February 27, 2023
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The NFT industry is still alive, but it could be facing a seismic change if a judge rules that they must be treated as securities. LG Doucet, founder of web3 sports community The First Mint, joins senior writer Owen Poindexter to break it all down on Front Office Sports Today.
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Deals Amazon Founder Jeff Bezos Still In Mix For Commanders [[link removed]]
Syndication: Louisville Courier-Journal
NFL owners have grown increasingly concerned over the pace of the Washington Commanders sale, fueled by reports that owner Dan Snyder won’t allow Amazon founder Jeff Bezos bid for the franchise.
Bezos, however, remains [[link removed]] in the mix for the franchise, two sources with knowledge of the situation told Front Office Sports. One of those sources said reports that Snyder wouldn’t sell to Bezos amounts to a ploy to get a high bid out of the Amazon founder.
There are indications that the sales process is at a critical juncture. Snyder and Bank of America — the firm hired to facilitate a sale — have narrowed the list of bidders down.
There’s another option: Snyder could decide to keep the team, something one source said has vexed some NFL owners.
It’s still believed that Snyder will sell, but bids haven’t come close to the $7 billion sources previously told [[link removed]] FOS he is seeking.
FOS reported [[link removed]] that the highest bid when the first round of bidding closed in December was $6.3 billion. But it’s unclear who bid that amount and what the bid’s status is now.
The Washington Post reported [[link removed]] last week that Allen & Co. is advising Bezos.
That’s been recognized by those around the league, who one source said have encouraged Bezos and his representatives to remain engaged in the process.
Josh Harris — the owner of the New Jersey Devils and Philadelphia 76ers — and Houston Rockets owner Tilman Fertitta are also interested in the Commanders.
The Washington Post reported [[link removed]] on Saturday that Fertitta’s bid was for slightly more than $5.5 billion. Harris’ bid hasn’t been made public.
Deals Manchester United Bids Reportedly Too Low for Glazers [[link removed]]
Manchester United FC
The only two public bids for Manchester United are reportedly too low for the club’s current owners.
Qatari Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe’s INEOS have both confirmed their separate bids for the Premier League club, but Telegraph Sport reported [[link removed]] that the bids would need to be larger in order for the Glazers to sell.
Sheikh Jassim confirmed his bid for a full takeover without debt on the Feb. 17 deadline. It was reported [[link removed]] that INEOS, which has the help of Goldman Sachs and JPMorgan Chase & Co., wanted to take a 69% stake in the club.
It’s unclear how much either bid is, but neither are believed to reach the roughly $6 billion the Glazers are thought to be looking for, which would be a record price for a sports team. Forbes last valued the club at $4.6 billion.
Raine Group was hired by the Glazers, who purchased the team for roughly $942 million in 2005, in November to explore a potential full or partial sale. The Athletic reported [[link removed]] on Friday that Joel and Avram Glazer are reluctant to sell, but are unable to buy out the four family members who do want to sell.
Elliott Management, Ares Management, and Oaktree Capital have all reportedly offered [[link removed]] funding to bidders.
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Deals SeatGeek Takes StubHub’s Spot in $100M Deal with MLB [[link removed]]
Soobum Im-USA TODAY Sports
SeatGeek is linking up with Major League Baseball in a reported $100 million deal.
The New York-based company will be MLB’s official ticket reseller, in a five-year pact worth an average of $20 million per season, according [[link removed]] to Forbes. The deal was announced on Monday.
“Baseball is the largest spectator sport in the world in terms of total attendance, and the nature of the league’s 162-game season makes it ripe for innovation on the ticket resale side of the business,” said SeatGeek co-founder Russ D’Souza.
The tie-up will facilitate ticket reselling through SeatGeek’s marketplace using barcode integration.
“The league is looking to get younger sports fans and harness technology more effectively, and our platform is a perfect solution,” D’Souza told Front Office Sports.
“We’re eager to tap into SeatGeek’s extensive user base across numerous categories to reach an even wider audience of potential attendees,” said MLB chief revenue officer Noah Garden.
SeatGeek also partners with a handful of NFL teams, including the Dallas Cowboys, Washington Commanders, and New Orleans Saints. The Commanders deal pays $10 million to $12 million annually for four years, per Forbes.
SeatGeek also has NASCAR, MLS, and the Cleveland Cavaliers, New Orleans Pelicans, and Utah Jazz in their portfolio.
The deal with MLB is the second in February in which SeatGeek has stepped in for StubHub. Earlier this month, the company announced a deal with major college athletics reseller Paciolan. That deal begins in July.
MLB also announced on Monday that its London series in June between the Chicago Cubs and St. Louis Cardinals will air in the U.S. on ESPN and Fox Sports.
Conversation Starters The Professional Bull Riders are tapping [[link removed]] Cole Hauser, star of the Kevin Costner-led series “Yellowstone,” to be the face of the league, Front Office Sports reported. Two MLS clubs, Charlotte FC and Atlanta United, had attendances [[link removed]] topping 65,000 on the same day, marking the first time that has ever happened in MLS history. TGL, the tech-forward, stadium-based golf league started by Tiger Woods and Rory McIlroy, has broken [[link removed]] ground on its new arena at Palm Beach State College.
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What To Watch
The Miami Heat (32-29) travel to Philadelphia to face the 76ers (39-20) at Wells Fargo Arena.
How to Watch: 7 p.m. ET, on NBA TV
Betting Odds: 76ers -6 || ML -225 || O/U 217
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