March 6, 2023
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Still battling with the LIV Golf threat, the PGA Tour has announced some big changes for some of its biggest events — and not everyone is pleased. Check out Front Office Sports Today for a look at the current state of pro golf, plus a conversation with PGA Tour Superstore CEO Dick Sullivan on the continuing growth of the game.
Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]].
Teams ‘Clarity’ on Man United Ownership Expected Before Season’s End [[link removed]]
Manchester United FC
More questions surrounding the sale of Manchester United should be answered soon.
The team’s staff is expected to receive “clarity” on its ownership situation before the season ends in May, according [[link removed]] to ESPN. There have been concerns the sale process has been stalled as the Glazers hold out for a reported $7.2 billion price tag.
It was recently reported [[link removed]] that if no deal is reached by the end of the season, any potential sale could be in jeopardy.
The only two public [[link removed]] bids are from Qatari Sheikh Jassim bin Hamad Al Thani and British billionaire Jim Ratcliffe’s INEOS, with the former interested in a full takeover and the latter in a reported 69% stake.
Representatives of the two bids — which reportedly aren’t more than around $5.4 billion — will meet with the club before the end of March. Forbes last valued Manchester United at $4.6 billion.
Elliott Management, Ares Management, and Oaktree Capital have all reportedly offered funding to bidders.
ESPN also reported that the Glazers, who purchased the team in 2005 for $942 million, are prioritizing offers for a full takeover. The family hired the Raine Group in November to explore a full or partial stake sale.
World FIFA Reportedly Dropping Saudi Deal for Women’s World Cup [[link removed]]
FIFA
FIFA is reportedly planning to drop Saudi Arabia’s tourism board as a sponsor for the 2023 Women’s World Cup.
The Athletic reported [[link removed]] Visit Saudi as a tournament partner in January, but the announcement received criticism in regard to the nation’s controversial human rights record. Shortly after, hosts Australia and New Zealand wrote [[link removed]'s%20governing%20body%20'shocked'%20by%20backlash%20to%20Visit%20Saudi%20deal.&text=Fifa%20is%20planning%20to%20scrap,be%20made%20a%20tournament%20partner.] a letter to FIFA demanding clarification, as they were not consulted on the deal.
FIFA hasn’t commented publicly on the matter.
“While we acknowledge some important and positive gender equality reforms have commenced in Saudi Arabia, it remains undeniable under any reasonable standard that the rights of women remain severely restricted,” Football Australia and New Zealand Football wrote in a letter.
The amount of criticism was reportedly a shock to FIFA, which is now looking at how it can remodel the current agreement — it hopes to find a solution before the FIFA congress’ next session later this month.
The Sydney Morning Herald reported that the deal could be disassociated from Saudi Arabia’s tourism board and credited to another Saudi body.
Amnesty’s Anger
Amnesty International said the deal would allow for a “crude exploitation of their sport.”
The organization has also recently pushed [[link removed]] the Premier League to look more into Newcastle United’s ownership links between Saudi Arabia’s Public Investment Fund and the Saudi government.
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The Journey From Athlete to Investor
Michelle Wie West, a five-time LPGA Tour winner, angel investor, and PitchBook partner is building her investment portfolio, supporting brands she believes in, and empowering women and minority entrepreneurs.
In Driven With Michelle Wie West [[link removed]], a new series from Front Office Sports and PitchBook, Michelle sits down with some of her favorite female athletes to discuss their journeys as investors, and what it takes to win.
Check out all three episodes, featuring Chiney Ogwumike [[link removed]], Kerri Walsh Jennings [[link removed]], and Leslie Osborne [[link removed]].
Real Estate Mets’ Citi Field Earned Record $244M in 2022 Revenue [[link removed]]
Brad Penner-USA TODAY Sports
Fortunately for them, the big-spending New York Mets have a ballpark that brings in major profits.
Citi Field’s finances were revealed [[link removed]] in documents seen by Forbes, providing a rare look into the major costs and revenue drivers of an MLB team.
The document shows that Queens Ballpark Company, a subsidiary wholly owned by the Mets which operates Citi Field, earned a record $244.3 million in revenue in 2022.
Of that sum, more than half, $133 million, came from ticket sales. Luxury suite premiums added an additional $10.3 million. Advertising and concessions were the second- and third-biggest revenue drivers with a respective $48.5 million and $22.3 million on the year. Parking fees chipped in $12.4 million. The team hosted only three postseason games, but those brought in $7.7 million.
Operating expenses reached $114.7 million, meaning Citi Field generated a net profit of $129.6 million.
The figures do not include other revenue sources, namely from media rights. The team earns over $80 million from its local cable network, SNY, and more than $60 million from national broadcasting deals distributed evenly to all teams.
The Mets will spend nearly $500 million on players’ salaries and luxury tax payments this year. Team owner Steve Cohen said [[link removed]] that the team lost money in 2022, but declined to say how much.
Conversation Starters The PGA Tour is making a pivotal change [[link removed]] to its “player endorsement policy” this season to protect itself and its players from “ambush marketing” from sponsors affiliated with rival tours. The case of Washington Commanders owner Dan Synder could be the first [[link removed]] to trigger a process for which the NFL has less than a thousand words on the books: the removal of a team owner. “Creed III” has shattered [[link removed]] box-office records with a $58.6 million domestic opening — the biggest opening weekend ever for a sports movie.
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The Next Season: Sports and the Metaverse
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And sports is no different.
That’s why Front Office Sports has partnered with Meta to bring you our latest course — Metaverse Essentials: Building the Future [[link removed]].
Led by executives from Meta and top sports organizations, this free five-lesson course [[link removed]] will break down the ins and outs of metaverse-related technologies and discuss how organizations of all sizes can best position themselves for future success.
Upon completion, all participants will earn a verified digital certification badge to display on their social channels.
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What to Watch
The Atlanta Hawks (32-32) take on the Miami Heat (34-31) on Monday at Miami-Dade Arena.
How to Watch: 7:30 p.m. ET on NBA TV
Betting Odds: Heat -2.5 || ML -145 || O/U 229
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