Madkour: Looking at the biggest stories of 2024 so far

The trends and people that had my attention in the first six months of 2024:

WOMEN’S DAY: The historic growth in interest and attention around women’s sports started in January, with ESPN’s eight-year media deal with the NCAA that largely centered around women’s sports programming. A few months later, there was record viewership of the NCAA women’s basketball tournament. We have seen very healthy attendance and ratings metrics for the WNBA, and more and more female athletes becoming pop culture stars. There was the eye-opening, very successful launch of the PWH L, and all-time high valuations around the NWSL and other women’s sports franchises. The question most asked is how fast it continues to grow, but I see this as a very positive, massive reset. The floor has been raised, but interest will settle. We are doing a disservice if we predict the rapid growth levels will be maintained; instead, the best news is that all the KPIs should continue to increase, and women’s sports should only get stronger as a business.

YOU REALLY WANT TO BE AN ATHLETIC DIRECTOR? One drumbeat of the last six months in college sports is that there is not just a revenue problem, but an expense problem. If the recent settlement agreements are finalized and college sports operates under a new model, look for athletic departments to downsize to reduce expenses. But, but, but — there will be the need for more revenue-driving roles, and of course, legal counsel. The role of athletic directors becomes even more difficult, as they navigate roster building and continuity along with the focus of driving more revenue to pay the athletes. Every conversation I’m having with a college executive starts and ends around revenue generation, but there is a reluctance to engage on cuts.

KING KOENIG: Give NBA Commissioner Adam Silver and Bill Koenig , NBA president of global media distribution, massive credit for engineering such a significant media rights fee increase . The reported 11-year, $76 billion deal is 20%-25% more than I and many of my best sources thought the NBA would get a year ago. The well-respected Koenig showed his foresight and negotiating skills in getting such an increase and bringing on valuable new partners. He did what he needed to do to get a big number — go long in years and add more inventory. Disney has done a lot for the NBA, but I’ve also seen how NBC can elevate a property, and its return to the NBA is the story I’m most fascinated by.

OWNERS MAKING NEWS: Ted Leonsis had ambitious plans in Virginia, only to see that deal fail to get political support . So Leonsis stayed in Washington, D.C., which was the right decision and where the teams should be, and the local criticism he faced will pass. … David Rubenstein has made all the right moves in endearing himself to Baltimore and Orioles fans, as he’s more lighthearted and fun than I anticipated. … Ryan Smith and his colleagues are working around the clock to get Utah’s NHL franchise ready for an Oct. 8 opening. Smith and his wife, Ashley , are proving to have the bandwidth and energy to match their incredible ambitions. … John Henry may be the least popular team owner in Boston for his leadership of the Red Sox, but he’s very popular among fellow sports investors. Speak with people in the room with Henry and they marvel at his thought process and approach to dealmaking. He skillfully orchestrated Strategic Sports Group’s $3 billion investment in the PGA Tour, supported by some of the biggest names in sports. Henry says this investment could be FSG’s last for a while, but you will be hard-pressed to find many who believe that . 

THE FACILITIES STORY: Slow down on the sentiment that there is no public funding for professional sports facilities, because a number of projects have received significant public support. For example, you saw a development agreement where a sales tax will fund $772 million of a $950 million arena for the Thunder in Oklahoma City; you saw $650 million in public funding for an $800 million renovation of Bank of America Stadium in Charlotte; and $625 million for a $1.4 billion renovation of EverBank Stadium in Jacksonville. There were contributions by the teams, as well. On the flip side, there was the defeat of a facility referendum and financing for the Chiefs and Royals in Jackson County, Mo., but that was more about the approach of tying baseball to football. Bottom line: Despite public opposition, there is clearly money in public budgets for sports venues depending on which revenue streams and tax financing is used. If there is one city to watch, it’s Chicago, to see how the McCaskeys and Kevin Warren navigate an Illinois General Assembly that hasn’t latched on to the Bears’ ambitious $4.7 billion development next to Soldier Field, all while Jerry Reinsdorf looks for public support for a new White Sox ballpark. Warren, in particular, is putting a lot on the line in trying to execute what he believes would be a transformative project in the nation’s third-largest market. It’s a big, bold bet by a very strong-willed executive.

Abraham Madkour can be reached at  amadkour@sportsbusinessjournal.com.