May 31, 2022
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The Chicago Sky’s 2021 WNBA Championship rings definitely have a Windy City look [[link removed]]. The rings pay tribute to Chi-Town with a 10-diamond Willis Tower, plus recreations of the John Hancock Building, Water Tower, and The Bean. In total, each piece carries 87 full-cut diamonds. 💎
Callaway Drives Web3 Focus with LinksDAO Stake [[link removed]]
Callaway
Callaway has reportedly invested in LinksDAO’s ongoing equity round, becoming a strategic partner in the company.
LinksDAO is a decentralized autonomous organization that classifies itself as a “global community of golf enthusiasts in Web3 reimagining the modern golf and leisure club.”
As part of the agreement, Callaway will offer [[link removed]] discounts and deals on branded items to the NFT holders and become LinksDAO’s official equipment provider.
The organization’s goal is to “own one of the world’s greatest golf courses,” but it’s forming a community along the way. Earlier this year, LinksDAO crowdfunded $10 million by selling more than 9,000 digital membership tokens to golfers.
The organization earns royalties on secondary sales.The NFTs had two price tiers [[link removed]]: 0.18 ethereum ($674) or 0.72 ethereum ($2,699).The country club will be blockchain-based so members have voting rights.
LinksDAO launched a Pro Shop with exclusive merchandise in March and a token-gated members platform in May.
Join the Club
Callaway, which recorded $1 billion in first-quarter net revenue, adds to LinkDAO’s list of deals with leaders in the golf market.
The DAO has high-profile partnerships with brands including Five Iron Golf, Ship Sticks, Foray Golf, and Devereux — all of which give users discounts.
The Bills Stadium Is Closer to Reality [[link removed]]
Aaron Doster-USA TODAY Sports
The Buffalo Bills cleared the last major hurdle to building a new stadium in their longtime home after Erie County legislators voted to approve a memorandum of understanding between the county, team, and New York State.
The unanimous vote secured [[link removed]] $250 million from Erie for the $1.4 billion project.
New York will kick in $600 million, after Gov. Kathy Hochul secured funding in the state’s annual budget.NFL owners will loan the team $200 million, which will be paid back through ticket sales provided to visiting teams over the coming decades.Team owners Kim and Terry Pegula will cover the balance of the costs, an estimated $350 million.
The county injected some uncertainty in the process last month when lawmakers insisted [[link removed]] on a community benefits package including job opportunities and transportation to the stadium as part of the deal.
License to Sit
Much of the Pegulas’ portion will be covered by personal seat licenses, which could range from $500 to $16,500, according to a survey [[link removed]] sent to fans.
Seat licenses, which allow fans to purchase season tickets for a certain seat in the stadium, can cost NFL fans as much as $100,000 in markets like Dallas, Los Angeles, and Las Vegas.
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McLaren Speeding Toward Profitability [[link removed]]
Arrow McLaren
On pace toward profitability, McLaren Racing is making major investments in IndyCar.
Prior to Sunday’s Indianapolis 500, the company announced it will build a $25 million IndyCar facility in Indiana. The 97,000-square-foot facility will become operational over the next two years.
McLaren reentered IndyCar in 2020 after a 40-year absence.The brand will have three entrants in the IndyCar series next year.
“We want to have a bigger North American platform than our competitors in Formula 1,” McLaren Racing CEO Zak Brown told Front Office Sports.
Profitable Pace
While McLaren Racing currently operates at a loss, Brown sees that changing soon.
“Now that Liberty [Media] is putting a cost cap in place [on Formula 1], we see profitability is right around the corner.”
F1 parent Liberty Media introduced a spending limit of $145 million for each team last year, which dropped to $140 million this year and will be $135 million in 2023.
“Without a cost cap in place, the sport was about who could afford to lose the most,” said Brown, adding that many car companies saw racing expenses “as great advertising dollars.”
Hibbett Sales Dropped Last Quarter [[link removed]]
Hibbett
Athletic apparel retailer Hibbett Inc. reported another underwhelming quarter in its latest earnings report.
The Birmingham, Alabama-based company, which has 1,105 stores across 35 states, generated $424 million in sales for the quarter ending April 30, 2022 — a 16.3% decrease year-over-year.
Comparable sales fell 19% compared to the quarter ending May 1, 2021.E-commerce sales grew 4% year-over-year but represented only 15% of total net sales.Net income reached $39.3 million, down from $84.8 million for the quarter ending May 1, 2021.
Hibbett is making an attempt to alleviate the recent financial woes.
The retailer repurchased 491,218 shares for $22.4 million during the first quarter. It also increased its inventory by approximately $94 million and announced that its plan to open 30-to-40 new brick-and-mortar stores is still on schedule.
Looking Ahead
Hibbett is expecting supply chain constraints, pandemic-related issues, inflation pressures, and geopolitical conflicts to impact its financial performance in FY2023.
The company estimates net sales will be relatively flat compared to FY2022.
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An Inside Look at Life After the Game
Ever wonder what your favorite players have been up to since retiring from their sport?
Find out in Second Acts [[link removed]], an exclusive interview series where Front Office Sports sits down with former athletes about everything they’ve accomplished in their sport, and how they are thriving after the game in their second act.
The first season, presented by Fidelity [[link removed]], episode lineup includes:
Rex Chapman [[link removed]]: 12-Season Former NBA Player Andrew Hawkins [[link removed]]: Former NFL Team Captain, Co-Founder StatusPRO, TV Personality Shawn Johson [[link removed]]: Olympian, Entrepreneur and Podcast Host Renee Montgomery [[link removed]]: 2x WNBA Champion and Co-Owner/VP of the Atlanta Dream Jalen Rose [[link removed]]: World-Famous Basketball Player and ABC/ESPN Analyst
Check out their inspiring second act stories here [[link removed]].
Conversation Starters Last week, Minnesota Aurora FC took the field for the first time. The community-owned club sold [[link removed]] 3,000 season tickets and made $650,000 in revenue before its first match. Wimbledon will remove [[link removed]] “Miss” and “Mrs” titles from its honor roll, according to The Times. Titles have historically been used just for women. The Golden State Warriors have grossed [[link removed]] nearly $72 million from the box office during the NBA Playoffs so far, according to The Athletic. From the PGA Championship to the French Open and the Indy 500, Atmosphere Sports is bringing sports back to the center. Learn more [[link removed]].*
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Question Of The Day
Have you ever purchased a personal seat license?
Yes [[link removed]] No [[link removed]]
Friday’s Answer
45% of respondents have played video games on a PC.
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Written by Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]], Justin Byers [[link removed]] Edited by Matthew Tabeek [[link removed]]
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