07 Oct This Week’s Most Interesting Sports Business Stories
In this week’s SportsMoney Playbook: America’s richest sports team owners, the horse worth $135 million and what the Raiders’ new home means to the nomadic franchise. Plus: how a Basketball Hall of Famer is using cannabis to rebuild Detroit.
The 43 richest Americans who own controlling stakes in major sports teams are worth a staggering $389 billion combined, up 41% over the past year. Steve Ballmer leads the way for the seventh straight year, but big gains up and down the list have shaken up the ranking. See the net worth of all of America’s richest team owners.
Into Mischief, one of the country’s most sought-after stallions, is worth $135 million by Forbes’ count. How did we arrive at that number? Our valuation experts explain.
Aiming to capitalize on small but dedicated fan bases, a marketing agency is building brand partnerships for athletes in sports like beach volleyball and women’s soccer.
For the nomadic Raiders, Las Vegas’ Allegiant Stadium has special meaning. “Getting this stadium built is probably the crowning jewel for the Raider organization,” owner Mark Davis tells us.
As it tries to get back to the Premier League, Queens Park Rangers is targeting sustainable success with a £20 million training complex that could one day be a revenue generator. In the meantime, here’s how the club is paying for it.
If MLS wants to build its credibility on the global stage, particularly with its neighbors in Mexico’s Liga MX, the league needs to adjust its competitive structure. Here’s how it could happen.
The NHL may never fully recoup the revenue lost to the Covid-19 pandemic, but help is on the way with the arrival of an expansion team in Seattle, the return of an 82-game season and a slew of new TV deals.
With more than 10,000 athletes on its platform and expected revenue of almost $5 million, OpenSponsorship has emerged as a key player in the name, image and likeness market. The space is getting more crowded by the day, with a group of prominent University of Oregon donors, including Nike cofounder Phil Knight, now launching an Oregon-focused NIL company. The college sports shakeup continues in other areas as well. For instance, the National Labor Relations Board‘s recent memo that college athletes might constitute “employees” under federal labor law was seismic—and a single statement in the final footnote could have huge implications.
With the emergence of British teenager Emma Raducanu, the demand for seats at Wimbledon‘s No. 1 court could be stronger than usual, even with a price hike of more than 48%. “There’s no doubt that the excitement of a young leading British player has already added huge excitement,” the tournament’s chairman tells us.
The NBA 2K League is expanding to Mexico with the league’s second international team—and its first in Latin America—signaling broader global aspirations. “This plants a flag in a way that’s very unique and very new,” the league’s president tells us.
Basketball Hall Of Famer Chris Webber On Launching A $50 Million Cannabis Facility In Detroit
Chris Webber is building a $50 million cannabis “conservatory” in Detroit, transforming a nine-acre industrial site into a cultivation facility, dispensary, consumption lounge and job training center. The Basketball Hall of Famer says this is just the first phase of a $175 million investment in his hometown. “I love my city,” he tells us. Read more about Webber’s plans for the Motor City.
Upon Further Review
Usain Bolt is jumping on the digital collectible craze by joining Tom Brady’s NFT platform, Autograph, as an advisor and releasing his own set of tokens. Brady’s fledgling company has already collaborated with sports luminaries such as Tiger Woods, Naomi Osaka and Derek Jeter—one reason that Brady leads the NFL with his off-the-field earnings. See how much Brady is hauling in this year.
The Last Word
“I have been called a trailblazer, and it’s so nice to feel that we helped put women’s football in the spotlight.” – Angela Taylor-Banks
Soccer has changed quite a bit in the 20 years since Angela Taylor-Banks scored Arsenal Women’s first-ever goal in European competition. In those days, being a full-time women’s soccer player was a pipe dream for most. Now, every team in the revamped UEFA Women’s Champion League will receive a minimum of roughly $470,000, and Taylor-Banks is full of admiration as she reflects on the effort to create a fully professional league. Read more on the evolution of women’s soccer.
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