Tom Brady is facing more than just lawsuits for his association with FTX.

According to court documents, the NFL legend is among the bankrupt crypto exchange’s largest individual equity shareholders — with more than 1.1 million common shares. His ex-wife Gisele Bündchen has more than 686,000.

The value of the shares are unknown, but Forbes previously estimated Brady’s stake was worth around $45 million. FTX landed a $32 billion valuation in January 2022.

KPC Venture Capital, which is linked to New England Patriots owner Robert Kraft, will also be affected. 

• The investment firm owns more than 110,000 Series B preferred shares in FTX’s main platform.
• KPC also owns 479,000 common shares and 43,545 Series A preferred shares in West Realm Shires, which controls the exchange’s U.S.-based operations.

NBA player Udonis Haslem is also a stakeholder. 

Miami’s Money

On Wednesday, a federal bankruptcy judge agreed to allow the removal of FTX branding from the Miami Heat’s home arena.

Miami-Dade County, the arena’s owner, was around 18 months into a 19-year deal reportedly worth $135 million. The county received roughly $20 million from the deal and is looking for a new venue sponsor.

FTX co-founder Sam Bankman-Fried pleaded not guilty to eight criminal charges related to FTX’s collapse on Jan. 3.

Any new team entering Formula 1 will have to pay a $200 million ticket — but some existing teams think that’s too cheap.

Andretti Global is preparing a bid with Cadillac, and executives at other teams are reportedly questioning whether they would be a net positive for F1.

• An F1 executive suggested a fee of $600 million to $700 million would be more appropriate than the existing one of $200 million. 
• The fee is to offset revenue and prize-money dilution for the other teams, but the executive suggested that it would only amount to two years of covered costs.
• Some have pointed to the Seattle Kraken’s $650 million NHL expansion fee as an appropriate benchmark.

Andretti CEO Michael Andretti hit back at the F1 teams opposing his bid, saying, “It’s all about money.” 

“First, they think they are going to get diluted one-tenth of their prize money, but they also get very greedy, thinking we will take all the American sponsors as well.”

While Cadillac would be involved with the construction of an Andretti F1 car, another automaker, perhaps Alpine — which has supported Andretti’s bid — could supply the team’s power units. 

The American-owned Haas team has sought to lean into its national identity by selecting MoneyGram as its title sponsor, starting this year.

NASCAR Too

Andretti’s ambitions don’t end with Formula 1. The CEO said he is looking into entering the NASCAR Cup Series once the bid for Formula 1 is settled. 

Andretti has teams in IndyCar, Formula E, and Extreme E, among others.

A second-division English soccer club has a new majority owner. 

Coventry City FC has been acquired by Yelo Enterprises CEO Doug King, who purchased an 85% stake in the club for an undisclosed amount from previous owner SISU Capital Ltd. 

The transaction clears all debt for Coventry City before King’s initial agreement in November 2022. The total debt for the club reached $35 million for the financial year ending May 31, 2021.

• The Sky Blues compete in the English Football League Championship and are currently ranked 14th in the 24-team league’s standings.
• The EFL Championship is the second-highest division overall in the English football system, following the Premier League.
• Coventry City reported a $5.7 million loss for the financial year ending May 31, 2021, compared to a $4.1 million loss for the same period a year prior.

King is also the majority owner of RCMA Capital LLP. The London-based hedge fund manager oversees more than $400 million in investments. 

Problems at Home 

In December 2022, Coventry City received an eviction notice from the new owners of Coventry Building Society Arena — the club’s home field since 2005. The Sky Blues were asked to leave after refusing a “less favorable” lease offer from British retail and sports company Frasers Group, which took over the lease at CBS Arena in November 2022 for $21 million.

That same month, Coventry City agreed to a short-term deal to keep playing at CBS Arena.

A real estate development company specializing in esports stadiums plans to build 32 facilities across the U.S. and Canada over the next seven years. 

Glytch, based in Southern California, has started chasing its goal with the announcement of plans to build a 100,000-square-foot venue in Columbus, Ohio, which will feature a 2,000-seat gaming arena and broadcasting studio.

The facility will also host concerts and other events with its theater design. 

• Glytch has a construction budget of $54 million per stadium.
• The company plans to open four new facilities by the end of 2024.
• It aims to open four new locations each year thereafter. 
• Construction has already started on a stadium project in Los Angeles. 

“We firmly believe this is the next step in esports,” said Glytch chief visionary officer and former GameWorks CEO Michael Williams. “Instead of hosting every major esports league and all the teams in Los Angeles, we believe in regional stadiums with local teams.”

Each new venue will also be the home of an internationally recognized pro esports team.

Legendary Deal 

Glytch’s new esports facilities are poised to gain traction with visitors thanks to a deal with entertainment experiences company Legends.

In April 2022, Glytch secured a pact with the company that began as a joint venture between Yankee Global Enterprises, an affiliate of the New York Yankees, and Dallas Cowboys owner Jerry Jones. Legends will serve as the exclusive operator of Glytch’s new esports stadiums.