May 27, 2022

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Lacrosse is one of the fast-growing sports, and it’s about to get a whole lot more TV coverage. ESPN and World Lacrosse agreed to a deal that includes 246 games across three international events over the next two years — all airing exclusively on ESPN’s linear networks or ESPN+.

Ishbia Brothers Join Bid for Denver Broncos [[link removed]]

Junfu Han, Detroit Free Press

United Wholesale Mortgage CEO Mat Ishbia and brother Justin have reportedly joined a group bidding for the Broncos, according to Denver TV station 9News.

The group includes [[link removed]] Alec Gores, the brother of Detroit Pistons owner Tom Gores, and Greek-American billionaire investor Dean Metropoulos.

Ishbia and Gores working together on the Broncos bid comes as no surprise after United Wholesale went public in 2021 via a reverse merger [[link removed]] with blank-check company Gores Holdings, which valued the combined entity at $16 billion.

The sale price for the Broncos will be “at least $5 billion,” according [[link removed]] to ProFootballTalk.Gores, Metropoulos, and the Ishbia brothers have a combined net worth of $10 billion, per Forbes.

The trio faces stiff competition in their bid for the Broncos.

Earlier this week, five ownership groups bidding for the team reportedly [[link removed]] submitted proposed amendments to the sale contract after their lawyers were asked to mark up the agreements before any exclusive negotiations are determined.

The groups include a consortium led by Philadelphia 76ers part-owner Josh Harris and another that includes Rob Walton, heir to Walmart founder Sam Walton, whose net worth [[link removed]] is $60 billion.

Friendly Fire

Mat Ishbia, who won a national championship in 2000 under Tom Izzo at Michigan State, is up against fellow Spartan in Earvin “Magic” Johnson, who has joined [[link removed]] Harris’ bidding group.

Johnson owns stakes in the Los Angeles Dodgers, Los Angeles Lakers, and Los Angeles FC.

Sports Betting Dips, But Nevada Gambling Thrives in April [[link removed]]

Kirby Lee-USA TODAY Sports

Sports betting didn’t maintain its torrid pace in April, but the Nevada gaming industry still thrived.

The state notched [[link removed]] its 14th consecutive month with over $1 billion in gambling revenue in April, beating pre-pandemic numbers by 20.5%.

Sports betting in the state, however, showed a marked drop from March, with the total handle declining 32.5% month-over-month to $582.5 million.

With the bulk of the NCAA basketball tournaments in March, Nevada wasn’t the only state to see its sports betting activity dip in April.

In New York, mobile sports betting dropped [[link removed]] 14.7% month-over-month in April to $1.4 billion.Sports betting in New Jersey slipped 23.9% month-over-month to $926.9 million in April.Those two states had the top April handle, followed by Pennsylvania ($572.8 million), Michigan ($396 million), and Indiana ($360 million). Those states saw respective declines of 19.9%, 17.2%, and 24.4% from March. More States Coming

States are free to determine if and how people may bet on sports, and 31 states allow [[link removed]] some form of the practice. Not all permit mobile sports betting, and Tennessee and Wyoming allow mobile but not retail sports betting.

Ohio, Maine, and Kansas are expected to launch sports betting later this year, and Maryland is on course to allow mobile betting.

California is likely to have at least one voter initiative to legalize sports betting on the ballot in November.

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Peak Drama: UEFA Champions League Final

Nine months of drama culminate tomorrow when a champion of European club soccer is crowned live on Paramount+ [[link removed]].

Two storied clubs take center stage in the UEFA Champions League Final [[link removed]] as Liverpool face familiar foes Real Madrid in a rematch of the 2018 final.

Liverpool, having already collected two trophies and falling one point shy of a third, run up against a team of destiny in Spanish giants Real Madrid. Two of the best goal scorers in the world, Karim Benzema and Mo Salah, will feature in what’s sure to be an electric affair in Paris.

Catch the final match of the ‘21-’22 European soccer season live on Paramount+ tomorrow beginning at 1:30 p.m. ET. Try it free [[link removed]]!

DOJ: No Charges for FBI Agents Accused of Botching Nassar Case [[link removed]]

Matthew Dae Smith-USA TODAY NETWORK

The Justice Department will not charge two former FBI agents who were accused of mishandling sex abuse allegations against former USA Gymnastics team doctor Larry Nassar.

Nassar, who was also a former Michigan State University sports doctor, pleaded guilty in 2017 to sexually abusing hundreds of girls and women, including Olympic gymnasts Simone Biles, McKayla Maroney, and Aly Raisman. Nassar is serving up to 175 years in prison.

The department’s decision — the third time federal prosecutors have decided not to formally charge the two agents — “came after multiple reviews and analyses of evidence.”

At least [[link removed]] 70 athletes were abused after the FBI was first notified about the allegations.The two agents were found to have lied to investigators about the matter. The decision is “incomprehensible,” according to John Manly, an attorney for many of the victims.

The decision by the Justice Department to not charge the agents comes after 13 women each filed [[link removed]] claims against the FBI alleging the agency failed to properly investigate Nassar.

The claims — filed for a combined total of $130 million — allege the FBI’s handling of Nassar was “a law enforcement failure of historic proportions,” according to attorney Jamie White.

Legal Process

In 2018, Michigan State University agreed to pay $500 million to 332 girls and women abused by Nassar while he worked at the university.

Roughly 500 abuse victims of Larry Nassar reached [[link removed]] a $380 million settlement in December 2021 with USA Gymnastics, the U.S. Olympic & Paralympic Committee, and their insurers.

Conversation Starters When it comes to the business of sports, Front Office Sports has you covered — that’s why Digiday just named us a finalist for their Best Newsletter award. But we want your thoughts, too. All you have to do is take a quick reader survey here [[link removed]]. The best part? You have a chance to win some cool Front Office Sports merch or a $500 Visa gift card! In The Leadoff, three major events in motorsports take place this weekend, the UEFA Champions League final features two of soccer’s most valuable teams, Long Beach looks to lure the Los Angeles Angels after a corruption scandal, and Sony expects to pocket $300 million from PC games. Click here to listen [[link removed]]. On Thursday, the Golden State Warriors clinched their sixth NBA Finals [[link removed]] berth in the last eight years, the first team to do so since Michael Jordan’s invincible ‘90s Chicago Bulls. While Edmonton Oilers captain Connor McDavid dominates highlight reels as the NHL postseason’s most dynamic player, teammate Leon Draisaitl is quietly racking up points [[link removed]] right beside him. Subscribe to Scoreboard for more [[link removed]].

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Stadiums and the Move to Modular Construction

Front Office Sports Pro [[link removed]] provides actionable, timely insights on the most promising opportunities where sports meets industry. Each month, members receive three industry reports, access to our private market deals database, industry investor directory, and weekly emails providing insights from the platform.

Our recent report [[link removed]], Stadium Innovation, explores:

The environmental impact of building stadiums today. Advancements in construction technology to improve speed and lower costs for developers. How modular construction can speed construction timelines, while simultaneously reducing costs.

Be the most-informed member of your team with cutting-edge reports on the most tactical opportunities where sports meets industry. No jargon, no BS, no agenda.

Join today [[link removed]]!

Ticketing App Secures $30M in Funding

Find out exactly what’s happening in the private markets every week with highlights from our Front Office Sports Pro Deal Tracker.

We carefully monitor both public and private market data for a snapshot of the sports business landscape.

This week’s Pro Deal Tracker [[link removed]] highlights:

Gametime, developer of a mobile sports ticketing application designed to help people find and buy tickets to a nearby concert or sporting event at the last minute, raised $30 million of venture funding in a deal led by Nimble Partners. Omorpho, designer of premium sports and fitness clothes intended to revolutionize training with a micro-weighted gravity sportswear collection, raised $6 million of seed funding in a deal led by KB Partners. MetaKing Studios, a New York-based developer of Web3 MMO games, raised $15m in seed funding. Makers Fund and BitKraft Ventures co-led, and were joined by Delphi Digital, Animoca Brands, Shima Capital, WW Ventures, Spartan Group, and Huobi Ventures. Altan Insights, developer of an information platform designed to access information in the emerging fractional-share alternative-asset investment space, raised $4 million of seed funding in a deal led by Slow Ventures, Operator Partners, CourtsideVC, GoodFriends, and Alexis Ohanian. Jadu, developer of a blockchain-based augmented reality game, raised $26 million of Series A venture funding from undisclosed investors.

Try out the full Deal Tracker. [[link removed]]

Market Movers

U.S. stocks experienced gains across all three major indexes on Friday. Here’s a look at how sports-related stocks performed:

ZBRA [[link removed]]

Zebra Technologies Corp.

[[link removed]]

$341.22

[[link removed]]

+0.95%

[[link removed]] NKE [[link removed]]

Nike, Inc.

[[link removed]]

$115.25

[[link removed]]

+1.10%

[[link removed]] T [[link removed]]

AT&T, Inc.

[[link removed]]

$21.23

[[link removed]]

-0.45%

[[link removed]] MCRI [[link removed]]

Monarch Casino & Resort, Inc.

[[link removed]]

$65.42

[[link removed]]

-0.64%

[[link removed]] CWH [[link removed]]

Camping World Holdings Inc

[[link removed]]

$27.29

[[link removed]]

-1.27%

[[link removed]] (Note: All as of market close on 5/27/22) What to Watch

The Miami Heat face the Boston Celtics on Friday at TD Garden. The Celtics lead the Eastern Conference Finals series 3-2.

How to Watch: 8:30 p.m. ET on ESPN

Betting Odds: Celtics -8.5 || ML -435 || O/U 201.5

Pick: Expect the Celtics to end the series. Take Boston to cover.

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Written by Justin Byers [[link removed]], Owen Poindexter [[link removed]] Edited by Matthew Tabeek [[link removed]]

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