June 14, 2022

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WNBA star Brittney Griner has been detained in Russia for the last 117 days, and on Tuesday, a Russian court ruled [[link removed]] that the seven-time All-Star must remain in custody through at least July 2.

Apple and MLS Agree to Historic $2.5B Deal [[link removed]]

Ron Chenoy-USA TODAY Sports

Apple has agreed to a landmark deal with MLS in which Apple will exclusively [[link removed]] stream every MLS match for 10 years starting in 2023.

MLS commissioner Don Garber said [[link removed]] that the league will receive a base fee and percentage of subscription sales. A source with knowledge of the deal confirmed to Front Office Sports that the deal is worth at least $2.5 billion ($250 million annually).

Apple will stream all MLS and League Cup games, select MLS Next Pro and MLS Next games, and a weekly live-match whip-around show. The league’s goal is to have pregame, in-game, and postgame shows for every match.

Fans won’t need Apple TV+ for access but will need the Apple TV app. The streaming service’s cost, other programming, and match windows will be unveiled in the coming months.

Around two matches per week will stream for free on the Apple TV app, the source said.Certain games will only be free for Apple TV+ subscribers.MLS season ticket-holders will automatically have access to MLS’ streaming service on the Apple TV app.

MLS president Gary Stevenson said the league is having conversations with Apple about broadcasts outside the U.S. and Canada.

Linear Lives

MLS continues to work on a linear TV rights deal and is in discussions with ESPN, Fox, and other outlets, according to the source. Around 2-3 games are expected to be broadcasted per week via linear channels as a simulcast of Apple’s coverage.

Entain Deal for Sports Betting Operator Could Hit $885M [[link removed]]

Entain Group

Entain has agreed to purchase Amsterdam-based online sports betting operator BetEnt BV in a deal that could reach a total value of $885 million.

The gambling and sports betting company will acquire BetEnt — which trades under BetCity — from Sports Media Entertainment BV.

Entain will pay $312 million up front [[link removed]] for BetCity.The remaining balance is expected to be paid in early 2023.A further contingent payment is due in 2024.The acquisition is scheduled to close in H2 2022.

The purchase of BetCity allows Entain — which has an enterprise value of $12 billion — to tap into an emerging online sports betting market in the Netherlands. The country legalized [[link removed]] sports betting in October 2021, with BetCity receiving approval for a gaming license the same month.

Online gambling market revenue in the Netherlands is expected [[link removed].] to reach $52 billion by 2026.

Entain’s acquisition comes after it offered [[link removed]] more than $1 billion for Olympic Entertainment Company. The Estonian entity allows NBA gambling at over 100 casinos and betting halls, as well as online via its platform, OlyBet.

Formerly known as GVC Holdings, Entain owns major betting brands like BetMGM, PartyPoker, Sportingbet, BetMGM, and Ladbrokes Coral.

Missed Target

In September 2021, DraftKings made a $22.4 billion cash-and-stock bid to acquire Entain. A month later, the potential merger and offer was pulled [[link removed]] by DraftKings. The failed transaction was complicated [[link removed]] by Entain’s joint ownership of BetMGM with MGM Resorts.

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Charlotte Buzzing With $275M for Hornets’ Facilities [[link removed]]

Jim Dedmon-USA TODAY Sports

The Charlotte Hornets’ home is set for a major makeover after the Charlotte City Council voted in favor of a $275 million plan for Spectrum Center renovations and a new practice facility.

As part of the agreement, the Hornets have extended their lease through 2045, paying [[link removed].] a total of $32 million in rent over that period. The team will also continue its annual $1.1 million capital fund contribution through the entirety of its lease.

Under the current deal, which expires at the end of the 2029-2030 season, the city is obligated to pay $173 million in renovations. In total, $215 million will be spent on renovations, and the remaining $60 million will go toward the practice facility.

The funding for the practice facility will not be paid from tourism taxes, but instead by revenues from naming rights and other opportunities.The renovations to Spectrum Center will be paid from rental car and hotel sales taxes, which are legally required to be spent on projects supporting Charlotte’s tourism. Hornets’ New Nest

Work on the renovations and practice facility, which will be located [[link removed]] in a redeveloped transit center across the street from Spectrum Center, could reportedly start as early as this summer. The practice facility is expected to open in 2027.

Conversation Starters In The Leadoff, Apple and Nike are teaming up on sports content, a reported 28 parties want to buy the Washington Nationals, AC Milan believes it deserves a new $733 million stadium, and video game companies are taking steps to create inclusive environments. Click here to listen [[link removed]]. Two-time NBA MVP Steph Curry didn’t hit a single [[link removed]] three-pointer Monday, but the Golden Warriors still managed to beat the Boston Celtics in Game 5 of the NBA Finals with lockdown defense. After a slow start to the season, the Atlanta Braves have now won [[link removed]] 12 games in a row — the third-longest win streak in the franchise’s modern era. Serena Williams is returning to Wimbledon after receiving a wild-card spot [[link removed]] from the All England Club, setting up her first competitive singles match since last year. Subscribe to Scoreboard for more [[link removed]].

FRONT OFFICE SPORTS EVENTS

The Future of Women in Sports

The passing of Title IX in 1972 had an immediate impact on the sports world – the lasting impact however, has proved to be far greater. Women’s sports have not only grown at the college level, but at the professional level as well.

To celebrate this historic moment, Front Office Sports will host a virtual summit [[link removed]] featuring intimate conversations with some of the most influential female athletes and business leaders. Discussions will include:

What It Means to Be Bold and Brave: A Candid Conversation with Allyson Felix – Olympian, Activist and Entrepreneur NIL and the Road to Equity for Women in College Sports with Jade-Li English, Klutch Sports Trailblazing Pros on Breaking Barriers: WWE Superstar Bianca Belair and Angela Ruggiero, Sports Innovation Lab UCLA’s Reilyn Turner on the Collegiate Athlete Experience In the Huddle with Bucs’ Coach Lo

Check out the full agenda [[link removed]] and reserve your spot now!

Market Movers

U.S. stocks were mixed on Tuesday. Here’s a look at how sports-related stocks performed:

CHDN [[link removed]]

Churchill Downs, Inc.

[[link removed]]

$182.74

[[link removed]]

+1.43%

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

Nike, Inc.

[[link removed]]

$110.97

[[link removed]]

-0.57%

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

Camping World Holdings Inc

[[link removed]]

$25.40

[[link removed]]

-1.40%

[[link removed]] EA [[link removed]]

Electronic Arts, Inc.

[[link removed]]

$127.64

[[link removed]]

-1.47%

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

AT&T, Inc.

[[link removed]]

$19.46

[[link removed]]

-1.52%

[[link removed]] (Note: All as of market close on 6/14/22) What to Watch

The Phoenix Mercury (5-8) face the Washington Mystics (9-6) on Tuesday night at the Entertainment & Sports Arena.

How to Watch: 7 p.m. ET on ESPN

Betting Odds: Mystics -8.5 || ML -350 || O/U 161.5

Pick: Expect the Mercury to keep things close. Take Phoenix to cover.

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DISCLAIMER

*Some properties are shown for illustrative purposes only. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a securities offering. This investment may not be suitable for all investors. Distributions and liquidity not guaranteed. Property performance and performance of property tenants not guaranteed. Diversification does not eliminate the risk of experiencing investment loss. All investment services are offered by LEX Markets LLC, Member FINRA/SIPC

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Written by Abigail Gentrup [[link removed]], Justin Byers [[link removed]] Edited by Matthew Tabeek [[link removed]]

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