March 20, 2023

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Next year, the NCAA will host a women’s event similar to the NIT, as the only existing WNIT executed by an outside company has come under scrutiny. But it’s yet to be determined what the NCAA’s event will look like — or even what its name will be. FOS reporter Amanda Christovich looks into the NCAA’s plan to make postseason basketball equitable [[link removed]].

Media ESPN Bracing For Painful Round of Layoffs [[link removed]]

Ron Chenoy-USA TODAY Sports

ESPN is bracing for painful layoffs in the coming weeks, sources tell Front Office Sports.

As part of a corporate restructuring, parent Disney is slashing 7,000 jobs and $5.5 billion in costs. The layoffs could amount to 3% of Disney’s global workforce.

Stephen A. Smith alluded to the network’s precarious situation on his “K[no]w Mercy” podcast.

“Have you all been paying attention to the business landscape? Disney itself announced that over 7,000 employees are going to be let go,” Smith said. “ESPN is under the Disney umbrella. They’re going to have cuts coming.

“Hell, for all I know, I might be one of them. Now, I doubt that. But it’s possible. No one knows.”

ESPN’s footprint has been reduced to less than 75 million U.S. homes from 100 million in 2011, and the network has suffered several layoffs over the last decade.

Ravaged by the pandemic, ESPN president Jimmy Pitaro [[link removed]] cut 300 jobs and let 200 positions go unfilled in 2021. In 2017, former president John Skipper laid off [[link removed]] roughly 100 anchors, reporters, and analysts, including big names like Trent Dilfer, Danny Kanell, Jerome Bettis, Marc Stein and Len Elmore. ESPN dropped 300 employees in 2015.

“I don’t think it will be as bad as 2017. But it might be bad,” said one source.

As part of Disney’s restructuring, chief executive officer Bob Iger has made ESPN one of three [[link removed]] global “pillars,” along with Entertainment and Parks & Experiences.

But Iger also rejected pleas from activist investors to spin off the sports network, declaring: “ESPN is a differentiator for this company.”

ESPN declined to comment.

Teams Prospective Manchester United Buyers Prepare Second Bids [[link removed]]

Manchester United

After visiting Old Trafford last week, a consortium led by Qatar’s Sheikh Jassim bin Hamad Al Thani is set to make a renewed bid to buy Manchester United on Wednesday, per Sky Sports [[link removed]].

Sky reports that talks between the club and the Qatari contingent on Thursday [[link removed]] were largely positive — so much so that the latter is now preparing an offer more likely to satisfy the club’s current owners, the Glazer family.

After expressing interest in only a partial sale in February [[link removed]], there is growing confidence that the Glazers will completely sell the club, per Sky. The family believes the club is worth in the range of $7.2 billion.

Sheikh Jassim’s group had previously said it would not overpay [[link removed]] for Manchester United — but its meeting at the club’s grounds last week supposedly softened that stance.

Meanwhile, British billionaire Jim Ratcliffe and his company INEOS are also expected to make a second bid for the club, though they declined to comment on the matter after their trip to Manchester on Friday.

Ratcliffe and INEOS purchased Ligue 1 side OGC Nice for a reported [[link removed]] $107 million in 2019. Current Nice player Aaron Ramsey described Ratcliffe as “very passionate” about bringing success to the French club.

Manchester United currently sit third in the Premier League table, have advanced to the FA Cup semi-finals, and are set to face Spanish side Sevilla in the UEFA Europa League quarter-finals.

SPONSORED BY SPONSORUNITED

The NIL Effect

The NIL industry [[link removed]] has exploded in the nearly two years since the NCAA’s landmark decision to allow college athletes to profit off of their name, image, and likeness.

Since then, brands have partnered with athletes, universities are building out infrastructure and educational programs and new trends have emerged.

Join Front Office Sports on March 28 at 1 p.m. ET for an inside look at NIL — and what’s next for college sports, athletes and brands. The virtual event [[link removed]], presented by SponsorUnited, will cover:

How brands are creating partnerships and standing out in a changing NIL landscape. An inside look at collectives and how they have grown to become an essential part of college athletics economics. What brands and athletes need to know to build successful partnerships.

Grab your spot and register now [[link removed]]!

Deals Rugby’s Top Brand Explores Value in Stake Sale [[link removed]]

Rafael Suanes-USA TODAY Sports

New Zealand Rugby is gauging the power of its brand as it seeks investors.

The iconic All Blacks, likely the most revered rugby team worldwide, is looking to sell [[link removed]] a stake in their commercial operations worth around $62 million.

NZR Commercial CEO Richard Thomas said he would meet with investors over the next few months “to understand if there is an appetite in the institutions in New Zealand to do it. Once that’s known, we’ll know whether we’re going through with that institutional raise or not.”

The club had to navigate fan and player resistance to outside investors when it sold a 5.7% stake last year to private equity firm Silver Lake for $124.9 million. The deal, which valued NZR at $2.2 billion, was opposed by New Zealand’s Rugby Players Association.

NZR plans to use the investments to amplify the All Blacks brand and earning power and grow the game at all levels in New Zealand.

Rugby World Cup Rights

Meanwhile, the Rugby World Cup, which takes place in September in France, is finding buyers for its media rights.

Public broadcaster RTE and Virgin Media acquired [[link removed]] the rights to the tournament in Ireland last week.

Rights in Japan were sold last month to NHK, Nippon TV, and J Sports, which held those rights for the previous World Cup in 2019.

Conversation Starters Washington Commanders owner Dan Snyder is inching toward a record sale of a professional sports franchise. The process has been shrouded in mystery, but another process is understandably even more opaque: the league’s second outside investigation led by former SEC chief Mary Jo White. FOS reporter A.J. Perez looks into the status of the sale [[link removed]]. Michael Jordan is in serious talks to sell the Charlotte Hornets. On the latest Front Office Sports Today, we break down the potential sale, possible buyers, and Jordan’s management history — plus former MLB catcher A.J. Pierzynski joins us to discuss his new show “Foul Territory.” Listen and subscribe on Apple [[link removed]], Google [[link removed]], and Spotify [[link removed]]. One of the interesting revelations from March Madness coverage: Fairleigh Dickinson Director of Media Relations Jordan Sarnoff is currently a junior [[link removed]] at the university.

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 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.

What to Watch

The Dallas Mavericks will take on the Memphis Grizzlies at FedExForum in Memphis.

How to watch: 8 p.m. ET, NBA TV

Betting odds: Mavericks + 1.5 || ML Mavericks +106 || O/U 222.5

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