February 15, 2023
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In the second episode of Driven with Michelle Wie West [[link removed]], a new video series from Front Office Sports and PitchBook, the five-time LPGA Tour winner, angel investor, and PitchBook partner sits down with beach volleyball pro Kerri Walsh Jennings, winner of three straight gold medals for the U.S. in 2004, 2008, and 2012.
See why the five-time Olympian launched athlete-focused company p1440 and how running a new business changed her perspective.
Watch [[link removed]] the full episode now.
Teams MSP Sports Capital Prepares $3.75B Tottenham Bid [[link removed]]
THFC
MSP Sports Capital is interested in another Premier League team.
Jahm Najafi, chair of MSP Sports Capital and Phoenix Suns co-owner, is reportedly [[link removed]] set to launch a $3.75 billion takeover bid for Tottenham Hotspur. Last month, MSP reportedly held preliminary discussions for a minority stake in Everton.
The takeover would value the Premier League club at $3 billion and add $750 million in debt to the team’s books. Forbes last valued Tottenham — which reported [[link removed]] $534 million in revenue in the fiscal year ending June 2022 — at $2.35 billion.
The Financial Times reported that Najafi is working with a consortium of investors to present a formal bid in the coming weeks.
MSP would put forward 70% of the bid. Investors from the Gulf, mainly from Abu Dhabi, would take care of the other 30%.
MSP already has stakes [[link removed]] in the X Games, McLaren Racing, and several other soccer teams including Portugal’s Estoril Praia, Spain’s AD Alcorcon, Belgium’s SK Beveren, and Germany’s FC Augsburg.
Current Ownership
ENIC Group, which is owned by British billionaire Joe Lewis, purchased a stake in Tottenham in 2000. Businessman Daniel Levy serves as the club’s chairman and has reportedly indicated he wouldn’t like to stay on if new ownership comes in.
Fans have criticized [[link removed]] the club’s current ownership over on-the-field performance.
Sports Betting FanDuel’s Parent Considers U.S. Public Listing [[link removed]]
Albert Cesare / USA TODAY NETWORK
FanDuel’s parent company is interested in going public.
On Tuesday, Flutter Entertainment said its board is consulting with shareholders to gauge their interest in a listing on the U.S. stock exchange. The company’s board reached the view that “an additional U.S. listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits,” according [[link removed]] to the Financial Times.
After consulting shareholders, the company would take a vote at its annual meeting in April, requiring 75% approval.
Flutter’s stock is traded in Europe. The Ireland-based company said a public listing would allow the company to expand its profile in the U.S., helping attract and retain talent.
The U.S. is now Flutter’s largest country by revenue. FanDuel, which makes up the biggest [[link removed]] segment of Flutter’s overall business with $3 billion in annual revenue, leads the nation’s sports betting market.
Flutter also owns Paddy Power and Betfair.
FanDuel’s Favor
Flutter acquired FanDuel, which was reportedly valued at $22 billion in November, in 2018 for $158 million.
During the Super Bowl, FanDuel accepted 50,000 bets per minute at its peak and averaged 2 million active users during the game. It expects to be profitable by its full-year 2023 earnings.
SPONSORED BY TEMPLE UNIVERSITY'S STHM
How NIL is Impacting College Education in Sports
Since the NCAA passed its landmark ruling in July 2021 allowing college athletes to profit off their Name, Image and Likeness (NIL), the impact has been great and far reaching.
One area within this new frontier that has not been widely discussed, however, is how universities are creating opportunities within the classroom to learn more about NIL.
In our latest webinar, Owen Poindexter (Front Office Sports) sits down with professors Thilo Kunkel and Amy Giddings (Temple University), along with recent graduate and current NIL agent Matt Lupi to discuss The NIL Effect: Inside & Outside the Classroom [[link removed]].
Learn how Temple’s School of Sport, Tourism, and Hospitality Management (STHM) is leading NIL research, reimagining course curriculum, and giving students new tools to pursue a career in the ever-changing, billion-dollar industry of sports.
Register now [[link removed]].
Retail Super-Agent Rich Paul Launches Klutch Athletics with New Balance [[link removed]]
Klutch Athletics
One of the NBA’s most powerful agents is getting into athletic apparel.
On Wednesday, Rich Paul announced the creation of Klutch Athletics — a new Black-owned apparel brand “co-authored” with New Balance.
“There’s a gap right now that we can fill — creating training product that is functional, but with style,” Paul said in a news release. “We’ve seen other brands moving away from youth sports and training, so we’re focused on bringing the new look of training for the next generation. And there’s no one better than New Balance to build this with.”
The clothing line — which New Balance emphasizes is not a one-off collaboration — seeks to provide for athletes across youth, collegiate, and professional sports.
The apparel’s color palette will draw from New Balance’s range of grays with a green accent representing the field of play. “We designed the line to help athletes perform their best and look good while doing it,” said New Balance Chief Design Officer David Creech. “It will deliver products for all athletes, regardless of sport or gender.”
Klutch Athletics apparel will be available for purchase online and in select retailers starting April 27. T-shirts will carry a $40 suggested retail, while hoodies will be $120.
New Balance Renaissance
Klutch Athletics is the latest in New Balance’s cultural resurgence.
In late January, the athletic apparel company signed [[link removed]] baseball superstar Shohei Ohtani to a long-term endorsement partnership.
The Boston-based company also recently launched the third edition of Kawhi Leonard’s signature shoe, the KAWHI III.
Conversation Starters The first four episodes of “Power Slap” have averaged [[link removed]] 275,000 viewers, and UFC president Dana White has called the show “a winner.” Johnson vs. NCAA began oral arguments on Wednesday. The federal class-action case sees a group of athletes suing [[link removed]] several schools and the NCAA for the right to be considered university employees. Despite competing with the Super Bowl’s second-highest TV audience ever, other sports’ broadcasts on Sunday brought in millions of viewers [[link removed]].
SPONSORED BY SMARTASSET
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What to Watch
The Colorado Avalanche (28-19-5) take on the Minnesota Wild (28-20-5) on Wednesday at Xcel Energy Center.
How to Watch: 9:30 p.m. ET on TNT
Betting Odds: Wild -1.5 || ML -140 || O/U 6
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]]. Deadline for entry is February 22, 2023. See Official Rules [[link removed]] for details.
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