October 21, 2022

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The shot clock is ticking! Today is your last chance to win two tickets to the 2022-23 NBA regular-season game of your choice. All you have to do is follow Front Office Sports on Instagram, like this post [[link removed]], and tag who you’d bring with you in the comments. Good luck!

The NFL’s Growing Concern Over Jon Gruden Lawsuit [[link removed]]

Orlando Ramirez/USA TODAY Sports

As NFL commissioner Roger Goodell advocated patience [[link removed]] when it came to Washington Commanders owner Dan Snyder’s future, lawyers were prepping for a legal hearing in a related matter that could prove even more troublesome for Goodell and the league.

The lawsuit filed by former Las Vegas Raiders coach Jon Gruden against the NFL last November has easily survived every legal challenge so far. At Thursday’s hearing [[link removed]] in Las Vegas, District Court Judge Nancy Allf even refused to issue a stay in the case ahead of an expected appeal.

Sources told Front Office Sports there’s a growing concern around the NFL about the litigation, wherein Gruden alleges [[link removed]] Goodell and the league were behind the leaked derogatory emails. The NFL denied it was the source of the emails, which led to Gruden’s resignation.

Allf denied [[link removed]] the NFL’s motion to dismiss the case at a May hearing. Last week, Allf also denied [[link removed]] the NFL’s motion to compel arbitration, which would have put proceedings out of public view. The current NFL Constitution and Bylaws — a document the league’s lawyers had sought to keep under seal — was disclosed in the case, according to court documents [[link removed]]obtained by FOS. Who Leaked?

The source of the leaked emails obtained during the course of the first NFL outside investigation into the Commanders has been debated for months. The Commanders and Snyder — who faced five new investigations after the emails were published — have also denied being the source.

“Somebody wanted Gruden out,” a source told FOS.

Fanatics’ Success Forces CEO to Sell Stake in 76ers, Devils [[link removed]]

Kyle Terada-USA TODAY Sports

Two major pro sports teams have a new owner.

Fanatics CEO Michael Rubin has reportedly sold his 10% stake in Harris Blitzer Sports & Entertainment, which owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

David Adelman announced [[link removed]] on Twitter that he would be joining the ownership group, with ESPN reporting [[link removed]] that he took a “substantial share” of Rubin’s stake. The remainder will reportedly [[link removed].] be split between Josh Harris, David Blitzer, and other limited partners.

The transaction, which comes after Arctos Sports Partners bought [[link removed]] a minority stake in June, values [[link removed]] HBSE at roughly $2.5 billion.

Adelman — the CEO of Campus Apartments, co-founder of FS Investments, and founder of Darco Capital — already has ties to the 76ers as the chairman of real estate development company 76 Devcorp, which he created [[link removed]] with Harris and Blitzer.

The group plans to build a $1.3 billion arena for the team called 76 Place [[link removed]].The project, which the team says could bring in $400 million annually for the city, has a target end date of 2031.

Forbes last valued the 76ers at [[link removed]] $2.45 billion and the New Jersey Devils at [[link removed]] $775 million.

Rubin’s Reasons

Rubin announced [[link removed]] in June that he would divest his stake in the company, as Fanatics’ new offerings would conflict with ownership rules.

Earlier this year, Fanatics launched trading cards and collectibles and has contracts with “thousands of athletes.” This month, Rubin said [[link removed]] the company would launch sports betting in January.

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Leonsis Closer to Adding Nationals to Trove of Teams [[link removed]]

Geoff Burke-USA TODAY Sports

A leading contender has emerged to buy the Washington Nationals, potentially setting up a D.C. sports empire.

Ted Leonsis, owner of the Washington Capitals, Wizards, and Mystics, tops the list, per [[link removed]] The Athletic.

Leonsis is working with Carlyle Group co-founder David Rubenstein.Leonsis’ Monumental Sports & Entertainment also has stakes in the Capitals and Wizards’ Capital One Arena, NBA G-League team Capital City Go-Go, regional sports network NBC Sports Washington, and multiple esports teams.The Lerner family, which purchased the Nationals for $450 million in 2006, said [[link removed]] in April that they hired investment back Allen & Company to explore a sale. Forbes valued [[link removed]] the team at $2 billion in March, 12th in Major League Baseball.

In addition to Leonsis and Rubenstein, former CEO of three MLB teams Larry Lucchino, Freedom Mortgage CEO Stanley Middleman, and co-founder of private equity firm MBK Partners Michael B. Kim have shown interest in the Nationals.

The MASN Problem

One obstacle to a sale is that the Nationals do not currently have the same ability to profit from their regional sports network, MASN, because the Baltimore Orioles hold [[link removed]] a 67% stake.

The unique arrangement was established as compensation for the Orioles when the Nationals moved into their region from Montreal in 2005.

The Nationals are tangled in multiple lawsuits around MASN, including one in which a judge has ruled that the team is owed around $100 million in rights fees for broadcasts between 2012 and 2017. The Orioles are appealing that ruling.

Conversation Starters In The Leadoff, the Tennessee Titans could receive the most public money ever for an NFL project, new data released by the NCAA reveals the extent of pandemic budget declines during the 2020-21 season, FIFA rejects several bids for media rights to the 2023 Women’s World Cup, and the Professional Fighters League links up with DAZN for a European launch. Click here to listen [[link removed]]. On Friday, plaintiff lawyers in the case Gee v. NCAA revealed [[link removed]] they’re seeking a minimum of $1.8 million in damages from the NCAA for allegedly causing the death of former USC linebacker Matthew Gee. Here’s a behind-the-scenes look [[link removed]] at “Thursday Night Football” with the Arizona Cardinals in their 42-34 win over the New Orleans Saints at State Farm Stadium.

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Market Movers

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

VFC [[link removed]]

VF Corp.

[[link removed]]

$27.68

[[link removed]]

+0.76%

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

Vail Resorts Inc.

[[link removed]]

$211.39

[[link removed]]

+1.88%

[[link removed]] WWE [[link removed]]

World Wrestling Entertainment, Inc.

[[link removed]]

$78.10

[[link removed]]

+1.89%

[[link removed]] RCI [[link removed]]

Rogers Communications Inc.

[[link removed]]

$38.71

[[link removed]]

+1.98%

[[link removed]] DKS [[link removed]]

Dicks Sporting Goods, Inc.

[[link removed]]

$109.88

[[link removed]]

+2.20%

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

MGM Resorts International

[[link removed]]

$33.91

[[link removed]]

+4.31%

[[link removed]] (Note: All as of market close on 10/21/22) What to Watch

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Written by A.J. Perez [[link removed]], Abigail Gentrup [[link removed]], Owen Poindexter [[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

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