Progressive Field, home of the Cleveland Guardians, is set to receive a $435 million makeover. The agreement, approved by the Cleveland City Council, also extends the team’s lease by 15 years.
Disney’s Iger Reportedly Interested in Suns Purchase
Chris Coduto-USA TODAY Sports/Design: Alex Brooks
Phoenix Suns owner Robert Sarver is under investigation by the NBA following allegations of racism and misogyny within the franchise — and reports have emerged that former Disney CEO Bob Iger is interested in buying the team.
The Suns were most recently valued at $1.8 billion by Forbes but could reportedly sell for more than$2 billion — and Iger wouldlikely need partners in a purchase.
Sarver bought the team for $401 million in 2004, an NBA record at the time.
Since then, the team has sifted through nine coaches and eight general managers.
The Suns made it to the NBA Finals last season but fell to the Milwaukee Bucks.
ESPN, which is owned by Disney, broke the report surrounding Sarver’s actions. More than 70 current and former employees during Sarver’s 17-year tenure described inappropriate office behavior not only by Sarver but by other members of the Suns leadership.
The NBA is expected to conclude the investigation in the next few months.
Iger has been with Disney since 2005 and stayed on as chairman when he stepped down from his CEO role in 2020. His gig with The Mouse will officially be up at the end of the year.
Nothing is official, but if the team does go up for sale, co-owners of the franchise have a right of first refusal.
Apax Revives Interest in Italy’s Top-Flight Soccer League
Serie A/Design: Alex Brooks
Apax Partners has renewed its interest in investing in Serie A, which has suffered significant financial losses due to the global pandemic and underinvestment, per Bloomberg.
Italy’s top-flight soccer league was shopping a $1.9 billion stake in its new media rights company in August to Advent International, CVC Capital Partners, and Italy-based private equity firm FSI.
Apax also considered investing in Serie A last year with Three Hill Capital Partners before Advent and CVC became more attractive suitors.
Apax is partnering with other potential investors to develop a proposal to present to Serie A in 2022. The plan is to inject fresh capital into Serie A’s clubs, some of which have reported significant losses over the past year.
AS Roma reported a team-record loss of $216 million for the 2021-21 fiscal year.
Genoa, Italy’s oldest soccer team, saw a $38 million loss in 2020.
Juventusreported a $246.6 million loss during the 2021-21 financial year.
Inter Milan won a 19th Serie A title in May but took a $284.6 million hit in FY2021.
For the financial year ending June 30, AC Milan suffered a $111.8 million loss.
Any deal between Apax and Serie A would require approval by club presidents.
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CD Projekt seeks to retool in early 2022 after third-quarter earnings showed stumbles from a bungled release of a major title.
The company brought in $34.8 million in the quarter, up 38% year-over-year but well under the $65.8 million from the previous quarter.
Net profits dropped 30% year-over-year to $3.9 million in Q3.
Released in December 2020, CD Projekt’s “Cyberpunk 2077” was panned as glitchy. Sony temporarily removed the game from its PlayStation store amid customer complaints.
The stumble puts additional pressure on the company’s major releases scheduled for next year.
The PlayStation 5 and Xbox Series X|S versions of “Cyberpunk 2077” and “The Witcher 3: Wild Hunt” are due for release in the first and second quarters of 2022, respectively.
Both were initially planned for this year.
Much of the growth in the company’s expenses was related to depreciation and service costs for “Cyberpunk 2077.”
The game is seeing a bounceback in popularity after a 50% price cut on Steam and the PlayStation and Xbox stores. It was the third-best-selling game on Steam for the week ending Nov. 28.
CD Projekt made two significant acquisitions this year, buying studios Digital Scapes in March and The Molasses Flood in October.
Conversation Starters
In today’s Leadoff, Disney plans to pour $33 billion into content as pay-TV subscribers fall, World Chess champion Magnus Carlsen turns the age-old game into a major business, Lululemon fires back after Peloton sues over a new apparel line, and Niantic raises $300 million to build the “real-world metaverse.” Click here to listen.
Miami-based investment firm 777 Partners is in talks to buy a controlling stake in the British Basketball League. The company, which purchased Serie A’s Genoa CFC in September, has offered $9.3 million to acquire a 45% stake in the BBL.
LSU is hiring Brian Kelly, the all-time winningest coach in Notre Dame history. Kelly is expected to sign a 10-year, $95 million contract, plus incentives. LSU’s new hire follows USC agreeing to a $110 million deal with former Oklahoma coach Lincoln Riley.
The Texas Rangers — who lost 102 games last season — are one of the last teams you’d expect to go on a major spending spree. In the last two days, they committed more money to two free agents ($500 million) than their combined payroll over the last four seasons ($410 million). Subscribe to Sports Section for more on the bold move for a rebuilding club.
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Market Movers
U.S. stocks experienced declines across all three major indexes on Tuesday as investors weigh the impact of Omicron. Here’s a look at how sports-related stocks performed:
(Note: All as of market close on 11/30/21)
What to Watch
The Golden State Warriors (18-2) face the Phoenix Suns (17-3) tonight at Footprint Center.
How to Watch: 10:00 p.m. ET on TNT
Betting Odds: Suns -2.5 || ML -130 || O/U 222*
Pick: Expect the Suns to thrive with home-court advantage. Take Phoenix to cover.
Who ya got? Reply to this newsletter with your prediction for the Warriors-Suns winner and final score.
Shoutout: Congrats to FOS readers Robert McCarty and Joe Letellier for correctly predicting the Washington Football Team’s victory over the Seattle Seahawks.
