September 30, 2022

Read in Browser [[link removed]]

POWERED BY

Intro: Networks looking for the next “Ted Lasso” might have their man in Chad Powers [[link removed]]. The Penn State walk-on QB hopeful — played by an undercover Eli Manning as part of a sketch for “Eli’s Places” — is so popular that brother Peyton Manning’s Omaha Productions has been approached by Hollywood execs to turn the bit into a scripted show.

Big Ten, Big 12 Could Usher Out Pac-12 [[link removed]]

Ron Chenoy-USA TODAY Sports

As the Big Ten looks to keep expanding, some in the industry are reportedly concerned about the Pac-12’s sustainability.

After announcing the addition of USC and UCLA to the Big Ten, commissioner Kevin Warren is looking to add a new media rights deal to the conference’s seven-year, $8 billion deal it struck in August, which is expected to payout an annual $75 million to each school.

Should an offer be significant enough — it’s believed to be less than $100 million annually — it is speculated [[link removed]] that the Big Ten’s presidents would see the value in also adding four more Pac-12 schools: California, Oregon, Stanford, and Washington.

That would leave only six schools in the Pac-12 — which could then dwindle down to two and collapse.

“If that [Big Ten move] happens, I think the other [four Pac-12] schools will want to jump to our league,” a Big 12 source told CBS Sports.

Outlets reported [[link removed]] earlier in the year that Arizona, Arizona State, Colorado, and Utah were in discussions to join the Big 12. Commissioner Brett Yormark told [[link removed]] reporters he is interested in expanding west, ”entering that fourth time zone.”

The Big 12’s current media deal extends until 2025. The conference is losing Texas and Oklahoma but is adding [[link removed].] Cincinnati, UCF, Houston, and BYU in 2023. Down But Not Out

The Pac-12 is trying to stay intact. Commissioner George Kliavkoff previously said [[link removed]] the conference started media rights negotiations earlier than expected.

Its current deal ends in 2024.

Porsche Hits Public Market at $73B Valuation [[link removed]]

Porsche

Porsche held on to its lofty valuation on its first day as a public company.

The Volkswagen-owned luxury car brand debuted at a valuation of $73.3 billion on the Frankfurt stock exchange. Shares initially rose in the hours following the debut before finishing the day essentially flat.

The initial public offering, which raised more than $9 billion, was Europe’s largest in over a decade.Demand for shares was so high that nearly half the orders placed [[link removed]] by investors were unfulfilled due to lack of supply.Volkswagen retained a 75% stake in the company.

The listing seeks to defy a recent trend [[link removed]] in newly public companies: Around 87% of companies that went public in 2021 have fallen below their initial prices.

Getting On Track

It remains to be seen if the public listing will help Porsche with another lofty goal: joining Formula 1. The company appeared to have a deal in place to purchase half of the Red Bull racing team, but the latter scuttled that deal.

Porsche is still looking for a partner to join F1 in 2026.

New regulations are pushing F1 cars toward 100% sustainable fuels and engines that use 50% electric power by that year, aligning its goals with those of Porsche, which is expected to use some of the proceeds from the IPO to continue its push into electric vehicles.

SPONSORED BY DRAFTKINGS

The Better Way to Play This NFL Season

From sports betting to NFTs, DraftKings [[link removed]] has the action you crave this NFL season.

DraftKings Daily Fantasy Sports let’s you:

Draft a new lineup whenever you want Pick from your favorite stars each week Play in a public contest or against friends in a private league Quickly enter contests anytime before the lineup lock Win cash prizes [[link removed]] weekly – paid out as soon as the contest ends

With NFL in full swing, get your game on and play for millions [[link removed]] in contest prizes for the remainder of the season!

Athletes Unlimited Receives $30M to Fund Women’s Leagues [[link removed]]

Athletes Unlimited

Athletes Unlimited, the multi-sport women’s league launched in 2020, has completed its first outside capital raise.

The company announced a $30 million funding round on Thursday that included Kevin Durant’s 35V, David Blitzer, and Angela Ruggiero.

Athletes Unlimited began with a softball league in 2020 and ballooned to run women’s volleyball, lacrosse, and basketball leagues. Instead of having set teams, players rotate for each competition, earning individual points.

The company has grown in popularity.

AU most recently signed a media deal with ESPN for softball and lacrosse. It boasts major sponsors like Nike and GEICO. It has a star-studded list of advisors, including Durant, Rich Kleiman, Jessica Mendoza, Taylor Rooks, and Abby Wambach.Each sport has drawn top athletes — its basketball league featured Lexie Brown, Natasha Cloud, and Courtney Williams in its inaugural season.

The league provides players with decent salaries given the short seasons — it planned to offer 44 women’s basketball players more than $1 million in aggregate, or an average of $20,000 per person.

Room For Growth

Athletes Unlimited, a designated Public Benefit Corporation, seeks investors aligned with its athlete-oriented ethos.

“These investors share our vision and our ambition to not only reimagine professional sports, but also to rethink the way a business can — and should — show up in the world,” Jonathan Soros, Athletes Unlimited co-founder, said.

Soros said he hopes the new funds will help the leagues continue their momentum.

Vail Resorts Reports $2.5B Fourth Quarter [[link removed]]

Vail Resorts

Vail Resorts continues to post favorable earnings despite pandemic-related restrictions.

The Colorado-based company — which operates more than 35 resorts and ski areas — generated [[link removed]] $2.5 billion in revenue in fiscal Q4 2022, a 32.3% increase year-over-year and its highest figure since [[link removed]] 2009.

Net income reached $347.9 million in fiscal Q4, up from $127.9 million in Q4 2021.The company’s total cash and revolver availability as of July 31 was roughly $1.7 billion.Its mountain segment generated $1.3 billion in revenue in Q4, up 21.7% year-over-year.The company’s lodging segment saw revenue increase by $101.8 million compared to Q4 2021.

Vail Resorts has announced plans to invest $175 million in its employees across all of its North American resorts, including increasing the company’s minimum wage to $20 per hour.

Last year, Vail Resorts announced a $315 million-to-$325 million capital plan that will add 18 new or replacement lifts across 12 resorts ahead of the 2022-23 ski season.

Growing Portfolio

Vail Resorts has maintained its momentum during the pandemic through acquisitions.

In December 2021, the company acquired [[link removed]] Seven Springs Mountain Resort in Champion, Pennsylvania, for $118 million. The deal included Hidden Valley Resort and the operations of Laurel Mountain Ski Area, both located near Pittsburgh.

Last month, Vail Resorts closed [[link removed]] its first strategic investment in Europe, the acquisition of a majority stake (55%) in Andermatt-Sedrun Sport AG, the largest ski area in Central Switzerland.

SPONSORED BY NETSUITE

Football’s Latest Scandal

The Newsroom, presented by NetSuite [[link removed]], brings you an in-depth breakdown of key stories in the business of sports tracked by FOS writers with behind-the-scenes context gleaned from their original reporting.

In our latest episode, A.J. Perez joins Owen Poindexter to discuss the Brett Favre Scandal – what we know and how bad things might get for the Hall of Fame quarterback.

Texts exchanged between Favre and former Mississippi Governor Phil Bryant could prove damning for both of them: Our team believes there is a very real chance that Favre faces prison time.

Don’t miss out! Listen now [[link removed]] or watch on YouTube [[link removed]] for future episodes releasing every Thursday.

Conversation Starters The “Athlete Opportunity and Taxpayer Integrity Act” is a new bill introduced [[link removed]] to Congress that takes aim at name, image, and likeness collectives which have been organized as nonprofit 501(c)(3) organizations. Former Masters champion Patrick Reed dropped [[link removed]] his federal defamation lawsuit in Texas and refiled it shortly after in Florida on Wednesday — taking aim at more on-air talent and a newspaper company. Northwestern has proposed [[link removed]] a new $800 million stadium project, which would be privately funded. Today's Action

MLB

08:15 PM

Pirates (+175) at Cardinals (-205)

Bet Now [[link removed]]

NCAA

10:30 PM

Washington (-140) at UCLA (+120)

Bet Now [[link removed]]

MLB

08:10 PM

Marlins (+150) at Brewers (-175)

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

Would you consider shifting to a completely online banking system?

Yes [[link removed]] No [[link removed]] I already have [[link removed]]

Thursday’s Answer

63% of respondents have researched investment opportunities in the past year.

If this email was forwarded to you, you can subscribe here [[link removed]].

Written by Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]], Amanda Christovich [[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]