July 21, 2022

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What happens the summer after you make the NBA Finals but don’t get the job done? On a new episode of our My Other Passion podcast, Boston Celtics forward Grant Williams tells us how the team is getting ready for next season, which investments in his portfolio he’s most excited about, and what it’s like going head-to-head with Draymond Green.

Listen to the full episode on Apple [[link removed]], Spotify [[link removed]], or YouTube [[link removed]]. 🎧

76ers Announce New $1.3B Arena Project in Heart of Philadelphia [[link removed]]

Philadelphia 76ers

The city of Philadelphia is preparing to move its marquee sports arena off Broad Street and into the heart of the city.

On Thursday, the Philadelphia 76ers announced [[link removed]] the creation of a new development company, 76 Devcorp, that will work toward building a new arena — tentatively named 76 Place — for the team in Center City. The company will be led by Philadelphia-based businessman David Adelman.

“The Philadelphia 76ers’ extensive evaluation of potential sites for an arena over the past two years culminates today with plans to pursue the Fashion District Philadelphia site as the proposed new home of the team,” said Adelman.

Inside the Numbers

The project will be entirely privately funded and carry a cost of $1.3 billion.

The team anticipates providing $1.9 billion in economic output during construction and $400 million annually once the arena opens.If construction goes according to plan, the new arena will be ready in time for the start of the 2031-32 NBA season.

The 76ers didn’t mention if they would share the arena with the Philadelphia Flyers — the two teams have cohabitated since 1967.

Chelsea FC Raises $957M in Debt for Upgrades [[link removed]]

Chelsea FC

The new owners of Chelsea FC are raising around $957 million of debt to boost the team’s operations and stadium.

Roughly $359 million will be put toward a revolving credit facility, with $598 million used for a term loan.

JPMorgan and Bank of America are involved in the financing.

Due to its structure, Chelsea will reportedly not bear any of the interest expense from the financing.All proceeds will go toward the business. Financial Times reported [[link removed]] that the owners will not pledge any assets or revenues associated with the team’s regulated entities to acquire the financing.

A consortium led by Los Angeles Dodgers, Lakers, and Sparks owner Todd Boehly purchased the team for $5.2 billion in May. The deal includes restrictions on debt levels.

As part of the takeover agreement, $2.09 billion was earmarked specifically to invest in the club, including [[link removed]] the stadium, talent academies, and Chelsea’s players. The term loan will reportedly form part of the commitment, and the credit facility would be used for working capital purposes.

In Charge at Chelsea

The news comes after Chelsea appointed former City Football Group executive Tom Glick as president of business earlier this week. Glick is in charge of revenue growth, commercial strategy, and fan engagement.

The team has yet to fill the vacant chief executive role.

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Premier Lacrosse League Funding Round Reportedly Doubles Valuation [[link removed]]

PLL

The Premier Lacrosse League raised a new round of capital as it looks to make the leap to the mainstream U.S. sports audience.

The Series D round [[link removed]] was led by existing investor The Chernin Group and included some heavy hitters in the sports landscape:

WWEKevin Durant’s Thirty Five VenturesBrooklyn Nets owner Joseph TsaiArctos Sports PartnersBrett Jefferson, investor and part-owner of the National Lacrosse League’s Albany FireWolves

The size of the round was not disclosed, but league owners Paul and Mike Rabil told Bloomberg that it doubled the valuation of the league from its June 2021 funding. Arctos led that round with participation from Tsai and New England Patriots owner Robert Kraft.

ESPN Buys In

The league got a boost [[link removed]] in March when it inked a four-year broadcast rights deal with ESPN, reportedly valued at eight figures. The deal puts all 47 PLL games on ESPN, ESPN+, or ABC.

Viewership rose 29% from 2019 to 2021 on NBCSN. The 2020 season was delayed and shortened due to the pandemic. Ticket revenue increased by 56% over that span.

A June game on ABC broke [[link removed]] league records with 452,000 average viewers and 623,000 peak viewers.

Conversation Starters In The Leadoff, the NFL is bringing live games to its app, the Las Vegas Raiders topped the NFL in ticket revenue, MLB attendance is on a downward trend, and Atletico Madrid gets a new stadium name with a mini-city under development. Click here to listen [[link removed]]. TV viewership [[link removed]] for Fox Sports’ coverage of the 2022 MLB All-Star Game sank to all-time lows, averaging 7.6 million viewers across Fox and Fox Deportes. Rich Eisen, the face of NFL Network since its founding nearly 20 years ago, will reportedly see his contract expire [[link removed]] before the kickoff of the new NFL season. Kirby Smart signed [[link removed]] a 10-year, $112.5 million contract with the Georgia Bulldogs, becoming the highest-paid football coach at a public school.

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Listen to the New FOS Podcast Now

My Other Passion, presented by Netsuite [[link removed]], brings you conversations with the most influential athletes, celebrities, and executives about what drives them – beyond the sports or businesses they’re famous for.

In our latest episode, Ernest Baker, Editor in Chief of Front Office Sports, sits down with the Boston Celtics’ rising star Grant Williams to discuss life in the NBA, intense video game sessions with teammates on the road, and the companies he’s investing in — “I spread my portfolio out as much as I can…I try to understand everything.”

Listen now on Spotify [[link removed]], Google Podcasts [[link removed]], and Apple Podcasts [[link removed]], plus subscribe for future episodes releasing every Wednesday.

If you or someone you know is an athlete, celebrity, or business leader, reach out [[link removed]] to be featured on an upcoming episode.

Market Movers

Major indexes were up on Thursday. Here’s a look at the biggest movers among sports-related stocks.

MSGS [[link removed]]

Madison Square Garden Sports Corp

[[link removed]]

$158.13

[[link removed]]

+0.27%

[[link removed]] MGM [[link removed]]

MGM Resorts International

[[link removed]]

$31.45

[[link removed]]

+0.56%

[[link removed]] UA [[link removed]]

Under Armour Inc

[[link removed]]

$8.09

[[link removed]]

+1.38%

[[link removed]] MTN [[link removed]]

Vail Resorts Inc.

[[link removed]]

$230.99

[[link removed]]

+1.93%

[[link removed]] PLNT [[link removed]]

Planet Fitness Inc

[[link removed]]

$79.95

[[link removed]]

+2.08%

[[link removed]] VFC [[link removed]]

VF Corp.

[[link removed]]

$47.33

[[link removed]]

-1.19%

[[link removed]] (Note: All as of market close on 7/21/22) What to Watch

The Los Angeles Dodgers (60-30) host the San Francisco Giants (48-43) Thursday at Dodger Stadium.

How to Watch: 10:09 p.m. ET on ESPN

Betting Odds: Dodgers -1.5 || ML -140 || O/U 8

Pick: Expect the Dodgers to win at home. Take Los Angeles on the moneyline.

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Written by Doug Greenberg [[link removed]], Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]] Edited by Matthew Tabeek [[link removed]], Brian Krikorian [[link removed]]

MORE FROM FRONT OFFICE SPORTS:

The Leadoff [[link removed]] - Daily business of sports podcast

Front Office Sports Pro [[link removed]] - The most promising opportunities where sports meets industry

Front Office Sports Learning [[link removed]] - Professional education at the speed of culture

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