January 27, 2023

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Welsh soccer club Wrexham AFC has already made headlines [[link removed]] with a hit show on Hulu, and now they’re doing it on the pitch. The fifth-tier team owned by actors Ryan Reynolds and Rob McElhenney is currently the only non-league club left standing in the English FA Cup — and could win $149,000 by beating second-tier Sheffield United in the next round.

Teams English Soccer Clubs Spend Record $2B on Transfers [[link removed]]

Premier League

The market for soccer players among U.K. clubs has never been bigger.

In 2022, English teams spent more than $2 billion on player contracts for the first time, according to FIFA’s Global Transfer Report.

The 100 most expensive transfers accounted for nearly half of the almost $2.2 billion. The global transfer market hit $6.5 billion in fees, up from $4.9 billion in 2021. The top 10 transfers accounted for 12.5% of that sum. French teams were the biggest recipients of transfer fees, bringing in $740.3 million.

Men’s professional soccer saw 20,209 international transfers in the year, up 11.6% year-over-year and topping 2019 levels as well. Women’s team transfers grew 19.3% to 1,555, reaching a total spend of $3.3 million.

Hot Team Market

At least two Premier League clubs are expected [[link removed]] to be sold soon, with Manchester United potentially changing hands in the coming weeks.

Liverpool is also on the block, stoking speculation that owner Fenway Sports Group could be looking to buy an NFL team such as the Washington Commanders or found an NBA team if the league expands.

Everton is looking for investors, but isn’t expected [[link removed]] to sell a controlling stake.

Media Largest RSN Owner in U.S. Prepares for Bankruptcy [[link removed]]

Bally Sports

The largest owner of local sports channels in the U.S. is reportedly heading toward an $8.6 billion debt restructuring in bankruptcy court.

Sinclair Broadcast Group’s Diamond Sports Group, which includes Bally Sports Regional Networks and showcases MLB, NBA, and NHL games, has seen a decline in cable-TV subscribers.

After launching a streaming service across all its markets in September, DSG reported [[link removed]] a 10% decline in subscribers for 2022 in December. In August, Diamond hired investment banks LionTree and Moelis & Company, leading to speculation that Sinclair could face bankruptcy or sell its broadcast provider of local sports.

Bloomberg reported [[link removed]] that Diamond is expected to skip $140 million in interest payments due mid-February, emerging from the restructuring process — in which lenders including Prudential Financial and Fidelity would reportedly become equity owners — in May or June.

The group is reportedly looking to sell DSG after the restructuring.

Bankruptcy Business

If Diamond were to file for bankruptcy, it could affect media rights revenue for the major leagues since it would reportedly [[link removed]] have the option to end its contracts with teams. DSG reportedly owes teams around $2 billion this year, but has only around $585 million on hand.

“You’re looking at a potential rewrite of the entire regional sports business on the other side of this restructuring,” said Davis Hebert, a senior telecom analyst at CreditSights.

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Teams ‘Unprecedented Demand’ Forces Padres to Cap Season Tickets [[link removed]]

Orlando Ramirez-USA TODAY Sports

The San Diego Padres are being rewarded for their big spending.

The team is capping [[link removed]] season-ticket sales for the upcoming season “due to unprecedented demand.”

The final day to purchase Padres season tickets is on Feb. 4, coinciding with the team’s fanfest.

After that date, interested fans will be put on a waitlist — a first in the club’s 54-year existence. “It is important for us to cap our season-ticket memberships at this time to ensure that every Padres fan has an opportunity to attend a game at Petco Park during the 2023 season,” said Padres CEO Erik Greupner. Single-game tickets go on sale Feb. 7.

The Padres drew 3 million fans across 81 home games in 2022, fifth in Major League Baseball in both average and total attendance.

High-Flying Friars

The uptick in fan interest follows a playoff run and big offseason additions to an already star-studded roster.

San Diego signed shortstop Xander Bogaerts to an 11-year, $280 million contract, bringing [[link removed]] its estimated 2023 payroll to $251 million, third-highest in MLB.

Bogaerts is one of six Padres on a contract with an average annual value at $20 million or more, along with Manny Machado ($32 million per year), Juan Soto ($23 million), Yu Darvish ($21.5 million), Fernando Tatis Jr. ($21.3 million), and Joe Musgrove ($20 million).

Deals RedBird’s Purchase of AC Milan Under Investigation [[link removed]]

AC Milan

Last year’s $1.3 billion sale of AC Milan to New York-based investment firm RedBird Capital Partners is under investigation in Italy.

The Guardia di Finanza — which investigates financial crimes — has reportedly [[link removed]] requested documents from accountants and advisors who helped facilitate the deal. The agency is looking into alleged embezzlement claims by Milan minority investor Blue Skye Financial Partners.

In June 2022, Blue Skye claimed that former Milan owner Elliott Management held [[link removed]] talks “behind closed doors” about the sale. That same month, Blue Skye asked a U.S. court for documents regarding the deal to prove that Elliot “operated with malice or deceit.” In July 2022, U.S. District Judge Katherine Polk Failla authorized [[link removed]] Blue Skye to obtain a “limited” number of documents to use in court. Two months later, Blue Skye’s attempt to freeze [[link removed]] the sale of Milan was dropped following a hearing in an Italian court.

Milan — the 14th-most-valuable soccer team in the world, per Forbes — won its 19th Serie A title last season and is currently second in the domestic standings behind Napoli.

New Investor

In August 2022, MLB’s New York Yankees and the Main Street Advisors investment fund reportedly became stakeholders [[link removed]] in Milan. The deal could bring the Serie A club’s broadcasts to the Yes Network — a regional sports network owned by the Yankees, RedBird, Amazon, and others.

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Conversation Starters On Thursday, Frank Reich — who took the very first snap of the Carolina Panthers’ inaugural season in 1995 — was named [[link removed]] the team’s head coach. The USFL named [[link removed]] Detroit, Birmingham, Memphis, and Canton as its four host cities for the 2023 season. POV [[link removed]]: You are the shovel at a New York Rangers game. Today's Action

NHL

09:00 PM

Ducks (+310) at Avalanche (-380)

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10:40 PM

Spurs (+625) at Clippers (-900)

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07:00 PM

Sharks (+240) at Hurricanes (-285)

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*All times are EST unless otherwise noted.

*Odds/lines subject to change. T&Cs apply. See [[link removed]] for details.

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Thursday’s Answer

14% of respondents are in the market for a new gaming console in the next 6 months.

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