondents are interested in the new activewear from Abercrombie & Fitch.

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

MORE FROM FRONT OFFICE SPORTS:

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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