July 20, 2021

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It’s official: The NBA approved Alex Rodriguez and Marc Lore’s initial acquisition for 20% of the Timberwolves and Lynx.

Olympics Face Cancellation As COVID Cases Rise

IOC/Design: Alex Brooks

The opening ceremony for the Tokyo Olympics is just three days away, but there’s a chance that the Games could be canceled altogether — and that’s coming from the organizing committee’s chief.

Tokyo is under its fourth state of emergency until Aug. 22, and Olympic organizers said 71 people have tested positive for COVID-19 so far.

Committee chief Toshiro Muto said it will “continue discussions” about canceling if there is a spike in cases. IOC president Thomas Bach, however, said canceling was never an option.

The Olympics are already expecting an estimated $25 billion bill.

  • Delaying the games for a year cost organizers $3 billion. The total insurance coverage for the games is estimated to be around $2.5 billion.
  • Roughly 60 Japanese companies spent $3 billion for 2020 sponsorship rights — and another $200 million for contract extensions when the games were delayed, according to Reuters.
  • Toyota, which became a global Olympics sponsor in a nearly $1 billion deal, pulled Olympic-related ads from Japanese TV on Monday.
  • Before banning spectators, Japan expected ticket revenue to reach $815 million.

The biggest loser from a cancellation could be NBC, which agreed to a $7.75 billion media rights deal with the IOC in 2014 that runs through 2032. The network expects the Games to drive a 30% jump in Peacock users.

Kevin Durant Joins $100M Round for OpenSea

Kevin Jairaj-USA TODAY Sports/Design: Alex Brooks

Are NFTs here to stay? A group of investors, including Kevin Durant, put down $100 million on the answer being a resounding “yes.”

OpenSea, an auction platform for non-fungible tokens, completed a Series B funding round led by Andreesen Horowitz. In addition to Durant, the round included Creative Artists Agency and Ashton Kutcher.

CAA represents numerous athletes across the NBA, NFL, MLB, and combat sports, including Chris Paul, Zion Williamson, and Buster Posey.

The round values OpenSea at $1.5 billion. OpenSea raised $23 million in its Series A round in March.

  • The platform hosts NFTs produced by the Portland Trail Blazers, Miami Heat, and Candy Digital, which partners with MLB.
  • It hosts sports-related NFT games such as Sorare, ZED Run, and MLB Champions. 
  • OpenSea gained notoriety as the host of the artist Beeple’s $69 million NFT sale. 

OpenSea will use the funds to grow its staff and develop solutions to reduce the carbon emissions connected to its technology.  The platform said it sold $160 million in digital assets in June.

The former NBA MVP and Rich Kleiman’s Thirty Five Ventures is among a group of investors in a star-studded $3.5 million seed funding round for media platform Just Women’s Sports.

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Oakland City Council Votes to Play Hardball with A’s

Kelley L Cox-USA TODAY Sports/Design: Alex Brooks

It remains to be seen if the A’s are leaving Oakland, but on Tuesday, the city council made a clear statement that they insist on being an equal negotiating partner.

The council made a nonbinding vote agreeing to continue negotiations with the team based on its own term sheet, which has conditions that A’s president Dave Kaval said won’t work for the team.

The vote may prompt the team to more aggressively explore Las Vegas, Portland, and other potential relocation sites. While the two sides have both said they want to keep the A’s in Oakland, they have had trouble hammering out the specifics. 

  • The team initially proposed a $12 billion project, which would develop the surrounding Howard Terminal area with housing and commerce.
  • The proposal included two infrastructure funds that the A’s would pay for, then recover through tax dollars generated from the stadium and surrounding area.
  • The city responded with a counter proposal that allowed the team to collect tax revenue from stadium-related infrastructure, but removed $352 million in paybacks from tax revenue generated by the nearby Jack London Square area.

Oakland has traditionally avoided offering tax payer dollars to fund sports stadiums. The city has seen the Golden State Warriors leave for San Francisco in 2019, and the NFL’s Raiders move to Las Vegas in 2020.

Conversation Starters

Conversation Starters

  • Fintech startup Titan Global Capital Management raised $58 million in a round led by Andreeson Horowitz. The transaction values the company at $450 million and included Kevin Durant and Odell Beckham Jr. as investors.
  • Backed by Peyton and Eli Manning, BBQGuys has agreed to go public via SPAC merger with Velocity Acquisition Corp, valuing the e-commerce platform at $963 million.
  • INDYCAR and NBC Sports announced a multiyear extension of their media rights agreement.
  • Several basketball players on Team USA have either entered COVID health and safety protocols or withdrawn their name from the 2021 Tokyo Olympics. Get more stories like this in The Association, a free daily NBA newsletter. Click here to subscribe.

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Market Movers

Market Movers

U.S. stocks rebounded across all three major indexes after spiking COVID cases raised uncertainty. Here’s a look at how sports-related stocks performed:

Up:

GameStop Corp. (NYSE: GME) gained 10.20% 

Hibbett, Inc. (NASDAQ: HIBB) gained 6.71%

Peloton Interactive, Inc. (NASDAQ: PTON) gained 6.69%

Down:

World Wrestling Entertainment, Inc. (NYSE: WWE) dropped 0.71%

Rush Street Interactive, Inc. (NYSE: RSI) dropped 0.40%

Electronic Arts Inc. (NASDAQ: EA) dropped 0.12%

(Note: All as of market close on 7/20/21)

What to Watch

What to Watch

The Milwaukee Bucks host the Phoenix Suns tonight in Game 6 of the NBA Finals. Milwaukee leads the series 3-2.

How to Watch: 9 p.m. ET on ABC

Betting Odds: Bucks -5 || ML -195 || O/U 222*

Pick: There will be a Game 7. Take Phoenix to cover and lean under. 

Who ya got? Reply to this newsletter with your prediction for the winner of Game 6 of the NBA Finals, final score, and high scorer. Nail it, and you get a mention in Wednesday’s FOS PM. Don’t forget to include your Twitter handle.

Shoutout: On Monday, we asked readers to make a prediction for the Cardinals-Cubs game. Joey Natoli nearly nailed the final score with his prediction of Cardinals 7, Cubs 2. Natoli was one run off for each team; the Cardinals won, 8-3. 

*Odds/lines subject to change. T&Cs apply. See draftkings.com/sportsbook for details.

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