October 6, 2022

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Universities are changing conferences across the country in an ongoing power struggle for media money. The Front Office Sports team breaks down the drama in the latest episode of The Newsroom. Listen and subscribe on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].

LeBron James Wants to Own an NBA Team in Las Vegas [[link removed]]

Gary A. Vasquez-USA TODAY Sports

The NBA hasn’t announced plans to expand the league, and LeBron James isn’t done playing — but that hasn’t stopped the superstar from planning for both eventualities.

“I would love to bring a team here at some point,” said James at a press conference following an exhibition game in Las Vegas’ T-Mobile Arena, home to the NHL’s Golden Knights.

Addressing NBA commissioner Adam Silver, who was not present, James said, “I want the team here, Adam,” adding the city has “the best fanbase in the world.”

James, 37, has a net worth north [[link removed]] of $1 billion, per Forbes.He signed a two-year, $97.1 million extension with the Los Angeles Lakers in August, making him the highest-paid player on a per-season basis in NBA history.As a part-owner of Fenway Sports Group, James has stakes in Liverpool FC, the Boston Red Sox, Roush Fenway Keselowski Racing, and the NESN regional sports network. He is also a part-owner of AC Milan. Westward Expansion

Silver has said the 30-team NBA “invariably will expand,” but it is not under active discussion right now. He has called Las Vegas and Seattle “wonderful markets,” and the league is playing preseason games in both cities.

A report from September claimed [[link removed]] that the league was planning to announce expansion to the two cities at those exhibition games, but separate reports came out shortly after saying that nothing was imminent.

Peloton Cuts 500 More Jobs to ‘Save’ Company [[link removed]]

Peloton

Peloton continues to ride an uncharted path.

On Thursday, the company announced 500 layoffs — its fourth round of cuts this year. The same day, The Wall Street Journal reported [[link removed]] that CEO Barry McCarthy said that if the company isn’t able to make a significant turnaround in six months, Peloton may not be able to survive on its own.

“Please know this is a necessary step if we are going to save Peloton, and we are,” McCarthy said in an employee memo.

Peloton now has around 3,800 employees.At one point last year, its headcount was at more than 8,600.

“The restructuring is done with today’s announcement,” McCarthy, who became CEO in February, told [[link removed]] CNBC.

McCarthy told the Journal he believes the company can achieve its near-term growth targets, adding that the company has significantly reduced its cash spending.

“I can see in the numbers the business starting to change course,” McCarthy said. “Which is part of what gives me confidence when I say that I think this is the last step in the process.”

In August, Peloton reported [[link removed]] $678.7 million in Q4 revenue, a 28% decline year-over-year. Its stock — $8.83 at market close Thursday — has dropped 90% from one year ago.

The Process

Peloton has recently announced deals with Amazon, Dick’s Sporting Goods, and Hilton, plus halted its in-house manufacturing, began equipment rentals, and raised its prices, among other strategies.

The company is reportedly exploring a sale of fitness equipment unit Precor, which it acquired in April 2021 for $420 million.

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Fan Offered $2M for Aaron Judge’s Record-Breaking Ball [[link removed]]

Tim Heitman-USA TODAY Sports

New York Yankees slugger Aaron Judge made history Tuesday when he surpassed Roger Maris’ American League record of 61 home runs in one season — and the fan who caught the historic ball is set to make bank.

Texas Rangers fan Cory Youmans — who snatched Judge’s 62nd home run ball at Globe Life Field in Arlington, Texas — has been offered $2 million by the owner of a sports memorabilia auction house.

“I feel the offer is way above fair, if he is inclined to sell it,” Memory Lane Inc. president JP Cohen told [[link removed]] the Associated Press on Wednesday.

Youmans faces a tough decision as the value of sports memorabilia soars.

In August, a 1952 Topps Mickey Mantle rookie card sold for $12.6 million, setting a new record [[link removed]] for sports collectibles as the most valuable sports card ever sold at auction.The following month, Michael Jordan’s jersey from Game 1 of the 1998 NBA Finals was sold [[link removed]] for $10.1 million.In May, the jersey worn by soccer icon Diego Maradona in the 1986 World Cup sold [[link removed]] for $9.3 million, while a T206 Honus Wagner card commanded [[link removed]] $7.25 million in August.

The record price for a home run ball was set in 1998 at $3 million for Mark McGwire’s then-National League-record 70th homer — before his admission of steroid use in 2010.

Worth the Wait

Before this season, Judge turned down a seven-year, $213.5 million extension offer from the Yankees. The move could earn him an additional $100 million as the Yankees bid against the other 29 MLB teams.

Conversation Starters Vinit Bharara knows a thing or two about business. Over the past 20 years, he’s sold companies to powerhouses like Amazon and Topps — and he still wants to accomplish more. Right now he’s focused on Mojo — a sports stock market app that lets you make real investments in the future of your favorite players. We spoke to Bharara about all of the above, working with A-Rod and Marc Lore, and much more on the latest episode of My Other Passion. Check out the full conversation on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]]. NFL game telecasts averaged [[link removed]] 17.2 million viewers through Week 4, up 1% from the same point last year and the highest since the 2016 season. Sources have told [[link removed]] Front Office Sports in recent months that Washington Commanders owner Dan Snyder’s relationship with Dallas Cowboys owner Jerry Jones isn’t quite as strong as in years past.

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Market Movers

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

CLAR [[link removed]]

Clarus Corp

[[link removed]]

$13.83

[[link removed]]

+1.92%

[[link removed]] ARMK [[link removed]]

Aramark

[[link removed]]

$34.46

[[link removed]]

-0.17%

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

Planet Fitness Inc

[[link removed]]

$62.20

[[link removed]]

-0.70%

[[link removed]] GCO [[link removed]]

Genesco Inc.

[[link removed]]

$41.67

[[link removed]]

-1.02%

[[link removed]] LYV [[link removed]]

Live Nation Entertainment Inc

[[link removed]]

$79.86

[[link removed]]

-1.40%

[[link removed]] (Note: All as of market close on 10/6/22) What to Watch

The Indianapolis Colts (1-2-1) face the Denver Broncos (2-2) on “Thursday Night Football” at Empower Field at Mile High.

How to Watch: 8:15 p.m. ET on Amazon Prime Video

Betting Odds: Broncos -3.5 || ML -170 || O/U 42

Pick: Expect the Colts to keep things close on the road. Take Indianapolis to cover.

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Written by Owen Poindexter [[link removed]], Abigail Gentrup [[link removed]], Justin Byers [[link removed]] Edited by Brian Krikorian [[link removed]]

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