Defensive end Aidan Hutchinson is staying in-state after the Detroit Lions picked him No. 2 overall in the NFL Draft. The 21-year-old former Michigan star has already signed endorsement deals with nine companies, including Bose, Chipotle, and Dr. Pepper.
After a months-long battle of billionaire sports owners, a new owner for Chelsea FC is emerging: The group led by Todd Boehly will reportedly enter exclusive talks to purchase the club.
The final reported price will exceed $4.4 billion, setting a record for a professional sports team sale – one that may be broken later this year by a buyer for the Denver Broncos. Boehly also submitted a bid for the NFL team.
Boehly, Chelsea, and Raine Group, the bank handling the sale, have not confirmed the news. The U.K. government is working to ensure that former owner Roman Abramovich does not profit from the sale after he was sanctioned for his ties to Vladimir Putin.
A late bid from majority owner of chemicals company Ineos Group — and one of Britain’s richest men — Sir Jim Ratcliffe of up to $5.4 billion presented a wild card, but it is believed the move came too late to impact the process.
Raine Group tagged groups led by Boehly, Broughton, Pagliuca, and the Ricketts family as finalists in March. The Ricketts, who own the Chicago Cubs, dropped out later in the process.
Inter Miami CF is on its way to a new downtown stadium after a key Miami City Commission vote.
The commission approved a 99-year lease for the land currently occupied by the Melreese golf course in a 4-1 vote — clearing the path for the MLS club owned by Jorge Mas and David Beckham to build a 25,000-seat stadium and a new development area, Miami Freedom Park.
The development will include a 58-acre public park, public soccer fields, a 31.4-acre retail area, office space, and 750 hotel rooms.
Miami Freedom Park still has to pass certain procedural hurdles, such as rezoning the golf course land, and may face lawsuits.
On the suggestion of city commission member Joe Carollo, the team will also look into making the new stadium home to the University of Miami’s football team.
The Hurricanes are under contract to play at Hard Rock Stadium in Miami Gardens, home to the Miami Dolphins and next week’s Formula 1 race, through 2033.
The NFL Draft is officially underway, which means a new group of footballers have a chance to cash in on endorsement deals.
In 2021 there was no shortage of players and brands teaming up, and that’s due in large part to their prominence on social media:
If your brand is considering the value of an NFL endorsement deal on social, look no further than SponsorUnited’s SPRED Report to inform your decision.
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Columbia Sportswear Company announced record revenue in Q1 2022, but saw its stock take a dip in the company’s latest earnings report.
The sportswear and outdoor apparel retailer generated $762 million in revenue in Q1 2022, a 22% increase compared to the same period a year prior. Columbia attributed the record results to growth across all of its brands, led by Sorel footwear, which grew 37% compared to Q1 2021.
Despite the strong Q1 results, shares of Columbia were down 6% on Friday as the company reported that its cash, cash equivalents, and short-term investments reached $610 million as of March 31, 2022, compared to $875 million last year.
Columbia also expects supply chain and inflationary challenges, as well as a shutdown of distribution in Russia, to hinder the company’s outlook for the rest of the fiscal year.
The Oregon-based company repurchased $217 million in shares in Q1 2022, and its board of directors recently approved a $500 million increase to the company’s buyback authorization.
In December 2021, investment bank and market analyst Stifel downgraded Columbia. Analyst Jim Duffy lowered the brand from “buy” to “hold” due to concerns that a combination of unexpected warm weather and late-season snowfalls could impact the company’s sales.
SailGP will explore the sale of a new team to a DAO launched on the NEAR Protocol – a first-of-its-kind community engagement and activation platform in professional sports. The partnership will enable fans and cryptocurrency enthusiasts to engage and access their favorite teams, athletes and events like never before.
The DAO community members may determine athlete selection, team management, commercialization options, operations and team strategy.
The DAO team is scheduled to join the SailGP starting line-up as early as Season 4 in 2023, with the DAO community members determining athlete selection, team management, commercialization options, operations and team strategy. Learn more about SailGP x NEAR .
Find out exactly what’s happening in the private markets every week with highlights from our Front Office Sports Insights Deal Tracker.
We carefully monitor both public and private market data for a snapshot of the sports landscape.
This week’s Insights Deal Tracker highlights:
Try out the full Deal Tracker.
U.S. stocks experienced declines across all three major indexes on Friday. Here’s a look at how sports-related stocks performed:
Don’t miss Rounds 2-3 of the 2022 NFL Draft in Las Vegas. The Tampa Bay Buccaneers are currently on the clock with pick No. 33. On Thursday, the Jacksonville Jaguars selected Georgia defensive lineman Travon Walker with the first overall pick. A record of five defensive players from Georgia were selected in the first round. Day 3 will begin Saturday at noon ET.
When to Watch: 7 p.m. ET
How to Watch: ESPN & NFL Network
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