Patriots' Kraft: Celtics Sale Tip of Iceberg

Celtics Sale to “Continue a Trend Across the League” ⇢ PGA-LIV Merger Not Done

November 7, 2024

Good morning! Sports investors and former NBA owners say it’s “a good time to sell”

Pending Celtics Sale Set to Continue Trend Across the League
When the sale of the Celtics is complete, it will “continue a trend across the league”— which has seen “more turnover at the ownership level than any other major professional sports league in recent years,” according to Mike Vorkunov of THE ATHLETIC via SBJ. The Celtics will be the ninth NBA team to have its controlling ownership change hands since 2019; the NHL, NFL and MLB have had 10 combined in that time. Sports investors and former NBA owners say franchise valuations have “climbed so steeply over the last two decades that it’s become a good time to sell.” The spate of sales has been underlined by owners who made “significant returns on their investments,” no matter when they bought their franchise.
^{The Athletic via SBJ}

Not So Fast: PGA Tour-LIV Merger Not Done Yet
It’s been nearly 18 months since the PGA Tour and Saudi-backed rival LIV Golf announced a “framework agreement” to “reunify” men’s golf. British tabloids reported Saturday that the two sides finally have a deal. However, multiple FOS industry sources say the reports are premature.
^{Front Office Sports}

Dallas Mavericks Head Coach Jason Kidd Makes Bid for Crystal Palace Stake
The Athletic’s Matt Woosnam reports: “Dallas Mavericks head coach Jason Kidd is part of a consortium that has made an offer to purchase a stake in Premier League club Crystal Palace, sources briefed on the proposed deal have told The Athletic. The group’s initial proposal for Eagle Football’s 45 per cent stake fell below the valuation that John Textor— the largest shareholder in Eagle and one of Palace’s four primary owners, is looking for—but it retains an interest.
^{The Athletic}

NFL, On Location Extend Hospitality Agreement
The NFL and On Location announced a multiyear extension of their hospitality partnership that will keep On Location as the official hospitality provider of the NFL through 2036. With the extension, On Location—recently acquired by TKO Group—will continue to offer access to all premier NFL events, providing experiences at the Super Bowl, NFL Draft, Pro Football Hall of Fame, Pro Bowl Games, and Scouting Combine.
^{Sports Business Journal}

NBA Hits 51 Marketing Partners, Including Seven New Brands, as Season Tips Off
According to SBJ, the NBA hits 51 marketing partners, including seven new brands, as the season tips off. A busy offseason of signing new sponsors and high-profile renewals has led the NBA to a record 51 marketing partners to start the 2024-25 season. Seven new brands have aligned themselves with pro basketball this year. 
^{Sports Business Journal}

Wolves Owners Fosun Buy Back Minority Stake From US Investment Firm
Wolverhampton Wanderers owners Fosun has bought back a minority stake in its subsidiary, Fosun Sports, from US-based investment firm PEAK6.

The Chicago-based company bought a stake in Fosun Sports—which owns Wolves and several Wolves-related companies including esports brands, a record company and a clothing firm—three years ago.
^{The Athletic}

Clause in NBA-Amazon Contract Allows For New Distribution Models
There is reportedly a “Successor Technology' clause" which concedes that new distribution models "could emerge" and be implemented during the course of the 11-year media rights contract between Amazon and the NBA, according to Eriq Gardner of PUCK via SBJ. If new models emerge, after year three, Amazon can “adopt these innovations for NBA broadcasts”—with the NBA’s consent, which “can’t be unreasonably withheld or padded with costs.”
^{Puck via Sports Business Journal}

Hall of Fame Resort’s Football Destination Dreams Wither Away
Sportico’s Brendan Coffey writes, “When Hall of Fame Resort and Entertainment was planning to go public in 2019, it told investors it was building the ‘Disneyland of football.’ After four years of wildly missed financial projections, stock troubles, heaping piles of debt and a recent default that promises to hand over most of its assets to Blue Owl, the more apt name could have been ‘Ghost Town Village.’

“Last week Hall of Fame Resort disclosed that it has defaulted on $2.6 million of lease payments for a half-built waterpark at its Canton, Ohio, campus. The potential ramifications are devastating for the company…”
^{Sports Business Journal}

First College Football Playoff Rankings Still Favor Blueblood Programs
SI’s Pat Forde writes, “College Football Playoff selection committee members come and go, formats fluctuate, conference affiliation changes. But one thing remains the same: brand names get preferential treatment. This year’s evidence: the Indiana Hoosiers, BYU Cougars and SMU Mustangs.

“The Hoosiers are undefeated and have been dominant, but they’re behind five teams with one loss. The Cougars also are undefeated and have quality wins over SMU and No. 19 Kansas State, but are behind the same five teams with a loss. The Mustangs have one loss to BYU, a wipeout of No. 18 Pittsburgh and a road win over No. 22 Louisville, but are outside the bracket as of now.”
^{Sports Illustrated}

Big 12 BOD Chair Calls For College Sports Summit
Big 12 BOD Chair Linda Livingstone sent a letter to college presidents/chancellors calling for an "urgent need for the presidents and chancellors from the ACC, Big 12, Big Ten and SEC" to gather in person to discuss "models for the future of college football specifically and college athletics overall." Livingstone, the Baylor president, has called for a "Presidents and Chancellors Summit on the Future of College Athletics" in the Dallas area on Dec. 2-3 at a specific hotel, but a source said that "there’s no expectation that any Big Ten or SEC presidents will attend."
^{Sports Business Journal}

Republicans Won Big in the 2024 Election. So Did the NCAA
FOS’ Amanda Christovich writes, “The 2024 election, which installed Donald Trump in the White House for a second term and gave Republicans control of the U.S. Senate, is a major win for the NCAA, which has been trying to get Congress to pass a law preventing athletes from being classified employees and securing antitrust protections to control compensation rules.”
^{Front Office Sports}

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