| From | Front Office Sports <[email protected]> |
| Subject | Clock Ticking on A's $12B Park Plan |
| Date | September 22, 2022 11:25 AM |
Links have been removed from this email. Learn more in the FAQ.
Links have been removed from this email. Learn more in the FAQ.
September 22, 2022
Read in Browser [[link removed]]
POWERED BY
Football fans! The clock is running down for a chance to win two tickets to an NFL or college regular-season game of your choosing this fall. All you have to do is follow @frontofficesports [[link removed]] on Instagram, like this post [[link removed]], and tag who you’d bring with you in the comments by Friday.
A’s and Oakland Facing Short Timeline to Strike Deal [[link removed]]
Tim Heitman-USA TODAY Sports
It’s the ninth inning for negotiations between the Oakland A’s and their city.
Oakland is scrambling to secure additional grant money to cover potential cost overruns on infrastructure work related to a planned $12 billion stadium and waterfront development.
Under a framework negotiated by the A’s and Oakland, the team would cover the costs of a new stadium and surrounding development, while the city would make infrastructure improvements to roads, train tracks, bike paths, and walkways.The city wrote in a memorandum [[link removed]] that it has secured $321.5 million in grants toward the project but is facing “significantly increased” costs.The city applied for a $182.9 million grant from the Department of Transportation’s Megaprojects program, but noted that “based on initial feedback, the city may receive a partial award, or no award.”
While Oakland is loath to make its general fund liable for added costs, it is looking [[link removed]] into a limited obligation bond, which would be repaid with taxes on hotel, sales, and parking revenue generated by the project.
Clock is Ticking
To secure the project and ward off a potential move by the MLB team to Las Vegas, Oakland and the A’s still need to reach an agreement.
City leadership will change next year, as mayor Libby Schaaf is termed out and two council members are abandoning their seats to run to replace her.
City administrator Ed Reiskin said that a deal would need to be struck in the next week or so to allow for a binding vote before then.
Ares Could Back John Textor’s Bid for Lyon [[link removed]]
Olympique Lyonnais
John Textor is reportedly having trouble securing financing to acquire Ligue 1’s Olympique Lyonnais — but that could change soon.
Ares Management is reportedly in talks to back Textor’s bid for Lyon owner OL Groupe SA.
Textor, who is also an owner [[link removed]] of Crystal Palace, previously agreed [[link removed]] to buy around 66% of the club by purchasing shares from film production company Pathé, investment firm IDG Capital, and Lyon president Jean-Michel Aulas’ holding company Holnest.
The deal would reportedly [[link removed]] value the team at $842 million.
Vegas Golden Knights owner Bill Foley was planning [[link removed]] to lend Textor’s Eagle Football Holdings $522 million for the club, but outlets are reporting [[link removed]] he may be scaling back his funding.
Foley’s Cannae Holdings signed [[link removed]] a letter of intent in June to provide a credit facility for the Lyon transaction, which could have been converted into equity.Foley is reportedly interested in Premier League club AFC Bournemouth.
In its last two fiscal years, OL has reported [[link removed]] a combined $144 million loss and has a net debt of $291 million.
Should Textor’s purchase of Lyon go through, his soccer holdings would total [[link removed]] around $1 billion.
Ares’ Portfolio
Ares Management recently announced [[link removed]] it raised $3.7 billion in capital to invest in sports, media, and entertainment companies. It has already committed roughly $1 billion to 19 sports businesses around the world, including Atletico Madrid and Inter Miami CF.
SPONSORED BY NIELSEN
The Essential Data Hub for FIFA World Cup 2022™
Football players are some of the most influential athletes around, and this year’s World Cup is expected to capture the attention of nearly a billion people around the globe.
To give brands the tools necessary to identify the proper investment in a player’s influence, Nielsen utilized its influencer measurement tool, InfluenceScope [[link removed]].
Evaluate total followers, growth, engagement, and brand value per post on Instagram to determine which players provide the most Social Media Value for the fee required:
Cristiano Ronaldo is the most influential player on Instagram among those expected to play at FIFA World Cup 2022™ Next up are Argentina’s Lionel Messi, Brazil’s Neymar, and France’s Kylian Mbappé France is the most influential national team in the tournament ahead of Brazil and Portugal
Visit Nielsen’s FIFA World Cup 2022™: the essential data hub for more insights [[link removed]].
AC Milan, Inter Look to Cash In on New $1.3B ‘Cathedral’ [[link removed]]
Populous
Italian soccer giants AC Milan and Inter are projected to generate $119 million in revenue per season from a new stadium slated to open in 2027.
The Italian clubs, who have been co-tenants at the historic Giuseppe Meazza Stadium at San Siro since 1947, have announced plans to build a new stadium for an estimated [[link removed]] $1.3 billion.
A new home field is projected [[link removed]] to generate $79 million in annual revenue from naming rights, concessions, sponsors, merchandise, parking, and events, while an additional $40 million will come from areas around the venue including offices, a convention center, and an entertainment complex.
In December 2021, the Serie A rivals hired [[link removed]] architecture firm Populous for the project.A public debate next week will decide whether it receives approval.Construction on the venue — coined “The Cathedral” — could begin in 2024.It would be split into two phases, with one being the demolition of the Meazza.
The potential influx of cash would help Inter manage debt after it issued [[link removed]] $468.3 million in new bonds in January to pay off secured notes due this year and repay its revolving credit line.
New Ownership
Earlier this month, New York-based private equity firm RedBird Capital Partners closed its deal to purchase Milan for $1.2 billion from American investment firm Elliott Management.
Before the sale, minority investor Blue Skye Financial Partners claimed [[link removed]] Elliott Management — Milan’s majority shareholder since 2018 — held talks “behind closed doors” about the deal.
Sports Metaverse Platform Gets $200M Injection [[link removed]]
LootMogul
Sports-focused blockchain gaming platform LootMogul has secured a $200 million investment from alternative investment firm Global Emerging Markets.
LootMogul will use the capital to build metaverse gaming environments allowing fans to engage with athletes, teams, and brands via virtual “sport cities.”
LootMogul has partnered [[link removed]] with more than 180 professional athletes in the U.S.It is currently onboarding over 1.5 million high school and college athletes.The platform will build [[link removed]] more than 200 virtual cities with the investment from GEM.It plans to have those cities available across multiple platforms, including Meta’s Oculus.
As part of the investment, GEM will give [[link removed]] the California-based platform a share subscription facility of up to $200 million for 36 months following an equity exchange listing.
The transaction allows LootMogul to withdraw funds by issuing equity shares to GEM.
Blockchain and Metaverse Deals
Software and venture firm Animoca Brands recently [[link removed]] raised $110 million, valuing the NBA Top Shot and blockchain gaming investor at more than $5 billion.
In July, metaverse builder Infinite Reality closed its deal [[link removed]] to acquire esports and entertainment conglomerate ReKTGlobal, Inc. for $470 million, valuing the combined entity at $2.47 billion.
That same month, gaming-focused VC firm Konvoy Ventures raised [[link removed]] $150 million for Konvoy Fund III, which will have 20% to 30% of its funds allocated toward blockchain-related games.
SPONSORED BY NETSUITE
How Funko Became a $1B Business
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 Brian Mariotti, chief creative officer of Funko — the billion-dollar collectibles company backed by Rich Paul, Bob Iger, The Chernin Group, and eBay. Mariotti shared behind-the-scenes stories of working with legends like Michael Jordan, landing licensing deals with all the major pro leagues, and why sports are a huge part of his personal life and the future of Funko.
Listen now [[link removed]] or watch on YouTube [[link removed]] 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.
Conversation Starters From big runs to home runs, Atmosphere Sports is bringing sports back to the center with scores, highlights, and more. Learn more [[link removed]].* Damiam Lillard signed a $6.3 million entry-level contract when he was drafted sixth overall in the 2012 NBA Draft, and the first thing [[link removed]] he did was go to his mom’s job and tell her to quit. Following its third season, the Premier Lacrosse League is still trying to fill [[link removed]] seats and penetrate the mainstream. Today's Action
NCAA
07:30 PM
West Virginia (-120) at Virginia Tech (+100)
Bet Now [[link removed]]
NFL
08:15 PM
Steelers (+160) at Browns (-190)
Bet Now [[link removed]]
NCAA
07:30 PM
Coastal Carolina (-130) at Georgia State (+110)
Bet Now [[link removed]]
*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 wear sneakers for style or sport?
Style [[link removed]] Sport [[link removed]] Both [[link removed]]
Wednesday’s Answer
14% of respondents prefer Asics as their running shoe; 14% prefer Hoka; 31% prefer Nike; and 42% prefer others.
*Sponsored Content
If this email was forwarded to you, you can subscribe here [[link removed]].
Written by Owen Poindexter [[link removed]], Abigail Gentrup [[link removed]], Justin Byers [[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
Copyright © 2022 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
Advertise [[link removed]] / Update your preferences [link removed] / Unsubscribe [link removed]
Read in Browser [[link removed]]
POWERED BY
Football fans! The clock is running down for a chance to win two tickets to an NFL or college regular-season game of your choosing this fall. All you have to do is follow @frontofficesports [[link removed]] on Instagram, like this post [[link removed]], and tag who you’d bring with you in the comments by Friday.
A’s and Oakland Facing Short Timeline to Strike Deal [[link removed]]
Tim Heitman-USA TODAY Sports
It’s the ninth inning for negotiations between the Oakland A’s and their city.
Oakland is scrambling to secure additional grant money to cover potential cost overruns on infrastructure work related to a planned $12 billion stadium and waterfront development.
Under a framework negotiated by the A’s and Oakland, the team would cover the costs of a new stadium and surrounding development, while the city would make infrastructure improvements to roads, train tracks, bike paths, and walkways.The city wrote in a memorandum [[link removed]] that it has secured $321.5 million in grants toward the project but is facing “significantly increased” costs.The city applied for a $182.9 million grant from the Department of Transportation’s Megaprojects program, but noted that “based on initial feedback, the city may receive a partial award, or no award.”
While Oakland is loath to make its general fund liable for added costs, it is looking [[link removed]] into a limited obligation bond, which would be repaid with taxes on hotel, sales, and parking revenue generated by the project.
Clock is Ticking
To secure the project and ward off a potential move by the MLB team to Las Vegas, Oakland and the A’s still need to reach an agreement.
City leadership will change next year, as mayor Libby Schaaf is termed out and two council members are abandoning their seats to run to replace her.
City administrator Ed Reiskin said that a deal would need to be struck in the next week or so to allow for a binding vote before then.
Ares Could Back John Textor’s Bid for Lyon [[link removed]]
Olympique Lyonnais
John Textor is reportedly having trouble securing financing to acquire Ligue 1’s Olympique Lyonnais — but that could change soon.
Ares Management is reportedly in talks to back Textor’s bid for Lyon owner OL Groupe SA.
Textor, who is also an owner [[link removed]] of Crystal Palace, previously agreed [[link removed]] to buy around 66% of the club by purchasing shares from film production company Pathé, investment firm IDG Capital, and Lyon president Jean-Michel Aulas’ holding company Holnest.
The deal would reportedly [[link removed]] value the team at $842 million.
Vegas Golden Knights owner Bill Foley was planning [[link removed]] to lend Textor’s Eagle Football Holdings $522 million for the club, but outlets are reporting [[link removed]] he may be scaling back his funding.
Foley’s Cannae Holdings signed [[link removed]] a letter of intent in June to provide a credit facility for the Lyon transaction, which could have been converted into equity.Foley is reportedly interested in Premier League club AFC Bournemouth.
In its last two fiscal years, OL has reported [[link removed]] a combined $144 million loss and has a net debt of $291 million.
Should Textor’s purchase of Lyon go through, his soccer holdings would total [[link removed]] around $1 billion.
Ares’ Portfolio
Ares Management recently announced [[link removed]] it raised $3.7 billion in capital to invest in sports, media, and entertainment companies. It has already committed roughly $1 billion to 19 sports businesses around the world, including Atletico Madrid and Inter Miami CF.
SPONSORED BY NIELSEN
The Essential Data Hub for FIFA World Cup 2022™
Football players are some of the most influential athletes around, and this year’s World Cup is expected to capture the attention of nearly a billion people around the globe.
To give brands the tools necessary to identify the proper investment in a player’s influence, Nielsen utilized its influencer measurement tool, InfluenceScope [[link removed]].
Evaluate total followers, growth, engagement, and brand value per post on Instagram to determine which players provide the most Social Media Value for the fee required:
Cristiano Ronaldo is the most influential player on Instagram among those expected to play at FIFA World Cup 2022™ Next up are Argentina’s Lionel Messi, Brazil’s Neymar, and France’s Kylian Mbappé France is the most influential national team in the tournament ahead of Brazil and Portugal
Visit Nielsen’s FIFA World Cup 2022™: the essential data hub for more insights [[link removed]].
AC Milan, Inter Look to Cash In on New $1.3B ‘Cathedral’ [[link removed]]
Populous
Italian soccer giants AC Milan and Inter are projected to generate $119 million in revenue per season from a new stadium slated to open in 2027.
The Italian clubs, who have been co-tenants at the historic Giuseppe Meazza Stadium at San Siro since 1947, have announced plans to build a new stadium for an estimated [[link removed]] $1.3 billion.
A new home field is projected [[link removed]] to generate $79 million in annual revenue from naming rights, concessions, sponsors, merchandise, parking, and events, while an additional $40 million will come from areas around the venue including offices, a convention center, and an entertainment complex.
In December 2021, the Serie A rivals hired [[link removed]] architecture firm Populous for the project.A public debate next week will decide whether it receives approval.Construction on the venue — coined “The Cathedral” — could begin in 2024.It would be split into two phases, with one being the demolition of the Meazza.
The potential influx of cash would help Inter manage debt after it issued [[link removed]] $468.3 million in new bonds in January to pay off secured notes due this year and repay its revolving credit line.
New Ownership
Earlier this month, New York-based private equity firm RedBird Capital Partners closed its deal to purchase Milan for $1.2 billion from American investment firm Elliott Management.
Before the sale, minority investor Blue Skye Financial Partners claimed [[link removed]] Elliott Management — Milan’s majority shareholder since 2018 — held talks “behind closed doors” about the deal.
Sports Metaverse Platform Gets $200M Injection [[link removed]]
LootMogul
Sports-focused blockchain gaming platform LootMogul has secured a $200 million investment from alternative investment firm Global Emerging Markets.
LootMogul will use the capital to build metaverse gaming environments allowing fans to engage with athletes, teams, and brands via virtual “sport cities.”
LootMogul has partnered [[link removed]] with more than 180 professional athletes in the U.S.It is currently onboarding over 1.5 million high school and college athletes.The platform will build [[link removed]] more than 200 virtual cities with the investment from GEM.It plans to have those cities available across multiple platforms, including Meta’s Oculus.
As part of the investment, GEM will give [[link removed]] the California-based platform a share subscription facility of up to $200 million for 36 months following an equity exchange listing.
The transaction allows LootMogul to withdraw funds by issuing equity shares to GEM.
Blockchain and Metaverse Deals
Software and venture firm Animoca Brands recently [[link removed]] raised $110 million, valuing the NBA Top Shot and blockchain gaming investor at more than $5 billion.
In July, metaverse builder Infinite Reality closed its deal [[link removed]] to acquire esports and entertainment conglomerate ReKTGlobal, Inc. for $470 million, valuing the combined entity at $2.47 billion.
That same month, gaming-focused VC firm Konvoy Ventures raised [[link removed]] $150 million for Konvoy Fund III, which will have 20% to 30% of its funds allocated toward blockchain-related games.
SPONSORED BY NETSUITE
How Funko Became a $1B Business
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 Brian Mariotti, chief creative officer of Funko — the billion-dollar collectibles company backed by Rich Paul, Bob Iger, The Chernin Group, and eBay. Mariotti shared behind-the-scenes stories of working with legends like Michael Jordan, landing licensing deals with all the major pro leagues, and why sports are a huge part of his personal life and the future of Funko.
Listen now [[link removed]] or watch on YouTube [[link removed]] 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.
Conversation Starters From big runs to home runs, Atmosphere Sports is bringing sports back to the center with scores, highlights, and more. Learn more [[link removed]].* Damiam Lillard signed a $6.3 million entry-level contract when he was drafted sixth overall in the 2012 NBA Draft, and the first thing [[link removed]] he did was go to his mom’s job and tell her to quit. Following its third season, the Premier Lacrosse League is still trying to fill [[link removed]] seats and penetrate the mainstream. Today's Action
NCAA
07:30 PM
West Virginia (-120) at Virginia Tech (+100)
Bet Now [[link removed]]
NFL
08:15 PM
Steelers (+160) at Browns (-190)
Bet Now [[link removed]]
NCAA
07:30 PM
Coastal Carolina (-130) at Georgia State (+110)
Bet Now [[link removed]]
*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 wear sneakers for style or sport?
Style [[link removed]] Sport [[link removed]] Both [[link removed]]
Wednesday’s Answer
14% of respondents prefer Asics as their running shoe; 14% prefer Hoka; 31% prefer Nike; and 42% prefer others.
*Sponsored Content
If this email was forwarded to you, you can subscribe here [[link removed]].
Written by Owen Poindexter [[link removed]], Abigail Gentrup [[link removed]], Justin Byers [[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
Copyright © 2022 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
Advertise [[link removed]] / Update your preferences [link removed] / Unsubscribe [link removed]
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