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’ 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 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 in the first season of a historic 10-year, $2.5 billion deal.

The tech giant will charge $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.

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 $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 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.

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 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 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 to act as conservator of Peter’s law firm, which Louis runs. Murphy will determine if the firm should be sold or dissolved.