United Wholesale Mortgage CEO Mat Ishbia and brother Justin have reportedly joined a group bidding for the Broncos, according to Denver TV station 9News. 

The group includes Alec Gores, the brother of Detroit Pistons owner Tom Gores, and Greek-American billionaire investor Dean Metropoulos. 

Ishbia and Gores working together on the Broncos bid comes as no surprise after United Wholesale went public in 2021 via a reverse merger with blank-check company Gores Holdings, which valued the combined entity at $16 billion. 

• The sale price for the Broncos will be “at least $5 billion,” according to ProFootballTalk.
• Gores, Metropoulos, and the Ishbia brothers have a combined net worth of $10 billion, per Forbes. 

The trio faces stiff competition in their bid for the Broncos.

Earlier this week, five ownership groups bidding for the team reportedly submitted proposed amendments to the sale contract after their lawyers were asked to mark up the agreements before any exclusive negotiations are determined. 

The groups include a consortium led by Philadelphia 76ers part-owner Josh Harris and another that includes Rob Walton, heir to Walmart founder Sam Walton, whose net worth is $60 billion.  

Friendly Fire 

Mat Ishbia, who won a national championship in 2000 under Tom Izzo at Michigan State, is up against fellow Spartan in Earvin “Magic” Johnson, who has joined Harris’ bidding group.

Johnson owns stakes in the Los Angeles Dodgers, Los Angeles Lakers, and Los Angeles FC.

Sports betting didn’t maintain its torrid pace in April, but the Nevada gaming industry still thrived.

The state notched its 14th consecutive month with over $1 billion in gambling revenue in April, beating pre-pandemic numbers by 20.5%.

Sports betting in the state, however, showed a marked drop from March, with the total handle declining 32.5% month-over-month to $582.5 million.

With the bulk of the NCAA basketball tournaments in March, Nevada wasn’t the only state to see its sports betting activity dip in April.

• In New York, mobile sports betting dropped 14.7% month-over-month in April to $1.4 billion.
• Sports betting in New Jersey slipped 23.9% month-over-month to $926.9 million in April.
• Those two states had the top April handle, followed by Pennsylvania ($572.8 million), Michigan ($396 million), and Indiana ($360 million). Those states saw respective declines of 19.9%, 17.2%, and 24.4% from March.

More States Coming

States are free to determine if and how people may bet on sports, and 31 states allow some form of the practice. Not all permit mobile sports betting, and Tennessee and Wyoming allow mobile but not retail sports betting.

Ohio, Maine, and Kansas are expected to launch sports betting later this year, and Maryland is on course to allow mobile betting.

California is likely to have at least one voter initiative to legalize sports betting on the ballot in November.

The Justice Department will not charge two former FBI agents who were accused of mishandling sex abuse allegations against former USA Gymnastics team doctor Larry Nassar.

Nassar, who was also a former Michigan State University sports doctor, pleaded guilty in 2017 to sexually abusing hundreds of girls and women, including Olympic gymnasts Simone Biles, McKayla Maroney, and Aly Raisman. Nassar is serving up to 175 years in prison.

The department’s decision — the third time federal prosecutors have decided not to formally charge the two agents — “came after multiple reviews and analyses of evidence.”

• At least 70 athletes were abused after the FBI was first notified about the allegations.
• The two agents were found to have lied to investigators about the matter. 
• The decision is “incomprehensible,” according to John Manly, an attorney for many of the victims. 

The decision by the Justice Department to not charge the agents comes after 13 women each filed claims against the FBI alleging the agency failed to properly investigate Nassar.

The claims — filed for a combined total of $130 million — allege the FBI’s handling of Nassar was “a law enforcement failure of historic proportions,” according to attorney Jamie White.

Legal Process 

In 2018, Michigan State University agreed to pay $500 million to 332 girls and women abused by Nassar while he worked at the university.

Roughly 500 abuse victims of Larry Nassar reached a $380 million settlement in December 2021 with USA Gymnastics, the U.S. Olympic & Paralympic Committee, and their insurers.