January 12, 2023
Read in Browser [[link removed]]
POWERED BY
We’ve got everything from crypto to esports in today’s Leadoff: Tom Brady owns more than 1.1 million common shares in now-bankrupt FTX, Michael Andretti hits back at Formula 1 over entrance fees, an English soccer club gets a new owner, and Glytch plans to build 32 esports stadiums. Listen here [[link removed]].
Sports Betting Fanatics Makes First Move into Sports Betting at FedEx Field [[link removed]]
Shutterstock
Fanatics is eight days from launching the first sportsbook inside an NFL stadium.
The sports retail and digital platform is reportedly opening [[link removed]] a sportsbook at the Washington Commanders’ FedEx Field. Maryland has had retail sports betting since December 2021 and mobile sports betting since November 2022.
Fanatics hasn’t registered to offer mobile sports betting in the state. The company has also received preliminary approval to operate in Massachusetts, where it will be tethered [[link removed]] to the Plainridge Park Casino. Fanatics Betting and Gaming CEO Matt King aspires to have the brand operating in all legal states by September.
Washington, D.C., sports fans will be able to place bets at the venues of all their major teams: Capital One Arena, home to the Washington Wizards and Capitals, has an in-house sportsbook in partnership with William Hill, and Nationals Park hosts a BetMGM sportsbook.
The BetMGM Sportsbook at the Arizona Cardinals’ stadium was the NFL’s first [[link removed]] on-site sportsbook, but the two-story, 16,800-square-foot venue [[link removed]] is located on the stadium’s campus, also called the “Great Lawn.” State Farm Stadium will host Super Bowl LVII on Feb. 12.
NFT Drop
While Fanatics is expanding its sports betting business, it’s paring back on collectibles.
The company is selling its 60% stake in Candy Digital, the NFT company it helped to launch. Candy Digital works with MLB, NASCAR, WWE, and Netflix.
Fanatics will focus its collectible efforts on physical collectibles after acquiring Topps for $500 million in January 2022.
College Athletics Bears Make Big Ten Commish New President and CEO [[link removed]]
Gary A. Vasquez-USA TODAY Sports
Big Ten commissioner Kevin Warren has accepted a position as president and CEO of the Chicago Bears, a source confirmed to Front Office Sports, following NFL Network’s report.
Warren will begin official business for the team this spring.
He will be the first Black American to hold such a position at the team.
This isn’t Warren’s first foray into the NFL. Before the Big Ten, he served as the COO of the Minnesota Vikings and also held positions with the St. Louis Rams and Detroit Lions.
Warren leaves the Big Ten after just three seasons — during which he arguably precipitated several of the biggest shifts in college sports.
He secured the largest conference media rights deal in history, a mid-$7 billion package between CBS, Fox, and NBC. USC and UCLA, two of college sports’ biggest brands, joined the Big Ten on his watch. Warren modernized the conference through in-house sponsorships and the first Big Ten women’s volleyball media days. He was one of the few commissioners who didn’t completely discount the idea of sharing media rights revenues with athletes, though he made no promises.
When he arrived at the conference, one of his first acts was to cancel and then reinstate the Big Ten football season during the height of the pandemic — a decision which drew widespread criticism.
Now he’ll exit the conference as perhaps one of the most successful commissioners in recent memory.
Big Shoes to Fill
Going forward, the Big Ten will need another forward-looking leader — perhaps a business executive like the Big 12’s Brett Yormark — to take the helm of one of two college sports “Super Conferences.”
SPONSORED BY POINTSBET
Boost Your Betting Odds This Season
Few things in life are as electrifying as going on a betting hot streak.
The only issue is, those “hot streaks” can be hard to come by… unless you have the right information.
That’s exactly where PointsBet’s Hustle newsletter [[link removed]] comes in.
The PointsBet Hustle spotlights the best bets, juiciest boosts and strongest insights to make you a first-string, franchise-tag, “throw ‘em another $100M guaranteed on their contract extension”-level bettor.
A fresh edition [[link removed]] hits your inbox three times a week (on Thursday, Sunday, and Monday), meaning you get the absolute most up-to-date odds, stats, and news needed to bet better than ever.
It’s not too late to beat the odds this NFL season. Sign up [[link removed]] for PointsBet’s Hustle newsletter.
Deals Tiger Woods-Backed SPAC Cancels IPO Plans [[link removed]]
Rob Schumacher-USA TODAY Sports
A sports-related blank-check company just bit the dust.
Sports & Health Tech Acquisition Corp., a SPAC backed by 15-time major champion Tiger Woods, has shuttered [[link removed]] its plans to raise $150 million in an initial public offering.
The IPO, which was first announced in January 2022, would have valued the blank-check firm at $600 million.
Sports & Health Tech was led by IeAD Sports Ltd. chairman Andrew White. The SPAC had planned to target a merger in the sports or health tech sectors. Mark Steinberg — a golf agent for Excel Sports Management — was an executive. Steinberg has represented Woods for over 25 years.
The collapse of Sports & Health Tech’s IPO follows a recent trend. According to a report by Forbes, 21 of 33 SPACs tied to famous public figures reported [[link removed]] negative returns for 2021. Last year, more than 30 mergers with SPACs fitting that same profile were called off.
New Endeavor
In August 2022, Woods, Rory McIlroy, and Mike McCarley — co-founders of newly formed TMRW Sports Group — announced [[link removed]] the launch of TGL, a new golf league that will operate in partnership with the PGA Tour. The tech-infused league will play events at specially designed virtual courses in front of live crowds and larger television audiences starting in January 2024.
Last year, TMRW Sports added [[link removed]] marquee strategic investors after unveiling TGL. The company has a portfolio that includes sports luminaries Serena Williams, Andy Murray, Steph Curry, Josh Allen, and Shohei Ohtani.
Conversation Starters NFL regular-season games averaged [[link removed]] 16.7 million viewers this season — down 2% from 17.1 million during the 2021 season. Former ESPN reporter Allison Williams alleged [[link removed]] in a federal lawsuit that the company’s COVID-19 vaccine requirement violated her religious freedom rights. By 2030, college football coaching salaries [[link removed]] could rise 353% compared with 2011, for a total of $1.5 billion.
SPONSORED BY META
Innovation in Sports: Welcome to the Metaverse
While today’s metaverse is still loosely defined, the lines between the physical and digital worlds are becoming increasingly blurred.
That’s why Front Office Sports has partnered with Meta to launch Metaverse Essentials: Building the Future, our latest course [[link removed]] covering the next evolution of technological innovation in sports.
In this free, five-lesson course, execs from Meta and top sports organizations examine the growing relationship between the metaverse [[link removed]] and the sports industry. We also explore how teams and organizations can leverage emerging technologies like VR, AR, Avatars, and digital collectibles to build unprecedented connections with players and fans.
Upon completion, all participants will earn a verified digital certification badge to display on their social channels.
Register [[link removed]] for the course today!
What to Watch
The Boston Celtics (30-12) face the Brooklyn Nets (27-13) on Thursday night at the Barclays Center.
How to Watch: 7:30 p.m. ET on TNT
Betting Odds: Celtics -1.5 || ML -130 || O/U 225.5
Refer Friends, Win Merch
Ready to rep your favorite newsletter? Refer your friends and colleagues to Front Office Sports and you could win FOS merchandise.
It’s easy to spread the word. Copy and paste your unique link below and share it in an email or on your timeline.
Referral Count: 0
Copy your invite link: [link removed] [[link removed]]
Or share on social media: Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcasts [[link removed]] Pro [[link removed]] Written by Owen Poindexter [[link removed]], Amanda Christovich [[link removed]], Justin Byers [[link removed]] Edited by Matthew Tabeek [[link removed]], Brian Krikorian [[link removed]]
If this email was forwarded to you, you can subscribe here [[link removed]].
Update your preferences [link removed] / Unsubscribe [link removed]
Copyright © 2023 Front Office Sports. All rights reserved.
80 Pine Street Suite 3202 New York, NY 10005
