From Front Office Sports <[email protected]>
Subject FOS PM: NFL's First Black Owner?
Date November 3, 2022 8:10 PM
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November 3, 2022

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The 2022 World Cup has been one of the most controversial sporting events in recent memory — and it hasn’t even begun. Front Office Sports writers A.J. Perez and Doug Greenberg join Owen Poindexter on The Newsroom to break down the scandals and look at what possible good can come from them. Listen and watch on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].

Byron Allen Wants To Buy the Washington Commanders [[link removed]]

Robert Hanashiro, USA TODAY

The Washington Commanders aren’t officially for sale, but the team already has a bidder.

Entertainment Studios founder Byron Allen is reportedly preparing [[link removed]] an offer for the embattled NFL team. Commanders owner Dan Snyder, who is facing multiple investigations, has hired Bank of America to explore a potential sale.

Allen attempted to buy the Denver Broncos after being approached by NFL commissioner Roger Goodell and New England Patriots owner Robert Kraft.The Broncos were eventually purchased for a U.S. record $4.7 billion by Rob Walton, son of late Walmart founder Sam Walton, who is worth [[link removed]] an estimated $59.4 billion, per Forbes. A sale would make Allen the first Black NFL team owner.

While Allen was bested by the 17th-richest person in the world for the Broncos, he may be up against the fourth-richest for the Commanders. Jeff Bezos, net worth $114.4 billion, explored [[link removed]] buying a stake in the team last year and is thought to still be interested.

In addition to the cost of purchasing the team, which could reach [[link removed]] $6 billion, a new owner may also have to fund a new stadium. In all, the total expense could reach $10 billion.

Washington Investigating Washington

The team is being investigated by the Department of Justice for financial impropriety, sources confirmed [[link removed]] to Front Office Sports.

A House of Representatives committee was already exploring various financial allegations, including that the team used two accounting books to provide different pictures of its financial health.

Peloton Skids Again, Misses Mark in Q1 [[link removed]]

Peloton

Peloton continues on a downward spiral with its latest earnings report.

The connected fitness giant generated [[link removed]] $616.5 million in revenue in fiscal Q1 2023, down from $805 million for the same period the year prior. Peloton failed to meet its own quarter expectations of projected [[link removed]] revenue between $625 million and $650 million.

Peloton reported 6.7 million subscribers in fiscal Q1, up from 6.3 million in Q1 2022.But shares of the company have plummeted nearly 95% since their high of $160 in 2020.It reported a $408.4 million loss in Q1 2023, after a $1.3 billion loss in fiscal Q4 2022.

In October, Peloton announced [[link removed]] 500 layoffs, marking its fourth round of job cuts in 2022. The company now has roughly 3,800 employees, down from more than 8,600 at one point in 2021.

The company also saw its lawsuit against Lululemon dismissed [[link removed]]. Lululemon believed that Peloton infringed on patents for apparel design, and Peloton later sued, claiming there were no trademark violations.

A California federal court claimed Peloton’s suit was “clearly an anticipatory action that warrants dismissal.”

Turnaround Attempt

In September, Peloton took a different approach to drive profits by securing its first brick-and-mortar deal [[link removed]] with Dick’s Sporting Goods — America’s largest sporting goods retailer.

As part of the deal, Peloton will sell select equipment in Dick’s stores, which marks the first time the company’s products have been sold in retail locations outside its namesake stores.

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Mark Cuban Is Latest Celebrity To Join The Pickleball Craze [[link removed]]

Rob Gray-USA TODAY Sports

The professional pickleball push is continuing full steam ahead — and now it has attracted one of the sports world’s most famous investors.

The Professional Pickleball Association (PPA) announced it is launching VIBE Pickleball — a team-based league — with Mark Cuban as the league’s first team owner.

VIBE will begin play in 2023 and will initially feature six rosters. Several of the sport’s top players [[link removed]] — including the PPA Tour’s top five male and female athletes — will be part of the player pool.

Teams will be selected at a live draft in Las Vegas in December.Cuban and the other five team ownership groups — which will be announced in the leadup to the draft — will select their teams.The owners will have the ability to add, drop, and trade players throughout the season with league consent.

“Just like millions of other Americans, I’ve been following pickleball over the past few years, and I couldn’t pass up the chance to invest in the fastest-growing game in the country,” said Cuban.

VIBE says it will televise matches throughout the inaugural season as part of the PPA Tour’s existing relationships with ABC, CBS, FOX, NBC, and Tennis Channel.

All-Star Teams

While pickleball as a whole has been a hot investment, pro team leagues have been particularly popular with celebrity investors.

A group [[link removed]] led by LeBron James purchased a Major League Pickleball team in September, with the Tom Brady-Kim Clijsters group [[link removed]] and Kevin Durant’s Thirty Five Ventures buying [[link removed]] MLP teams in October.

Conversation Starters We want to learn more about you and your experience with this newsletter — how can we make it even better? Take our quick reader survey and let us know! [[link removed]] You’ll be entered to win a $500 VISA gift card or free merchandise from Front Office Sports and our partners. In our latest webinar, Front Office Sports sat down with representatives from the NBA and the Buffalo Bills to discuss how artificial intelligence technology can help sports organizations boost fan engagement in video content. Watch [[link removed]] on demand now!* In The Leadoff, MLB seeks to bring clarity to the contentious sale of the Washington Nationals, Paramount+ reports 46 million subscribers, Formula 1 secures deals with U.S. companies, and TMRW Sports attracts an A-List group of investors. Click here to listen [[link removed]].

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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:

PLNT [[link removed]]

Planet Fitness Inc

[[link removed]]

$64.16

[[link removed]]

+1.19%

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

Live Nation Entertainment Inc

[[link removed]]

$76.41

[[link removed]]

-0.13%

[[link removed]] FL [[link removed]]

Foot Locker Inc

[[link removed]]

$31.36

[[link removed]]

-0.55%

[[link removed]] VFC [[link removed]]

VF Corp.

[[link removed]]

$27.13

[[link removed]]

-0.80%

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

World Wrestling Entertainment, Inc.

[[link removed]]

$74.11

[[link removed]]

-3.49%

[[link removed]] (Note: All as of market close on 11/3/22) What to Watch

The Philadelphia Eagles (7-0) face the Houston Texans (1-5) on “Thursday Night Football” at NRG Stadium.

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

Betting Odds: Eagles -13.5 || ML -750 || O/U 45.5

Pick: Expect the Eagles to overpower the Texans. Take Philadelphia to cover.

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