The Cleveland Cavaliers have had a forgettable year, but their owner is flying high.

Dan Gilbert saw his net worth grow 700% since last year, when his company Rocket Mortgage, formerly Quicken Loans, went public in August. Rocket rode growth in the U.S. housing market to a huge fourth quarter, posting a 277% increase in profits. The company originated $320 billion in mortgages in 2020. 

Rocket’s big year grew Gilbert’s fortune to $51.9 billion, placing him third among sports team owners on Forbes’ list.

• Second on the list is former Microsoft CEO Steve Ballmer, owner of the Los Angeles Clippers, with $68.7 billion. Ballmer’s net worth grew 30% in the last year.
• The richest sports team owner is also the richest person in Asia: Mukesh Ambani, owner of the Mumbai Indians cricket team, which plays in the India Premier League. Ambani, whose net worth is $84.5 billion, is the majority owner of Reliance Industries, a massive multinational corporation with interests in energy, petrochemicals, textiles, and telecommunications, among other industries.
• Globally, billionaires’ wealth grew $3.9 trillion from the start of the pandemic to the end of 2020.

Rocket Mortgage has naming rights on the Cavs’ arena and has been active in securing other sports sponsorships, particularly in racing and golf. The PGA Tour’s Rocket Mortgage Classic is planning its third iteration for later this year, and last week Rocket announced its sponsorship of the Indianapolis 500’s first all-female team.

All three of the richest owners may be bumped down the list at some point: Jeff Bezos is rumored to be interested in using some of his $185.1 billion to purchase an NFL team.

Nike and Adidas have been fighting an uphill battle in China as consumers boycott the companies due to forced labor disputes in the cotton industry. 

Meanwhile, Anta, “the Nike of China,” is taking advantage of the shift within the largest fashion market in the world. 

The sportswear company, founded in 1991, grew substantially in China due to its affordability. After going public in 2007, Anta caught eyes with its footwear marketing campaigns during the 2008 Beijing Olympics.

Since then, Anta has transformed itself into one of the leading sportswear brands in the world, although many Americans remain unaware of its reach. But that isn’t likely to last for long. 

Anta is the official supplier and sponsor of NBA players Klay Thompson, Gordon Hayward, and Rajon Rondo. Thompson signed a 10-year, $80 million deal with Anta in 2017. Filipino boxer and politician Manny Pacquiao also has a deal with the company. 

In FY2020, Anta revenue reached $8.5 billion, up 4.7% from the year prior. Anta’s brand Fila saw retail sales increase 25% year-over-year in Q4 2020 and sold 10 million pairs of sneakers during the company’s fiscal year.

The IOC will be sporting Anta apparel during the Tokyo Olympics as the committee’s official uniform supplier. The company is an official sponsor of the 2022 Beijing Olympics as well.

ESPN’s Michael Eaves jokes that Tom Rinaldi could make somebody cry at their own funeral, but he told Front Office Sports that he welcomes the challenge of replacing the popular essayist during ESPN’s coverage of this week’s Masters Tournament.

“To be a part of the Masters telecast for ESPN and do something Tom Rinaldi has done so well for the last few years, it’s really cool,” Eaves said.

During ESPN’s live coverage of Rounds 1 and 2 on Thursday and Friday, Eaves will assume Rinaldi’s role of interviewing players as they come off the course at Augusta National Golf Club. Rinaldi moved to Fox earlier this year.

Last November’s pandemic-delayed Masters was the least-watched on record. Eaves expects it will be different this week, with it returning to its rightful slot in April and spectators again supplying their famous roars. 

It’s a “bucket list” assignment, said Eaves. During his senior year in high school, he was the first Black golfer to qualify for the Kentucky state golf tournament.

Along with Eaves, ESPN’s Marty Smith and Gene Wojciechowski will provide features. Scott Van Pelt and Curtis Strange will host from Butler Cabin. 

Like most SportsCenter anchors, Eaves writes his own copy. He’s written a piece on honorary starter Lee Elder, the first Black person to play in the Masters. 

“To be a sports reporter and even a sports anchor, you have to be a good writer. The better writer you are, the better storyteller you will be.”

Fox Sports announced last month it will expand its relationship with the New York Racing Association through 2030. 

The deal includes a media rights extension as well as a 25% equity stake in NYRA Bets, the horse racing association’s gambling platform. Fox Sports has the option to increase its stake to 49.9% in the coming years.

Since Fox Sports first expanded its coverage of NYRA a few years ago, wagers on NYRA Bets have grown from $7.2 million in 2016 to $225 million in 2020.

Horse racing betting became popular in England in the early 1600s when attending a race was held in especially high regard. Betting has been a significant part of the sport’s appeal since its inception.

Mulvihill says that while overall horse racing gambling has stayed flat for years, the number of bets placed through advance-deposit wagering platforms — like NYRA Bets — is increasing. 

Although there were no fans in the stands, over $14 million in wagers were made at Churchill Downs — the home of the Kentucky Derby — on opening day in 2020, a 183.7% increase over 2019. 

Fox’s latest move into horse racing adds to its ownership of other gambling platforms in traditional sports betting and online poker and casino games.