Miami is one City Commission vote away from a dedicated MLS soccer stadium.

Inter Miami CF and the city struck a deal on a $1 billion project to redevelop the Melreese Golf Course and Country Club into a stadium and surrounding commerce area. 

The deal, which has mayor Francis Suarez’s backing, must now go before a City Commission vote, which could happen later this month.

• The project is designed around a roughly 27,000-seat soccer stadium.
• It would also include a shopping mall, hotel, and park. 
• Team majority owner Jorge Mas said in 2018 that the team would pick up the cost of the land, estimated at $35 million, and that the city would receive revenue from operations.

The team currently plays at DRV PNK stadium in Fort Lauderdale, which Mas said would host a second team and continue to act as a training facility. Mas, his brother Jose Mas, co-owner David Beckham, and others invested over $100 million to build “Drive Pink,” as it is often called.

Cash Infusion

In September, the team received a $150 million investment from Ares Management. The funds were connected to the previous month’s buyout of Softbank CEO Masayoshi Son and International CEO Marcelo Claure, who collectively owned around 48% of the team.

Inter Miami was valued around $600 million to $650 million at the time of the buyout.

London-based gambling software development company Playtech has delayed a $3.7 billion takeover by slot machine maker Aristocrat. 

The potential acquisition was announced in October, with plans for Australia-based Aristocrat to raise $964.2 million in a share sale to help fund the purchase. 

Playtech is instead kickstarting a bidding war after Aristocrat’s rival JKO Play expressed interest in purchasing the business last November.

The U.K. Takeover Panel is giving JKO Play until Jan. 26 to make an offer to purchase Playtech.

Over the past year, Playtech has offloaded several properties. 

• In January 2021, the company completed the sale of British software developer YoYo Games to Opera for $10 million.
• It sold its financial trading division Finalto to Gopher Investments in September in an all-cash deal valued at $250 million. 

Sports Betting Ties

In October 2020, Aristocrat CEO Trevor Crocker said the company was looking to either “buy or build” its way into sports betting.

The company wasted no time, participating in a $15 million financing round for sports betting technology startup Simplebet last March.

One of the New York NFL teams being sued by a Manhattan resident over the use of “New York” in their club’s name knocked the validity of the lawsuit filed in federal court this week. 

Abdiell Suero seeks $6 billion in damages and for the New York Giants and New York Jets to return to a stadium in New York by the start of the 2026 season — or change their team names, according to the federal complaint. Both teams have played in New Jersey for decades and currently share MetLife Stadium in East Rutherford, New Jersey.

“This case has no merit, and we will defend it vigorously,” the Giants said in a statement. The Jets and the NFL declined comment. 

The Giants have played in New Jersey since 1976, with the Jets joining them there in 1984.

The lawsuit, which seeks class-action status, alleges false advertising, deceptive practices and even interstate wire fraud.

New City, Same Name

The Jets and Giants aren’t the only NFL teams playing outside the city in their names. 

• The San Francisco 49ers relocated to Santa Clara’s Levi Stadium in 2014. 
• Washington Football Team has headquarters in Ashburn, Virginia, and the team has played in Landover, Maryland, since 1997. 
• The Dallas Cowboys haven’t competed in Dallas proper since 1971. 
• The Buffalo Bills have played in Orchard Park, New York, since 1973.

Darren Heitner, founder of Heitner Legal and sports law professor at the University of Florida, told Front Office Sports that a “statute of limitations will be one of the numerous defenses made in a forthcoming motion to dismiss.”