May 18, 2022
Read in Browser [[link removed]]
POWERED BY
The 2022 NHL Stanley Cup Playoffs are off to their best start ever on U.S. cable. The first round averaged 768,000 viewers — up 58% from last year, according to the league. 🏒
U.S. Soccer Makes History With Equal Pay Deal
Bruce Kluckhohn-USA TODAY Sports
History was made on Wednesday when U.S. Soccer and the men’s and women’s national teams announced a collective bargaining agreement that will see the teams’ athletes receive equal pay.
The agreement [[link removed]], which begins on June 1 and runs through 2028, will see World Cup prize money pooled between both teams and split equally.
Despite participating in nearly every World Cup since 1990, the U.S. men’s team has never won the tournament. The nation’s women have, but haven’t been paid nearly as much as men’s winners.
France’s men’s team received $38 million after winning the 2018 World Cup.The USWNT, which won one year later, only took home $4 million.
The women will have the same pay-to-play payment structure as the men — not all women’s players will have guaranteed salaries. The teams will also split revenue made commercially (10% of revenue between $55 million and $75 million and 15% above $75 million) and at events.
ESPN reported [[link removed]] that players will receive the same amounts for the U.S. Soccer Federation-controlled matches: $18,000 for a win, $12,000 for a draw, and $8,000 for a loss if the opposing team is ranked in the top 25.
A Win for Women
The announcement outlined [[link removed]] other benefits including equality of venues, accommodations, and team staffing.
The agreement also finalizes the USWNT’s February equal pay settlement, in which the USSF will pay $22 million to the players.
Major League Cricket Secures $120M to Expand
MLC
Major League Cricket has closed a $44 million Series A and A1 funding round, which includes an additional commitment of $76 million over the next 12 months.
MLC will be America’s first-ever professional Twenty20 cricket league — a shortened, faster format of cricket that was introduced to the professional ranks in England in the early 2000s.
The league will officially begin matches in 2023.
Co-led by Microsoft CEO Satya Nadella, MLC’s latest funding round will allow the league to expand the reach of the world’s second-most popular sport in a burgeoning U.S. sports market.
The $120 million investment will primarily go toward building stadiums and training centers.It will also facilitate hosting global cricket events in the U.S. over the next decade.
Cricket is on the rise in the States beyond the MLC investment.
The Knight Riders Group, owners of the Indian Premier League’s Kolkata Knight Riders, is reportedly [[link removed]] investing about $30 million to build a 10,000-seat cricket stadium in Southern California.
Lucrative Venture
Media rights for cricket have become a hot commodity as the IPL prepares to accept bids for a new five-year deal.
The rights are currently owned by Disney through its acquisition of Star India in 2019. Star India paid [[link removed]] $2.6 billion for the rights in 2017. A new deal could surpass $6 billion.
SPONSORED BY BOMBAS
Your Sock Choice Makes a Difference
Bombas Performance Socks [[link removed]] help you look and feel your best by providing extreme comfort through their non-bulky, moisture-wicking, and totally rad collection.
But what feels even better than high quality performance socks? High quality performance socks that have an impact.
Socks are the #1 most requested clothing item from homeless shelters. Combatting this issue, Bombas has pledged to donate a pair of socks for every pair that is purchased.
Bombas has already donated more than 50 million [[link removed]] essential clothing items that were specifically designed to help meet the needs of those experiencing street homelessness. That’s 50 million acts of kindness, all thanks to you.
Be a part of the impact – shop Bombas [[link removed]].
Sportradar Revenue Jumps 31% in Q1
Sportradar
Sportradar pulled in $186.4 million in revenue in Q1 2022, a 31% increase compared to the same period last year.
Despite the results, shares of Sportradar have been down more than 15% in recent weeks, but the company expects double-digit growth in FY2022.
Athletes Unlimited hired the company in February to protect its competitions.In March, it struck a partnership with Bowl Season to advise on sports betting. It announced an integrity services agreement with NASCAR in April.The same month, it acquired iGaming AI and machine learning company Vaix.
Growth has come with hefty costs for the Switzerland-based company.
Sportradar reported its personnel expenses reached $55 million in Q1 2022, up $14 million compared to the first quarter of 2021. Total sports rights costs hit $57 million during the quarter.
Change of Plans
Sportradar planned to go public last March via a merger with Horizon Acquisition Corp., a SPAC backed by Los Angeles Dodgers and Lakers co-owner Todd Boehly. The deal dissolved following SEC-issued guidance regarding how SPAC investments are classified.
The company eventually went public in September 2021 after raising $513 million in an IPO at a valuation of just under $8 billion.
Conversation Starters In The Leadoff, Disney’s investment in sports gets stronger, On Running reports record first-quarter earnings, Barcelona eyes deals to help with financial woes, and federal funds are finding their way to race tracks. Click here to listen [[link removed]]. The NBA is reportedly [[link removed]] exploring options for an in-season tournament beginning in the 2022-23 season, among other rule changes. The Orlando Magic won [[link removed]] the first overall pick at Tuesday’s NBA Draft Lottery, but Oklahoma City Thunder nabbed the second and 12th overall picks. Tiger Woods, Rory McIlroy, and Jordan Spieth, who boast a combined net worth exceeding $1 billion, will play together for the first two days of the PGA Championship. Subscribe to Scoreboard for more [[link removed]].
SPONSORED BY RUNYOURPOOL
Wanamaker Pick Six Pool
Here at Front Office Sports, we think there’s no better way to enjoy PGA golf than putting a little personal stake in each tourney.
So we paired up with RunYourPool [[link removed]] – the best in the golf pool biz — to bring you our first-ever PGA Championship Pick 6!*
Here’s how to get in on the action:
Enter for FREE here [[link removed]] Pick the six golfers you think will perform best, based on tiers Kick back and watch your picks dominate the competition
The better your picks do at Southern Hills Country Club, the better you’ll do.
First place gets a signed Tiger Woods Sports Illustrated issue; and 2nd and 3rd will receive $350 and $150 Golf Galaxy gift cards, respectively.
Go for the green and sign up now [[link removed]]!
Market Movers
U.S. stocks experienced declines across all three major indexes on Wednesday. Here’s a look at how sports-related stocks performed:
WWE [[link removed]]
World Wrestling Entertainment, Inc.
[[link removed]]
$60.28
[[link removed]]
+1.88%
[[link removed]] CMCSA [[link removed]]
Comcast Corp
[[link removed]]
$42.15
[[link removed]]
-0.73%
[[link removed]] VFC [[link removed]]
VF Corp.
[[link removed]]
$46.02
[[link removed]]
-2.09%
[[link removed]] GOLF [[link removed]]
Acushnet Holdings Corp
[[link removed]]
$41.07
[[link removed]]
-2.24%
[[link removed]] MGM [[link removed]]
MGM Resorts International
[[link removed]]
$33.01
[[link removed]]
-5.95%
[[link removed]] (Note: All as of market close on 5/18/22) What to Watch
The PGA Championship brings the best golfers in the world to Southern Hills Country Club.
Last year, Phil Mickelson won the tournament by two strokes, taking home $2.16 million. The tournament’s runners-up Brooks Koepka and Louis Oosthuizen will look to take home this year’s championship in a field without Mickelson.
How to Watch: 8 a.m. ET on ESPN+ / Stream all of the PGA Championship on ESPN+ [[link removed]]*
*Sponsored content. Game availability differs by market, check your local listing.
Refer Friends, Win Merch
Ready to rep your favorite newsletter? Refer your friends and colleagues to Front Office Sports and you could win FOS merchandise.
It’s easy to spread the word. Copy and paste your unique link below and share it in an email or on your timeline.
Your custom referral link:
[link removed] [[link removed]]
Or use these one-tap sharing methods:
Email [mailto:?subject=Check%20out%20the%20Front%20Office%20Sports%20daily%20newsletter!&body=This%20newsletter%20from%20Front%20Office%20Sports%20summarizes%20the%20four%20biggest%20stories%20in%20the%20sports%20business%20world%20every%20weekday...all%20in%20five%20minutes%20or%20less.+https%3A%2F%2Fsparklp.co%2F0d56433a%2F%3Futm_source%3Demail] Twitter [[link removed]] Facebook [[link removed]]
Your referral count: 0
Disclaimer
*The “Contest” is open only to individuals who are at least 21 years old at the time of entry, and are legal residents of the 50 United States or the District of Columbia (excluding Washington and Nevada). Void where prohibited or restricted by law.
If this email was forwarded to you, you can subscribe here [[link removed]].
Written by Abigail Gentrup [[link removed]], Justin Byers [[link removed]]
MORE FROM FRONT OFFICE SPORTS:
The Leadoff [[link removed]] - Daily business of sports podcast
Front Office Sports Pro [[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
Front Office Sports Learning [[link removed]] - Education at the speed of culture
Copyright © 2022 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
Advertise [[link removed]] / Update your preferences [link removed] / Unsubscribe [link removed]