The owners of the Washington Nationals announced their intentions to explore a sale of the team in April, and Michael B. Kim is reportedly among the prospective buyers.

There is no sale price, though Forbes’ latest valuation of the team was $2 billion — 12th in MLB.

Kim founded MBK Partners, which has more than $25 billion in assets under management, in 2005. Forbes lists Kim as South Korea’s third-richest person with a net worth of $7.7 billion.

• Kim met with team officials in June at Nationals Park.
• One other group has already met with team officials, and a third has plans to do so.
• None of the groups have Washington ties, according to The Washington Post.

The Lerner family purchased the Nationals for $450 million in 2006, beating out seven other groups. Under their ownership, the team has won four National League East titles and the 2019 World Series.

“This is an exploratory process, so there is no set timetable or expectation of a specific outcome,” Mark Lerner said. The Washington Post reports that talks will likely end in a sale. 

Bank’s Business

Allen & Company, the New York investment bank running the process, managed the sale of the New York Nets, the NFL’s Carolina Panthers, and the record-breaking $4.65 billion sale of the Denver Broncos.

FIFA and UEFA are facing a legal battle in Europe’s top court against the European Super League — a breakaway league that believes the two governing bodies breached competition law. 

The battle comes after 12 top-flight soccer teams announced plans in April 2021 to create the Super League. The idea was met with public outcry, leading most teams — except Barcelona, Juventus, and Real Madrid — to distance themselves from the venture. 

• FIFA and UEFA threatened clubs and players with expulsion from their competitions.
• At issue are media rights, which would be split among members of the Super League.
• In response, the Super League vowed to distribute $321 million to clubs outside the breakaway league. 

The Super League — established under Spanish law — is seeking approval by the European Court of Justice to continue with its plan, which is hampered by a Spanish ruling. 

In April, a Spanish court ruled that UEFA and FIFA could sanction Barcelona, Juventus, and Real Madrid if they followed through with their plans to join the Super League. The unfavorable decision overturned a previous ruling that protected clubs from sanctions by FIFA and UEFA. 

Major Implications 

The court battle between UEFA, FIFA, and the Super League has major implications for entities outside soccer.

On Monday, the Wall Street Journal reported that the PGA Tour is being investigated by the Department of Justice over anticompetitive behavior as it competes with the LIV Golf Invitational Series. At issue are regulations regarding player participation in non-PGA events.

New York has generated $302.3 million in mobile sports betting tax revenue since its launch in January — surpassing expectations and beating every other state in total revenue. 

The Empire State benefits from being the largest mobile sports betting market in the U.S., with more than 2.9 million unique player accounts created since its legalization in January. 

New York is no stranger to breaking records in sports betting. In its first month of legal mobile wagering, the state reported an official total handle of $1.62 billion behind six mobile sportsbooks — the single-month record for any state. 

• New York projected it would collect $249 million in sports-betting tax revenue in FY2022.
• The state expects to generate $357 million in FY2023.
• Pennsylvania ranks second with $265.6 million collected since November 2018.
• New Jersey sits third with $237 million in tax revenue since June 2018. 

New York’s tax revenue from mobile sports betting is being allocated toward education aid, youth athletics, and programs that promote responsible gambling. 

High Tax Rate

New York has posted record results as gambling operators cautiously watch spending on marketing and promotional offers in order to combat ongoing financial losses. 

Operators, including DraftKings and Flutter Entertainment’s FanDuel, have requested state legislators to change laws regarding sports-betting tax rates — which sit at 51% for 10 years.

In comparison, the average sports-betting tax rate in the U.S. is 19%, per Morgan Stanley.

The 2030 Winter Olympic and Paralympic Games could cost $3.09 billion if they’re held in British Columbia.

Canada’s First Four Nations, the Canadian Olympic Committee, and the Canadian Paralympic Committee presented the financial estimates — with bid officials promising operating costs would be covered by private funding up to an estimated $2.16 billion. 

The cost would be funded by sponsorships, broadcasting rights, and merchandise licensing. 

Housing, security, and facility renovation would need between $773 million to $927 million in public dollars.

• The COC estimates between roughly $231 million to $290 million would be needed in government grants for new building and renovations from the existing Vancouver 2010 venues. 
• Roughly $127 million to $206 million would be needed for Olympic Villages.
• To secure the Games, around $433 million to $450 million more would be needed.

The estimates include a built-in 25% contingency for uncertainties, including cancellations insurance — the 2020 Tokyo Olympics were delayed for one year due to the pandemic and had no fans in attendance. 

Behind the Bid

Vancouver’s city council will likely decide whether to support an official bid following a July 20 staff hearing. The British Columbia NDP government has given COC until Aug. 15 to put together a detailed plan. 

“At this point, the province has not committed any funds to this project,” said Melanie Mark, B.C.’s minister of tourism, arts, culture, and sports.

Salt Lake City and Sapporo, Japan, are also reportedly exploring bids for the event. The host will be picked in May 2023.