Amazon reportedly will not bid in Sunday’s auction for streaming rights to the Indian Premier League, which are expected to go for up to $7.7 billion as part of a five-year deal.

The company, which has a $1.1 trillion market cap, was previously expected to win the rights to the multi-week tournament, which the Board of Control for Cricket in India estimates is valued at $7 billion. But the price tag may have been too much for the company, which has already spent around $6.5 billion on its India business.

“Amazon has a great balance sheet, but as a standalone, digital-only bidder, it would’ve had a challenge recouping such a big investment on streaming,” said Mihir Shah, vice president and India head at Media Partners Asia.

Amazon’s departure leaves at least three powerhouses vying for the rights: Disney, Sony, and Mukesh Ambani’s Reliance Industries.

• Disney inherited rights to the league in 2019 when it took over Fox’s Star India.
• Fox paid around $2.1 billion for the rights in 2017.

This year’s process will be different, as the BCCI is auctioning IPL’s broadcast and streaming rights individually for the first time.

Media Minutes

The IPL has grown to 10 teams — whose valuations are growing at a faster rate than NFL and NBA teams — playing 74 matches. When it launched in 2008, it only had eight teams with 14 matches. In 2020, 44% of Indian households watched a live IPL match for a total of 61 billion viewing minutes.

Yet another soccer team is set to be taken over by a U.S. businessman.

Foster Gillett, the son of former Liverpool FC co-owner George Gillett, is reportedly set to acquire a majority stake in Ligue 1’s Olympique Lyonnais for around $636 million.

More than $318 million reportedly will go toward shares from Pathé and IDG Capital Partners, both of which have a less than 20% stake in the club. The remaining amount will go toward shares from current owner Jean-Michel Aulas and a $106 million injection into the team.

Aulas, who has owned the team since 1987, will stay on as president for now. 

Overseas, Please

Olympique Lyonnais joins the growing list of Americans investing in European soccer teams this year alone.

• Last month, Los Angeles Dodgers, Lakers, and Sparks owner Todd Boehly’s consortium purchased Chelsea FC for $5.2 billion, marking the largest team sale ever and the first time that more than half of Premier League teams are owned by people or groups from the U.S.
• Also in May, Sixth Street Partners entered a $380 million agreement with Real Madrid for a 30% stake in future stadium revenue, now including season ticket sales.
• Earlier this month, RedBird Capital — an investor in Fenway Sports Group — entered an agreement to purchase AC Milan for $1.3 billion.

Lyon’s official ownership announcement is expected to come in the next 10 days.

Less restrictions meant more skiing at Vail Resorts. 

Vail Resorts generated $1.17 billion in revenue in fiscal Q3 2022, an increase of $287.6 million compared to the same period last year. 

The Colorado-based company — which operates 40 mountain resorts and ski areas — attributed the growth to lifted limitations and restrictions caused by the pandemic. 

• Net income reached $372.6 million in fiscal Q3, up from $274.6 million in Q3 2021.
• Vail Resorts projects full-year EBITDA to range between $828 million and $842 million.
• Early season-pass sales for the 2022-23 ski season grew 11% year-over-year.
• Roughly 72% of all visitation at Vail Resorts in 2021-22 were through season passes. 

Vail Resorts not only caters to its customers but facilities and employees, as well. The company plans to increase its minimum wage to $20 per hour by the end of FY2022 and is also planning to invest as much as $337 million to expand capacity at 14 resorts. 

Gaining Ground 

Vail Resorts has broadened its reach over the past year through a series of acquisitions. 

In December 2021, the company acquired Seven Springs Mountain Resort in Champion, Pennsylvania, for $118 million. The deal included Hidden Valley Resort and the operations of Laurel Mountain Ski Area, both located in the Pittsburgh area. 

Earlier this year, Vail Resorts agreed to purchase a majority stake — 55% — in Andermatt-Sedrun, the largest ski area in Central Switzerland. The deal would mark the company’s first strategic investment in Europe.

The transaction is expected to close before the 2022-23 ski season.