May 20, 2022

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U.S. Investors Taking Over Premier League Soccer

Premier League

European soccer is planting more U.S. roots.

If Chelsea FC’s $5.4 billion sale [[link removed]] to U.S. billionaire Todd Boehly goes through as expected, next season could mark the first time that more than half of the English Premier League’s top 20 teams are backed by U.S. money.

The list [[link removed]] runs long even without Chelsea: Arsenal, Burnley, Fulham, Liverpool, Manchester United, Aston Villa, Crystal Palace, Leeds United, Manchester City, West Ham, and Wolves, though Burnley and Leeds United may be relegated from the division by next week.

And most of the European teams’ U.S. investors have U.S. sports ties:

Liverpool FC was purchased in 2010 by Fenway Sports Group, which also owns the Boston Red Sox. Last year, it agreed [[link removed]] to buy the Pittsburgh Penguins for around $900 million.Manchester United is owned by the Glazer family, who bought [[link removed].] the Tampa Bay Buccaneers for a then-record $192 million in 1995.Crystal Palace is owned by John Textor, Josh Harris, and David Blitzer — the latter two own Harris Blitzer Sports Entertainment, which owns the Philadelphia 76ers.

Some fans are worried about the culture difference — European owners don’t anticipate a profit, while U.S. owners expect one.

Takeover Time

Outlets reported earlier this week that the Chelsea sale was delayed due to outgoing owner Roman Abramovich not giving the U.K. government assurances that the proceeds will go to charity. Not long after, there were reports [[link removed]] that the parties had come to an agreement, and the Mirror also reported [[link removed]] that a deal might have been struck.

Chelsea’s temporary license to operate expires May 31.

Indy 500 On Pace For Best Attendance in Years

Mykal McEldowney/IndyStar

The Indy 500 is less than 10 days away, and “The Greatest Spectacle in Racing” is on pace for its best attendance showing since the pandemic began.

The huge event looks [[link removed]] like it will draw over 300,000 people, based on current ticket sales.

More than 90% of the grandstands at Indianapolis Motor Speedway are already sold.However, the event is not expecting a full sellout of its 240,000 reserved grandstand seats, according to Doug Boles, president of IMS.As of Monday, IMS was around [[link removed]] 20,000 tickets ahead of its 2019 count, but also that same amount behind its 2016 sellout, the race’s 100th edition.

The race’s 2021 prize purse was $8.9 million, with winner Helio Castrovince pocketing $1.8 million. Every winner from 2008 to 2019 took home at least $2.4 million.

Blackout Warning

The race is likely to be blacked out on local television stations, unless ticket sales surge in the leadup to the event.

The Indy 500 typically blacks out local broadcasts in an attempt to juice ticket sales. Fans will be able to watch a delayed broadcast later in the day on NBC.

It is not clear whether local fans with a Peacock Premium subscription will be able to circumvent the blackout.

IMS lifted the local blackout last year due to pandemic restrictions on attendance, but will reinstate it this year if the event does not sell out.

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FIFA Being Asked to Pay Migrant Workers $440M For World Cup Abuses

Jeremy Reper-USA TODAY Sports

A coalition of human rights organizations led by Amnesty International are reportedly demanding that FIFA provide at least $440 million to migrant workers who helped with the 2022 men’s World Cup infrastructure.

The sum is based on the prize pool FIFA plans to award successful teams during this winter’s tournament.

“Hundreds of thousands of migrant workers have not received adequate remedy, including financial compensation, for serious labour abuses they suffered,” read a letter [[link removed]] sent to FIFA President Gianni Infantino.

Secretary General of Amnesty International Agnes Callamard reportedly said that accepting the plan “could represent a major turning point in FIFA’s commitment to respect human rights.”

Amnesty International said workers have endured ridiculously long hours and dangerous working conditions.Those abuses are “widespread,” according to the group.The letter claims that in the last decade or so, Qatari officials “failed to investigate” how thousands of workers perished.The letter blames negligence on a sponsorship system that allowed for “unscrupulous employers.” Next Steps

Both FIFA and Qatar’s Supreme Committee for Delivery and Legacy are considering the proposal, according to a statement provided to CNN. FIFA also pointed to previous reforms that have been made.

Qatar’s Ministry of Labor, however, reportedly said it “undermines much of the goodwill that has been generated.”

F45 Training Revenue Jumps 175% in Q1

F45

F45 Training, an operator of fitness classes backed by Mark Whalberg, reported a significant lift in revenue in the company’s latest earnings report.

The Austin, Texas-based company generated [[link removed]] $50 million in revenue in Q1 2022, a 175% increase year-over-year. F45’s impressive results were driven by its equipment and merchandise revenue, which reached $30.1 million during the quarter, up 499% year-over-year.

Net income reached $2.5 million in Q1, compared to a loss of $36.8 million in Q1 2021.The company projects full-year revenue to range between $255 million and $275 million.It expects to sell 1,500 new franchises in 2022, up from a previous projection of 1,000.

F45 hit [[link removed]] the public market in July 2021 after a $325 million initial public offering that saw the company sell more than 20 million shares at $16 apiece for a market value of $1.46 billion.

The fitness company was seeking an IPO via a merger with blank-check company Crescent Acquisition, but the deal fell through in October 2020 after the two parties mutually [[link removed]] agreed to part ways amid uncertainty in the fitness industry due to the global pandemic.

Return on Investment

Wahlberg invested [[link removed]] in F45 in 2019 through MWIG LLC, a private investment company he partially owns. The actor invested in the fitness company along with family investment fund FOD Capital. The pair invested $110 million in 2019 — when F45 was valued at $450 million.

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Conversation Starters Formula 1 has decided [[link removed]] to not replace the Russian Grand Prix, which was canceled due to the country’s ongoing invasion of Ukraine. FIFA named three female referees and three female assistants for the 2022 World Cup, marking the first [[link removed]] time ever that female referees will officiate a men’s World Cup. In 2023, Nick Saban will become the first [[link removed]] NCAA coach to reach $10 million in annual recurring compensation. Saban’s contract is worth $84.8 million. Ever wondered what your favorite athletes have been up to since they retired? Now’s your chance. Check out [[link removed]] the full Second Acts series, presented by Fidelity [[link removed]], today – five former athletes, five video interviews, five amazing stories of reinvention.*

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Question Of The Day

Do you plan to watch the Indy 500?

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

Thursday’s Answer

64% of respondents plan on watching the PGA Championship this weekend.

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

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