Owners Club Newsletter - May 15th
Commanders officially sold for a record price, the A's secure a ballpark in Vegas, and a Senators bidding update
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News & Highlights:
The A’s Take Another Crucial Step In Securing Ballpark in Las Vegas
WWE Issues 6.9 Million New Shares, Cash for $171M in Convertible Debt
CFG completes Esporte Clube Bahia takeover; Add 13th club to portfolio
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Recent Sports M&A News and Developments
Dan Snyder and Josh Harris reach US$6.05bn sale agreement - SportsPro Media - May 15th, 2023
The National Football League’s (NFL) Washington Commanders owner Dan Snyder and his family have reached an agreement to sell the franchise to a group led by Josh Harris for a league-record US$6.05 billion.
Harris’ consortium includes billionaire Mitchell Rales, NBA icon Earvin ‘Magic’ Johnson, and sports business partner David Blitzer.
This transaction is still subject to approval from league and team owners.
The A’s Take Another Crucial Step In Securing Ballpark in Las Vegas - Front Office Sports - May 15th, 2023
The Oakland A’s have landed on a proposed site in Las Vegas — but the deal is still pending until an agreement is reached on public funding.
The team struck a deal with Bally’s and Gaming & Leisure Properties Inc. on the Tropicana site, which is owned by GLPI and managed by Bally’s — an agreement that unravels a previous one with Red Rock on a 49-acre site.
Instead, the A’s plan to build a 30,000-seat stadium with a retractable roof on 9 acres of the 35-acre lot.
WWE Issues 6.9 Million New Shares, Cash for $171M in Convertible Debt - Front Office Sports - May 15th, 2023
World Wrestling Entertainment has reached an agreement with certain investors to give 6.9 million shares of newly issued common stock and $3.9 million in cash in exchange for $171 million principal amount of WWE’s 3.375% convertible debt due this year.
The move from WWE to alleviate its existing debt comes as Endeavor announced its deal last month to acquire the wrestling firm in a merger with UFC. Endeavor will control 51% of the newly formed public company, which is expected to be listed under the TKO stock ticker symbol. Existing investors in WWE will control 49% of the new company.
Reynolds out of running for NHL’s Senators ownership - SportBusiness - May 15th, 2023
Actor and Wrexham AFC owner Ryan Reynolds is reportedly out of the running for the Ottawa Senators ownership in the National Hockey League.
Multiple outlets have reported that Reynolds' bid with real estate developer Remington Group is not moving forward with the bidding process. The Senators' sale has been planned since a November 2022 announcement, which Reynolds quickly confirmed interest in pursuing.
ESPN and The Athletic reported Thursday that the Remington Group was bowing out after it was unable to obtain an exclusive 30-day window to negotiate a deal to acquire land in downtown Ottawa for a new arena. The request, if granted, would have put the whole bidding process on hold.
Tom Brady Seeking Ownership Stake In Raiders - Front Office Sports - May 12th, 2023
Tom Brady is in “deep discussions” to acquire a minority ownership stake in the NFL’s Las Vegas Raiders, according to ESPN.
The prospective deal isn’t expected to impact Brady’s $375 million, 10-year agreement to become Fox Sports’ No. 1 game analyst starting with the 2024 season. Citing sources, ESPN said Fox has “blessed” the possible deal.
“Discussions between the two sides have been going on for weeks and could soon be reaching a resolution, yet sources say it’s still an extremely sensitive and fluid negotiation,” wrote ESPN’s Seth Wickersham and Adam Schefter.
CFG completes Esporte Clube Bahia takeover; Add 13th club to portfolio - SportsPro Media - May 5th, 2023
City Football Group (CFG) has completed the takeover of Brazilian top-flight soccer club Esporte Clube Bahia.
CFG is reportedly taking a 90 percent stake in Bahia in a deal worth R$1 billion (US$200 million), with Bahia’s elected club administration retaining the remaining ten percent of shares
The acquisition of Bahia was approved in December after the club’s members voted in favour of CFG’s takeover. Other teams part of the group include Major League Soccer’s (MLS) New York City FC, the A-Leagues’ Melbourne City and India’s Mumbai City FC.
Orlando’s MLB Dream Includes $1.7B Stadium Plan - Front Office Sports - May 4th, 2023
MLB hasn’t tried to hide the fact that it wants to add two teams — and another group is pitching a city and a concept.
A group led by former NBA executive Pat Williams is looking to start a team in Orlando, a pitch including a $1.7 billion stadium funded in part by $975 million from tourist taxes. The group, which calls the proposed team “The Dreamers,” also wants to build 1,000 hotel rooms adjacent to the stadium.
Williams has already helped launch another major team, the Orlando Magic, who joined the NBA in 1989.
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