December 23, 2022

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Formula 1 is coming to Las Vegas for the inaugural Grand Prix and Caesars Entertainment has unveiled [[link removed]] a $5 million “Emperor Package” — a five-night stay at Nobu Sky Villa for a party of up to 12. It includes a 4,700-square-foot terrace capable of hosting up to 75 guests to watch the race festivities, an around-the-clock butler service, media room, full bar, sauna and private spa.

Teams Commanders Could Sell For ‘Well North’ of $7B [[link removed]]

Brad Mills-USA TODAY Sports

The Washington Commanders are in high demand.

Commanders owner Dan Snyder has reportedly [[link removed]] received offers “well north” of $7 billion in a deal that would include the club, FedEx Field, the 264 acres around FedEx Field, and the 150 acres at the team’s headquarters in Ashburn, Virginia.

While any Commanders deal would include the land, the price tag is a significant jump from the multiple team sale records [[link removed]] made earlier this year.

The Premier League’s Chelsea FC sold for $5.3 billion in May — the most ever paid for a sports team. The Denver Broncos sold for $4.65 billion shortly after — the most ever paid for a sports team in North America.

Snyder paid $750 million for the team in 1999, which Forbes most recently valued at $5.6 billion. Under Snyder, the Commanders had also been reportedly looking to build [[link removed]] a $3 billion domed stadium, but weren’t able to secure public funding.

So Long, Snyder

Snyder and his wife, co-CEO Tanya Snyder, announced [[link removed]] at the beginning of November that they had hired Bank of America “to consider potential transactions.”

The announcement came after multiple investigations into the Commanders for misconduct [[link removed]] in the workplace and financial improprieties within the franchise.

Since then, Jeff Bezos, Jay-Z, Matthew McConaughey, Kevin Durant, Byron Allen, and John Henry have all been named as potential bidders.

Teams House Passes Equal Pay for Team USA [[link removed]]

Michael Chow-USA TODAY Sports

The U.S. Women’s National Team has claimed another victory in its fight for equal pay.

The Equal Pay for Team USA Act was passed [[link removed]] by the House on Wednesday, a bill that ensures equal compensation and benefits — including medical care, travel, and expenses — for all athletes representing the U.S. in international sports events.

Covering more than 50 national sports, the Act requires the U.S. Olympic and Paralympic Committee to oversee equal pay. Having already received unanimous support from the Senate, the bill now heads to President Joe Biden.

“Both houses have sent a clear message that this is the standard for all national teams in all sports, and it underscores the importance of working with our athletes to achieve equal pay including equalizing international prize money,” said U.S. Soccer president Cindy Parlow Cone.

CBA Pay

The bill is an outcome of a gender discrimination lawsuit filed in 2019 against U.S. Soccer.

Earlier this year, the USWNT signed a new collective bargaining agreement for pay structures that equates to the men’s team through 2028.

Thanks to the new CBA, the women’s team earned [[link removed]] $6.5 million from the men’s team advancing to the knockout stage in the 2022 FIFA World Cup — more than the $6 million the women’s team received from winning the 2015 and 2019 World Cups combined.

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Real Estate Grizzlies Consider $350M in Renovations for Home Arena [[link removed]]

Christopher Hanewinckel-USA TODAY Sports

The home arena of the NBA’s Memphis Grizzlies may get a new look.

Grizzlies executives and members of the Memphis City Council have reportedly [[link removed]] discussed preliminary plans to renovate FedExForum with upgrades that could cost at least $350 million.

The upgrades would be part of $684 million in arena funding plans proposed by Mayor Jim Strickland, which seek to extend two existing taxes that fund FedExForum’s debt.

The Grizzlies have discussed inverting the number of seats in the arena’s lower bowl. It would allow the Grizzlies to generate more revenue by having more premium seats. FedExForum is owned [[link removed]] by the city of Memphis and Shelby County. The Grizzlies have a lease at FedExForum that expires after the 2028-29 season.

The Grizzlies — the 29th-most-valuable NBA franchise at $1.65 billion, per [[link removed]] Forbes — are open to renovations after a promising 2021-22 season, which saw its 33-year-old general manager Zach Kleiman be named [[link removed]] the NBA’s Executive of the Year — the youngest GM to win the award.

New Home

The Philadelphia 76ers are the latest NBA team to bypass renovations to build a new arena.

In July, the team announced the creation of 76 Devcorp — a development company responsible for building a proposed new $1.3 billion arena near the city’s Chinatown. The potential new facility [[link removed]] would be entirely privately funded and could open for the 2031-32 season.

The 76ers are valued [[link removed]] at $3.15 billion, ranking as the 10th-most valuable NBA team.

Conversation Starters Front Office Sports is pleased to announce the 2022 Best Employers in Sports. The award recognizes organizations across the sports industry that are doing the best for their employees. The companies on this year’s list represent the top 15% of those who participated. Check out the entire list here [[link removed]]. Formula 1 has unveiled plans [[link removed]] for a Las Vegas headquarters after its parent company Liberty Media purchased 39 acres in the city for $240 million earlier this year. West Coast Conference commissioner Gloria Nevarez will transition [[link removed]] to leading the Mountain West on Jan. 1, becoming the newest FBS commissioner during seismic changes.

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What to Watch

The Memphis Grizzlies (19-11) face the Phoenix Suns (19-13) on Friday at the Footprint Center.

How to Watch: 10 p.m. ET on ESPN

Betting Odds: Grizzlies -2.5 || ML -145 || O/U 226

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