LeBron's Media Co. in the Red

LeBron’s Success on the Court Hasn’t Translated in Business

December 3, 2024

Good morning! The future of SpringHill looks grim; Will Brady make it in the media?

LeBron James’ Media Company Reportedly Lost Nearly $30M Last Year
The New York Post’s Alexandra Steigrad reports: “NBA great LeBron James’ media company lost nearly $30 million last year — and is on pace to lose millions more, according to a report. The 39-year-old Lakers star, who has won four NBA titles during his legendary career, has struggled to match his hardwood success with SpringHill — the production company he co-founded with longtime business partner Maverick Carter in 2020.”

Citing financial documents obtained by the publication, Bloomberg recently reported that the company has lost $28 million on revenue of $104 million in 2023 and is expected to finish in the red this year.
^{New York Post}

Paige Bueckers Becomes First NIL Athlete to Launch Nike Player Edition Sneaker
The Athletic’s Ben Pickman reports: “UConn star Paige Bueckers continues to make history. On Monday, Nike named Bueckers as the first name, image and likeness athlete to design and launch a player edition sneaker, with the brand debuting Bueckers’ Nike G.T. Hustle 3 on Saturday.”
^{The Athletic}

Report: Saudi PIF, DP World Tour in Discussions for Separate Deal From PGA Tour Agreement
The Saudi Public Investment Fund, owner of LIV Golf, is “considering a potential tie-up” with the DP World Tour that would “cement” LIV’s position in the golfing calendar and give the DP World Tour “significant financial heft,” according to sources cited by Tan, Turner & Hellier of BLOOMBERG NEWS via SBJ. Sources said that the talks with the DP World Tour are “separate” from the ongoing investment discussions between the PGA Tour and the Saudi wealth fund, with “both deals still possible.”
^{Bloomberg News via Sports Business Journal}

Sports Stocks Score Best Month in Four Years on Global Strength
Sports stocks had their best month in four years as fans around the globe wagered and shopped for gear, powering the Sportico Sports Stock Index up 12%, double the gains seen in the S&P 500.

“Sports is back,” said Alinda Van Wyk, the chief financial officer of Betway parent Super Group (SGHC), in a November call with investment analysts. According to Sportico, Super Group was the best performer of the 40-stock index, surging 59% in the month to close at $6.65.
^Sportico

Brady Still Struggling to Connect With Viewers During Fox Broadcasts
What viewers got from Fox's Tom Brady during the call for Giants-Cowboys on Thanksgiving is “what we got in the previous 12 weeks: A succession of self-evident ‘goods’ -- ‘good call,’ ‘good catch,’ ‘good throw’ and ‘good call,’” according to Phil Mushnick of the N.Y. POST via SBJ. It was "not that Brady was horrible," but he was "just unimportant, irrelevant and ultimately superfluous.”
^{NY Post via Sports Business Journal}

Nascar Taps F1 Las Vegas Exec Craig Stimmel as CCO
NASCAR Holdings has filled a role that will steer key business initiatives, hiring F1 Las Vegas exec Craig Stimmel as Chief Commercial Officer. Stimmel will receive the SVP rank, the second-highest echelon for vice presidents in NASCAR’s executive structure.
^{Sports Business Journal}

MLS Hires Longtime Turner Exec Sal Petruzzi
MLS and Soccer United Marketing have hired longtime media industry PR exec Sal Petruzzi as VP/Corporate Communications. Petruzzi, who was recognized by SBJ as a Power Player among communicators and storytellers, will begin Dec. 10 (three days after the end of the 2024 MLS season).
^{Sports Business Journal}

Mollie Marcoux Samaan Stepping Down as LPGA Commissioner After 3 1/2 Years of Record Prize Money
Yahoo Sports’ Doug Ferguson writes, “Mollie Marcoux Samaan is resigning in January as LPGA commissioner, a surprise announcement Monday after record growth in prize money along with criticism the LPGA wasn't gaining in popularity during the surge in women's sports. Marcoux Samaan is leaving on Jan. 9, three weeks before the LPGA begins its 75th season.”
^{Yahoo! Sports}

Facilities and Ticketing: Rose Bowl’s New Capital Campaign Will Refurbish Significant Legacy Before Club World Cup, Olympics
SBJ’s Bret McCormick writes, “Amid upheaval in college football that threatened the Rose Bowl’s status in the game’s hierarchy and led to the stadium’s primary tenant, UCLA, joining the Big Ten; and with the 2025 FIFA Club World Cup and 2028 Summer Olympics looming — the Rose Bowl is hosting men’s and women’s soccer — the time was right to formally launch an $80 million renovation.”
^{Sports Business Journal}

Pride, Orlando City SC Unveil Soccer Complex Plan
The Osceola County Commission today will consider a bid by the Wilf family to build an "expanded headquarters and training facility ... and a soccer academy" for both Orlando City SC and the Orlando Pride at Osceola Heritage Park. The bid proposes an "unspecified amount of additional seating" for Osceola County Stadium, a former baseball facility with a capacity of 5,300.
^{The Orlando Sentinel via Sports Business Journal}

Davis Cup Finals Moves to Italy From 2025 to 2028
According to The Athletic, Italy will host the Davis Cup Finals from 2025 until 2028. The International Tennis Federation (ITF), which runs the event, confirmed the defending champion as the host nation at the draw for the 2025 qualifiers in London on Monday.

Bologna will host the 2025 Davis Cup Finals, an eight-team event also referred to as the ‘Final 8’; Milan and Turin, the latter of which has hosted the ATP Tour Finals since 2021, are vying for future years.
^{The Athletic}

Estimated Cost of A’s Planned Ballpark Rising to $1.75B
The stadium’s projected $1.5 billion price tag has risen to $1.75 billion due to inflation and the addition of 70,000 square feet of ballpark features. New elements added during the stadium’s design phase include more clubs and suites, upgraded general admission spaces, and player amenities. The A’s Las Vegas ballpark will also be the first in MLB to offer under-seat cooling.
^{Las Vegas Review-Journal}

Oregon Reaches Big Ten Title Game By Refusing to Focus on the ‘Fiction’ of the Future
AP News’ Anne M. Peterson writes, “Oregon hasn’t gotten this far by wish-casting about outcomes in its first Big Ten season … That mentality has served the Ducks well. They finished the regular season 12-0 (9-0 Big Ten) and atop both the AP Top 25 and the College Football Playoff rankings.”

“Tomorrow’s not real in our books,” quarterback Dillon Gabriel says. “We’re just focused right where we’re at.”
^{AP News}

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