November 10, 2022

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The Washington Commanders are facing multiple legal inquiries while negotiating what is likely to be a record-breaking sale. Senior reporter A.J. Perez joins Owen Poindexter on The Newsroom to discuss the sale, the team’s legal troubles, and how Commanders owner Dan Snyder got into this mess. Listen and watch on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].

Red Sox Owner ‘Wants NFL Team,’ Could Buy Commanders [[link removed]]

Jonathan Dyer-USA TODAY Sports

The list of potential bidders for the Washington Commanders is getting longer.

Fenway Sports Group owner John Henry is a possible contender for the NFL team, according [[link removed]] to the New York Post, after current owner Dan Snyder hired Bank of America earlier this month to explore a sale of the team.

Henry’s name is thrown in the mix as Fenway Sports Group explores [[link removed]] a sale of Liverpool FC, which could reportedly fetch up to $5 billion.

Forbes last valued Liverpool at $4.45 billion. The Post reported that Henry could already have a deal with an “unnamed Qatar-based investor.”FSG is an owner of the Boston Red Sox, Roush Racing, and the Pittsburgh Penguins.

“This may be a precursor to him buying the Commanders,” a Post source said. “John wants to own an NFL team.”

The Commanders could reportedly [[link removed].] go for anywhere from $5.6 billion — Forbes’ most recent valuation — to $8 billion.

Henry would face an expected [[link removed]] bid from Jeff Bezos — whose estimated [[link removed].] net worth is $127.2 billion — rapper Jay-Z, and actor Matthew McConaughey.

Brooklyn Nets star Kevin Durant has also expressed [[link removed]] interest in being an owner.

Investigation Announcement

On Thursday, the office of District of Columbia Attorney General Karl Racine said [[link removed]] it filed a consumer protection lawsuit against Snyder, the Commanders, the NFL, and commissioner Roger Goodell for colluding to mislead customers about a workplace misconduct investigation in an effort to retain revenue.

The defendants “could face [[link removed]] millions of dollars in penalties.”

FTX Collapse Hits Miami Heat, Brady, Curry [[link removed]]

Ron Chenoy-USA TODAY Sports

The fall of a crypto giant is causing reverberations across the sports world.

Crypto exchange FTX is scrambling for around [[link removed]] $8 billion — including $4 billion just to stay solvent — after rival exchange Binance backed out of a deal to acquire it.

The fall of FTX will likely have implications for the athletes, teams, and sports leagues that made deals with the crypto exchange.

A Miami-Dade County representative told [[link removed]] Front Office Sports that it will explore legal remedies should FTX be unable to pay the balance on its 19-year, $175 million naming rights deal for the Miami Heat’s arena, signed in March 2021.FTX also has deals with MLB, UC Berkeley, the Mercedes Formula 1 team, and star athletes including Tom Brady, Steph Curry, and Shohei Ohtani.Brady was an investor in the company, which was recently valued at $32 billion.

FTX and the Los Angeles Angels reportedly abandoned a deal over the summer due to falling crypto prices.

Another Crypto Tumble

FTX’s own token lost over 88% of its value in the past week, dropping to a market cap of $1.16 billion.

Its precipitous fall has shaken the broader crypto market: Bitcoin and Ethereum dropped a respective 18.9% and 22.7% over the past five days.

It is unclear if the fallout will affect existing tie-ups with other crypto exchanges, such as Binance’s deals with Cristiano Ronaldo and Serie A club Lazio, or Crypto.com’s 20-year, $700 million deal for the naming rights to the home of the Los Angeles Lakers, Clippers, and Kings.

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Brazilian Soccer League to Sell Rights for $971M [[link removed]]

CRF

An investment firm based in the United Arab Emirates is the latest entity to express interest in international soccer.

The Liga de Futebol Brasileiro (Libra) has agreed to sell [[link removed]] a 20% stake of its commercial rights to Mubadala Capital Ventures — owned by Mubadala Investment Company — for $971 million.

The minority stake in the newly established Brazilian league drew [[link removed]] interest from three investment companies, including two U.S-based private equity firms.

Libra has 90 days to approve or deny Mubadala’s offer.The league is made up of 14 clubs and may add two more after the investment.It is expected to be fully operational starting with the 2025 season.

Mubadala’s investment has been approved by all 14 member clubs despite backlash from 25 other Brazilian clubs, mainly from the second division.

Impressive Portfolio

A minority stake in Brazilian soccer commercial rights would add to an extensive portfolio of sports-related investments for Mubadala and its investment vehicle.

Disney sold [[link removed]] an 80% stake in the New York Yankees’ regional YES Network to a consortium that included Mubadala Investment Company. In January, the company agreed [[link removed]] to become the title sponsor of SailGP’s Season Two Grand Final.

In March, Mubadala Capital Ventures announced plans to invest [[link removed]] $50 million over the next five years in the FIM Supercross World Championship — a new motorcycle racing event.

The firm also owns a majority stake in IMX Sports and Entertainment.

Conversation Starters In The Leadoff, the Oakland A’s continue discussions for a new ballpark, Newcastle United owners invest $80.6 million in the Premier League club, Teqball looks to join the 2028 Los Angeles Olympic Games, and California rejects sports betting. Click here to listen [[link removed]]. Nike co-founder Phil Knight told CNBC the company probably won’t resum [[link removed]]e its partnership with Kyrie Irving after the NBA guard reposted antisemitic content on social media. New York Yankees legend Derek Jeter’s castle-style estate in New York is heading [[link removed]] to auction, with bidding opening at $6.5 million.

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

CWH [[link removed]]

Camping World Holdings Inc

[[link removed]]

$28.67

[[link removed]]

+0.14%

[[link removed]] CHDN [[link removed]]

Churchill Downs, Inc.

[[link removed]]

$220.95

[[link removed]]

+0.37%

[[link removed]] FOX [[link removed]]

Fox Corporation

[[link removed]]

$27.75

[[link removed]]

+0.82%

[[link removed]] ZBRA [[link removed]]

Zebra Technologies Corp.

[[link removed]]

$252.24

[[link removed]]

+5.58%

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

VF Corp.

[[link removed]]

$29.88

[[link removed]]

+7.52%

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

Rogers Communications Inc.

[[link removed]]

$43.13

[[link removed]]

-1.08%

[[link removed]] (Note: All as of market close on 11/10/22) What to Watch

The Atlanta Falcons (4-5) face the Carolina Panthers (2-7) on “Thursday Night Football” at Bank of America Stadium.

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

Betting Odds: Falcons -2.5 || ML -150 || O/U 41.5

Pick: Expect the Falcons to bounce back from Sunday’s loss. Take Atlanta to cover.

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Invesco is not affiliated with Dillan Gibbons or FSU.

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