December 2, 2022
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Today’s Leadoff is all about breaking new ground: The USMNT could triple their World Cup earnings, a New York senator wants the Jets back in Queens, LIV Golf pushes further into the PGA Tour’s turf, and Women’s IPL teams could fetch more than $180 million. Listen here [[link removed]].
Carolina Panthers Owner Being Investigated for Failed HQ Project [[link removed]]
Kirby Lee-USA TODAY Sports
The Carolina Panthers and owner David Tepper continue to face issues over a failed $800 million team headquarters project in Rock Hill, South Carolina.
Tepper — the third-richest sports team owner in America with a net worth of $18.5 billion, per [[link removed]] Forbes — and his development arm GT Real Estate are under investigation [[link removed]] by the York County sheriff’s office over the use of public money for the construction of the ill-fated project.
Rock Hill had agreed to cover a portion of infrastructure costs for the facility, which began construction in 2020. The project was paused [[link removed]] in March 2022 when Rock Hill missed a payment.
GT Real Estate filed [[link removed]] for bankruptcy in June after investing more than $170 million.York County gave $21 million to GT Real Estate and sought to be repaid.Plans for the facility included a 5,000-seat stadium and indoor practice center.The project was officially nixed when the 245-acre site was put up for sale [[link removed]] in October.
In November, Rock Hill agreed [[link removed]] to a $20 million settlement with GT Real Estate, which equates to what the city invested. An approved settlement would require GT Real Estate and Rock Hill to drop their lawsuits, which blame each other for the short-lived plan.
Payment Plan
In August, GT Real Estate submitted [[link removed]] a plan to the U.S. Bankruptcy Court to repay creditors and resolve all claims.
GT Real Estate would put $60.5 million into a trust dedicated to paying back creditors and contractors, while also paying York County what is owed.
Another NWSL Franchise Up for Sale [[link removed]]
Daniel Bartel-USA TODAY Sports
The NWSL’s Chicago Red Stars are officially up for grabs.
The Red Stars are on the market following a public outcry [[link removed]] by players regarding team owner Arnim Whisler being included in a U.S. Soccer-commissioned investigation into systemic abuse and sexual misconduct.
The investigation revealed that Whisler dismissed allegations against former Red Stars coach Rory Dames, which led to players calling for him to sell his stake.
In October, the Red Stars’ board of directors voted to remove Whisler as chairman.
Whisler has hired [[link removed]] New-York based investment bank Inner Circle Sports for the sale.There is no deadline to find a buyer.
The Chicago Red Stars are the second NWSL currently on the market. On Thursday, Portland Thorns and Timbers owner Merritt Paulson officially [[link removed]] began the sales process for the Thorns.
Paulson was also named in the probe and stepped down from his role as CEO for both the Thorns and Timbers in October. Peregrine Sports — the ownership group controlled by Paulson and his father — is reportedly expected to receive an offer from a consortium of investors led by former Nike executive Melanie Strong that would give the Thorns a $60 million valuation.
The team won its third NWSL title in October.
Getting Bigger
The NWSL is looking to add two expansion teams to its 12-club roster by the 2024 season. The league is expected [[link removed]] to field “five-to-10 official bids” following interest from 82 groups, according to commissioner Jessica Berman. New owners could pay up to $50 million in expansion fees.
A decision on expansion franchises is expected in early 2023.
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Arsenal’s $55.9M Loss An Improvement Over Previous Fiscal Year [[link removed]]
Arsenal FC
As a team in transition, Arsenal saw some losses in its last`fiscal year — but also saw signs of hope.
The Premier League team took [[link removed]] an operating loss of $55.9 million in the fiscal year ending May 2022.
That figure was a significant improvement on last year’s $131.9 million loss.The team saved around $39 million in wages compared to the previous year.But broadcasting revenue dropped from $225 million to $178 million.
Arsenal benefitted from the lifting of pandemic restrictions, with matchday revenue rising by around $51.6 million to $453.7 million.
Streak Snapped
The club failed to qualify for any European competitions in the 2020-21 season for the first time since 1994-95, which led to heavy spending on player contracts.
“This investment recognises that the Club has not been where it wanted to be in terms of on-field competitiveness and that, as a minimum, qualification for UEFA competition needed to be regained, as a prerequisite to re-establishing a self-sufficient financial base,” the club wrote.
Arsenal credited owners Kroenke Sports & Entertainment for its willingness to invest in the team.
The move has borne fruit this season with Arsenal’s return to the Europa League, the second-tier competition to the UEFA Champions League. The team has already earned [[link removed]] $8.4 million for its appearance there, with total potential earnings up to $22.1 million.
Conversation Starters Attorneys for LIV Golf claim the PGA Tour and European Tour formed [[link removed]] an “unlawful conspiracy” aimed to thwart the upstart, according to a federal court filing obtained by Front Office Sports. Tom Crean — the former men’s basketball coach at Georgia, Indiana, and Marquette — will rejoin [[link removed]] ESPN as a national college basketball analyst, sources tell FOS. The Ivy League is headed [[link removed]] back to Japan on Jan. 22 with a team of all-stars for an exhibition that will continue to grow American football in the country.
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What to Watch
The Chicago Bulls (9-12) face the Golden State Warriors (11-11) on Friday night at the Chase Center.
How to Watch: 10 p.m. ET on ESPN
Betting Odds: Warriors -7 || ML -280 || O/U 237
Pick: Expect the Bulls to keep things close for all four quarters. Take Chicago to cover.
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