February 8, 2023
Read in Browser [[link removed]]
POWERED BY
A record number of Americans are expected to make a staggering $16 billion in legal bets on this Sunday’s Super Bowl. For more on that, and why the Minnesota Timberwolves’ sale could be in trouble — check out the latest episode of Front Office Sports Today.
Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].
Markets NFL, World Cup Bolster Fox’s Revenue [[link removed]]
Kirby Lee-USA TODAY Sports
Fox’s investments in sports are paying off.
The company reported [[link removed].] a 4% year-over-year increase in second-quarter revenue to $4.61 billion and a 4% increase in advertising revenue to $2.5 billion.
The latter is attributed to the FIFA Men’s World Cup, Fox Sports’ NFL programming, political advertising revenue, and growth at streaming service Tubi.
Fox paid [[link removed].] $425 million for the English-language rights to broadcast the 2018 and 2022 World Cups. Fox noted that the advertising revenue was partially offset by the absence of “Thursday Night Football,” which was acquired by Amazon for around $1 billion annually.
Net income reached $321 million compared to a net loss of $73 million during the same period last year.
Fox’s NFL results could be even stronger in 2024, when Tom Brady starts his reported 10-year, $375 million contract [[link removed]] as the network’s No. 1 NFL analyst.
Super Bowl Expectations
Fox is expecting a successful sports-driven third quarter, too.
One Fox executive reportedly said [[link removed]] that if trends during the NFL playoffs continue, Sunday’s Super Bowl could bring in a record viewership of 115 million.
Super Bowl XLIX between the New England Patriots and Seattle Seahawks in 2015 holds the viewership record with 114.4 million.
The company expects [[link removed]] to generate more than $500 million in advertising revenue for the game.
Teams MSG Sports Open to Selling Stake in Knicks, Rangers [[link removed]]
Danny Wild-USA TODAY Sports
The New York Rangers or Knicks — or both — could bring on a new minority owner.
“We have no plans to sell either team … but we would certainly not rule out the possibility of selling a minority stake in the Knicks or the Rangers,” Madison Square Garden Sports president and COO David Hopkinson said [[link removed]] Tuesday.
Hopkinson referenced changes to the NBA’s ownership rules that allow sovereign wealth funds and private equity firms to invest in teams. “These are incredibly scarce assets, they’ve got strong business fundamentals that we just reviewed, and we believe they’ve got significant opportunities for long-term growth,” Hopkinson said.
But a new majority owner seems to be out of the question.
James Dolan, owner of both teams through Madison Square Garden Sports, said last month that he’s “not retiring anytime soon. It’s a family-controlled asset, so someone in the family will eventually own it.”
By the Books
Forbes last valued the Rangers at $2.2 billion, a 10% year-over-year increase [[link removed]], and the Knicks at $6.1 billion, a 5% year-over-year increase [[link removed]]. The only other NBA team worth [[link removed]] more is the Golden State Warriors at $7 billion.
MSG Sports reported [[link removed]] $353.7 million in second-quarter revenue on Tuesday, a 22% year-over-year increase.
SPONSORED BY WSC SPORTS
Join the Industry's Best in the AI Revolution
You can’t provide the best fan experience without content automation. Your most creative people need time to craft the right stories. The standard gets higher every year with endless content fighting for limited attention.
WSC Sports [[link removed]] automates the instant creation and distribution of video highlights. It gives you access to sport-specific AI technology for over 20+ sports – a must for every content strategy.
Over 300 partners around the world, including the NBA, NHL, ESPN, Warner Bros. Discovery, and YouTube TV, rely on WSC Sports to build the premier modern fan experience. Stay ahead of the curve and click here [[link removed]] to learn more.
Deals Las Vegas Hopes to Keep Formula 1 for ‘Lifetime’ [[link removed]]
Ray Acevedo-USA TODAY Sports
Las Vegas wants its Formula 1 marriage to last.
The Clark County Commission has granted permission to stage the Las Vegas Grand Prix each year through 2032. F1 will make its first appearance in Sin City for decades this November.
F1 has a three-year deal to race on the Las Vegas Strip, which ends in 2025. Clark County commissioner James Gibson said they “anticipate a lifetime in partnership.” The measure seeks to keep the F1 race in the same spot on the calendar, granting use of Las Vegas Boulevard South on “Wednesday to Sunday, the week prior to Thanksgiving.”
F1 is targeting [[link removed]] $500 million in revenue for the race weekend. Hotels are also expecting a bonanza, with both race founding partners Wynn and Caesars each offering luxury packages costing at least $1 million.
FIA President Steps Back
The FIA, F1’s governing body, announced [[link removed]] that its president Mohammed Ben Sulayem will no longer oversee the organization’s day-to-day operations but will remain in a strategic role.
Ben Sulayem has recently butted heads with many F1 teams over his openness to adding teams, particularly one headed by Andretti Global and Cadillac.
The FIA ruffled feathers with a declaration in December requiring drivers to receive permission to make or display “political, religious, and personal statements or comments” at races. F1 president Stefano Domenicali seemed to moderate [[link removed]] that this week, saying F1 “will never put a gag on anyone.”
The FIA said that Ben Sulayem’s role shift has been planned for a long time.
Conversation Starters The Varsity Collective, the NIL collective for the University of Wisconsin, purchased a 15-minute block on a video billboard [[link removed]] in Times Square to showcase the football team’s 13 transfers and six early enrollees. According to Fox, Tom Brady won’t appear on the network’s Sunday coverage of Super Bowl 57, but the GOAT’s presence [[link removed]] still looms large over Super Bowl week. As of Tuesday night, LeBron James is the NBA’s all-time scoring leader [[link removed]].
PRESENTED BY PITCHBOOK
Redefining What it Means to Win
Introducing Driven with Michelle Wie West [[link removed]], a new video series from Front Office Sports in partnership with PitchBook. Michelle Wie West, the five-time LPGA Tour winner, angel investor, and PitchBook partner sits down with some of her favorite athletes to discuss their journeys as investors and what it takes to win.
In the first of three episodes, Wie West talks with fellow Stanford graduate Chiney Ogwumike, a two-time WNBA All-Star, ESPN analyst, and investor.
Learn how the first overall pick from the 2014 WNBA draft launched a career at ESPN and how her experiences as an athlete and broadcaster have informed her investment philosophy.
Watch [[link removed]] the full episode now.
What to Watch
The Philadelphia 76ers (34-18) take on the Boston Celtics (38-16) on Wednesday at TD Garden.
How to Watch: 7:30 p.m. ET on ESPN
Betting Odds: Celtics -4.5 || ML -190 || O/U 224.5
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 Abigail Gentrup [[link removed]], Owen Poindexter [[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
