Sport & Story Daily April 25, 2024

Stay Ahead of the Game

April 25, 2024

Good morning! Private Equity Enters the Chat

CVC IPO Offers Glimpse Into Private Equity Giant’s Sports Strategy
As Sportico’s Brendan Coffey writes, “Investment giant CVC Capital Partners expects to price its IPO Thursday and value the private equity business at $15 billion…While sports-related investments remain just a minority of its investments–perhaps 5% of its deployed capital–the firm has a dedicated sports, media and entertainment team led by CEO Rob Lucas.”
^Sportico

What are the Top 10 Front Offices in MLB? Here’s How 40 Executives Voted
For this exercise, The Athletic canvassed 40 executives across the sport. Many had experience as the primary decision-maker for a team, either in the past or the present. We asked each executive to rank the top five front offices in baseball and assigned a point value to each position — 10 points for first place, seven points for second place, five points for third, three points for fourth and one point for fifth.

The clear favorite? The Los Angeles Dodgers.
^{The Athletic}

Greg Norman: LIV Open-Minded About Moving to 72-Hole Format
LIV Golf CEO Greg Norman said at a news conference Wednesday ahead of LIV's event in Adelaide, Australia, that they were open to the idea of changing the format but noted there was an "economic impact about putting television on for 72 holes." He said that the Saudi-backed circuit would need to evaluate the impact of adding an extra round to its 54-hole, no-cut events.
^ESPN

Tiger Woods to Receive Up to $100M Equity Payment for Staying Loyal to PGA Tour
Yahoo! Sports James Corrigan reports: “Tiger Woods will today receive an email from Sawgrass HQ informing him that he will receive up to $100 million in equity for staying loyal to the PGA Tour, with Rory McIlroy benefitting possibly to the tune of $50M for not joining LIV Golf.”
^{Yahoo! Sports}

NWSLPA Extends Partnership With Ally Through '27
The NWSL Players Association has agreed to a multiyear sponsorship extension with Ally Financial that runs through 2027 and keeps Ally as the official retail banking partner of the NWSLPA. Ally’s initial investment allowed the organization to add to its staff, increasing the NWSLPA’s ability to further its progress in improving professional standards, player safety, pay and benefits, as well as broadening access to opportunities and resources for players on and off the field.
^{Sports Business Journal}

NBA Play-In Tournament Sets Viewership Record
Per SBJ, this season’s NBA Play-In Tournament was easily the most-watched edition of the event since it started as a six-game tourney in 2021 (not included in regular-season numbers). TNT, truTV, ESPN and ESPN2 averaged 3.2 million viewers over the six games, 22% higher than last year and 12% better than the prior record set back in 2021.
^{Sports Business Journal}

NHL to Host Tighter Awards Show on June 27 in Vegas 
The NHL will hold its annual awards show on June 27 at the Fontainebleau hotel in Las Vegas, according to a source with knowledge of the league’s plans. The event will precede the 2024 NHL Draft -- the league's last centralized in-person edition -- on June 28-29 at The Sphere.
^{Sports Business Journal}

Texas A&M Athletics Lays Off More Than a Dozen Staff Members
“We are on the cusp of unprecedented change in the world of intercollegiate athletics,” New Texas A&M athletic director Trev Alberts said in a statement provided to The Eagle, also noting that it was not due to budget constraints. “As a department, we have to adapt and become more efficient and effective so that we are best positioned for the changes to come.” Alberts went on to call it a “reorganization related to existing and emerging threats to our business model.”
^{The Eagle}

Laird Veatch Talks Move to Mizzou AD role, FedEx Deal at Memphis
“First of all, it's an SEC school with tremendous momentum,” Veatch said in an interview with SBJ’s Ben Portnoy about why the Missouri job appealed to him. “They're doing great things, so to have an opportunity to be there and be a part of it, particularly right now, is just an awesome opportunity in our space. There's only so many programs and places in America that have that kind of opportunity.”
^{Sports Business Journal}

The Next University of Memphis Athletic Director Should Be its First Black AD | Giannotto
“It’s really about if you look at the majority of the athletes that you have in college sports, a lot of them are minority athletes, so it makes sense for us to consider an African-American athletic director for the University of Memphis,” said former Shelby County commissioner Deidre Malone, who was part of the contingent of NAACP representatives that met with University of Memphis President Bill Hardgrave in recent months. 
^{Memphis Commercial Appeal}

Group of Five Playoff Being Pitched by Derek Dooley, Financially Backed by Private Equity Firms
As CBS Sports’ Dennis Dodd writes, “The concept [private equity backing pitched by former Tennessee football coach Derek Dooley] would address -- if not be motivated by -- disappointment felt by the Group of Five conferences (MAC, Mountain West, Sun Belt, American and Conference USA) over revenue distribution shares under the new College Football Playoff media rights agreement. The average program in those conferences will receive $1.8 million per year in CFP revenue beginning in 2026 under the new deal, up from the current $1.5 million payout.”
^{CBS Sports}

Reggie Bush Gets 2005 Heisman Trophy Back in Formal 'Reinstatement'
The Heisman Trust announced on Wednesday it is formally "reinstating" Bush, 14 years after the USC football star gave up his Heisman Trophy due to the major sanctions levied against his alma mater. With the introduction of NIL rights in college sports, the NCAA landscape is significantly different in 2024 than it was in 2010. In light of that, Bush is being reinstated to his place in the Heisman family.
^{Yahoo! Sports}

FTC Noncompete Ban Looms Over Sports Execs, Coaches, NIL
The Federal Trade Commission Tuesday announced a final rule that will ban noncompete employment agreements in the American economy. Provided it survives potential legal challenges, the ban will impact multiple sectors of the sports industry—including professional sports leagues, endorsement and NIL deals, and contracts for coaches, scouts and team executives. 
^Sportico

Thanks for reading!

Sport & Story Daily is the sports industry’s daily resource for business news. In addition to serving up exclusive trends, Q&As, and columns, the newsletter connects reads to top platforms and stories from across the sports landscape.

Was this email forwarded to you? Sign up here!

Feel free to read our Privacy Policy