June 2, 2022
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The WNBA keeps rising. Overall viewership is up and, after a $75 million capital raise, the league is now valued at $1 billion. Now it’s eyeing [[link removed]] expansion, commissioner Cathy Engelbert says, with Nashville, Oakland, Philadelphia, Portland, San Francisco, and Toronto all possibilities. The WNBA hopes to identify two expansion teams by September.
LeBron Becomes NBA’s First Active Three-Comma Player [[link removed]]
Kyle Terada-USA TODAY Sports
LeBron James missed the playoffs this year, but he still managed to do something no NBA player has ever done: He’s the first active player to reach a net worth over $1 billion, per Forbes.
The star has earned $385 million in salary from the Cleveland Cavaliers, Miami Heat, and Los Angeles Lakers, but his endorsements, investments, and ventures have brought him into [[link removed]] the three-comma club.
James holds an estimated $300 million in equity in the entertainment venture SpringHill Company, which he founded with Maverick Carter. SpringHill, a producer on last year’s “Space Jam: A New Legacy,” was valued at $725 million after a $100 million raise in 2020.His stake in Fenway Sports Group, owner of the Boston Red Sox, Fenway Park, Liverpool, and the Pittsburgh Penguins, is valued at $90 million.Forbes estimates that James has $80 million in real estate and $30 million through his stake in Blaze Pizza.
On top of his most publicized investments, James is believed to hold over $500 million in cash, stock, and other assets.
Still Raking It In
While James’ Lakers had a forgettable year, LeBron still excelled [[link removed]] as an earner. He’s the second-highest-paid athlete in the world this year with $121.2 million, behind only Lionel Messi at $130 million, according to Forbes.
While Messi gets most of that through his salary ($75M on-field, $55M off-field), James earns $80 million off the court — deals such as his lifetime pact with Nike brings him tens of millions annually.
Carolina Panthers’ $800M Facility Project Officially Nixed [[link removed]]
Bob Donnan-USA TODAY Sports
Any hope for a new $800 million team headquarters for the Carolina Panthers in Rock Hill, South Carolina, has officially been dashed after team owner David Tepper’s real estate company filed for bankruptcy.
Tepper’s development arm — GT Real Estate — had already invested [[link removed]] more than $170 million into the now-defunct project that had a controversial start and disappointing finish.
York County, where Rock Hill is located, gave [[link removed]] $21 million to GT Real Estate for the project and is expecting to have the funds returned [[link removed]] in full with interest to protect taxpayers.
The project was going to include fields, a 5,000-seat stadium, and indoor practice center.The facility was also supposed to house medical and training facilities.
GT Real Estate’s bankruptcy wasn’t the only setback keeping the Rock Hill project from becoming a reality. Construction of the facility was put on hold [[link removed]] in March after Rock Hill missed a second payment toward $225 million of promised infrastructure costs of the development. Construction on the facility began in 2020, and it was scheduled to open in 2023.
Potential Plan B
Before Tepper’s plan to build a new facility dissolved, he purchased land near Bank of America Stadium in Charlotte, the Panthers’ home field since 1996. It’s also home to MLS expansion team Charlotte FC, owned by Tepper.
The purchase [[link removed]] of 4.6 acres, which was made by GT Real Estate, was for more than $15 million. There are currently no plans to develop the site.
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Signa Sports United Pedals to $289M Quarter [[link removed]]
Signa Sports United
Signa Sports United generated $289 million in revenue in Q2 2022, a 48% increase compared to the same period the year prior.
The German bicycle and tennis equipment retailer attributed [[link removed]] the growth to an expanding customer base despite inflationary pressures, geopolitical concerns, and inventory shortages.
Signa reported 7.4 million active customers in Q2, a 62% increase year-over-year.The retailer failed to meet demand for its full-bike and e-bike products during the quarter. It posted a net loss of $40 million in Q2. The company expects full-year revenue to range between $1.3 billion and $1.5 billion.
Signa went public in December 2021 via a merger with Yucaipa Acquisition Corporation, a blank-check company led by Pittsburgh Penguins part-owner Ronald Burkle. Signa raised $484 million during the transaction, valuing [[link removed]] the company at $3 billion.
The same month, Signa agreed to acquire Tennis Express and online cycling store Wiggle.
Q2 2022 marked Signa’s first fiscal quarter with full contribution from its acquisitions of Tennis Express and Wiggle, which has annual sales of roughly $500 million.
Potential Investor
Signa is reportedly [[link removed]] close to securing an investment worth more than $370 million from a group that includes Saudi Arabia’s sovereign wealth fund — the Public Investment Fund.
The capital will be allocated toward expanding Signa’s presence in the U.S.
Conversation Starters In The Leadoff, the Washington Commanders stadium project could generate $24.7 billion for Virginia, FC Barcelona is seeking approval for a cash injection of up to $750 million, Gatorade parts ways with the NHL, and a major talent agency makes its first investment in rugby. Click here to listen [[link removed]]. Nike founder Phil Knight and Los Angeles Dodgers co-owner Alan Smolinisky have made a written offer [[link removed]] of more than $2 billion to purchase the Portland Trail Blazers, per ESPN. After an emotional 3-1 victory over Scotland on Wednesday, Ukraine’s men’s national soccer team is just one win [[link removed]] from an appearance in the 2022 World Cup in Qatar. The New York Rangers stormed the Tampa Bay Lightning in Game 1 [[link removed]] of the Eastern Conference Final, a win anchored by New York’s “Kid Line” of Alexis Lafreniére, Kaapo Kakko, and Filip Chytil. Subscribe to Scoreboard for more [[link removed]].
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Market Movers
U.S. stocks experienced gains across all three major indexes on Thursday. Here’s a look at how sports-related stocks performed:
(Note: All as of market close on 6/2/22) What to Watch
The Boston Celtics face the Golden State Warriors on Thursday at the Chase Center in Game 1 of the NBA Finals.
How to Watch: 9 p.m. ET on ABC
Betting Odds: Warriors -3.5 || ML -165 || O/U 214
Pick: Expect the Warriors to start the series with a win. Take Golden State to cover.
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Written by Owen Poindexter [[link removed]], Justin Byers [[link removed]] Edited by Matthew Tabeek [[link removed]]
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