January 25, 2023
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In today’s Leadoff: The WNBA’s debate around charter travel heats up just in time to affect free agency, Formula 1’s Las Vegas Grand Prix could double the economic impact of the Super Bowl, and more top stories. Click here to listen [[link removed]].
Teams Full Takeover Expected for Manchester United in Coming Weeks [[link removed]]
MUFC
Manchester United is expected to say goodbye to its current American owners as a full takeover looms.
The Glazer family, which hired the Raine Group in November to explore a possible sale of the iconic Premier League club, still remains open to selling a full or partial stake, but parties who have registered interest so far are leaning toward buying the team outright, according [[link removed]] to The Daily Mail.
Billionaire and longtime Manchester United fan Jim Ratcliffe and his chemical company INEOS were the first to announce [[link removed]] they had entered the process. No other groups have publicly expressed interest, though the sale has reportedly intrigued groups from the Middle East, Asia, and the U.S.
The formal sale stage is expected to begin in the next three-to-four weeks. The Glazers are reportedly looking at a price tag of more than $7.2 billion — a significant jump from the $4.6 billion at which Forbes last valued the club.
Everton’s Investors
Elsewhere in the Premier League, Everton owner Farhad Moshiri clarified [[link removed]] that the club isn’t for sale following reports earlier this week that he was looking for takeover offers of more than $616 million.
Moshiri added that a minority investment to help fund the club’s new stadium — expected to cost around $936 million — is close.
“It is not selling the club at all,” Moshiri said. “It is bringing more expertise in terms of sponsorship, commercial development.”
Law Formula 1, Liberty Media Threaten Legal Action Over FIA Tweets [[link removed]]
FIA
Lawyers representing F1 and Liberty Media wrote a letter, seen [[link removed]] by Sky Sports, saying that FIA president Mohammed Ben Sulayem had overstepped his bounds in publicly discussing F1’s value.
The letter was triggered by tweets from Ben Sulayem, who was responding to a Bloomberg report [[link removed]] that Saudi Arabia’s Public Investment Fund was interested in bidding $20 billion for F1. Ben Sulayem called [[link removed]] that figure an “inflated price tag” and asked potential buyers to “consider the greater good of the sport and come with a clear, sustainable plan — not just a lot of money.” He also suggested that a huge purchase like that could lead to “increased hosting fees and other commercial costs” and have an ”adverse impact” on fans.
The letter stated that “Formula 1 has the exclusive right to exploit the commercial rights in the FIA Formula One World Championship” under a 100-year deal, and that Ben Sulayem’s tweets “interfere with those rights in an unacceptable manner.”
The letter, which was distributed to all 10 F1 teams, noted that the implication “that any potential purchaser of the Formula 1 business is required to consult with the FIA is wrong.”
Engines Revving
Some at F1 are reportedly wondering if Ben Sulayem will eventually be ousted as FIA president.
While many F1 teams have bristled at the notion of adding more teams to the grid, Ben Sulayem has taken steps to open a process to vet potential new entrants.
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Markets Microsoft’s Gaming Division Takes a Step Back [[link removed]]
Microsoft
Microsoft’s gaming division saw lackluster results in its latest earnings report.
The tech giant generated [[link removed]] $52.7 billion in total revenue for the second quarter ending Dec. 31, 2022 — a 2% increase year-over-year. Its gaming division — led by Xbox content and services — reported a 13% year-over-year decline in sales in fiscal Q2.
Microsoft’s results were affected by the inflationary pressures and semiconductor shortage plaguing the tech industry. In 2022, the global gaming market experienced its first annual sales decline in at least a decade, with consumer spending [[link removed]] declining around 4.3%, per Newzoo.
Microsoft saw some of its revenue declines offset by its Xbox Game Pass offering. The subscription service provides access to a rotating catalog of games. Xbox Game Pass reported [[link removed]] a record 120 million active users per month in fiscal Q2.
On Jan. 19, Microsoft announced that it would be cutting 10,000 jobs, reportedly [[link removed]] involving layoffs within its gaming sector, including its 343 Industries and Bethesda Game Studios properties.
Microsoft has downsized just as roughly 300 quality-assurance employees at its subsidiary ZeniMax Studios voted [[link removed]] to unionize. Microsoft purchased ZeniMax — the parent company of Bethesda — for $7.5 billion in 2021.
Up in the Air
In January 2022, Microsoft announced [[link removed]] plans to acquire Activision Blizzard for $68.7 billion. The Federal Trade Commission sued to block [[link removed]] the deal, saying the sale would harm competition.
The acquisition is also facing regulatory scrutiny in the European Union.
Conversation Starters NBC’s coverage of Arsenal’s 3-2 victory over Manchester United on Sunday averaged [[link removed]] a record 1.92 million English-language viewers across NBC, Peacock, and digital platforms. The PGA Tour escalated efforts to obtain [[link removed]] a deposition from the head of Saudi Arabia’s Public Investment Fund with a motion filed in federal court on Tuesday night. Stanford guard Haley Jones, who has built an impressive NIL portfolio, is the first college athlete to launch [[link removed]] a women’s basketball podcast with The Players’ Tribune.
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What to Watch
Nottingham Forest faces Manchester United on Wednesday in the English Carabao Cup.
Manchester United comes into the match following a 3-2 loss to Arsenal, while Nottingham Forest is coming off a 1-1 draw with AFC Bournemouth.
How to Watch: 3 p.m. ET on ESPN+ / Stream the English Carabao Cup on ESPN+ [[link removed]]*
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