Asset Class: Underdog Is Undeterred

May 28, 2026

Shai Gilgeous-Alexander’s attorney demanded Underdog “destroy” copies of a promotional board game trolling the back-to-back NBA MVP’s foul-drawing tendencies, but the company is standing by its campaign. “We like to have some fun with whatever is in the sports fan zeitgeist,” an Underdog spokesperson told Front Office Sports.

—Ben Horney

First Up

The New York and New Jersey attorneys general are probing FIFA over misleading ticketing practices for matches at MetLife Stadium in New Jersey. Read the story.
Former Heat forward Udonis Haslem will pay $420,000 to escape an investor lawsuit over the collapse of crypto exchange FTX. Read the story.
Lululemon will add to its board of directors former executives at On and ESPN to end a monthslong dispute with its polarizing founder Chip Wilson. Read the story.
President Donald Trump defended his administration’s “exclusive jurisdiction” over the prediction markets, calling it “critically important.” Read the story.

Underdog Stands by Shai Gilgeous-Alexander Promo Despite Cease and Desist

Alonzo Adams-Imagn Images

Underdog is refusing to bend after an attorney for Shai Gilgeous-Alexander demanded the company “destroy” copies of a promotional board game poking fun at the NBA MVP’s proclivity for drawing fouls.

The sports prediction market and fantasy-sports company made 100 copies of Unethical Hoops, a promotional item based on the classic board game Operation. The game, which was announced via a social media post featuring Suns forward Dillon Brooks, can be won by Underdog users, with winners set to be announced Friday. (The classic Operation game, which first came out in 1965, is produced by Hasbro and retails for about $20.)

“Shai has made hoops all about foul baiting and now you’re stuck guarding him in Underdog’s new board game,” the company wrote on a website promoting the game. “Don’t get baited. Steal the ball without getting whistled.”

Gilgeous-Alexander’s attorney, Eric Fishman of ArentFox Schiff LLP, sent a cease and desist letter to Underdog on May 22, saying the company is unlawfully using his name, image, likeness, and persona without permission. The letter, a copy of which Front Office Sports obtained, says the Thunder star’s right of publicity has been violated, and he is entitled to “injunctive relief, damages (including actual damages and disgorgement of profits), corrective advertising, attorneys’ fees and costs, and other appropriate remedies at law and in equity, if he must bring an action against you in court.”

The letter demands Underdog “immediately” stop promoting the game, destroy all copies of it, and “permanently agree never to use Mr. Gilgeous-Alexander’s NIL in any and all media without explicit permission from Mr. Gilgeous-Alexander.”

Underdog is undeterred. The company has not taken down the website, and there’s no indication it intends to acquiesce to Gilgeous-Alexander’s demands.

“We’ve poked fun at Knicks and Lakers fans, the Red Sox owners, the Mets, and more,” an Underdog spokesperson tells FOS. “We like to have some fun with whatever is in the sports fan zeitgeist.”

Last month, Underdog orchestrated a stunt that took place before Game 1 of the playoff series between the Knicks and Hawks. There, Knicks fans got to throw eggs and other items at comedian Andrew Weiss, who was enclosed in a plexiglass case, dressed in Hawks gear, and trolling fans. The Knicks and Madison Square Garden had no role in that stunt.

In March, after Bam Adebayo’s 83-point game that eclipsed Kobe Bryant’s career-high 81-point effort, Underdog had a mural painted in Los Angeles of Bryant passing a torch to Adebayo.

And on May 1, Underdog was behind a small plane that flew over Fenway Park that towed a banner urging ownership to sell the team.

A representative for Gilgeous-Alexander did not immediately respond to a request for comment. The Thunder are leading the Western Conference finals series 3–2.

Deal Flow

Hometown Team

May 27, 2026; Cleveland, Ohio, USA; Cleveland Guardians catcher Austin Hedges (27) is congratulated by first baseman Kyle Manzardo (9) after scoring a run during the fifth inning against the Washington Nationals at Progressive Field.

David Dermer-Imagn Images

NFL star Travis Kelce has acquired a minority stake in the Guardians. The size of his stake and the price paid were not disclosed. Front Office Sports previously confirmed in March that David Blitzer, who currently owns a 35% stake in the Cleveland MLB team, has the option to become majority owner after the 2027 season.
Caesars Entertainment is being acquired by Fertitta Entertainment, the company of Rockets owner Tilman Fertitta, in a deal valued at roughly $17.6 billion, including debt. The deal means Caesars and Golden Nugget casinos are now both owned by the same parent. Together, they operate 60 “casino resorts and gaming facilities.” Fertitta Entertainment also recently bought the Connecticut Sun and will move the team to Houston to revive the Comets starting next season.
David Blitzer’s Bolt Ventures is leading a seven-figure funding round for Just Women’s Sports. Founder Haley Rosen tells Front Office Sports her platform aims to reach fans across digital media, live events, and more. “We have always felt like however you wanna be a women’s sports fan, we are gonna meet you there and make it fun and easy to consume this content.”
NWSL owners Michele Kang and John Neace are among those contributing to a $1.5 million seed round for soccer cleat maker Senda Athletics. Aiming to capitalize on the FIFA World Cup, the company announced it is soliciting additional investment, with hopes of raising an additional $1 million to total $2.5 million. The company’s cleats launched this week with a price tag of $224.99. Kang owns the Washington Spirit, while Neace owns Racing Louisville.
Major League Volleyball continues to expand, with the announcement of a Los Angeles franchise that will debut next year. The buyer of the franchise is Patrick Soon-Shiong, a minority owner in the Lakers and owner of the Los Angeles Times. In December, MLV added a team in Northern California, whose ownership group is led by Acrew Capital founder Theresia Gouw.

Notes From Wall Street

Foot Locker Turnaround

DICK'S sporting good store at Independence Mall in Wilmington, N.C.

Wilmington Star-News

Dick’s Sporting Goods fell short on first-quarter earnings thanks in part to $96.5 million in costs for the three months ending May 2 tied to the company’s acquisition of Foot Locker. But Telsey Advisory Group analysts pointed to encouraging early signs in Foot Locker’s turnaround. “The Dick’s business remains robust, driven by merchandising and new store formats, and the Foot Locker business is in the early stages of what we expect to be a multi-year transformation,” the analysts wrote. In a UBS note published Thursday, analysts said: “We believe [Dick’s] is still in the early stages of integrating and transforming” Foot Locker.
Users lose more money on prediction-market combos than traditional sports betting parlays, according to a Thursday research note from Citizens. Combos and parlays are both single bets that combine two or more wagers and require every leg to hit in order to win. “We believe there is a common misconception that prediction market companies, with lower fees or take rates compared to sportsbooks, must therefore be more customer-friendly or less predatory,” Citizens analysts wrote. They found users lose roughly 45% more money over time on prediction-market combos than traditional sports betting parlays.
JPMorgan analysts expressed uncertainty about Sportradar, which has come under fire after short-seller reports said it has ties to unregulated gambling operators overseas. The company has refuted those claims, but the analysts said this week that management could do more to “satisfy skeptics and remove the unregulated exposure overhang in the near-term.” Sportradar shares plunged as much as 30% following the short-seller reports. As of Thursday morning, Sportradar was trading $12.89 per share, down nearly 60% from its all-time high closing price of $31.79 on Aug. 26, 2025.
Lululemon stock popped this week after it reached a deal to end its fight with founder Chip Wilson, but the company still has work to do. Analysts at Jefferies said this month that the “product remains the problem, and it has only gotten worse.” They pointed to “deteriorating merchandising and incoherent designs.” Perhaps the two new board members added this week—former On co-CEO Marc Maurer and espnW founder Laura Gentile—will help steer the company in the right direction.