December 15, 2022
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Charles Barkley made $1 million donations [[link removed]] to HBCUs Jackson State and Bethune-Cookman University.
NFL Owners Pave Way for New Stadiums, Upgrades [[link removed]]
HNTB Sports Architecture
A bevy of items related construction of new stadiums and the refurbishment of current ones were approved by NFL owners at the league’s winter meetings in Irving, Texas, on Wednesday.
The Tennessee Titans’ proposed [[link removed]] $2.1 billion stadium and the Buffalo Bills’ new [[link removed]] $1.4 billion stadium — both expected to open as early as the 2026 season — were among the stadium-related agenda items to secure the blessing of owners behind closed doors at a luxury hotel, a source with knowledge of the matter told Front Office Sports.
Owners also approved the extension of the Bills’ lease at their current stadium, Highmark Stadium, that was set to expire before the start of next season.
The measures related to renovations that passed included:
The renovation [[link removed]] of M&T Bank Stadium as part of $1.2 billion in upgrades approved by Maryland lawmakers that will be split between the Baltimore Ravens’ home stadium and the Orioles home, Camden Yards. The Dallas Cowboys’ planned $295 million in upgrades [[link removed]] to AT&T Stadium. A planned $100 million refresh [[link removed]] of Empower Field, home of the Denver Broncos. Combine Future
The league previously announced the NFL Scouting Combine will be held in Indianapolis in 2023 and 2024, but planning for 2025 beyond isn’t too far off.
“Indy has been a great host … but it’s our role to evaluate and look at the other options,” said Peter O’Reilly, NFL Executive VP of Club Business & League Events.
Osaka, Mahomes Among New Pickleball Investors [[link removed]]
Geoff Burke-USA TODAY Sports
Naomi Osaka and Patrick Mahomes are taking after other star athletes by joining Major League Pickleball.
The pair are reportedly [[link removed]] set to invest in a new MLP team based in Miami. Tennis star Nick Kyrgios, sports agent Rich Paul, and Soichiro Minami and Matthew Prizker are also expected to invest in the team, which will begin play next year.
The size of the investment isn’t known, but Forbes reported that the expansion fee for other recent deals was between $1 million and $3 million. MLP could not be reached for comment when contacted by Front Office Sports.
MLP had eight teams for its inaugural 2021 season, 12 teams for 2022, and is set to add 12 more in 2023. The low prices have attracted other athletes.
The investment firm founded by Kevin Durant and Rich Kleiman — Thirty Five Ventures — purchased [[link removed]] an expansion team in October. The same month, Tom Brady and Kim Clijsters joined [[link removed]] an ownership group buying a team. A group including LeBron James, Draymond Green and Kevin Love purchased [[link removed]] a team in September.
An announcement on the investment is expected on Thursday.
Sport Switch
An MLP franchise won’t be the first sports team in Osaka or Mahomes’ portfolio.
Kansas City Chiefs quarterback Mahomes, who Forbes estimates [[link removed]] makes $51.5 million, has stakes in MLS’ Sporting Kansas City and MLB’s Kansas City Royals.
Osaka, who Forbes estimates [[link removed]] makes $55 million, is an owner of the NWSL’s North Carolina Courage.
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Women’s Hockey League’s Salary Cap Jumps 900% From 2021 [[link removed]]
PHF
The Premier Hockey Federation is doubling its salary cap again.
After raising [[link removed]] it from $300,000 to $750,000 for the 2022-23 season, the women’s hockey league announced [[link removed]] plans on Wednesday to raise it again for the 2023-23 season — this time to $1.5 million, representing a 900% increase since 2021, when it was $150,000.
The move is part of a three-year, $25 million commitment approved by the board of governors less than a year ago.
The PHF, which was established in 2015 as the National Women’s Hockey League, added Montreal as a team this season. The NWHL rebranded to the PHF in 2021. Commissioner Reagan Carey said [[link removed]] that further expansion is being considered.
“Greater financial opportunities for athletes is part of the new PHF era,” Carey said. “We are doing the work, and we are seeing the results.”
All seven teams in the league currently exceed 75% of the current cap.
Ice Rights
The league’s potential isn’t only seen from within it.
In August, ESPN extended [[link removed]] its broadcasting deal with the PHF through the 2023-24 season for domestic and international rights. ESPN+ will stream the regular season, special events, and the Isobel Cup Playoffs in the U.S. International rights will include TSN in Canada.
Billionaire Seeking On-Ramp Into Formula 1 [[link removed]]
Jerome Miron-USA TODAY Sports
Formula 1 is more popular than ever and a billionaire businessman wants in.
Calvin Lo, who made his riches in life insurance, is looking [[link removed]] for an on-ramp into F1 by 2026. Lo told the BBC that he would ideally start a new team, but could also buy into an existing one.
F1 currently charges an entrance fee of $200 million to offset potential lost revenue for other teams. While F1’s cost cap will be $135 million from 2023-25, driver salaries, marketing, and other costs push the total cost of operating a team much higher. Mercedes’ F1 team, for instance, had roughly $347.3 million in expenses in 2021. A new team would also require significant upfront infrastructure investments, which could reach [[link removed]] $1 billion.
Lo’s estimated net worth is $1.7 billion, per Forbes.
Lane Change
With the introduction of the cost cap in 2021 and new engine regulations coming in 2026, a handful of high-profile individuals and companies are looking for a way into F1.
Racing legends Mario and Michael Andretti are hoping to join the series, but the entry fee and F1’s resistance to adding more cars to the grid have thus far prevented a deal.
Audi will join the Sauber team as a power unit supplier, starting in 2026, and Porsche is still interested in finding a partner after a deal to purchase half of Red Bull Racing fell through.
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Conversation Starters From buzzer-beaters on the hardwood to Hail Marys in the end zone, Atmosphere Sports is bringing sports back to the center with scores, highlights, and more. Learn more [[link removed]].* Charles Barkley made $1 million donations [[link removed]] to HBCUs Jackson State and Bethune-Cookman University. America’s first golf course sportsbook is coming in 2023 from the PGA Tour and DraftKings. Take a look inside [[link removed]]. Question Of The Day
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