Nike kept its momentum going in its fiscal first quarter of 2022, posting $12.2 billion in revenue, a 12% increase year-over-year.

The revenue figure was nearly identical to the $12.3 billion the sneaker and apparel giant posted last quarter, which represented a 96% increase over the same period last year. 

• Net income grew 23% year-over-year to $1.87 billion for the three months ending Aug. 31.
• Nike’s digital business grew by 25% overall and 43% in North America. Its physical retail presence increased by 24%. Nike has cut down on partnerships with third-party retailers, including ending a deal with Amazon in 2019.
• However, the Swoosh has struggled to bring customers back to its brick-and-mortar locations, with foot traffic down in June (14.5%), July (5.1%), and August (14.3%) compared to 2019, according to Placer.ai. 

The pandemic is hampering the company’s supply chain: finance firm BTIG estimated that Nike could lose 160 million pairs of shoes due to manufacturing facility closures in Vietnam. Nike produces roughly 50% of its footwear and 30% of its apparel in Vietnam.

Sales in its Asia Pacific and Latin America region grew 33% year-over-year to $1.47 billion. Greater China sales grew the least of all its regions, notching 11% year-over-year growth to reach $1.98 billion.

Shares were down around 2% in after-hours trading, as revenues fell just short of analyst expectations.

The NFL and Stan Kroenke are facing a breach-of-contract suit over the Los Angeles Rams’ relocation from St. Louis — one which will now require six NFL owners to reveal financial information. 

The Missouri Supreme Court rejected attempts by five current and one former NFL team owner to avoid having to disclose the sensitive information. The six owners were members of the NFL committee who facilitated the Ram’s relocation. 

• Stan Kroenke, Los Angeles Rams
• Jerry Jones, Dallas Cowboys 
• Robert Kraft, New England Patriots
• John Mara, New York Giants
• Clark Hunt, Kansas City Chiefs
• Former Carolina Panthers owner Jerry Richardson 

St. Louis, the county, and the St. Louis Regional Convention and Sports Complex Authority filed the lawsuit in 2017 and claim a loss of more than $100 million in tax revenue since the Rams skipped town. 

The financial info enables plaintiffs to calculate punitive damages if the suit is successful. A settlement is likely after a judge denied a Sept. 13 bid by the defendants to dismiss the case ahead of the Jan. 10, 2022 trial date. A pre-trial hearing is scheduled for today.

Earlier this month, sports attorney Daniel Wallach told Front Office Sports that a $1 billion figure could be a “starting point” for the plaintiffs to settle before the trial.  

The five current and former owners have until Sept. 28 to submit their financial data. If not submitted on time, they’ll each incur a fine of $1,000 per day.

The Rams increased in value from $3 billion in 2017 to $4.8 billion currently, per Forbes.

Legal sports betting in the U.S. has set off a tug-of-war over decades-old U.K. betting companies.

MGM Resorts is seeking to gain full control of BetMGM now that its partner in that enterprise, Entain, is weighing a takeover offer from rival DraftKings. BetMGM, owned 50-50 by MGM and Entain, operates a U.S.-based sportsbook and other gambling properties. 

MGM could try to gain a majority of board seats at BetMGM, or take the company public.

Entain owns 135-year-old betting operator Ladbrokes, Coral, and PartyPoker.

• DraftKings offered $22 billion for Entain in cash and stock, Entain said Tuesday. The company rejected an offer of half that amount from MGM in January. 
• MGM said on Tuesday that a DraftKings acquisition of Entain would require BetMGM’s consent because DraftKings owns a competing U.S. business.
• Revenue projections for BetMGM are expected to surpass $1 billion next year.

The tussle is the latest chapter in a restructuring of the U.K.’s legacy gambling operators. Earlier this month, William Hill, founded in 1934, sold its non-U.S. properties to 888 Holdings for $2.8 billion. The company was acquired by U.S.-based casino operator Caesars Entertainment for $4 billion in April. 

Spending on U.K. gambling companies rocketed to $22.6 billion in the third quarter, more than triple the previous four quarters combined, according to Bloomberg.

Comcast spends $20 billion on content between its NBCUniversal and Sky divisions, but the large sum doesn’t make allocating funds easy for the media giant. 

The company wants to “remain one of the premier” sports broadcasters, but making decisions on obtaining sports rights involves “really hard calls,” says Comcast CEO and chairman Brian Roberts.

The CEO said the company picks and chooses its sporting events with care, focusing on the “sustainability of sports.”

• In 2014, NBCUniversal paid $7.75 billion for rights to the Olympics until 2032.
• NBC’s streaming service Peacock struck a five-year deal with WWE worth more than $1 billion in January.
• The broadcaster will pay $1.71 billion per year to keep “Sunday Night Football” — an 80% increase from its current contract.
• Peacock secured exclusive rights to stream the 2021 Premier Lacrosse League season.
• The streaming service was nearing a $25 million deal for a Magic Johnson docuseries, per a report last month.
• Earlier this month, NBCU agreed to a deal with Steph Curry’s Unanimous Media valued in the “high-eight-figure range.”

Roberts said Comcast reaches around 700 million people worldwide. Its revenue jumped 20.4% in Q2.

Comcast reached a deal with ViacomCBS last month to launch SkyShowtime, a European subscription service launching in 2022. Comcast bought Sky for $39 billion in 2018.