Owners Club Newsletter - April 17th
Josh Harris in final stages of Commanders purchase, NBA CBA opens up investment opps to players, and an MLB team in Utah?
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News & Highlights:
Dan Snyder has agreed in principle to sell the Commanders to Josh Harris
New NBA CBA Allows Increased Investment by Players Alongside Owners
Former Jazz Owner Seeks MLB Expansion Club in Salt Lake City
National Soccer League Launches to Revolutionize Elite Soccer in America
Tiger and Rory’s TGL Golf to Sell 6 Franchises With League Equity
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Recent Sports M&A News and Developments
Dan Snyder agrees to sell the Commanders to Josh Harris - Sportico - April 13th, 2023
Josh Harris has reached an agreement in principle to acquire the Washington Commanders for $6 billion, according to people familiar with the matter.
Harris and Commanders owner Dan Snyder are hoping to execute a contract in the coming days, said the people, who were granted anonymity because they weren’t authorized to discuss the transaction publicly.
Harris’ group includes billionaire Mitchell Rales and former NBA star Magic Johnson.
New CBA Allows Increased Investment by Players Alongside Owners - Sportico - April 14th, 2023
The NBA and National Basketball Players Association announced several weeks ago a tentative agreement was reached on a new seven-year collective bargaining agreement.
One provision allows for increased flexibility for players to invest alongside owners—governors, in NBA parlance—in businesses outside of the NBA. The previous 5% safe harbor limit is being more than doubled to 12.5%, according to someone familiar with the document who was granted anonymity because they weren’t authorized to discuss it.
The agreement also lets players invest directly in independently owned WNBA teams or those not owned by NBA owners. Investments by the player and his family cannot exceed 4%, and he can only invest in one team; players collectively can hold a maximum of 8% in a WNBA club.
NWSL’S OL Reign for Sale Amid Flurry of Conflicting Reports - Sportico - April 13th, 2023
The NWSL’s OL Reign are for indeed for sale, the club’s ownership group confirmed this week after a report first published in the French newspaper L’Equipe threw the sale market into flux. The Reign are the third NWSL club to hit the market alongside the Chicago Red Stars and Portland Thorns. The league also just finalized the sale of two expansion teams in Utah and the Bay Area.
The club said the Raine Group has been engaged to facilitate the sale. The investment bank also ran the sale of the OL Groupe to Textor last year.
Former Jazz Owner Seeks MLB Expansion Club in Salt Lake City - Front Office Sports - April 12th, 2023
Former Utah Jazz owner Gail Miller is leading a Salt Lake City group that wants to bring an MLB expansion franchise to the city in the coming years, ESPN’s Jeff Passan reported Wednesday.
The group, named Big League Utah, consists of former MLB players and Utah residents Dale Murphy and Jeremy Guthrie, as well as the Larry H. Miller Company founded by Gail’s late husband. Big League Utah aims to build an MLB stadium in the 100-acre Rocky Mountain Power District between Salt Lake City’s airport and downtown.
In 2021, Manfred suggested a potential MLB expansion fee would cost $2.2 billion.
National Soccer League Launches to Revolutionize Elite Soccer in America - Bloomberg - April 9th, 2023
The American soccer scene is about to be elevated with the official launch of the National Soccer League (NSL).
The brainchild of visionary founder Scott Michaels, this ambitiousproject is poised to revolutionize the sport by attracting significant investment and transforming the elite soccer landscape in America.
The NSL is all set to break the mold and redefine what professional soccer should be like in America. With a focus on providing affordable ticket prices, media access and compelling entertainment, NSL promises to make every game an adrenaline-fueled experience with a winner-takes-all outcome.
Tiger and Rory’s TGL Golf to Sell 6 Franchises With League Equity - Sportico - April 6th, 2023
TGL, the Monday night golf league backed by Tiger Woods and Rory McIlroy, is in talks with bidders for its first six franchises, each of which comes with a 3% equity stake in the new venture.
The teams, which will debut with TGL next year, are each projected to have about $12.4 million in annual revenue by the league’s third season, according to estimates in an investment deck circulated to prospective owners.
Manchester United Sale Process Hits Roadblocks - Front Office Sports - April 4th, 2023
Malcolm Glazer’s heirs, who own Manchester United and the Tampa Bay Buccaneers, may decide not to sell their Premier League club since the ongoing banking crisis has kept bids lower than expected, The Guardian reported.
The Raine Group, the firm advising the Glazers on the sale, extended the deadline for second-round bids last month.
Meanwhile, Sheikh Jassim bin Hamad Al Thani, one of the frontrunners, faces questions regarding regulatory issues over the Qatar Islamic Bank’s UK unit that he’s run since 2006. U.K. officials aren’t expected to block Al Thani’s bid, but Bloomberg reported that government ministers could pressure the Premier League to take a closer look.
Jim Ratcliffe, the richest person in Britain, is seen as the other top contender for the club.
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