February 1, 2023
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Minutes after the Broncos took a big swing to acquire [[link removed]] head coach Sean Payton from the Saints, the Texans signed 49ers defensive coordinator DeMeco Ryans to a six-year deal as head coach. Coincidence? NFL Network’s Ian Rapoport claims that the Broncos made a last-minute attempt to sign Ryans before settling on Payton.
Athletes Tom Brady Retires ‘For Good’ [[link removed]]
Kim Klement-USA TODAY Sports
The GOAT is officially retiring.
Tom Brady announced his retirement “for good” through a video [[link removed]] on social media captioned, “Truly grateful on this day. Thank you.” The NFL quarterback returned to the Tampa Bay Buccaneers in March 2022 after initially announcing [[link removed]] his retirement on Feb. 1, 2022.
Brady’s 23 NFL seasons brought in a monumental haul of accolades: seven Super Bowl wins [[link removed]], five Super Bowl MVPs, three NFL MVPs, and the most career wins, passing yards, and passing touchdowns ever.
His success also paid off — literally.
In December, the 45-year-old took the No. 1 spot on Forbes’ highest-paid NFL players of all time list [[link removed]] with earnings of $303 million through 22 seasons. His highest single-season earnings came in 2021 at $39.1 million.
The quarterback also closes out his career after becoming the NFL’s top [[link removed]] earner for the first time last year, earning $75 million.
Booming Business
While his time on the field may be over, Brady’s career isn’t.
In 2022, he signed [[link removed]] a reported 10-year, $375 million deal to become Fox’s No. 1 game analyst after retirement and purchased [[link removed]] an expansion Major League Pickleball team with six-time tennis Grand Slam champion Kim Clijsters that begins play this year.
Brady has also launched health and wellness company TB12 Sports with trainer Alex Guerrero, media company Religion of Sports, and the Brady Brand clothing line.
Markets Peloton CEO Sees ‘Turning Point’ As Losses Narrow [[link removed]]
Shutterstock
Peloton’s downward spiral seems to be slowing down — despite reporting a loss for the eighth quarter in a row.
The connected fitness company’s net loss [[link removed]] narrowed to $335.4 million from $439.4 million during the same period last year — its narrowest since the fourth quarter of 2021.
Peloton reported $792.7 million in second-quarter revenue, beating analysts’ estimates of $710 million and the company’s expected range of $700 million to $725 million — though it’s still a 30% drop year-over-year.
Connected fitness product sales fell 52% year-over-year. Subscription revenue increased 22%.
One year into the position, CEO Barry McCarthy said Peloton’s second-quarter earnings results are a possible “turning point” for the business, as subscription revenue exceeded hardware-related revenue.
“We were on the brink of extinction, and that’s no longer the case,” McCarthy said [[link removed]]. “We’ve put to bed questions about the viability of the business.”
Peloton ended the quarter with 3.03 million connected fitness subscriptions and 852,000 app subscribers.
It expects third-quarter sales to fall around 27% to between $690 million and $715 million. Analysts estimate revenue will reach $692.1 million.
Peloton also announced it will not sell commercial fitness business Precor.
McCarthy’s Moves
McCarthy’s hire brought a lot of changes with it.
More than half of Peloton’s workforce has been cut, Dick’s Sporting Goods and Amazon began selling Peloton products, and the company revealed a new rowing machine and started selling certified pre-owned bikes. There have also been several executive shakeups.
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The Journey From Athlete to Investor
Michelle Wie West, a five-time LPGA Tour winner, angel investor, and PitchBook partner is building her investment portfolio, supporting brands she believes in, and empowering women and minority entrepreneurs.
In Driven With Michelle Wie West [[link removed]], a new series from Front Office Sports and PitchBook, Michelle sits down with some of her favorite female athletes to discuss their journeys as investors, and what it takes to win.
In the first episode, she sits down with fellow Stanford classmate, two-time WNBA All-Star, ESPN Broadcaster, and investor, Chiney Ogwumike. They talk about what it was like as a Stanford student-athlete, how to get started as an investor, driving philosophies, goals for the future, and more.
Watch now [[link removed]].
Real Estate Oakland A’s Brass Back Scouting Las Vegas Sites [[link removed]]
Stan Szeto-USA TODAY Sports
The Oakland A’s are still home shopping in Las Vegas.
Team officials including owner John Fisher and president Dave Kaval are headed to Sin City to meet with resort operators, according [[link removed]] to the Las Vegas Review Journal.
The team previously appeared to be narrowing down its prospective sites to the Bally’s-owned Tropicana site and the Las Vegas Festival Grounds. The Festival Grounds site, which appeared to be fading from consideration, is reportedly still in play. The team has designs for a $1 billion, 35,000-capacity stadium near the Las Vegas Strip.
It’s unclear where the A’s stand on receiving public funding from Las Vegas, Clark County, and Nevada.
Team officials and MLB commissioner Rob Manfred have spoken to new Nevada Gov. Joe Lombardo, whose administration, while not open to raising taxes to fund a baseball stadium, indicated there are state programs that the A’s could potentially access.
Nats in Limbo
Meanwhile, the sale of the Washington Nationals is proving complicated. The Lerner family will likely continue to operate the team through the 2023 season, according [[link removed]] to the Washington Post.
The biggest sticking point for a sale is the team’s unique arrangement with regional sports network MASN. Control and the bulk of the revenue from MASN is in the hands of the Baltimore Orioles, who are going through their own ownership challenges [[link removed]].
The two teams are in ongoing litigation regarding revenue the Nationals claim is owed them from the network.
Conversation Starters The Arena Football League is returning [[link removed]] under new leadership after filing for bankruptcy and ceasing operations in 2019 and will begin play in the summer of 2024. Between 2014-21, the average salaries for men’s Power 5 coaches grew [[link removed]] at a rate of 55%, while women’s only grew 33%, according to a study led by professor Scott Hirko. Disney has sold out commercial inventory [[link removed]] for the upcoming 2023 Honda NHL All-Star Weekend from Feb. 3-4 in South Florida.
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News for the Modern Sports Consumer
Start your day with the most important business of sports stories in five minutes or less with Front Office Sports’ The Leadoff [[link removed]].
The podcast features insights from record-breaking earnings reports, investments, stocks, acquisitions, and deals that shake up the conversation in the $614+ billion business of sports.
In today’s episode, by NetSuite [[link removed]], hurdles remain for Rays future ballpark despite mayor’s approval, Ohio State and Michigan are driving profits for the Big Ten, the cost of attending the Big Game is through the roof, and cricket might be coming to the 2028 Olympics.
Listen daily on Apple Podcasts [[link removed]], Spotify [[link removed]], or Google Podcasts [[link removed]].
Win A Vegas VIP Hoops Package
We have teamed up with the Pac-12 Conference to provide a VIP experience [[link removed]] to the Pac-12 Men’s Basketball Tournament in Las Vegas from March 8 to March 11, 2023.
One lucky winner will receive two (2) all tournament passes with club access to the tournament at T-Mobile Arena. The winner will also receive a hotel room at an MGM Resorts property for four (4) nights in Las Vegas, a $300 food and beverage voucher valid at MGM restaurants, and two (2) tickets to Cirque du Soleil’s Mad Apple show. For more information on the Pac-12 Men’s Basketball Tournament, visit Pac-12.com [[link removed]]. See Official Rules [[link removed]] for details.
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What to Watch
The Brooklyn Nets (31-19) face the Boston Celtics (36-15) on Wednesday night at TD Garden.
How to Watch: 7:30 p.m. ET on ESPN
Betting Odds: Celtics -9 || ML -390 || O/U 224
Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcasts [[link removed]] Pro [[link removed]] Written by Abigail Gentrup [[link removed]], Owen Poindexter [[link removed]] Edited by Matthew Tabeek [[link removed]], Brian Krikorian [[link removed]]
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