February 22, 2023

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Leagues MLB Looks to Reform Local Media Deals, Payroll Disparity [[link removed]]

Jonathan Dyer-USA TODAY Sports

A free-spending owner and a failing media business have spurred Major League Baseball to take action.

The league has created an economic reform committee to address its long-term financial health, according [[link removed]] to The Athletic.

The move was partly driven by the financial troubles of Diamond Sports Group, the Sinclair Broadcasting subsidiary that owns 19 Bally Sports regional sports networks. Diamond — which broadcasts local games for 14 MLB teams — missed a $140 million interest payment and is expected to file for bankruptcy soon.

MLB commissioner Rob Manfred has discussed taking control of the league’s local rights, should that happen.

“We’ve got to find a new model,” he said. “Maybe we ought to be driving the boat, what that model looks like.”

The other issue prompting the creation of the committee is a more familiar one: revenue and spending disparity between teams.

The much-discussed topic was raised anew by New York Mets owner Steve Cohen, who will pay his players around $370 million this season, plus around $111 million in luxury tax payments.

Cohen was willing to go even higher, too, having agreed to a 12-year, $315 million contract with Carlos Correa, before that deal was scuttled by questions regarding Correa’s physical.

Many MLB owners have long favored a salary cap, which the MLB Players Association strongly opposes.

Leagues Formula 1 Will ‘Never Go Electric’ Says President [[link removed]]

Austin American Statesman-USA TODAY NETWORK

Formula 1 will make a big move toward electric power in 2026 — but its president says it’ll never go all the way.

F1 president Stefano Domenicali told [[link removed]] Italian newspaper Il Sole 24 Ore that “F1 will never go electric,” despite taking steps toward sustainability in the coming years.

Starting in 2026, F1 will require fully sustainable fuels and will nearly triple the amount of electric power its vehicles produce, but Domenicali has criticized European officials for their aggressive pursuit of an energy transition.

European Parliament officials recently signed an agreement from last year banning the sale of new gas-powered cars from 2035 onward and requiring emissions in new vehicles to be reduced by 55% from 2021 levels by 2030.

F1’s changes have triggered a reshuffling of engine partners going into 2026.

Honda, which currently works with Red Bull and AlphaTauri, has been approached by multiple teams to be an engine partner starting that year. Those two teams are switching to Ford, while Honda is weighing its options.

Audi will enter the racing series in 2026 after buying a minority stake in Sauber. Cadillac is looking to enter as a new team with Andretti Global.

Meanwhile, Renault is hoping to recruit [[link removed]] women drivers to join the team.

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Markets Brooks Running Sprints to Record Revenue [[link removed]]

Brooks Running

A year after setting a personal best, Brooks Running has topped itself again.

The running shoe and sports apparel company reported a record [[link removed]] $1.2 billion in global revenue for 2022, a 6% year-over-year increase from 2021, when it crossed $1 billion for the first time. Fourth-quarter sales jumped 26% year-over-year.

The company said [[link removed]] it became the top brand in adult performance running footwear at U.S. retail, finishing the year with 21% market share. Revenue grew 15% in the Europe, Middle East, and Africa region, 33% in the Pacific and Latin America region, 24% in Australia, and 21% in China.

In 2022, Brooks launched e-commerce sites in six additional countries and invested in new U.S. and U.K. distribution centers.

Its loyalty program — Brooks Run Club — hit nearly a quarter-million memberships.

“In 2022, Brooks overcame economic and supply chain headwinds to gain new customers across all categories including running, walking, hiking, and more,” said Brooks Running CEO Jim Weber.

Brooks plans to deepen its investments in “youth running and developing elite athletes” in 2023, as well as launch new carbon-neutral products. Last year, the company announced plans to achieve net-zero carbon emissions by 2040.

Sports Betting Georgia Eyes $400M Annual Boost As Sports Betting Bill Gains Steam [[link removed]]

Kirby Lee-USA TODAY Sports

Georgia is one step closer to finally legalizing sports betting.

The state’s Senate Economic Development Committee approved [[link removed]] Senate Bill 57 by an 8-1 vote, sending it to a full vote.

The Georgia Lottery Corporation would oversee the state’s legal sports betting infrastructure, essentially adding it to the list of games already authorized by the creation of the lottery in 1992.

As a result, the state would not have to amend its constitution to legalize sports betting — it could become law without any vote from the general public and would need only a simple majority from both the state Senate and House.

SB 57 would legalize betting both online and at in-person kiosks — which could be deployed at a variety of businesses, including sports venues.

Per the bill’s chief sponsor, Sen. Billy Hickman, 20% of the adjusted gross income raised by legal sports betting would go to the Georgia Lottery Corp. to benefit education.

Hickman recently claimed sports betting could generate $300 million to $400 million annually for the state, as well as creating $1 billion in state economic impact and more than 8,500 jobs.

Georgia has been in this position before and has a long way to go before sports betting actually legalizes: The state Senate introduced [[link removed]] bills in 2021 and 2022 — with the former actually passing the Senate — but neither made it into law.

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Kirby Lee-USA TODAY Sports

“I want to give a shoutout to Mac McClung. He definitely saved the dunk contest. That was a beautiful performance, I haven’t seen the fans excited like that in a long time. … Thank you, Mac McClung.”

— Shaquille O’Neal on Mac McClung’s show-stopping performance at the 2023 NBA Slam Dunk Contest — recording perfect scores on three of his four attempts — during the latest episode of Front Office Sports Today.

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Today's Action

NHL

07:08 PM

Jets (+105) at Islanders (-125)

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08:00 PM

Kings (+105) at Wild (-125)

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Canucks (+135) at Predators (-155)

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Question Of The Day

How many times a month do you use a rideshare app?

0 [[link removed]] 1-4 [[link removed]] 5+ [[link removed]]

Tuesday’s Answer

71% of respondents own their current residence; 29% rent.

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