February 2, 2023

Read in Browser [[link removed]]

POWERED BY

Former NFL star Rob Gronkowski drops by on a new episode of the Front Office Sports Today podcast — and the four-time Super Bowl champ told us team ownership could be his next frontier.

Check out the full convo with Gronk, plus updates on the Big Game’s skyrocketing ticket prices and private equity’s pursuit of European soccer, on Apple [[link removed]] or Spotify [[link removed]].

Leagues LAFC Becomes First $1B MLS Club [[link removed]]

Jayne Kamin-Oncea-USA TODAY Sports

Major League Soccer’s reigning champion has helped the league reach a major milestone as it continues to grow its presence.

Los Angeles FC has been valued at $1 billion in Forbes [[link removed]]’ latest valuation of MLS clubs — making it the first franchise in league history to reach the billion-dollar plateau.

LAFC has sold out every regular-season and playoff match since bursting onto the MLS scene in 2018 — one of the factors in its estimated $8 million operating profit from a league-high $116 million in revenue last season.

The club is set to add to those profits when BMO takes over [[link removed]] stadium naming rights on a 10-year, $100 million deal.

Since 2019 — the last time that Forbes created this list — average MLS team valuations rose 85% from $313 million to $579 million. Besides LAFC, three teams are worth $800 million or more.

LA Galaxy — $925M Atlanta United FC — $850M New York City FC — $800M

Of the league’s 10 oldest franchises, only three — LA Galaxy (second), D.C. United (fifth), and Sporting Kansas City (12th) — crack the top half of the list.

Going Up-Stream

MLS is set to embark on a grand experiment this year when Apple TV+ takes over the league’s media rights [[link removed]] in the first season of a historic 10-year, $2.5 billion deal.

The tech giant will charge [[link removed]] $99 per season — or $79 for existing Apple TV+ subscribers — for MLS Season Pass, which will feature every match of the season with no blackouts.

Sports Betting Barstool Sports’ Future Parent Posts $1.6B In Revenue [[link removed]]

Evert Nelson / USA TODAY NETWORK

PENN Entertainment, which operates Barstool Sportsbook and theScore Bet, reported $20.8 million in fourth-quarter net income, down from $44.8 million during the same period the year prior.

Previously known as PENN National Gaming, the company recorded [[link removed]] $1.6 billion in fourth-quarter revenue, less than a 1% increase year-over-year — partially attributed to severe weather in December.

“We also achieved profitability in our Interactive segment, notwithstanding an unfavorable sports betting outcome in the World Series,” said Jay Snowden, PENN CEO and president.

Barstool Sports — which generated record revenue in 2022 — covered live sporting events for the first time during the quarter, including the Barstool Invitational college basketball tournament and the Arizona Bowl.

PENN is set to acquire the remainder of Barstool Sports on Feb. 17 for $325 million. The former first purchased [[link removed]] a 36% stake in the latter in February 2020 and acquired another 14% later on for $62 million.

“We remain on track to migrate the Barstool Sportsbook and Casino to our proprietary technology solution this summer,” said Snowden.

Segment Breakdown

PENN’s gaming division accounted for $1.27 billion of fourth-quarter revenue, while food, beverage, hotel, and other made up $318.2 million.

The company operates 43 properties in 20 states, online sports betting in 16 jurisdictions, and iCasino in five jurisdictions.

PENN expects 2023 revenue to fall between $6.15 billion and $6.58 billion.

SPONSORED BY META

Preparing for the Metaverse

The metaverse is coming, but a big question remains: how do athletes and sports organizations prepare today?

To answer this question and many more, Front Office Sports has partnered with Meta to bring you Metaverse Essentials: Building the Future, our latest free course [[link removed]] covering the next evolution of technological innovation in sports.

The course includes a lesson on How to Prepare Today [[link removed]], where Meta sports strategic partner managers discuss how athletes and organizations of all sizes can use Reels to create compelling, timely, and original content while building highly engaged audiences in the process.

Upon completion of the course, you’ll earn a verified digital certification badge to display across all social profiles.

Register now [[link removed]]!

Real Estate Orioles Reject Camden Yards Lease Extension, Want Multi-Decade Deal [[link removed]]

Tommy Gilligan-USA TODAY Sports

The Baltimore Orioles declined to exercise a lease extension on Camden Yards as they seek a bigger deal.

The team and Maryland Gov. Wes Moore released a joint statement [[link removed]] expressing their “commitment to creating a long-term, multi-decade, public-private partnership” that “revitalizes the Camden Yards complex as a magnet for sports tourism and leverages Maryland taxpayers’ investment in the property.”

On signing a new lease, the Orioles will access $600 million from Maryland, which owns Camden Yards, thanks to a bill passed by the previous administration. The team is seeking at least a 10-15-year commitment, according [[link removed]] to the Baltimore Sun, in part to have more time to renovate the park and develop the surrounding area. The team and state are still negotiating issues including revenue sharing, renovation details, and non-baseball uses of the stadium.

The team’s current lease expires this year.

Family Drama

The negotiations could be complicated by an ongoing legal struggle within the Angelos family.

The Orioles are majority-owned by Peter Angelos, who is in poor health, and his wife Georgia Angelos. John Angelos, their son, is the team’s chairman and CEO.

Their other son, Louis Angelos, is suing John and Georgia, alleging that they are trying to take control of the family’s assets.

On Thursday, attorney William J. Murphy, was assigned [[link removed]] to act as conservator of Peter’s law firm, which Louis runs. Murphy will determine if the firm should be sold or dissolved.

Conversation Starters Disney’s documentary on Washington Capitals superstar Alex Ovechkin, “GR8TNESS,” will premiere [[link removed]] Saturday before the NHL All-Star Game. After going undrafted in 2004, Ran Carthon says [[link removed]] he knew he wasn’t cut out to make it in the NFL, but still used to take workouts with teams to meet their GMs, get business cards, and express his interest in scouting. Now, he’s GM of the Titans. Take a look [[link removed]] at how the Super Bowl football is engraved.

SPONSORED BY POINTSBET

Bet With The Best This NFL Season

PointsBet is preparing you for the best betting stretch of your life.

Looking for insight on the Big Game? Make sure you subscribe to PointsBet’s Hustle newsletter [[link removed]] for all the latest trends.

PointsBet’s Hustle spotlights the biggest bets, juiciest boosts, and strongest insights to get you ready for all the matchups. The newsletter will be sent three times a week (on Thursday, Sunday, and Monday) and offer wagering news and insights [[link removed]] from PointsBet.

Don’t miss out, subscribe today [[link removed]]!

What to Watch

The Memphis Grizzlies (32-19) face the Cleveland Cavaliers (31-22) on Thursday night at Rocket Mortgage Fieldhouse.

How to Watch: 7:30 p.m. ET on TNT

Betting Odds: Cavaliers -5.5 || ML -230 || O/U 223.5

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.

ENTER HERE [[link removed]]

Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcasts [[link removed]] Pro [[link removed]] Written by Doug Greenberg [[link removed]], Owen Poindexter [[link removed]], Abigail Gentrup [[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