Closing Bell

The estate of late Seahawks owner Paul Allen has officially begun the formal sale process for the franchise. SBJ’s Ben Fischer exclusively reported last week that multiple players in the eventual sale were preparing for such a process to begin. Confirming Fischer’s report, the Seahawks have in fact retained investment banker Allen & Co. and law firm Latham & Watkins to lead the process. The team expects the sale process to continue through the 2026 offseason (Seahawks).

While the market for NFL team equity has become much more liquid in recent years, this would still be the first controlling stake available since the NFL approved private equity funds as limited partners in 2024 (these can acquire stakes no larger than 10%). As valuations behind those LP stakes soared in one case over $10B, experts believe most of those transactions included a premium given the high demand. The Seahawks, valued at between $6.6B and $7B by public estimates, will provide the first true comp since the Commanders deal in 2023. Also, the timing of this sale is interesting, following a Super Bowl championship and right before the NFL reopens its media rights, potentially increasing its primary revenue stream by 50% (Ben Fischer, SBJ).

MLBPA Deputy Exec Dir Bruce Meyer and the union “met for about 90 minutes” Wednesday and a “formal vote is expected this afternoon on whether Meyer or another union attorney will be named” interim Exec Dir following the resignation of Tony Clark (X, 2/18). Some players and agents are “lobbying for other candidates, fearing -- rightly or wrongly -- that the influence of agent Scott Boras is pushing the union toward too hasty a promotion of Meyer.” Boras clients Tigers P Tarik Skubal and Mets 2B Marcus Semien are members of the union’s eight-player executive subcommittee, and Boras “made it clear he supports Meyer.” MLBPA General Counsel Matt Nussbaum “also is a possible candidate for the top job,” and “so is Don Fehr,” the union’s Exec Dir from 1983-2009. Among the “other names drawing mention” are former MLBers Daniel Murphy and Andrew Miller, “who like Clark were active in the union as players” (THE ATHLETIC, 2/18).

NYCFC will take the pitch at the new $780M Etihad Park next to Citi Field “in the summer of 2027.” The MLS calendar shift “played a factor into the decision,” with the club is opting to begin play at the stadium for the start of the 2027-28 season rather than “rushing to move in during the 14-game transition season running from February 2027 to May 2027.” NYCFC will play home matches for the 14-game transition season at Yankee Stadium and Citi Field. The club is “targeting late March or early April for the topping off of the stadium.” Prior to the opening of the 25,000-capacity Etihad Park, NYCFC plans to “host test events with the extra time it has” (N.Y. POST, 2/18).

SBJ’s Rachel Axon spins us around Milan as the city hosts the Winter Games. See firsthand the excitement that’s unfolding right now during the Olympics.

The S.F. Giants and financial software firm Airwallex have reached a new sponsorship deal that will include Airwallex becoming the team’s official jersey patch partner, debuting across Giants uniforms this season. Airwallex will also serve as the Giants’ official financial software partner (Giants). This is the Giants’ first jersey patch deal since its former patch partner, autonomous vehicle company Cruise, had its patches replaced with a Chevrolet logo ahead of the 2024 season. Airwallex has “similar partnerships” with McLaren’s F1 team, Premier League club Arsenal and New Zealand Super Rugby club the Blues (S.F. STANDARD, 2/18).

The Red Sox are taking responsibility for a difference in the white home jerseys the team wore on media day on Tuesday compared to those in recent seasons. The main point of criticism on social media was that the Red Sox name was touching the red piping on the front of the jerseys. The team in a statement noted it approved the design and Fanatics produced the jerseys “exactly to our specs.” After seeing the jerseys in person, the team “felt there should be more spacing between the lettering and piping.” The Red Sox worked with Fanatics and Nike to have the desired adjustments made and the updated jerseys will be ready for Opening Day (X, 2/18).

The Mets broke ground on their 55,000-square-foot Player Development Complex in Port St. Lucie, Fla., Wednesday. The facility, designed by HKS and built by Gilbane, is expected to open for 2027 Spring Training. The Mets’ investment is roughly $60M, according to a source close to the project, and coincides with a lease extension that could keep the team in Port St. Lucie as long as 2052.

Within the Mets’ broader Spring Training compound, the Player Development Complex will replace the old minor league clubhouse, which dates to the early 1970s and will eventually be torn down. The big league players’ portion of the overall complex wasn’t touched in this project.

The new facility includes 14,000 square feet of covered batting cages with six batting and pitching tunnels, a 7,000-square-foot weight room with a cardio mezzanine, turfed sprint and stretch areas, gymnastics flooring, a 5,000-square-foot locker room with 180 lockers, a 1,300-square-foot training room with 12 treatment tables, an 1,800-square foot hydrotherapy area with hot and cold plunge pools, treadmill pool and four extremity tubs, and dining and multipurpose rooms. The design includes flexible spaces for hosting private gatherings and community events, keeping the building active throughout the year. In addition to the clubhouse is a 20,000-square-foot synthetic turfed outdoor agility field.

MSG Sports’ announced plan to explore a potential split, dividing the Knicks and Rangers into standalone companies, was welcomed by shareholders, with the company’s stock price rallying more than 13% on the news.

In a statement explaining the plan, MSG Sports CEO James Dolan said it “would provide each company with enhanced strategic flexibility, its own defined business focus, and clear characteristics for investors.” It might also grant new insights into league-specific finances. The transaction, which has no official timeline for completion, is subject to league approvals.

In a new research note, Guggenheim analysts agreed with Dolan’s expectations while focusing on another important element of the deal: Valuation.

MSG Sports’ market cap has long trailed public estimates of what the Knicks and Rangers would be worth in a private transaction. That was the main focus of Boyar Value Group’s Jonathan Boyar when he first proposed the MSGS split in an open letter to Dolan last June: “The persistent gap between private market values and public market pricing is no longer just a missed opportunity -- it’s a failure to act in the best interest of shareholders.”

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