March 3, 2023
Read in Browser [[link removed]]
PRESENTED BY
Formula 1 kicks off its 2023 season with the Bahrain Grand Prix on Sunday — at a time when the sport’s popularity is surging in America. Senior writer Owen Poindexter discusses how teams are racing to capture the U.S. audience. Plus — Troy Aikman sits down with Front Office Sports to talk about his first year at ESPN, Tom Brady calling games, and more in the latest episode of Front Office Sports Today.
Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].
Teams RFK Stadium May Be in Play for Washington Commanders [[link removed]]
Patrick McDermott-USA TODAY Sports
There’s still a chance the Washington Commanders could call RFK Stadium home.
NFL commissioner Roger Goodell told Washington, D.C., Mayor Muriel E. Bowser in December that the league supported her efforts to obtain the venue from the federal government as he wants D.C. to be involved, according [[link removed]] to the Washington Post.
Goodell also reportedly offered lobbying assistance from the league.
The Commanders played at RFK Stadium in Washington, D.C., for 36 seasons before moving to FedEx Field in Maryland in 1997.
“The league and Mayor Bowser agree that Washington, D.C., should be at the table when a new site is considered,” an NFL spokesperson said.
“We will continue to work with the mayor’s office, the Commanders, and Congress to that end — just like we are in contact with local officials in Maryland and Virginia as they review site and stadium options.”
Last year, Maryland proposed a $400 million package to improve the area surrounding FedEx Field, which would not include a new stadium.
The stadium discussions come as Dan Snyder looks to sell the team. Sources previously told [[link removed]] Front Office Sports he’s seeking $7 billion in a sale, and was disappointed when the highest bid in the first round of bidding in December was $6.3 billion.
Amazon founder Jeff Bezos, Philadelphia 76ers owner Josh Harris, and Houston Rockets owner Tilman Fertitta are all reportedly interested in the team.
Teams Manchester United Bidders to Meet With Club [[link removed]]
Manchester United FC
Bidders for Manchester United are expected to hold first meetings with the team in the next couple weeks to discuss the sale of the Premier League club.
Qatari Sheikh Jassim bin Hamad Al Thani and British billionaire Jim Ratcliffe’s INEOS have the only two public bids, with the former interested in a full takeover and the latter reportedly [[link removed]] interested in a 69% stake.
The initial bid proposals, which had a soft deadline of Feb. 17, reportedly only required [[link removed]] the amount of their bid and proof of funds.
If no deal is reached by the season’s end, any potential sale may be in jeopardy, according [[link removed]] to The Guardian.
It’s been reported that the Glazers — who purchased the team for $942 million in 2005 and have been heavily criticized for their ownership — are holding out for a price of around $7.2 billion, but the two bids reportedly aren’t more than roughly $5.4 billion.
Forbes last valued the club at $4.6 billion.
Elliott Management, Ares Management, and Oaktree Capital have all reportedly offered funding to bidders.
Joel and Avram Glazer are thought to be reluctant to sell, according to The Athletic, but are unable to buy out the other four family members who do not want to sell.
PRESENTED BY PITCHBOOK
Investing in Soccer in Silicon Valley
Introducing Driven with Michelle Wie West [[link removed]], a new video series from Front Office Sports in partnership with PitchBook, where the former golf pro sits down with some of her favorite athletes to discuss their journeys as investors and what it takes to win.
In the third and final episode, Michelle sits down with former U.S. Women’s National Soccer Team Member, Co-Founder of Hustle Beauty, and Co-Leader of #NWSLToTheBay, Leslie Osborne [[link removed]].
Learn how Osborne’s post-playing career has evolved from angel investor to entrepreneur and, most recently, co-Leader of a group that has successfully fundraised and bid to bring an NWSL expansion team to the Bay Area.
Watch the full episode [[link removed]] now.
Markets Xponential Fitness Revenue Surges 58% [[link removed]]
Xponential Fitness
The owner of Pure Barre, Club Pilates, Rumble, and Cyclebar had another impressive year.
Xponential Fitness, which claims it’s the largest global franchisor of boutique fitness brands, reported [[link removed]] a 44% year-over-year increase in fourth-quarter revenue to $71.3 million and a 58% increase in full year revenue to $245 million.
The company posted a net loss of $400,000 for the three months that ended Dec. 31, 2022. For the year, Xponential Fitness reported net income of $2.9 million.
“During 2022, we opened a new studio approximately every 17 hours, and system-wide sales surpassed $1 billion for the first time,” said Anthony Geisler, Xponential Fitness CEO.
Xponential sold 1,026 franchise licenses and opened 511 new studios during the year and had double-digit growth in same-store sales and memberships. In North America, system-wide sales jumped 46% to $1.03 billion.
In January, Xponential’s membership base reached 600,000.
For 2023, Xponential Fitness expects revenue to land between $285 million and $295 million, up 18%, and system-wide sales in North America to reach between $1.34 billion to $1.35 billion, up 30%.
It also anticipates new studio openings in the range of 540 to 560 — an 8% increase.
Conversation Starters Rosalyn Durant is emerging [[link removed]] as one of the most powerful Black women in sports after a sweeping reorganization at Walt Disney Co.’s ESPN that makes her executive vice president of programming and acquisitions. The Indiana University athletic department reportedly [[link removed]] received $38 million as part of a gift to the university from the IU Foundation. Demolition has begun on the Carolina Panthers’ failed [[link removed]] $800 million headquarters in Rock Hill, South Carolina.
SPONSORED BY META
What’s Next for Augmented Reality in Sports
AR adoption is booming with 700m people using AR effects across Meta platforms each month. Sports partners are leading the charge, with fun, interactive effects that engage fans and build community.
That’s why Front Office Sports has partnered with Meta to launch Metaverse Essentials: Building the Future, our latest free course [[link removed]] covering the ins and outs of metaverse-related technologies.
The five-lesson course includes a lesson on Building Expressions and Connections, where Meta’s Angel Gonzalez sits down with Sportsmanias CEO Vicente Fernandez and House of V CCO Justin Allen to discuss how augmented reality can unlock new immersive experiences [[link removed]] for athletes and fans alike.
Register now [[link removed]]!
What to Watch
The Memphis Grizzlies (38-23) take on the Denver Nuggets (44-19) at Ball Arena on Friday.
How to Watch: 10 p.m. ET on ESPN
Betting Odds: Nuggets -5 || ML -195 || O/U 234
Refer Friends, Win Merch
Ready to rep your favorite newsletter? Refer your friends and colleagues to Front Office Sports and you could win FOS merchandise.
It’s easy to spread the word. Copy and paste your unique link below and share it in an email or on your timeline.
Referral Count: 0
Copy your invite link: [link removed] [[link removed]]
Or share on social media: [mailto:?subject=Check%20out%20the%20Front%20Office%20Sports%20daily%20newsletter!&body=This%20newsletter%20from%20Front%20Office%20Sports%20summarizes%20the%20four%20biggest%20stories%20in%20the%20sports%20business%20world%20every%20weekday...all%20in%20five%20minutes%20or%20less.+[link removed]] Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Pro [[link removed]] Written by Abigail Gentrup [[link removed]] Edited by Matthew Tabeek [[link removed]], Greg Lee [[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
