November 4, 2022

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Feel free to call it a comeback in today’s Leadoff: NASCAR is wrapping up a bounceback 2022 season, WWE generates $304.6 million in revenue in Q3, Kevin Durant and his NBA team owner face off in the MLS Cup final, and Under Armour gets back on track after lackluster results. Click here to listen [[link removed]].

Bezos, Jay-Z Reportedly Teaming Up on Commanders Bid [[link removed]]

Jay Biggerstaff-USA TODAY Sports

Two of the biggest figures in U.S. culture and business are teaming up to buy the Washington Commanders.

Jeff Bezos and Jay-Z are both interested in buying the NFL team, according [[link removed]] to multiple reports, following an announcement that team owner Dan Snyder had hired Bank of America to explore a sale — and they’re not alone.

Byron Allen, who would be the first Black NFL principal owner, is reportedly preparing [[link removed]] an offer. Robert Griffin III, who played in Washington for four seasons, also expressed [[link removed]] interest in buying a stake. Josh Harris — who owns stakes in the New Jersey Devils, Philadelphia 76ers, and the Premier League’s Crystal Palace — is reportedly looking to buy the team.

Bezos is considered the frontrunner due to his $114.4 billion net worth and the strategic alliance afforded by his position as founder of Amazon, which holds exclusive rights to “Thursday Night Football.”

He is reportedly willing to pay more than $5.5 billion, and the bid could value the team as high as $6 billion.

Conflict of Interest?

It’s not immediately clear how Jay-Z’s potential ownership role would affect his other work with the NFL. His Roc Nation company is the league’s official live music entertainment strategists.

Roc Nation’s agency represents a potential conflict of interest: It lists [[link removed]] 58 NFL players as clients on its website, including Saquon Barkley and Leonard Fournette. Jay-Z gave up his stake in the Brooklyn Nets because his agency also represents NBA players.

F1, Braves Power Liberty Media’s Q3 [[link removed]]

Jerome Miron-USA TODAY Sports

Revenue increases across Formula One Group, Braves Group, and Liberty SiriusXM Group fueled Liberty Media’s third-quarter earnings, the company announced Friday.

F1 reported [[link removed]] a 7% year-over-year increase in revenue to $715 million, while operating income fell to $64 million from $68 million during the same period last year.

During the quarter, F1 announced a 24-race calendar for 2023 — its largest ever — and announced several new deals.

It extended [[link removed].] its broadcast deal with Sky through 2029 and ESPN networks in the U.S. through [[link removed].] the 2025 season.Audi announced its F1 entry as an engine supplier in line with F1’s new engine regulations in 2026.

Braves Group — owner of the Atlanta Braves, who won their fifth consecutive NL East Championship and enjoyed their highest ticket sales since 2000 at 3.2 million — reported $252 million in revenue, up from $234 million during the same period last year.

SiriusXM, which recently expressed [[link removed]] interest in increasing its investment in live sports rights, reported a 4% year-over-year revenue increase to $2.28 billion and net income of $247 million. As of Oct. 28, Liberty Media owns 82.4% of the brand.

Vegas Values

On Friday, F1 revealed [[link removed]] its newly added Las Vegas race would be called the Formula 1 Heineken Silver Las Vegas Grand Prix 2023. Heineken Silver comes to the U.S. in early 2023.

Las Vegas hotels are causing an uproar for their soaring prices, with the average room rate reportedly [[link removed]] increasing 305% year-over-year during the event.

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The 2022 League of Legends World Final is Here!

The pinnacle moment for the world’s most popular esport has arrived!

Don’t miss the exciting conclusion to the 2022 League of Legends World Championship, the World Final [[link removed]], featuring upstart DRX vs. legendary T1 – battling it out in the title match on Saturday, November 5, in front of a sold-out crowd at the Chase Center in San Francisco.

The global event from Riot Games [[link removed]] kicks off at 8:00 p.m. ET with the Worlds 2022 Opening Ceremony, presented by Mastercard, headlined by Grammy-winning artist Lil Nas X, alongside Jackson Wang and Edda Hayes.

Catch it all right here [[link removed]].

DraftKings Reports $502M in Revenue, Projects Heavy Losses [[link removed]]

Mark J. Rebilas-USA TODAY Sports

DraftKings is still on the road to profitability, according to its latest earnings report.

The Boston-based fantasy and sports betting giant generated [[link removed]] $502 million in revenue in Q3 2022, a 136% increase compared to the same period last year.

The results were attributed to strong customer acquisition and retention, launches in new markets, high hold rates largely from NFL wagering, and reduced spending on promotions.

On the company’s quarterly earnings call, DraftKings CFO Jason Park said [[link removed]] that its sports betting business seems unaffected by recent economic uncertainty.

DraftKings raised its full-year revenue to range between $2.16 billion and $2.19 billion.Its previous guidance was between $2 billion and $2.18 billion.The company operates sports betting in 18 states — roughly 37% of the U.S. population.In May, it launched its sportsbook and iGaming products in Ontario, Canada.

Despite the growth in revenue in Q3, DraftKings projects heavy losses.

It expects an adjusted EBITDA loss of between $780 million and $800 million in FY2022 — an improvement from an estimated loss of between $756 million and $835 million last quarter.

Shares of DraftKings tumbled as much as 25% on Friday.

Imminent Deal

DraftKings and ESPN are close to signing [[link removed]] an exclusive deal that “will have shows and perhaps odds integrated into game broadcasts,” according [[link removed]] to The Action Network.

ESPN previously secured co-exclusive deals with Caesars Entertainment and DraftKings in 2020.

Disney owns roughly 5% of DraftKings after purchasing more than 18 million shares in 2020.

Conversation Starters Phil Hellmuth has won a record 16 World Series of Poker bracelets and earned tens of millions in winnings. On the latest episode of My Other Passion, we spoke to The Poker Brat about why he considers himself the GOAT, hanging out with Michael Jordan and Elon Musk, and his best investments. Listen or watch now on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]]. Chris Fowler is finishing up a nine-year contract extension with ESPN and could test [[link removed]] free-agent waters in early 2023. 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!*

FRONT OFFICE SPORTS LIVE

Setting the World Stage

As the world’s attention turns to Qatar for the 2022 FIFA World Cup, Front Office Sports goes off the pitch with leading figures behind the ultimate sports spectacle in Global Goals: The World Cup and Beyond virtual summit [[link removed]].

Join us on Wednesday, November 16 at 1 p.m. ET to hear from soccer analysts, former athletes, broadcasters and marketers on the experience of building one of the most impactful business and cultural events in sports and its reverberation on U.S. soccer [[link removed]]. In this virtual event you will:

Hear from renowned journalist Grant Wahl on the ground in Qatar to get an insider’s look at how the World Cup extravaganza comes together. Listen to veteran USMNT Forward and ESPN Analyst Herc Gomez discuss his own World Cup experience and his second act. Discuss the growth of the game and its return to North American soil in 2026 with acclaimed broadcaster, podcaster, author, and co-founder of Men in Blazers Media Network, Roger Bennett.

Register now [[link removed]]!

Market Movers

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

ARMK [[link removed]]

Aramark

[[link removed]]

$34.88

[[link removed]]

+0.17%

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

VF Corp.

[[link removed]]

$28.15

[[link removed]]

+0.54%

[[link removed]] CMCSA [[link removed]]

Comcast Corp

[[link removed]]

$30.96

[[link removed]]

+2.18%

[[link removed]] NKE [[link removed]]

Nike, Inc.

[[link removed]]

$95.49

[[link removed]]

+2.90%

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

MGM Resorts International

[[link removed]]

$33.58

[[link removed]]

+3.63%

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

Rogers Communications Inc.

[[link removed]]

$42.05

[[link removed]]

-0.36%

[[link removed]] (Note: All as of market close on 11/4/22) What to Watch

The Chicago Bulls (5-4) face the Boston Celtics (4-3) on Friday night at TD Garden.

How to Watch: 7:30 p.m. ET on ESPN

Betting Odds: Celtics -7 || ML -280 || O/U 223.5

Pick: Expect the Bulls to compete for all four quarters. Take Chicago to cover.

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Celebrate with us for a chance to win!

Five lucky winners will receive an authentic official soccer jersey – all you have to do is refer your friends and colleagues to Front Office Sports. Copy and paste your unique link below and share it in an email or on your timeline.

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