September 16, 2022

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Ahoy, His Airness! Michael Jordan is an avid fisherman and owns a Viking 80 yacht called Catch 23. What makes the $8 million boat [[link removed]] even more impressive is the fact that it’s decked out in the famous elephant print from his Air Jordan 3s.

Silver Lake Increases Stake in Manchester City Owner [[link removed]]

Manchester City

Silver Lake is now the second largest shareholder in Manchester City FC owner City Football Group.

The private equity firm increased [[link removed]] its existing stake by purchasing a roughly 4.1% share from CMC Football Holdings. Filings show it was acquired between early 2020 and January 2022.

Silver Lake, which bought its initial 10% stake for $500 million in 2019, now owns [[link removed]] 14.54% of the company.CMC’s holding dropped to 8.24%.

City Football Group has full or partial stakes in 12 soccer clubs including New York City FC, Melbourne FC, and Manchester City — the sixth highest-valued soccer team in the world with a $4.25 billion valuation [[link removed]]. Man City reported [[link removed]] record revenue of $648.5 million for the 2020-21 season.

Silver Lake’s Stakes

Last month, Silver Lake purchased [[link removed]] Diamond Baseball Holdings from Endeavor for $280 million. Formed last year, DBH includes 10 minor league baseball teams including affiliates of the St. Louis Cardinals, Chicago Cubs, and New York Yankees.

Last year, Silver Lake acquired [[link removed]] a 33.3% stake in the Australian Professional Leagues for roughly $100 million, and as of this year, is set to acquire [[link removed]] a stake in NZR CommercialCo, a division of New Zealand Rugby that houses all revenue-generating assets of the governing body.

RedBird Sells Stake in NFLPA, MLBPA Venture at $600M Profit [[link removed]]

John David Mercer-USA TODAY Sports

A joint venture between the NFL and MLB players is bidding adieu to its original private equity partner and welcoming three more.

RedBird Capital Partners is selling [[link removed]] its 40% stake in OneTeam, a business that handles the intellectual property rights of the MLBPA and NFLPA.

HPS Investment Partners, Atlantic Park Strategic Capital Fund, and Morgan Stanley Tactical Value are buying RedBird’s stake.The deal reportedly values [[link removed]] OneTeam at around $1.9 billion. OneTeam was formed in 2019 by RedBird, the NFLPA, and MLBPA. Latham & Watkins advised the NFLPA on the original formation of the company and on the most recent sale.

RedBird exits with an estimated $600 million in profits – a return of more than 500%.

Growing Team

In addition to MLB and the NFL, OneTeam has expanded to represent the players’ associations of MLS, the WNBA, the NWSL, the U.S. Women’s National Team, U.S. Rugby, the League of Legends Championship Series, and college athletes.

In all, it represents over 10,000 players.

The MLBPA added [[link removed]] more than 5,000 players to its rolls with the addition of MLB’s minor league players this week.

“We have generated hundreds of millions of dollars for athletes across football, baseball, basketball, soccer, rugby, and more,” said Malaika Underwood, OneTeam interim CEO.

OneTeam’s EBITDA is reportedly around $200 million.

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Mickelson May Drop Out of Lawsuit Against PGA Tour [[link removed]]

John David Mercer-USA TODAY Sports

Phil Mickelson is reportedly giving serious consideration to removing himself from an antitrust lawsuit against the PGA Tour.

The six-time major champion and 10 other golfers alleged that the PGA Tour wrongly banned them for competing in LIV Golf events — alleging their suspensions are part of a “carefully orchestrated plan to defeat” LIV.

Backed by the Public Investment Fund — Saudi Arabia’s sovereign wealth fund — LIV has seen many of its players suspended from PGA Tour events.

“Now that LIV is involved, it’s not necessary for me to be involved,” Mickelson said [[link removed]].

In August, LIV joined [[link removed]] the lawsuit, according to an amended complaint obtained by Front Office Sports.LIV Golf stated that PGA Tour players are “independent contractors but are denied independence.” A trial date has been scheduled for Jan. 8, 2024.

Mickelson wouldn’t be the only LIV player to distance themselves from the lawsuit.

In August, three-time PGA Tour winner Pat Perez removed [[link removed]] his name as one of the 11 plaintiffs. Perez told Sports Illustrated that he joined the case out of solidarity to LIV golfers but doesn’t “feel any need to go after the PGA Tour.”

Drawing Interest

LIV is generating [[link removed]] “enormous” interest from potential U.S. broadcasters, according to its CEO Greg Norman. One source told FOS there may be at least six legitimate bidders for LIV’s U.S. media rights — and the leading [[link removed]] contender is FOX.

Conversation Starters In The Leadoff, minor league players join the MLBPA, LIV Golf is reportedly drawing interest from major U.S. broadcasters, Serena Williams hints at a possible return, and FBS athletic directors want to keep football under the NCAA. Click here to listen [[link removed]]. Fan Controlled Sports & Entertainment recently announced [[link removed]] that its next venture will be a basketball league called Fan Controlled Hoops. LIV Golf has hired [[link removed]] NBA legend Scottie Pippen to welcome fans to the LIV Golf Invitational in Chicago on Sept. 16-18.

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Market Movers

U.S. stocks experienced declines across all three major indexes on Friday. Here’s a look at how sports-related stocks performed:

T [[link removed]]

AT&T, Inc.

[[link removed]]

$16.73

[[link removed]]

+0.60%

[[link removed]] DAKT [[link removed]]

Daktronics Inc.

[[link removed]]

$2.89

[[link removed]]

-1.73%

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

MGM Resorts International

[[link removed]]

$33.36

[[link removed]]

-1.85%

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

Vail Resorts Inc.

[[link removed]]

$221.69

[[link removed]]

-2.17%

[[link removed]] MSGS [[link removed]]

Madison Square Garden Sports Corp

[[link removed]]

$150.54

[[link removed]]

-2.25%

[[link removed]] (Note: All as of market close on 9/16/22) What to Watch

The Florida State Seminoles (2-0) face the Louisville Cardinals (1-1) on Friday night at Cardinal Stadium.

How to Watch: 7:30 p.m. ET on ESPN

Betting Odds: Florida State -2.5 || ML -140 || O/U 57

Pick: Expect the Seminoles to build on their momentum. Take Florida State to cover.

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

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