September 13, 2022

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Jersey sales are only rising [[link removed]] for Major League Soccer. This season has seen a 12% year-over-year increase from 2021 — led by LAFC’s new star Gareth Bale, who topped all players in shirt sales. Meanwhile, the Seattle Sounders scored four players in the top 25, the most of any club.

Peloton Makes Sweeping Changes As Co-Founders Exit [[link removed]]

Peloton

Peloton co-founders John Foley and Hisao Kushi are leaving the connected fitness company amid struggles to drive profits after a pandemic boom.

Foley, Peloton’s former CEO, has stepped down [[link removed]] as executive chairman, while Kushi will resign as chief legal officer on Oct. 3. Peloton CCO Kevin Cornils announced that he will leave the company on Sept. 23 after working there since 2018.

Shares of Peloton peaked at $167 in October 2020.Its stock was at $11.05 as of close Monday, down nearly 70% this year alone.

Last month, current CEO Barry McCarthy announced [[link removed]] that Peloton is “making the hard choices,” leading to the elimination of 784 jobs, along with a major reduction of its brick-and-mortar locations and price increases for its most expensive products.

Peloton, which currently has 88 North American stores, will outsource delivery of its interactive products. It will also raise the price of the Bike+ by $500 (to $2,495), and that of the Tread by $800 (to $3,495).

The company, which went public in 2019, delayed [[link removed]] its annual 10-K filing with the SEC in August to sort out details related to its ongoing restructuring.

Slowing Down

Peloton generated [[link removed]] $678.7 million in revenue in fiscal Q4 — down 28% year-over-year and missing Wall Street estimates of $718.2 million.

Revenue from its connected fitness products fell 55% year-over-year to $295.6 million.

Saudi Arabia Reportedly Leading Joint Bid for 2030 World Cup [[link removed]]

FIFA

Saudi Arabia is reportedly leading a joint bid with Egypt and Greece to host the 2030 FIFA World Cup.

The Middle Eastern country, which recently expressed interest [[link removed]] in hosting the Olympics, would reportedly [[link removed]] pay for or contribute to Egypt’s and Greece’s infrastructure costs.

FIFA president Gianni Infantino reportedly [[link removed]] likes the idea due to the inclusion of an African nation.

If the joint bid is successful, the World Cup would be played in the winter to avoid extreme summer temperatures, like the 2022 edition in Qatar later this year.An announcement is imminent, according to The Times.

The bid would go up against a joint bid [[link removed]] from Argentina, Uruguay, Chile, and Paraguay, as well as one from Spain and Portugal that has support from several soccer executives.

“I am sure that the 2030 World Cup will be played in Spain and Portugal,” UEFA president Aleksander Ceferin recently said. “This bid is a winning one, and we will do everything possible to help two countries that are passionate, live and breathe football, and that have a good infrastructure.”

Saudi Sports

Saudi Arabia’s Public Investment Fund purchased [[link removed]] Premier League club Newcastle United for $409 million in 2021 and backs LIV Golf, which has attracted [[link removed]] dozens of the world’s top golfers.

Last year, the country hosted its first Formula 1 Grand Prix.

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Tonal to Raise $100M at $1.9B Valuation [[link removed]]

Tonal

Fitness company Tonal is looking to raise $100 million in financing in a deal that would value the company at $1.9 billion, according to Bloomberg.

The potential funding round for Tonal — already backed by a star-studded group of investors including Serena Williams, LeBron James, Mike Tyson, and Drew Brees — is expected to include [[link removed]] existing investors like private equity firm L Catterton and Dragoneer Investment Group.

The round will allow Tonal to continue growing amid ongoing supply chain constraints.It is subject to terms, including the latest investors being paid first if Tonal is ever sold.In March 2021, Tonal raised $250 million in Series E funding at a $1.6 billion valuation.To date, the company has raised [[link removed]] $450 million in fresh capital.

In July, Tonal announced [[link removed]] it’s slashing 35% of its workforce and plans to cut back on advertising to alleviate customer acquisition costs, according to CNBC. Before the pandemic, Tonal’s workforce stood at just over 110 employees and currently sits at roughly 750.

The San Francisco-based company has yet to become profitable since its launch in 2015.

Changing Pace

Tonal adds to a growing list of connected fitness companies restructuring their businesses following an initial pandemic boon.

In August, Peloton announced [[link removed]] that it will raise prices and cut nearly 800 jobs, while Equinox-owned SoulCycle will reportedly be closing [[link removed]] 19 of its 83 studios in the U.S. and Canada.

Real Salt Lake Inks Major Stadium Naming Rights Deal [[link removed]]

Jeffrey Swinger-USA TODAY Sports

Major League Soccer club Real Salt Lake has reportedly [[link removed]] secured a stadium naming rights deal with America First Credit Union worth nearly $100 million over 15 years, per Sportico.

As part of the pact, America First — a federally chartered credit union based in Utah that has partnered with RSL since [[link removed]] 2005 — will have branding and activations throughout the venue.

Formerly known as Rio Tinto Stadium, the venue will be renamed America First Field.Previously, global mining company Rio Tinto paid $2 million annually for naming rights.

In January, Smith Entertainment Group and David Blitzer — co-owner of the Philadelphia 76ers, New Jersey Devils, Cleveland Guardians, and Crystal Palace — purchased [[link removed]'%20board%20of%20governors.] RSL for $400 million.

The deal included private equity firm and MLB, NBA, NHL, and PLL investor [[link removed]] Arctos Sports Partners as a limited partner.

More New Names

On Monday, Inter Miami — co-owned by David Beckham — struck a training facility naming rights deal [[link removed]] with Florida Blue, the state’s Blue Cross Blue Shield healthcare company.

Located in Fort Lauderdale, the 50,000-square-foot facility — now known as the Florida Blue Training Center — opened in 2020 and cost $60 million to build.

Inter Miami is nearing a deal [[link removed]] for a new $1 billion stadium and complex.

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The group stage rolls on to Matchday 2! Stream every UEFA Champions League match live today and tomorrow on Paramount+ [[link removed]].

Each day starts with two matches at 12:45 p.m. ET and six more at 3 p.m. ET. Today [[link removed]] at 3 p.m. ET features Bayern taking on Barcelona in Munich and tomorrow, Man City hosts Dortmund at 3 p.m. ET.

The drama will be palpable, as two stars will face their former clubs for the first time after leaving this summer.

Polish marksman Robert Lewandowski will return to Allianz Arena as the enemy, a member of Barcelona. Then don’t miss another reunion when the uber-talented Erling Haaland goes against Dortmund.

Stream every Champions League match live all tournament long, exclusively on Paramount+. Try it FREE [[link removed]]!

Conversation Starters Here’s how the Minnesota Vikings’ star wide receiver Justin Jefferson spent his first million [[link removed]] dollars. Media platform HBCU Go announced deals [[link removed]] with a wide variety of brands including Walmart, Capital One, Meta and Verizon. NBC’s “Sunday Night Football” season opener drew its largest audience [[link removed]] since 2015. From big runs to home runs, Atmosphere Sports is bringing sports back to the center with scores, highlights, and more. Learn more [[link removed]].* Former Kansas City Chiefs assistant coach Britt Reid, son of head coach Andy Reid, pleaded guilty [[link removed]] to a felony DWI charge that stemmed from a February 2021 accident. Today's Action

MLB

07:05 PM

Orioles (-150) at Nationals (+130)

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MLB

07:10 PM

Cubs (+320) at Mets (-390)

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MLB

06:10 PM

Angels (+115) at Guardians (-135)

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*All times are EST unless otherwise noted.

*Odds/lines subject to change. T&Cs apply. See [[link removed]] for details.

Question Of The Day

Do you tailgate before attending football games?

Yes [[link removed]] No [[link removed]]

Monday’s Answer

34% of respondents listen to podcasts daily; 21% listen weekly; 45% don’t listen to podcasts.

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