This week, we highlight the WNBA closing May with its highest attendance in 26 years and smashing viewership records across multiple networks, highlighting the surging demand for live events and the unstoppable rise of women's sports.
- The WNBA's 28th season saw approximately 400,000 fans attend games in May, the highest attendance in 26 years, and an average of 1.32 million viewers per game across major networks, nearly tripling last season's average.
- Merchandise sales increased by 236% over the previous season, with notable players like Caitlin Clark and Angel Reese leading in jersey sales. WNBA League Pass subscriptions more than tripled, with a 335% increase from May 2023.
- WNBA arenas reached an average of 94% capacity, a 17% increase from the previous year, reflecting growing engagement and diverse new audiences as highlighted by the WNBA's chief growth officer, Colie Edison.
- Brazil's 3-2 victory over Mexico at Kyle Field attracted a crowd of 85,249, the third-largest ever for MEXTOUR friendlies and the largest for the Mexican national team in Texas.
- Texas A&M President Mark Welsh indicated that the university is evaluating the success of hosting such events, including the Brazil-Mexico match and an upcoming George Strait concert, to determine if similar events could provide new revenue streams and be repeated in the future.
- New Texas A&M Athletic Director Trev Alberts emphasized a "shifting mindset" towards utilizing the university's facilities for a variety of events beyond traditional athletics, aiming to maximize the potential of their $500 million venue.
- The MLB London Series between the Phillies and Mets drew a total of 108,956 paying customers, earning rave reviews from both fans and players, with Mets LF Jeff McNeil highlighting the excitement and fun of playing in another country.
- The event was well-received, with players enjoying the enthusiastic and loud crowd. The series was described as entertaining and a successful weekend for all involved.
- Players suggested improvements for future series, such as reducing the time off before games. Mets SS Francisco Lindor mentioned that playing sooner after arrival might be more beneficial, although he praised the overall experience as fantastic and important for spreading the game.
- The Chicago Red Stars vs. Bay F.C. match at Wrigley Field set a new NWSL single-game attendance record with 35,038 fans, surpassing the previous record of 34,130 held by the Seattle Reign.
- Despite a strong turnout, the Red Stars lost 2-1 to Bay F.C. The stadium's capacity was reduced from 41,649 due to adjustments for the soccer field, but it was still packed even in rainy conditions.
- The match featured special moments like Maybelle Blair delivering the match ball, NWSL standings flags at Wrigley Field, and Red Stars star Mallory Pugh receiving flowers from her husband, Chicago Cubs star Dansby Swanson. The Red Stars are owned by Laura Ricketts, part of the Ricketts family that owns the Cubs.
- The first three rounds of the 2023 Stanley Cup playoffs have been the most-watched since 1996, with a 34% increase in the conference finals viewership to 3.9 million and a 26% increase to two million viewers for the third round in the US.
- The NHL has enjoyed strong TV ratings throughout the 2023/24 season, with the regular season being the most-watched on cable in 30 years in the US and the postseason continuing this trend with a 14% YoY increase in viewership.
- The NHL announced a multi-year Canadian partnership with Intuit and set a single-season attendance record, with over 22.5 million fans attending games, filling stadiums to 97% capacity. The league aims to maintain this momentum in the Stanley Cup final starting June 8.
- The United Rugby Championship (URC) achieved a new audience record in round 11 of the current season, attracting 3.429 million viewers, surpassing the previous high of nearly three million viewers in round eight.
- The URC is on track to exceed last season's total audience of 37.4 million, with 12 out of 15 rounds in the 2023-24 season recording over two million viewers per round, and three rounds topping three million viewers.
- The highest audience in the 2022-23 season was approximately 2.5 million viewers, a figure surpassed by seven rounds in the current season. The URC is broadcast live on several platforms, including RTÉ, TG4, Premier Sports, URC.tv, BBC Northern Ireland, BBC Wales, S4C, Sky Italia, and SuperSport.
- Chicago Sports Network (CHSN) will launch in October 2024 with a hybrid distribution model, featuring NBA Bulls and NHL Blackhawks games initially, followed by MLB White Sox games in spring 2025, covering over 300 games annually.
- The network, in partnership with Standard Media Group, aims to reach a broader Midwest audience and secure distribution agreements with traditional cable, streaming services, and over-the-air broadcasts.
- Jason Coyle, former CEO of Stadium, will lead CHSN, which will broadcast from the United Center and Guaranteed Rate Field, while NBC Sports Chicago's current agreements with the three teams expire on October 1, 2024.
- Streaming services initially aimed to provide greater consumer choice, but now resemble traditional cable with complex bundles combining services from rival companies. Examples include bundles like Venu Sports, StreamSaver, and combinations involving Max, Hulu, Disney+, and others.
- The push for streaming bundles is driven by the decline in traditional cable subscriptions and the challenges of subscription fatigue and price sensitivity in streaming. Major media companies are experimenting with bundles to attract and retain subscribers.
- ESPN will play a significant role in future streaming bundles with multiple iterations planned, including ESPN+, a direct-to-consumer ESPN, and its involvement in Venu Sports. Communicating the differences between these offerings will be crucial amidst an already confusing landscape for consumers.
- The Indian Premier League (IPL) has increased its overall valuation by 6.5% to US$16.4 billion, with its standalone brand value rising by 6.3% to US$3.4 billion, according to Houlihan Lokey’s 2024 IPL Valuation Study.
- The IPL's growth is driven by lucrative deals, including a US$60 million annual title sponsorship with Tata Group and media rights worth US$5.79 billion. The Chennai Super Kings (CSK) are the most valuable team at US$231 million, followed closely by Royal Challengers Bengaluru (RCB) and Kolkata Knight Riders (KKR).
- The league's strategic initiatives, digital engagement, and innovative fan interaction have bolstered its status as a premier global sports league, comparable to major leagues like the NFL and NBA. The least valuable franchise, the Lucknow Super Giants, is valued at US$91 million.
- The Big 12 is exploring a groundbreaking private equity investment from Luxembourg-based CVC Capital Partners, potentially securing $800 million to $1 billion for a 15% to 20% stake in the conference to ensure its financial and competitive stability.
- The investment would provide a cash infusion directly benefiting the 16 conference members and grant the Big 12 access to CVC's investment services and clients. This proposal was presented at the Big 12 spring meetings, facilitated by Commissioner Brett Yormark's prior relationship with CVC.
- Talks are serious but require further convincing for many league presidents. If agreed upon, the deal would likely necessitate the Big 12's long-term cohesion, possibly through a new grant of rights agreement in 2031. A working group of three Big 12 presidents is currently evaluating the proposal.
- Jeffrey Lurie, owner of the NFL's Philadelphia Eagles, is considering selling a minority stake in the franchise, potentially valuing the team at over $7.5 billion. BDT & MSD Partners have been enlisted to gauge interest from potential suitors.
- Talks are in early stages, and a deal is not guaranteed. Those exploring equity purchases would not gain a path to a controlling stake. The consideration follows a trend, with other NFL owners like the Pegula family (Buffalo Bills) and Stephen Ross (Miami Dolphins) also exploring minority stake sales.
- Lurie has owned the Eagles since 1994, acquiring them for $185 million. Increased investor interest in the NFL aligns with potential rule changes allowing private equity investment in NFL teams, a first for major US professional sports leagues. The league may require institutional investors to create NFL-specific funds, preventing cross-league investments.
- NBA Commissioner Adam Silver announced that after finalizing new media rights deals, the league will explore expanding beyond 30 teams. There is significant interest from wealthy individuals and institutions in investing in new NBA teams, but concerns about talent dilution and the impact on league quality need to be addressed.
- Silver mentioned Seattle and Las Vegas as possible new host cities but emphasized that these are not guaranteed choices. The league aims to identify markets that could significantly contribute to growing the game. Additionally, long-term expansion considerations include exploring opportunities outside the United States and Canada.
- Vancouver was not mentioned by Silver in his latest comments on expansion. Although Vancouver has been considered in the past, high expansion fees, with recent NBA teams selling for $3 billion or more, may be a financial barrier. Canucks owner Francesco Aquilini has acknowledged the appeal of an NBA team in Vancouver but noted that the expansion costs are currently too high.
- Athletes Unlimited (AU) is launching the Athletes Unlimited Softball League (AUSL) in 2025, featuring a traditional four-team, 8-to-10-week season. This league will complement the existing AU Pro Softball Championship Season, which follows a more unorthodox format.
- The inaugural 2025 AUSL season will be a touring league with games in 6-to-8 different cities. In 2026, AUSL will transition to a city-based league, offering athletes a consistent environment for development and progress.
- The AUSL's 60-game season will be broadcast on ESPN, with at least 18 games exclusively on ESPN's linear platforms. The league aims to meet the high demand from fans, broadcasters, and advertisers, particularly as softball prepares to return to the Olympics in 2028. Notable softball figures like Cat Osterman, Jessica Mendoza, and Natasha Watley will advise the league.
- Crescent Capital managing partners Mark Attanasio and Jean-Marc Chapus are in talks to personally acquire about 25% of Portuguese soccer club SL Benfica from a private shareholder. Benfica, the most valuable soccer team in Portugal, is publicly traded as Sport Lisboa e Benfica Futebol SAD.
- Sportico recently valued Benfica at $675 million, making it the 35th-most valuable soccer team globally. In fiscal 2023, Benfica reported about $215 million in revenue and $614 million in assets, with approximately $184 million in total debt.
- Benfica has a rich history with 38 Primeira Liga titles and two European Cup wins. The club's 65,000-seat Estádio da Luz is the largest soccer stadium in Portugal. Benfica's successful academy contributes to player sales to major European teams, and its consistent performance in Portugal's top league ensures regular UEFA Champions League participation.
- Global players' union Fifpro is backing a legal challenge against FIFA over the expansion of the international calendar to include a 32-team Club World Cup, set to take place in the US in summer 2025. Fifpro argues that this expansion makes the already overloaded calendar unworkable and violates players' rights under the EU Charter of Fundamental Rights.
- Fifpro supports the English Professional Footballers Association and France’s Union Nationale des Footballeurs Professionnels in asking the Brussels Court of Commerce to refer the case to the European Court of Justice. The challenge focuses on whether FIFA's scheduling violates players' rights to annual breaks, collective bargaining, healthy working conditions, and competition law.
- The move comes amid increasing concerns about the saturation of the football calendar, with high-profile figures and organizations criticizing FIFA's unilateral decisions. The 2025 Club World Cup's scheduling during players' summer breaks is seen as a tipping point, leading to this unprecedented legal action by players' unions. The case is part of a broader trend of legal disputes in football, reflecting tensions over governance and player welfare.
- Front Row Motorsports is buying a charter from Stewart-Haas Racing for $20M-$25M, a significant drop from the nearly $40M paid last year by Spire Motorsports to Live Fast Motorsports, indicating a decrease in charter prices due to increased supply and ongoing negotiations on NASCAR's revenue-sharing system.
- Stewart-Haas Racing is selling its charters as it plans to shut down after this season, with 23XI Racing and Trackhouse Racing potentially purchasing one each, while the fate of the fourth charter remains unclear.
- Front Row Motorsports, controlled by Bob Jenkins and aligned with Ford, will become a three-car team next year. The team, which won the 2021 Daytona 500, is also in discussions to lease Stewart-Haas Racing's shop and has Love’s Travel Stops as its top sponsor.
- Ineos, owned by Jim Ratcliffe, is reportedly considering selling its Ligue 1 soccer club OGC Nice due to potential future restrictions from UEFA regarding multi-club ownership, despite denials from Nice's president Jean-Pierre Rivère.
- Ineos acquired Nice in 2019, and the club qualified for the UEFA Europa League after finishing fifth in the French top-flight last season. Meanwhile, Ineos and Ratcliffe also acquired a minority stake in Manchester United, which will compete in the same European competition in the 2024/25 campaign.
- UEFA is allowing both Nice and Manchester United to compete in the Europa League for the upcoming season through a temporary 'blind trust' solution, but future stricter measures are anticipated. Additionally, the lack of a domestic media rights deal for Ligue 1 next season could complicate any sale of Nice.
- Liberty Global has taken a controlling stake in Formula E by acquiring shares from Warner Bros. Discovery (WBD). The deal, pending regulatory approval, will increase Liberty Global's ownership in Formula E to 65%, with the remaining 35% held by minority shareholders. Financial terms were not disclosed, and the closing is expected by the end of the year.
- Formula E CEO Jeff Dodds highlighted the takeover as a validation of the series' potential for growth. Dodds expressed gratitude to WBD for their support over the past nine years and emphasized Liberty Global's proven track record in building businesses. Liberty Global's Mike Fries noted the massive growth potential of Formula E and its commitment to integrating advanced sustainability standards.
- WBD will continue broadcasting Formula E through Eurosport, which covers numerous European markets. Formula E's 11th season in 2024-25 will feature 17 races across 11 cities. In the 2026-27 season, the series will introduce Gen4 vehicles, with manufacturers like Porsche, Nissan, and Jaguar already committed, enhancing development and knowledge transfer for road vehicle production.
- Whoosh Inc., a golf operations software provider, has raised $10.3 million in a Series A round led by AlleyCorp, with contributions from 8VC, Alaris Capital, Bienville, Craft Ventures, Eberg Capital, Operator Partners, Raptor Group, and individual investors including NFL great Larry Fitzgerald, Tennis Hall of Famer Andy Roddick, and professional golfers Alison Lee and Kurt Kitayama.
- Whoosh’s SaaS platform integrates golf clubs' reservation/waitlist systems, business intelligence, and staff communication management. Initially serving private golf clubs since its founding in 2020, Whoosh is now expanding into the public/daily-fee space, supported by a recent integration with payment solutions provider Square.
- The new funding will support Whoosh's expansion into new markets, continued product development, and staffing growth. This follows a previous $6 million funding round in 2022 led by Craft Ventures, with participation from Alaris Capital, Bienville, and Operator Partners.
- The Washington Capitals, owned by Monumental Sports & Entertainment, have agreed to purchase CapFriendly, a popular NHL contract and salary tracking website. The deal is expected to close next month after the NHL draft and start of free agency, integrating CapFriendly's data, tools, and some employees into the Capitals' operations, leading to the public site’s shutdown.
- The acquisition will affect not only fans and media but also NHL teams that relied on CapFriendly’s tools and data. These teams have been notified of their contract terminations with CapFriendly, highlighting the competitive advantage for the Capitals by removing a resource available to other teams.
- Monumental, led by billionaire Ted Leonsis, owns several sports teams and facilities, including the NBA’s Wizards and the WNBA’s Mystics. CapFriendly's co-owner, Dominik Zrim, has prior NHL front office experience. The acquisition of CapFriendly, which specializes in salary caps and player contracts, adds strategic value to the Capitals' player development and scouting efforts.
- AI sports video production specialist Spiideo completed a $20 million funding round led by Cipio Partners, with participation from existing investors like Mathias Kamprad, Måns Hultman, and Håkan Roos. Cipio Partners' managing partner, Roland Dennert, will join Spiideo's board.
- Founded in 2012, Spiideo has raised $40 million to date. The company aims to transform sports video production from manual to automated using AI. The new funding will be used to expand its product and AI teams, as well as its international sales team, with a significant focus on the North American market, which already generates half of its revenue.
- Spiideo's products are installed in over 6,000 venues and used by more than 4,000 teams across various major sports leagues, including the Premier League, NHL, NBA, Serie A, MLS, Ligue 1, NCAA, Liga MX, and Bundesliga. Notable partnerships include providing streaming services to ESPN’s Wide World of Sports and expanding its relationship with the National Women’s Soccer League (NWSL).
- Warner Bros. Discovery (WBD) has ended its five-year ownership of cycling media company Play Sports Network, selling its majority stake back to founder Simon Wear and CEO Mia Walter. WBD retains a minority stake to collaborate on the business's long-term development.
- As part of reshaping its digital operations, WBD shut down Play Sports Network's direct-to-consumer platforms GCN+ and the GCN App. Play Sports Network will continue delivering digital content across YouTube and other social platforms, while WBD focuses on live cycling coverage through Eurosport, Max, and discovery+.
- Play Sports Network reported £21.9m in revenue for 2022, with a significant portion from digital revenue. However, the network registered an Ebitda loss of £6.1m. The closures and consolidation efforts, including the previous shutdown of GolfTV, aim to streamline WBD’s streaming services and reduce losses, directing subscribers to discovery+ and Eurosport channels.
- United Talent Agency (UTA) has acquired Germany's largest football agency, Roof, just before UEFA Euro 2024. Roof, which represents top footballers like Kai Havertz, Marc-André ter Stegen, Virgil Van Dijk, Serge Gnabry, and Sadio Mané, will continue operating under its name and leadership but will be integrated with Klutch Sports Group.
- UTA's sports division, launched in 2019 with the acquisition of Klutch Sports Group owned by NBA agent Rich Paul, aims to compete with rivals like CAA and WME. Klutch has negotiated over $4 billion in contracts across major American sports, and the acquisition of Roof strengthens UTA's presence in European football.
- The partnership with Roof, which has around 130 players and 20 managers in Europe's top leagues, accelerates UTA's international expansion and adds a focus on women's sports. Roof's co-founder Björn Bezemer highlighted the access to UTA's resources, while Rich Paul emphasized the alignment of values and a client-first approach between Klutch and Roof.
