October 28, 2022

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The Phoenix Suns and Mercury might get some very high-profile [[link removed]] new co-owners. Charles Barkley told Bill Simmons on the latter’s podcast that former president Barack Obama might be involved with one of the groups looking to buy the NBA and WNBA franchises. “If Obama called me, hell yeah I’m buying in,” Sir Charles said.

Vancouver Loses Support for Multibillion-Dollar Olympic Bid [[link removed]]

Kyle Terada-USA TODAY Sports

The list of cities bidding to host the 2030 Winter Olympics and Paralympics has likely narrowed down to two.

Vancouver is expected to be out of the running after Lisa Beare, British Columbia Minister of Tourism, Arts, Culture and Sports, revealed [[link removed]] “the Province is declining to support a bid.” She said British Columbia “has been engaged in evaluating a potential bid” for more than a year.

Referencing the Province’s responsibility to “weigh the benefits,” Beare said [[link removed]], “the current bid has an estimated cost of $1.2 billion and $1 billion in additional risk, and when we measure that against our government’s priorities, we believe we need to focus on people.”

The Indigenous-led effort would reportedly [[link removed]] cost nearly $4 billion, with at least $1 billion in public funds.Beare also brought up British Columbia’s existing commitments to the 2026 FIFA World Cup and the 2025 Invictus Games.

The Canadian Olympics Committee and Canadian Paralympic Committee said they are “taking time to process,” the government’s announcement.

Olympic Opportunities

Salt Lake City and Sapporo, Japan, remain in the running to host the Winter Games. The former hosted the Olympics in 2002, and the latter hosted in 1972. In June, Spain withdrew [[link removed]] a bid.

Vancouver last hosted in 2010, which cost [[link removed]] the B.C. government $925 million.

A final decision isn’t expected [[link removed]] until the International Olympic Committee meets in October 2023.

F1’s Red Bull Fined $7M, Keeps Titles [[link removed]]

Jerome Miron-USA TODAY Sports

Red Bull has been punished for breaching Formula 1’s first cost cap, but its opponents are unlikely to be satisfied.

The F1 team has agreed [[link removed]] to a $7 million fine, a 10% reduction in wind-tunnel testing time, and restricted computational fluid dynamics limits as penalties for exceeding the cap by under 5%.

The FIA determined that Red Bull surpassed the $145 million budget limit enacted last year. The cap dropped to $140 million this year and will be $135 million from 2023 to 2025.The team won’t lose any points, allowing it to retain this year’s constructors championship and for Max Verstappen to hold the drivers’ titles from this year and last year.Red Bull was already facing the least wind-tunnel testing time among all teams. The FIA distributes time based on the team’s record the previous season. Rivals’ Road Rage

The punishment appears to be less than what Mercedes, the top constructor every year from 2014 to 2021, and McLaren wanted.

Lewis Hamilton, who lost last season’s driver’s championship in the final lap of the final race to Verstappen, had called for significant punishments, saying “a slap on the wrist won’t be great for the sport.”

McLaren Racing CEO Zak Brown wrote a letter to the FIA prior to the ruling, stating that cost cap violations “constitute cheating by offering a significant advantage across technical, sporting and financial regulations.”

Red Bull principal Christian Horner called Brown’s claim “absolutely shocking.”

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Inter Milan’s Chairman Says Serie A Club Not For Sale [[link removed]]

Inter Milan

An iconic Italian soccer club won’t reach the market after speculation of a $1 billion sale.

Inter Milan chairman Steven Zhang said the Serie A club is not seeking investors after reports [[link removed]] claimed that global merchant bank The Raine Group would be searching [[link removed]] for a buyer for it with Goldman Sachs.

“The club’s future and my group’s long-term commitment to the company have always been crystal clear,” Zhang said [[link removed]].

In May 2022, Inter was valued at $1 billion, per [[link removed]] Forbes, ranking 15th, just behind rival AC Milan ($1.2 billion).It has $412.2 million in junk-rated bonds that will mature in 2027 from its media arm.

In 2016, Suning Holdings Group — owned by Chinese entrepreneur and billionaire Zhang Jindong — purchased a nearly 70% stake in the club for $306 million, but its sister company, Chinese electronics retailer Suning.com, has struggled as it reported a $6.6 billion loss for 2021.

In September, Inter reported [[link removed]] $420.7 million in revenue for the 2021-22 financial year — up $71.8 million compared to the year prior.

It won its eighth Coppa Italia and sixth Italian Super Cup during the 2021-22 season and reported a loss of $139 million, down from $235.1 million in 2020-21.

Investor Interest

Brondby, one of Denmark’s most successful soccer clubs, reportedly received [[link removed]] an offer from the U.S.-based investor Global Football Holdings for a majority stake — just over 50% — worth roughly $42 million.

The bid included a $30 million loan from Global Football.

Conversation Starters A little-known concussion cream touted by Brett Favre has caught the attention of federal and state investigators in the latest twist [[link removed]] in the Mississippi welfare scandal, sources with knowledge of the matter told Front Office Sports. Shaquille O’Neal’s secret to his first big investment? Being at the right place, at the right time. Watch here [[link removed]]. The NBA’s ongoing media rights negotiations are influencing everything the league is doing now — from anti-tanking measures to talks of a midseason tournament. Senior writer Michael McCarthy joins Owen Poindexter on this week’s episode of The Newsroom to break down what’s happening and how much money is at stake. Listen and watch on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]]. The 2022 Best Employers in Sports Awards survey [[link removed]] is now open. Tell us why your company is deserving of the award by taking the survey now through Nov. 28.

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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:

(Note: All as of market close on 10/28/22) What to Watch

The Philadelphia Phillies face the Houston Astros at Minute Maid Park for Game 1 of the World Series.

How to Watch: 8:03 p.m. ET on FOX

Betting Odds: Astros -1.5 || ML -165 || O/U 6.5

Pick: Expect Justin Verlander to get off to a strong start. Take Houston on the moneyline.

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